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The Hungarian PM has rejected the EU-proposed loan for Ukraine, which he says will burden European taxpayers Hungarian Prime Minister Viktor Orban has lashed out at what he called a “Brusselian war plan,” accusing the EU trying to force member states to finance Ukraine at the expense of their own citizens. The European Commission on Wednesday formally presented a €90 billion ($105 billion) loan package for Kiev for 2026 and 2027, to be raised against the EU’s common budget after member states failed to agree on using frozen Russian assets for the purpose. The controversial proposal – which Hungary, Slovakia and the Czech Republic have rejected – would allocate around two thirds of the money for weapons for Kiev, with the remainder covering its budget gap. Brussels has urged member states to approve the scheme swiftly so that the first tranche can be disbursed by April. Posting on X, Orban wrote that “money does not grow on trees” and that “Ukrainians are demanding $800 billion fro...

WASHINGTON — U.S. Senator Lindsey Graham strongly criticized efforts in the Senate to advance a War Powers Resolution that would limit President Donald Trump’s authority to conduct military operations, warning that the move could undermine national security at a time of rising global instability. Speaking during a televised interview, the South Carolina Republican argued that the War Powers Act, passed in 1973, represents an unconstitutional attempt by Congress to encroach on the president’s role as commander-in-chief. Graham said every president since its passage has rejected the notion that lawmakers can override executive military decisions, noting that U.S. presidents have conducted more than a hundred military operations without prior congressional approval. According to Graham, Congress already has mechanisms to challenge a president’s military actions, including cutting off funding or pursuing impeachment if laws are broken. Allowing lawmakers to directly restric...

The White House engages global commodity trading giants, such as Vitol and Trafigura, to navigate the complexities of marketing Venezuelan oil due to their unparalleled dominance in international logistics. While the U.S. government prioritizes American oil majors for production roles, they rely on the specialized networks of these European trading houses to physically move crude and stabilize supply chains during geopolitical shifts. Understanding the Strategic Context The involvement of independent trading houses in high-level government meetings highlights a critical distinction in the energy sector: the difference between extraction and distribution. A common misconception is that major oil producers (like Chevron or ExxonMobil) handle every aspect of the oil lifecycle equally. In reality, while American majors excel at drilling and refining, the intricate "plumbing" of the global market—shipping, storage, and arbitrage—is often dominated by European trading firms. When t...

  OTTAWA – Conservative Party leader Pierre Poilievre on Monday urged the federal government to fast-track approval of a West Coast oil pipeline , warning that recent U.S. actions in Venezuela could undermine Canada’s position in the North American heavy crude market if Ottawa fails to act swiftly. Poilievre called on the Liberal government to commit to a 60-day approval timeline once a formal pipeline application is submitted, arguing that Canada risks losing market share in U.S. refineries as Venezuelan oil production potentially rebounds under renewed American oversight. Venezuela seen as renewed competitor Venezuela holds the world’s largest proven oil reserves, estimated at more than 300 billion barrels , but years of sanctions, mismanagement and underinvestment have left its energy sector severely degraded. Analysts say that with sufficient capital and political stability, Venezuelan output—currently around 1.1 million barrels per day —could double or even triple ove...

WASHINGTON – Chevron Corp. is in discussions with the Trump administration over a possible expansion of its U.S. license to operate in Venezuela , a move that could allow the company to restore crude exports to levels seen before Washington tightened restrictions last year, according to U.S. and Venezuelan officials familiar with the talks. The negotiations come as the United States seeks to reassert control over Venezuelan oil sales following the capture of President Nicolás Maduro , reshaping the country’s energy trade while keeping revenues under close U.S. oversight. An expanded license for Chevron would mark the most significant adjustment so far to sanctions enforcement since the political upheaval in Caracas. Push to revive exports Under its current authorization, Chevron has been limited to exporting roughly 100,000 barrels per day of Venezuelan crude, far below earlier volumes. U.S. officials say an expanded license could allow the company to return to previous export ...

  MEXICO CITY – Mexican President Claudia Sheinbaum said on Wednesday that Mexico has not increased its oil shipments to Cuba , despite growing scrutiny over regional energy flows following recent developments in Venezuela . Speaking at her daily press conference, Sheinbaum stressed that exports to the island remain consistent with historic levels , even as Mexico has emerged as a more visible crude supplier amid declining Venezuelan deliveries. Her comments come as energy markets and governments reassess supply chains after the capture of Venezuelan President Nicolás Maduro , an event that has raised uncertainty over the future of Venezuela’s oil exports , long a key source of fuel for Cuba. “No additional shipments” “There is no increase,” Sheinbaum said, according to official transcripts. “What Mexico sends to Cuba is what it has historically sent, whether through contracts or humanitarian arrangements.” She acknowledged, however, that Mexico has become an important suppli...

  WASHINGTON – The Trump administration is weighing a sweeping effort to revive Venezuela’s oil industry following what U.S. officials describe as the capture of President Nicolás Maduro , a move that would require as much as $100 billion in investment and up to ten years to restore meaningful production, according to energy analysts and former industry executives. The proposal, outlined publicly by President Donald Trump over the weekend, centers on deploying major U.S. oil companies to repair Venezuela’s decaying oil infrastructure and restart output from the world’s largest proven crude reserves. While the administration frames the plan as an economic reconstruction effort, experts caution that the technical, financial and political hurdles are substantial. A collapsed giant Once a pillar of global energy markets, Venezuela’s oil sector has been hollowed out by years of underinvestment , mismanagement at state-owned PDVSA , international sanctions and the exodus of skille...

The health of the sector is declining amid the military buildup and continued support for Ukraine Factory activity in Europe’s 20-nation single currency bloc declined in December as production fell for the first time in ten months, weighed down by sharp drops in new orders, data compiled by S&P Global has revealed. The Manufacturing Purchasing Managers’ Index (PMI), a key gauge of sector health, dropped to 48.8 in December from 49.6 in November, its lowest reading in nine months and, for the second month running, coming in below the 50 mark separating growth from contraction. Germany, the bloc’s largest economy, posted the weakest performance among eight monitored nations, with PMI at a ten-month low. Italy, Spain, and Austria also slipped into contraction. The manufacturing output subindex fell to 48.9 from November’s 50.4, marking its first contraction since February. New orders declined at the fastest pace in nearly a year, while export demand dropped at the steepest rate in ...

CARACAS — An image purporting to show Venezuelan President Nicolás Maduro in U.S. custody after a reported American military operation in Venezuela has circulated widely on social media, but independent verification of the photograph’s authenticity remains unclear. U.S. President Donald Trump shared what he described as a photo of Maduro aboard the U.S. Navy ship USS Iwo Jima following an early-morning military strike that Washington says resulted in Maduro’s capture and removal from Caracas. U.S. officials claim the president and his wife were taken into American custody amid the operation. However, fact-checking sources indicate there is no confirmed evidence that the image circulating online is genuine , and analysis suggests at least some versions may have been manipulated or generated by artificial intelligence. Independent verification by reputable news agencies is still pending, and Venezuela’s government has not released official confirmation of Maduro’s condi...

  ST. PAUL  – Federal and state officials are intensifying scrutiny over  financial oversight  in Minnesota following revelations of widespread irregularities in pandemic-era relief programs. The U.S. Small Business Administration (SBA) has moved to suspend nearly 7,000 Minnesota borrowers amid allegations of illicit activity, a development that critics argue exposes deep systemic vulnerabilities in how the state manages  public funds . The crackdown targets approximately 8,000 individual loans valued at an estimated $400 million. According to reports regarding SBA measures, the agency flagged these accounts for suspected  SBA loan fraud  and other prohibited activities. The sheer volume of suspended accounts has reignited debates regarding the efficacy of safeguards in government assistance programs. Bill Glahn, a policy fellow at the Center of the American Experiment who has tracked  Minnesota government accountability  issues extensively, ...

LONDON   – European equity markets concluded a landmark year in 2025, with the   Stoxx Europe 600   delivering a rare and significant outperformance against major U.S. indices. According to a year-end report from Barclays, European stocks outpaced Wall Street by 16% in dollar terms—the widest margin since 2006—fueled by a resurgence in the   banking sector , a revitalized UK market, and a wave of industrial consolidation. The year’s performance was headlined by two French companies,   Abivax   and   Société Générale , which secured spots in the top 10 rankings. They were joined by a robust cohort from the   defense industry   and the commodities sector, reflecting a broader shift toward regional security and industrial rearmament. Biotech Breakthrough and M&A Heat The primary catalyst for growth in the French market was the biotech firm   Abivax , which recorded a staggering 1,681% gain over the fiscal year. The rally was triggered b...