The latest

An analysis of more than 2,000 people in the United States and several other countries found a 28 percent decline in daily speech from 2005 to 2019. Each passing year corresponded to roughly 300 fewer spoken words a day, equivalent to two or three minutes of conversation. The decrease was particularly pronounced among people under 25, amid a broader shift toward texting, digital services and interactions requiring little or no speech.

Details

• Unexpected discovery: Valeria Pfeifer, an assistant professor of psychology and counseling at the University of Missouri at Kansas City, noticed the pattern while studying gender differences in speech. She revisited the data to determine whether it persisted, with the scale becoming apparent across the full 14-year period. Pfeifer described the finding as a large and alarming observation.
• Everyday recordings: The analysis, published in July in Perspectives on Psychological Science, used audio recordings from 22 separate studies. Participants carried recording devices for several days while continuing their normal routines, allowing researchers to examine spoken language across everyday settings rather than relying solely on participants’ estimates of their conversational activity.
• Cognitive demands: Producing an ordinary sentence requires the brain to retrieve and organise words, coordinate muscles, interpret another person’s response and formulate what comes next within fractions of a second. Brain regions including Broca’s area contribute to speech production and articulation, raising the possibility that regular conversation functions as a modest form of repeated cognitive exercise.
• Live versus text: Real-time conversation places particular demands on working memory and attention because speakers must follow what was said, prepare a response and continue listening. Text messages and email reduce that pressure by allowing revision before sending and preserving a visible record, limiting the immediate need to remember earlier parts of the exchange.
• Vanishing exchanges: Pfeifer suspects much of the decline may involve incidental conversations with strangers rather than discussions among relatives and close friends. Ordering kiosks, navigation tools, search engines and artificial intelligence can replace interactions that once required asking another person. Research indicates that speaking with strangers can leave people happier and more connected than they anticipate.

Background

Harvard political scientist Robert Putnam places declining spoken interaction within a longer retreat from face-to-face communal life. Americans began withdrawing from clubs, churches and neighbourhood organisations during the 1960s, after television expanded but decades before smartphones. Digital life may be accelerating that established trend, whose social consequences have included loneliness, polarisation, weakened communities and fewer friendships.

What’s next

The next indicator will be whether daily word counts measured after 2019 continue their decline, particularly among people under 25. Comparisons between live conversation and text-based communication will also focus on working memory, attention and perceived social connection.

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The latest

The UAE has deployed a specialist humanitarian team to Nepal as rescue operations continue after the August 26 floods and landslides, combining on-the-ground expertise with a $10 million aid package and two emergency supply shipments totaling 128 tonnes. The move places Emirati rescue, evacuation and first-aid specialists alongside Nepalese responders confronting damaged infrastructure, unstable terrain and large numbers of missing people. It follows the rescue of two hydropower workers alive after nine days underground.

Details

• Team composition: Personnel from the UAE Joint Operations Command, Dubai Police’s search and rescue team, and the UAE Aid Agency are taking part. Their roles include disaster relief, medical evacuation and first aid, giving the mission both emergency-response and humanitarian capabilities on the ground.
• Supply deliveries: The Emirates sent 83 tonnes of food and shelter materials, followed by a second aircraft carrying 45 tonnes. That load included basic food items, essential goods and power generators intended for communities affected by widespread destruction.
• Aid package: The $10 million humanitarian allocation is supporting critical relief operations through the UAE Aid Agency under directives from President Sheikh Mohamed bin Zayed Al Nahyan. It adds financial backing to the personnel and supplies already committed by the Emirates.
• Local coordination: The UAE Aid Agency and the UAE embassy in Kathmandu are working with Nepalese authorities and international organisations to deliver assistance. The coordination links the Emirati package with local rescue and recovery priorities as affected communities seek food, shelter, power and emergency support.
• Tunnel survivors: Rescuers pulled a mechanical foreman and a mechanical supervisor from the Trishuli 3A hydropower tunnel. Lawmaker Shri Ram Neupane announced the second rescue on Facebook shortly after Army spokesperson Brig. Gen. Raja Ram Basnet confirmed the first. Both men were stable and flown to Kathmandu for hospital treatment.
• Scale of search: The Independent Power Producers Association of Nepal said at least 557 workers are missing from the project along the Trishuli River, while around 115 people are believed trapped inside the main tunnel. Search crews continue operating despite damaged access and unstable ground.
• Flood aftermath: The August 26 floods and landslides swept away homes and infrastructure and left large numbers of people missing. The destruction triggered international humanitarian assistance while Nepalese authorities maintained rescue and recovery operations across affected areas.

Between the lines

The UAE response combines specialist personnel, direct funding and two cargo deliveries rather than relying on a single form of assistance. That mix supports immediate search and medical work while also addressing food, shelter, essential goods and electricity needs in disaster-hit communities.

What’s next

Search operations at Trishuli 3A are continuing. The key near-term indicator is whether crews can reach more of the roughly 115 people believed trapped in the main tunnel.

The post UAE Deploys Specialist Mission as Nepal Rescue Intensifies appeared first on Ontime+.

Beijing set explicit conditions before receiving Iran’s parliament speaker Mohammad Baqer Qalibaf and before implementing parts of the 25-year cooperation agreement, Hossein Marashi, secretary-general of the Executives of Construction Party, said in an interview with Eco Iran. Qalibaf’s office rejected attributing any such conditions to China and urged media not to publish claims it said could damage Iran’s national interests and foreign relations.

Details:

• The conditions: Marashi claimed the Chinese told Iran clearly to open the Strait of Hormuz, refrain from imposing transit fees, and resolve its problems with Saudi Arabia and the United States before Qalibaf travels to Beijing, according to Iran International.
• The envoy: Qalibaf was appointed special envoy of supreme leader Mojtaba Khamenei for China affairs in May. He has not yet traveled to China or met Chinese officials in that capacity, Iran International reported. No timetable for the visit has been announced.
• The denial: Qalibaf’s office rejected the attribution of these conditions to China and called on media outlets to refrain from publishing allegations it said could affect Iranian national interests and foreign relations. There is no independent evidence Beijing imposed the conditions Marashi described.
• The backlash: Hardline daily Kayhan called Marashi a facilitator of White House policies and accused him of seeking to poison Iran’s strategic relations with its eastern partners from within. A commentary carried by Fars news agency went further, calling for Marashi to be prosecuted.
• The trigger: The dispute followed a brief encounter between President Masoud Pezeshkian and Xi Jinping on the sidelines of the Shanghai Cooperation Organisation summit in Bishkek. Iranian state media described a short meeting; Chinese media reported nothing, and no dedicated bilateral meeting was held.
• Critics in Tehran: Former parliamentary national security committee member Heshmatollah Falahatpisheh wrote on X that Xi’s cold reception of Pezeshkian was a message to Washington, and that what some in Iran called a strategic partnership was for China only a superficial relationship.
• Conservative warning: Conservative commentator Mostafa Najafi described the encounter as a serious warning and a negative signal in Iranian-Chinese relations, particularly if Tehran requested a meeting and Beijing declined. He warned continued ambiguity could carry heavy costs while Iran’s international options are already narrow.
• The agreement’s record: China pledged up to $400 billion of investment in Iran over 25 years under the comprehensive strategic partnership signed in 2021. Then-deputy economy minister Ali Fekri complained in 2023 that investment since the deal had not exceeded $185 million.
• The oil dependence: China is Iran’s top trading partner and has absorbed up to 90% of Iranian oil exports since the US and Israel launched their war in late February. Iranian crude accounts for roughly 2% of China’s total energy mix, according to Al Jazeera.
• The collapse in flows: Iranian crude exports through the Strait of Hormuz, mostly bound for China, fell from about 1.85 million barrels per day in March and April to just 240,000 barrels per day in August, according to ship-tracking data from Kpler.

Background:

Tehran promoted closer ties with China and Russia for years as the cornerstone of a look-east strategy meant to reduce dependence on the West. The 2021 agreement was its centerpiece, but analysts say few projects materialized as Chinese firms avoided sanctions exposure.

Between the lines:

The Bishkek non-meeting and Marashi’s claim are being read together in Tehran as evidence of the same thing: that Beijing prices the relationship lower than Iran does. Analysts cited by Al Jazeera argue China balances Tehran against ties with Washington and the Gulf, the logic behind the conditions Marashi described, since two of the three involve Iran’s disputes with Riyadh and Washington.

What’s next

Whether Qalibaf travels to Beijing as envoy, and whether hardline calls to prosecute Marashi advance. The Xi-Trump summit set for September 24 is the next test of how far Beijing will shield Iran.

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The latest

Nike and Adidas are facing their biggest industry shake-up in decades, as rising rivals, changing tastes and cost-of-living pressure erode the dominance built around footwear staples including Air Jordan, Air Max, Samba and Superstar. Nike still leads the global sportswear market but has failed to grow sales for almost three years. Its shares are down nearly 80% from their peak, while Adidas has fallen almost 50%, wiping roughly £147 billion from their combined market value. The strain has reached retailers: JD Sports, whose fortunes are closely tied to Nike, issued a profit warning in August.

Details

• Strategic opening: Tom Astrella, co-founder of consultancy the Footsoldiers, said strategic missteps had opened the door to new brands. He accused Nike of “overmilking the classics” while innovation slowed, adding that younger consumers increasingly see avoiding the biggest labels as culturally appealing.
• Retail retreat: Both companies invested heavily in direct-to-consumer sales, particularly online, during the pandemic. Business strategist Sebastien Willefert called the strategy “a bit of a flop”, saying it allowed emerging brands to expand their shelf visibility in stores while social media lowered marketing barriers.
• Running challengers: The post-pandemic running boom benefited Hoka and Swiss brand On. Founded in 2010 after triathlete Olivier Bernhard experimented with garden hose beneath his trainers, On has become a £7 billion business offering cushioned soles and moulded, spray-on shoes.
• Celebrity migration: Zendaya represents On, Hailey Bieber wears Salomon and Rihanna selected Puma for her Fenty collaboration. Taylor Swift is now frequently pictured in Hoka and New Balance trainers, while Harry Kane joined Skechers, Lewis Hamilton wears Lululemon and Emma Raducanu competes in Uniqlo.
• China challenge: Nike’s Chinese sales have fallen by almost a third since 2021 amid growing enthusiasm for domestic fashion under the “guochao”, or “China chic”, trend. Chinese competitor Anta opened its first US store in February and has signed Kyrie Irving and skier Eileen Gu.
• Adidas balance: Adidas has performed relatively well, supported by enduring demand for its Originals range, including Sambas and Gazelles, and interest in its 3D-printed footwear. However, ending its Kanye West partnership in 2022 over his antisemitic comments caused a significant loss of Yeezy business.

Background

Nike and Adidas have shaped trainer culture for about half a century. Their position is now being challenged simultaneously by performance specialists, Chinese brands and luxury designers such as Balenciaga, which sells high-end leggings, tracksuits and gym bags.

What’s next

The next indicators will be whether Nike returns to sales growth after almost three years, how its China business develops and whether On, Hoka and Anta secure more retail shelf space.

The post Are Nike and Adidas Lose Ground to Emerging Rivals? appeared first on Ontime+.

The latest

The 10-nation Shanghai Cooperation Organization opened its two-day summit in Kyrgyzstan on Monday, bringing Xi Jinping together with leaders including Russia’s Vladimir Putin and Iran’s Masoud Pezeshkian. The gathering displayed China’s ability to support countries targeted by Washington while Xi promotes himself as a leader of non-Western nations and challenges what he calls U.S. hegemony, without committing Chinese forces to their wars.

Details

• Economic lifelines: China has helped sustain the Russian and Iranian economies and war efforts, using its position as the world’s largest crude importer and consumer-goods exporter. Its trade has weakened attempts by the United States and its allies to pressure Moscow and Tehran through sanctions and economic isolation.
• Washington’s threats: Trump threatened an “economic D-Day” against countries providing Tehran with a lifeline, after previously warning buyers of Russian oil, but took no action against Beijing. Julian Gewirtz, a former National Security Council official, said Trump now faced a “fundamental credibility problem” with Xi.
• Russian ties: Xi met Putin for bilateral talks and praised the prospects for their relationship. Putin proposed making visa-free travel permanent and highlighted the first scheduled Chinese container voyage through the Northern Sea Route in mid-August as a precursor to broader Arctic cooperation.
• Support boundaries: Beijing has increased trade and supplied technologies that can be used on battlefields, but has not deployed troops to defend Russia or Iran, which joined the organization in 2023. China has instead formally called for dialogue and an end to the conflicts.
• Sanctions routes: Central Asian countries have become important import and payment channels for Russia, while Iran has used the region as an alternative route during the U.S. blockade. India, Kazakhstan and Belarus recently shipped gasoline to Russia after Ukrainian long-range attacks severely damaged Russian refineries.
• Oil advantage: India became a major buyer of Russian crude after the 2022 invasion of Ukraine. Although purchases later fell under U.S. pressure, disruption from the Iran war pushed suppliers back toward Russian imports. China remains the largest buyer of Russian and Iranian crude and has accumulated discounted Russian oil.

Background

The organization began with China, Russia and four Central Asian states before adding India and Pakistan in 2017, followed by Iran and Belarus. Its expansion has made it a growing counterweight to Western-led political and security groupings. China’s influence has also increased in Kyrgyzstan, once firmly within Moscow’s sphere.

What’s next

Attention will focus on whether Xi holds separate talks with Pezeshkian during the Bishkek summit. Xi is then scheduled to make state visits to Egypt and India before traveling to Washington in less than a month, where he will seek to extend the fragile U.S.-China economic truce and Trump is expected to pursue cooperation on Iran and North Korea.

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The latest

Vladimir Putin has chosen to escalate Russia’s war in Ukraine after several weeks of deliberation over the summer, sources close to the Kremlin say. The decision comes as Russian forces remain largely stalemated and suffer tens of thousands of soldiers killed or severely wounded each month. Drone and missile attacks have devastated Ukraine while increasingly damaging Russian refineries, logistics hubs and the appearance of normal life at home.

Details

• CIA mission: On August 25th, CIA director John Ratcliffe made an unexpected trip to Moscow. Accounts differed over whether he warned Putin against attacking NATO countries or delivered a bleak assessment of Russia’s prospects to encourage negotiations. A longtime Putin associate said the president might interpret the visit as American weakness.
• European alarm: Finland requested Swedish aircraft and warships to help monitor its Russian border. Romania said it destroyed a Russian naval drone targeting a drilling platform in its waters, while Slovakia foiled an arson attack on a drone factory. Germany is preparing to blame Russia for an August 4th drone attack at Leipzig airport and probably impose further sanctions.
• Putin’s threats: After Ukrainian strikes hit Russian oil refineries, logistics centres and Wildberries warehouses, Putin accused Kyiv of opening a “Pandora’s box”. He promised retaliation against “the most sensitive sectors” of Ukraine’s economy and told the United Russia party that the operation would continue and move “only forward”.
• Internal pressure: Levada Centre polling found 57% of Russians called the situation “tense”, citing the war, deaths, mobilisation, drone attacks and uncertainty about the future. Trust in television propaganda is falling, young people are posting appeals to end the war, and Putin’s approval rating is sliding. Elite insiders also describe nearly five years without a decisive outcome as failure. An insider said Putin once told cronies, “They will hang me,” while discussing the risks surrounding the war.
• Escalation options: Potential steps include more hybrid warfare and sabotage against Ukraine’s allies, attacks on European supply routes and factories producing military equipment, and a wider assault on Ukraine’s energy system. Russia’s defence ministry said on August 30th that it was preparing a massive energy strike. Russian sources say Putin is committed to adding 300,000-400,000 troops, probably through regionally enforced recruitment.

Background

The original mobilisation order was never suspended, allowing the Kremlin to expand recruitment without announcing a new wave. Regional governments are expected to use coercion while keeping discontent local. Authorities are already testing the system in Penza, 750km south-east of Moscow.

What’s next

The clearest near-term indicators will be Russia’s announced strike on Ukrainian energy infrastructure, the outcome of Penza’s recruitment test, and Germany’s decision on attributing the Leipzig airport attack and imposing related sanctions.

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The latest

President Donald Trump’s new oil agreement with Venezuela gives the United States a stake in 17 oil fields containing an estimated 65 billion barrels of crude, Venezuela’s government said. Announced Friday, the deal opens potential long-term access to Venezuelan heavy crude as the United States faces disrupted oil shipments through the Strait of Hormuz and sharply higher gasoline prices. Its immediate value will depend on how quickly Venezuela can convert underground reserves into market-ready barrels.

Details

• Reserve scale: Venezuela controls more than 300 billion barrels of crude reserves, roughly 20% of the global total and more than Saudi Arabia. Despite holding an estimated 17% of worldwide reserves, it produces only about 1% of global oil output, leaving a wide gap between its resource base and current supply.
• Production obstacles: Years of political instability and deteriorating infrastructure have prevented the country from turning its oil wealth into steady production. The central operational challenge is raising output and preparing enough crude for reliable shipment to buyers and refiners, a process that will determine the agreement’s practical impact.
• Refinery compatibility: Venezuela’s heavy crude matches the configuration of many Gulf Coast refineries. US production is dominated by lighter shale oil, while those plants have historically relied on heavier imports from Canada, Mexico and Venezuela to meet their processing requirements and make full use of existing refining equipment.
• Supply diversification: A steadier Venezuelan supply could diversify US oil imports, support Gulf Coast refinery operations and provide a buffer against future disruptions. The additional crude could also help replenish the Strategic Petroleum Reserve, which remains well below its authorized capacity of 714 million barrels.
• Price pressure: The average US price for regular gasoline reached about $4.07 a gallon Sunday, AAA data showed, compared with roughly $3.19 a year earlier. The 88-cent annual increase adds urgency as the war with Iran disrupts oil shipments moving through the Strait of Hormuz.
• Long-term wager: Trump is betting that durable access to Venezuelan heavy crude will strengthen US energy security and eventually lower costs for Americans. Drivers are unlikely to see quick relief because Venezuela must first increase field production, prepare the crude for sale and establish a steady flow of shipments.

Between the lines

The agreement’s 65 billion-barrel headline figure represents potential access rather than immediate supply. Its value rests on whether Venezuela can overcome the production and infrastructure problems that have kept output far below the scale of its reserves.

What’s next

The next indicator will be the production rate from the 17 fields and the volume converted into market-ready shipments, followed by how much reaches Gulf Coast refineries or is directed toward rebuilding the Strategic Petroleum Reserve.

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Russia has designated a British-Ukrainian drone factory and missile maker MBDA as legitimate targets, Andrei Fedorov, a senior adviser to Vladimir Putin and former deputy foreign minister, told the Mail on Sunday. He said the highest levels of the Russian government are weighing a hybrid attack such as sabotage or arson rather than a direct strike that would trigger a NATO response.

Details:

• The targets: The Mail on Sunday reported that the Kremlin’s list includes a drone plant owned by the British-Ukrainian firm Ukrspecsystems, sited next to RAF Mildenhall in west Suffolk. The location was disclosed in April alongside five other European companies making weapons and drones for Ukraine.
• The missile maker: Fedorov said many experts in Moscow consider MBDA a legitimate target. The British arms firm, headquartered in Stevenage, Hertfordshire, employs 4,000 people and builds the Storm Shadow missile, with a stated range of 350 miles, already used in strikes inside Russia.
• The stated grievance: Fedorov, 71, called the UK the number one evil, citing reports that British-made drones were used against Russian oil refineries. He said many Russian experts are calling for Britain to be punished with a strike and that most Russian citizens would back it.
• Why not a direct strike: Fedorov said Moscow will not launch a direct military strike on Britain because NATO membership could produce a collective military response against Russia. He did not say when or in what form a hybrid attack might come.
• London’s response: Defence Secretary Wes Streeting said on Saturday night that reckless rhetoric and intimidation attempts from the Kremlin in recent weeks reflect Putin’s weak position, and that Britain will not be intimidated. He said front lines have barely moved and Russian losses keep rising.
• The embassy memo: The Mail on Sunday said it saw a memo from Nigel Casey, Britain’s ambassador to Moscow, instructing Foreign Office staff to neither confirm nor deny whether UK-supplied weapons are used inside Russia. Casey wrote that Russia is losing its narrative and escalating hybrid warfare across Europe.
• The trigger: Fedorov said Putin and his circle were angered after Andy Burnham handed Ukraine plans for long-range Storm Shadow missiles. Russian foreign ministry spokeswoman Maria Zakharova warned last week that Britain and France are playing with fire and called on London to drop what she termed a hostile posture.
• The Washington channel: CIA Director John Ratcliffe travelled to Moscow last Tuesday and reportedly warned Russia against attacking any NATO member. The Washington Post reported he went after intelligence indicated the Kremlin views Washington as weakened by the conflict with Iran.
• The defender’s dilemma: Elisabeth Braw of the Atlantic Council said hybrid attacks leave a country like Britain stuck over how to respond, calling them the defender’s dilemma: “if it uses military means, that would actually cause World War Three”.
• Track record: An east London warehouse storing Ukraine aid was attacked in March 2024, an operation attributed to the Wagner group. In June, two men were jailed over arson attacks on properties and vehicles linked to Keir Starmer.
• The pushback in Europe: Finnish President Alexander Stubb told Bild he does not believe Russia will risk attacking NATO states and sees no evidence for it, saying no power would rationally test the world’s strongest military alliance. German officials expect Russia could be capable of attacking a NATO state by 2029.

Background:

Britain has supplied Ukraine with Storm Shadow cruise missiles used against targets inside Russia. Finland joined NATO in 2023, and Stubb told Bild that Ukraine is the best security guarantee against Russia for both Helsinki and Berlin.

Between the lines:

Fedorov’s own reasoning sets the ceiling on the threat: he rules out a direct strike precisely because NATO’s Article 5 machinery would engage, leaving sabotage and arson as the available tools. Braw’s defender’s dilemma explains why that choice is deliberate rather than cautious, and the Wagner-linked warehouse attack and the Starmer arson convictions show the method has already been used on British soil.

What’s next

Watch whether Britain shifts its neither-confirm-nor-deny line on UK weapons used inside Russia, further Zakharova statements, and any security alert issued to UK defence firms named as potential hybrid targets.

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The latest

Nvidia is pairing specialized chips with software, developer computers and open-weight models to deepen its role in machines that operate in the physical world. Its GR00T and Cosmos models can be downloaded and modified by robot developers, extending a hardware-and-software strategy previously built around CUDA. Huang has framed the opportunity as translating AI-generated images of physical movement into actions performed by robots. The push spans factories, warehouses and vehicles, with self-driving cars identified as the first robotics application capable of reaching a sufficiently large market and delivering real economic value.

Details

• Revenue outlook: Physical AI contributes around $10 billion in annual revenue, still a fraction of Nvidia’s $303 billion across the four quarters ended in July. Huang expects the business to become 10 times larger within the next decade. Radiant Intel Chief Executive Michael Frank said the field offers Nvidia a route from data centers into the broader physical economy.
• China’s scale: China is the world’s largest industrial-robot market and shipped around 90% of humanoid robots worldwide in the first half of 2026. Counterpoint Research analyst Brady Wang called the country critical to Nvidia’s road map, citing Chinese companies’ strengths in manufacturing and commercializing new technology and the resulting real-world use cases.
• Technology reliance: Chinese robot makers currently rely on Nvidia silicon and software to train and operate machines. Nvidia laboratories in the U.S. and China have used humanoid robots from Unitree, Agibot and Fourier to gather data and run experiments. Unitree has also used Nvidia’s latest Thor chips, while Nvidia has expanded robotics and self-driving teams in China.
• Trade boundaries: Washington bars Nvidia from selling its most powerful AI chips to China, while trade in its robot and automotive chips remains open. An Nvidia representative said the company works globally in accordance with U.S. law. Chinese developers are also testing products from Huawei, Black Sesame and Horizon Robotics in anticipation of potentially broader export restrictions.
• Developer ecosystem: Nvidia says its open models and open-source materials are intended to support a broad physical AI ecosystem. The approach echoes CUDA, released nearly two decades ago to let users write code directly for Nvidia chips. Competitors include Intel and Qualcomm. The entry-level Jetson Orin Nano 2, designed for programming and operating devices, was released on August 25.
• Customer base: Nvidia’s autonomous-driving customers include Alphabet’s Waymo and Tesla, alongside Chinese automakers and robotaxi companies. Madison Huang, who oversees marketing for the physical AI division, visited LG Electronics’ robotics data factory in Seoul and the World Robot Conference in Beijing in August. Spencer Huang serves as a director of product management.

What’s next

Following the August 25 launch, the next concrete indicator will be developer uptake of Jetson Orin Nano 2 and any U.S. decision extending export controls to robot or automotive chips.

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More than 65 billion barrels of proven Venezuelan reserves now fall under majority US control, President Donald Trump said in a Friday night social media post, calling it the largest oil deal in world history and one carried out at no cost to American taxpayers. He said the arrangement more than doubles US reserves and will sharply lower pump prices. Venezuela’s interim president Delcy Rodríguez called the agreement historic.

Details:

• The structure: A White House official told سي إن إن the negotiated deal gives Washington 55% of the actual production of a new private joint venture, described as the world’s second-largest private oil company by reserves. The official said the stake combines equity ownership and a guarantee to buy oil at cost.
• The concessions: The same official said Rodríguez, with US backing, granted a private company 100-year concessions over the oil fields, and that this company is a joint venture between the US government and an operator active in Venezuela. Neither Trump nor the State Department named the private partner.
• Caracas figures: Rodríguez said in a statement the deal covers development of 17 oil fields, more than 100 billion dollars in investment, and an expected 209 billion dollars in taxes for the Venezuelan government. She said the aim was to put the country’s vast reserves in the service of national development.
• Washington’s framing: Secretary of State Marco Rubio called it a major victory for both the American and Venezuelan people, saying it would bring close to 100 billion dollars in private investment and support thousands of high-paying jobs. A State Department official described it as an unprecedented step in investing in another country’s oil fields.
• The price backdrop: US gasoline averaged about 4.09 dollars a gallon on Friday, up 27% from a year earlier, according to AAA. Crude fell 4% this week, its first weekly loss in three, but remains more than 24% higher since the start of the US war with Iran.
• Reserve depletion: Energy Department data published earlier this month showed volumes in the Strategic Petroleum Reserve at their lowest since the 1980s. The White House official said stable cost-price supply from the Western Hemisphere would help refill the SPR and cover US military supply needs.
• Hormuz disruption: The war with Iran has choked traffic through the Strait of Hormuz. According to IMF PortWatch data, only a handful of vessels have transited daily in recent weeks, against roughly 100 a day a year ago. CNN reported the conflict disrupted a fifth of global oil supply for six months.
• Legal groundwork: Under US pressure weeks after Maduro’s capture, Venezuela’s National Assembly passed a sweeping amendment to oil legislation granting foreign companies greater control over their operations, unwinding much of the 2007 nationalization that anchored the Chávez movement.
• Chevron next: Trump’s announcement came as Chevron, the second-largest US oil company, held advanced talks to expand significantly in Venezuela, according to people familiar with the negotiations. That deal is expected to be announced as early as next week; The Wall Street Journal reported the talks earlier.
• Missing text: Details were scarce and the text of the agreement was not immediately available. Venezuela is generally believed to hold the world’s largest proven reserves, and Rodríguez took office after the January operation that sent Maduro and his wife to New York on criminal charges.

Background:

US forces seized Maduro in January in a large military operation, turning a longtime adversary into something closer to a client state. Rodríguez, his ally and successor, faced US threats of a similar fate and has since held frequent meetings with senior Trump administration officials.

Between the lines:

The New York Times noted past US leaders avoided suggesting control of another country’s resources was a policy goal, fearing an international backlash and questions of legitimacy. The politics are also domestic: with gasoline up 27% and midterms two months away, cheaper pump prices are the payoff Trump is selling. Whether supply arrives fast enough to move prices before November is unresolved, given Hormuz traffic still near zero.

What’s next

Chevron’s expansion deal is expected as early as next week. Watch whether the agreement’s text is published, whether the private partner is named, and whether crude and pump prices extend this week’s 4% decline.

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