Will America decide the price of oil? Trump made a shocking claim – ‘We have 68 percent of the world’s oil’

0

Donald Trump: United States President Donald Trump gave a big statement on Thursday. He said that America and Venezuela together hold about 68 percent of the world’s total oil reserves. Trump said this during his address at the 74th National Prayer Breakfast held in Washington.

Trump said that America had captured Venezuela in January this year and now its oil wealth would be used. Referring to Venezuela’s poor economic condition, he said, “They were in a lot of trouble. Yet they have the most oil in the world, except maybe us.” Trump reiterated that America and Venezuela together hold 68 percent of the world’s oil reserves.

America’s military operation on Venezuela

Citing a major military action in early January, Trump said that America entered Venezuela and captured President Nicolas Maduro and his wife there. He had described this action as a major military operation. During this, Trump said, ‘Our big American oil companies will go there, spend billions of dollars, fix the oil related system which is in poor condition and sell oil on a large scale.’

‘Will run Venezuela until the regime changes’

Trump also said that America will run Venezuela until the transition of power takes place safely. However, legal questions are also being raised regarding this entire claim and military action and there is controversy over it.

Trump’s statement regarding oil
Trump said that America will further expand its oil business and will sell Venezuelan oil in the world market. Venezuela is believed to have the world’s largest oil reserves, which are about 17 percent of the world’s total oil.

California governor candidates split on reparations after Newsom vetoes

0

NEWYou can now listen to Fox News articles!

Among all the 2026 California gubernatorial candidates, none appear to be a champion of reparations, even in the form of direct cash payments.

Per the San Francisco Chronicle, many of the candidates attended the “State of Black Bay Area Report & 2026 CA Gubernatorial Forum” hosted by the Urban League of Greater San Francisco Bay Area on Jan. 26, explaining what they would do for Black Californians.

The Democratic candidates vying to replace Gov. Gavin Newsom, D., were asked what they would do to help Black Californians. Superintendent of Public Instruction Tony Thurmond was the only candidate to include reparations in his response to Oakland Mayor Barbara Lee, a former chair of the Congressional Black Caucus.

Instead of cash payments, Thurmond vows to give Black residents loans.

MARYLAND CHURCH TO ISSUE REPARATIONS GRANTS TO ‘BUILD UP BLACK COMMUNITIES’ DUE TO ‘SYSTEMIC RACISM’

Boy holds reparations sign

California was the first in the U.S. of many states and municipalities to establish a reparations commission to study history in order to issue recommendations on how to compensate Black Americans for slavery.  (SAMUEL CORUM/AFP via Getty Images)

“I will sign as governor a reparations package that gives loans to Black folks who want to start a business, to go to college or to pay for a home,” Thurmond said. Lee, who endorsed Thurmond for governor, said that Thurmond is the only candidate understanding that reparations is a “key strategy to achieve racial economic equity.”

California was the first in the U.S. of many states and municipalities to establish a reparations commission to study history in order to issue recommendations on how to compensate Black Americans for slavery.

Newsom has outright rejected cash payments as a form of reparations, which could have been as high as $1.2 million for a single recipient, per recommendations by the state’s reparations task force. He also rejected a slate of reparation bills backed by the California Legislative Black Caucus. On the other hand, Newsom did approve funding for the university system to research methods for verifying descendants of people enslaved in the U.S. to identify who would get benefits. 

Newsom rejected Assembly Bill 7, which would recommend universities, private and public to “consider providing an admissions preference to an applicant who is a descendant of a person who was subjected to chattel slavery in America.” Newsom called the bill “unnecessary” in a brief message sent in October, adding that “institutions already have the authority to determine whether to provide admissions preferences.”

The author of the bill, Democratic California Assembly Member Isaac Bryan, described Newsom’s veto of the bill as “more than disappointing.”

Tony Thurmond

California Superintendent of Public Instruction Tony Thurmond announced his candidacy for governor on Wednesday, seeking to replace outgoing Gov. Gavin Newsom. (AP Photo/Denis Poroy, File)

Assembly Bill 7 was among five other reparations measures backed by the California Legislative Black Caucus, making supporters of the effort disappointed. The caucus also sought to create a process for compensating individuals whose property was taken through racially motivated eminent domain, expediting professional license applications for descendants of enslaved people, and dedicating at least 10% of a state-backed home loan program to descendants.

DEMOCRATIC GOVERNOR FACES PUSHBACK FROM LYNCHING RESEARCH COMMISSION OVER REPARATIONS STANCE

Now that Newsom will soon vacate his position, it’s unclear if his successor will fulfill the reparations objectives the task force put in place. 

Former Secretary of Health and Human Services Xavier Becerra said he would appoint African Americans to his administration. According to the San Francisco Chronicle, Becerra was asked to explain further his stance on reparations. He said he would “work with the legislature” and said he was in favor of it, but “the question there is, ‘What (legislation comes) first? And how do you fund it?’”

The other candidates did not specifically mention reparations in what they would do to help Black Californians but highlighted the importance of representation. Former hedge fund manager Tom Steyer also promised representation through establishing an “office of DEI.” Former Los Angeles Mayor Antonio Villaraigosa mentioned his record in appointing Black people to his administration.

He also said he would not support a reparations package. When he was pressed on why not, he responded, “I’m in favor of fixing our schools. That’s the best way to address past discrimination, but not a reparations package.”

The other candidates at the forum, Sen. Ian Calderon, former Rep. Katie Porter, and former state Controller Betty Yee, did not have a clear stance on reparations.

Calderon sent Fox News Digital saying “real repair means real resources.” 

“Real repair means real resources — and pathways to generational wealth. I support dedicated funding streams that directly address racial and economic injustice through targeted, accountable investments that help close the economic gaps created by generations of inequality,” Calderon said. 

MARYLAND RECOMMENDS $100K PAYMENTS TO DESCENDANTS OF LYNCHING VICTIMS AFTER STUDY

Yee does not want a one-time distribution of cash payments, which is often associated with reparations efforts in the U.S., and would rather consider other forms of reparations. Many advocates of reparations say that it could be issued in many other forms other than direct cash payments.

California Gov. Gavin Newsom

Gov. Gavin Newsom has outright rejected cash payments as a form of reparations.  (AP Photo)

“I don’t want a one-and-done, where it’s just like a cash payment,” Yee said. “It’s got to be about how we look at systems that are going to help create intergenerational wealth.” 

Republicans Steve Hilton and Riverside County Sheriff Chad Bianco were invited but did not attend the event. They did not respond to Fox News Digital’s requests for comment.

The gubernatorial hopefuls met on Tuesday night in the Bayview for the first televised debate. None of the candidates mentioned supporting reparations. 

None of the Democratic candidates responded to Fox News Digital’s requests for comment, including San Jose Mayor Matt Mahan, who did not attend the Urban League event.

Lisa Holder, a civil rights attorney and a former member of the state’s Reparations Task Force, reportedly said that advancing reparations would be a long process.

A pro-reparations sign held up at meeting

A Los Angeles resident holds up a pro-reparations sign as the Reparations Task Force meets to hear public input on reparations at the California Science Center in Los Angeles on Sept. 22, 2022. 

CLICK HERE TO GET THE FOX NEWS APP

“You can’t legislate yourself out of 400 years of inequality and injustice. You have to do an entire body of laws to change the systems that have been disparately affecting black folks for decades,” Holder told KQED on Jan. 19. “You now have to put many, many laws in place to change practically every system, whether you’re talking about systems of finance, housing. Laws that require equitable treatment, laws that require affirmative hiring sometimes in industries where Black people were affirmatively not hired.”



Source link

IND vs ENG U19 World Cup final: Under 19 World Cup final between India and England today

0

New Delhi. The stage is set for the final of the Under-19 Cricket World Cup 2026. India and England will face each other this afternoon at Harare Sports Club. India achieved a record target of 311 runs against Afghanistan in the semi-finals and made it to the finals. This is the biggest successful run chase in Under-19 World Cup history. Aaron George’s brilliant inning of 115 runs and the fast start of Vaibhav Suryavanshi and Ayush Mhatre played an important role in this victory.

With this resounding victory, India confirmed its place in the finals and continued its excellent consistency at the youth level. By remaining unbeaten in the final, India will enter the 2026 tournament with the intention of increasing its winning streak and winning the Under-19 World Cup title for a record sixth time. Talking about history, India has been the most successful team in the Under-19 World Cup era, having won the trophy five times in 2000, 2008, 2012, 2018 and 2022. Last time in 2022, India won the title by defeating England by four wickets in the final.

Will England be able to beat India?

England has also shown strong performance and consistency throughout the tournament. They defeated the strong Australian team in a thrilling match in the semi-finals and made it to the finals. There was balance in both his batting and bowling. England has won the Under-19 World Cup only once (in 1998), so this 2026 team will aim to win the title for the second time and would like to make a big statement against a strong team like India.

Before the final, England’s record against India has not been that strong. So far, in 55 matches between the two teams, England has faced defeat 41 times. In such a situation, England will have to give its best performance to win. At the same time, India is full of confidence after brilliant batting against Afghanistan.

India U-19 vs England U-19 Head-to-Head

Total matches – 55, India – 41, England – 13, Tie – 1

Competition in Under-19 World Cup

Match – 9, India – 7, England – 2, Tie – 0

When to watch India vs England U-19 World Cup final?

The Under-19 World Cup final between India and England will start at 1 pm (Indian time) and 9:30 am local time.

Where to watch India vs England Under-19 World Cup final?

The broadcasting rights of the Under-19 World Cup are with Star Sports Network. Live streaming of the final between India and England will be available on JioHotstar.

teams
India: Aaron George, Vaibhav Suryavanshi, Ayush Mhatre (captain), Vihaan Malhotra, Vedant Trivedi, Abhigyan Kundu (wicketkeeper), RS Ambareesh, Kanishk Chauhan, Khilan Patel, Henil Patel, Deepesh Devendran, Harvansh Pangalia, Mohammad Inan, Uddhav Mohan, Kishan Kumar Singh.

England: Ben Dawkins, Joseph Moores, Ben Mayes, Thomas Ryu (wk/c), Caleb Faulkner, Ralphie Albert, Farhan Ahmed, Sebastian Morgan, James Minto, Manny Lumsden, Alex French, Alex Green, Isaac Mohammed, Luke Hands, Will Bennison, Ali Farooq.

Why Gold/ Silver ETFs, NSDL, Stallion India, Federal Bank, SJVN, KRBL and Axis Bank will remain in focus on Friday

0

The board of Stallion India Fluorochemicals has approved a rights issue to raise up to ₹364 crore at ₹99 a share. The capital raising exercise will offer existing shareholders the opportunity to subscribe to additional shares in proportion to their current holdings, the company said in a release to the stock exchanges.

Federal Bank Ltd said RBI has allowed Blackstone subsidiary, Asia II Topco XIII Pte Ltd, to acquire up to 9.99 per cent of the bank’s paid-up share capital or voting rights. Last year in December, the Competition Commission of India had cleared US-based Blackstone’s proposal to acquire 9.99 per cent stake through warrants in Federal Bank.

Fitch Ratings has revised the outlook on Axis Bank Ltd’s Long-Term Issuer Default Rating (IDR) to Positive from Stable, and affirmed the IDR at ‘BB+’. Fitch has also upgraded the bank’s Viability Rating (VR) to ‘bb+’, from ‘bb’, and affirmed the Government Support Rating (GSR) at ‘bb+’.

National Securities Depository Ltd will remain in focus due to a technical glitch in its system. NSDL was expecting all delayed equity trades to be settled by Thursday night after a technical network disruption affected inter-depository settlement flows earlier this week, according to a businessline report. The issue was caused by instability in NSDL’s network systems, which temporarily disrupted connectivity with Central Depository Services (India) Ltd. (CDSL), a key link used for transferring securities across depository platforms. Inter-depository functions are a routine, but critical part of India’s post-trade market infrastructure, used when securities move across different depository platforms.

Silver/Gold ETFs will remain in focus as metal prices fell sharply and remained volatile. Silver spot slumped 9 per cent below $65 a dollar. Gold prices fell over one per cent to $4,715.

SJVN on Thursday said it has started electricity supply from its 70 megawatt Dhubri solar power plant in Assam. In a statement, SJVN said the project has been executed through wholly-owned subsidiary SJVN Green Energy Limited (SGEL). The ₹367.44-crore 70 MW project has been developed on 330 acres of lease-based land.

KRBL Ltd has launched a low glycemic index rice variant under its health-oriented Uplife brand. India Gate Uplife Lite Everyday Rice targets consumers seeking blood sugar management and sustained energy levels, marking the latest expansion of the Uplife portfolio launched last year, the company said.

Published on February 6, 2026

‘They killed my sons’: chief of Nigerian village where jihadists massacred hundreds recounts night of terror | Nigeria

0

The traditional chief of a village in western Nigeria where jihadists massacred residents earlier this week has recounted a night of terror during which the attackers killed two of his sons and kidnapped his wife and three daughters.

Umar Bio Salihu, the 53-year-old chief of Woro, a small, Muslim-majority village in Kwara state, said that at about 5pm on Tuesday the gunmen “just came in and started shooting”.

“All those shops that are within the road, they burnt them … Some people have been burned inside their houses,” he told the Agence France-Presse news agency. “They killed two of (my sons) standing at the front of my house. They took away my second wife with some three (daughters). They are with them presently in the bush.”

Umar Bio Salihu, head of the village of Woro, said the attackers also took away his second wife and three daughters. Photograph: Light Oriye Tamunotonye/AFP/Getty Images

Salihu survived by hiding in a house, then fled to the neighbouring town of Kaiama, where he has a home, after the attackers left. The attack lasted until 3am, he said. “When the day breaks, the corpses we see, it’s too much,” he said.

Woro, a village of several thousand people, sits near a forest region known as a hideout for jihadist fighters and armed gangs.

Footage broadcast by local news stations after the attacks on Woro and the neighbouring village of Nuku showed bodies lying in blood on the ground, some with their hands tied, and burning houses.

Details are still emerging from the attack, the country’s deadliest so far this year. According to the Red Cross, the death toll stands at 162 people, and the search for bodies is ongoing.

Salihu said the jihadists had sent a letter saying they were coming to the village to preach, and went on the rampage when no one attended. Residents separately told Reuters that the attackers had long preached in the village, urging locals to abandon the Nigerian state and adopt sharia rule.

The Nigerian president Bola Tinubu has condemned the “beastly attack”, deployed an army battalion to the troubled region, and blamed the Islamist extremist Boko Haram movement – though the name is often used generically for jihadist groups in Nigeria.

Nigeria map

The attack – described by Amnesty International’s Nigeria office as “a stunning security failure” – was the latest in a series of repeated and widespread acts of violence by jihadists and other armed groups in Nigeria. The country is experiencing a jihadist insurgency in the north-east and north-west, as well as a surge in looting and kidnapping for ransom by armed groups known as “bandits” in the north-west and north-central regions.

Experts say that Kwara is fast becoming a new frontier for armed groups seeking to expand in Africa’s most populous country. James Barnett, a researcher at the Washington-based Hudson Institute, told Associated Press armed groups have been going farther afield because they are finding a lot of competition from rival groups in the areas where they traditionally operated.

The armed groups in Nigeria include at least two affiliated with Islamic State: an offshoot of Boko Haram known as the Islamic State West Africa Province (ISWAP), and the lesser-known Islamic State Sahel Province, known locally as Lakurawa.

A motorcyclist rides past a burnt truck after the attacks in Woro. The Red Cross puts the death toll at 162 people. Photograph: Light Oriye Tamunotonye/AFP/Getty Images

The military has in the past said the Lakurawa has its roots in neighbouring Niger and that it became more active in Nigeria’s border communities after a 2023 military coup. Kwara borders Niger state, which is targeted increasingly by armed groups and is a hotspot where ISWAP and other armed groups have stepped up village attacks and mass kidnappings.

Insecurity in Nigeria has been under intense scrutiny in recent months since the US president, Donald Trump, alleged that there was a “genocide” against Christians in the country. The claim has been rejected by the Nigerian government and many independent experts, who say the country’s security crises claim the lives of Christians and Muslims, often without distinction.

Elsewhere on Tuesday, unknown gunmen killed at least 13 people in Doma village in the north-western state of Katsina, a police spokesperson said.

Agence France-Presse, Reuters and Associated Press contributed to this report



Source link

Patriots star responds to Tom Brady’s neutral stance Super Bowl matchup

0

NEWYou can now listen to Fox News articles!

Despite leading the New England Patriots to six Super Bowl titles during his storied two-decade career with the franchise, Tom Brady said he doesn’t have “a dog in the fight” in this week’s big game.

Brady’s stance drew strong responses from both his former teammates and current Patriots players.

Patriots linebacker Robert Spillane was among those who expressed angst over Brady’s position. “Personally it makes me sick,” Spillane said Thursday during a Super Bowl week media availability, via MassLive.com. “But at the end of the day [he’s a Patriot]; he has a dog in the fight. So for him to say that, it is what it is. At the end of the day, he’s an owner of the Las Vegas Raiders now, so he has to do what’s best for him.”

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

Robert Spillane speaks to the media

New England Patriots linebacker Robert Spillane (14) speaks to media during Opening Night for Super Bowl LX at San Jose Convention Center on Feb. 2, 2026 in San Jose, California. (Cary Edmondson/Imagn Images)

Brady holds a minority stake in the Las Vegas Raiders. 

Spillane appeared in 13 regular season games in his first year in New England, recording 48 tackles.

Brady reflected on his unprecedented run in New England during a recent edition of his “Let’s Go!” Sirius XM podcast with sportscaster Jim Gray, saying, “We did it for 20 years. There was a little bit of a hiatus in there, but the Patriots are back, and it’s a very exciting time for everyone in New England.”

‘NFL REDZONE’ HOST SCOTT HANSON EXPLAINS WHY SAM DARNOLD IS TOP SUPER BOWL LX ‘HUMAN INTEREST STORY’

He added that he hoped “to see a good game” on Sunday.

Tom Brady looks on before a game

Tom Brady looks on before the NFC Wild Card Playoff game between the Philadelphia Eagles and the San Francisco 49ers at Lincoln Financial Field on Jan. 11, 2026 in Philadelphia, Pennsylvania. (Mitchell Leff/Getty Images)

Those comments were not well-received by Patriots greats, including Rob Gronkowski, who played with Brady in New England and Tampa Bay. Gronkowski said he has not discussed this week’s Patriots-Seahawks game with Brady but suggested a reason for the seven-time Super Bowl winner’s neutral stance.

“He probably wants to be the quarterback,” Gronkowski said Wednesday during an appearance on “Up & Adams,” before adding, “He’s that competitive. He probably wants to be the guy in the Super Bowl right now.”

Two-time Super Bowl winner and former Patriots defensive tackle Vince Wilfork described Brady’s take as “bullcrap.”

Vince Wilfork attends a New England Patriots

Former New England Patriots player Vince Wilfork reacts before a game against the Baltimore Ravens at Gillette Stadium on Sept. 25, 2022 in Foxborough, Massachusetts. (Paul Rutherford/USA TODAY Sports)

Another former New England star, Asante Samuel, chimed in, saying in a string of social media posts that he was “highly disappointed” in the retired quarterback for “not rooting for your ex-teammate, Mike Vrabel.” Samuel also suggested that Brady was envious of Drake Maye’s rise.

CLICK HERE TO GET THE FOX NEWS APP

Patriots wide receiver Stefon Diggs argued Brady’s role as a sports network broadcaster — not just a Patriots icon — explains his neutral stance. “Does Tony Romo still pull for the Cowboys? I’d be surprised,” Diggs said Thursday. “I think Peyton Manning still loves Denver. I don’t hear him say too much about the Colts.”

Brady is Fox Sports’ lead NFL analyst and called last year’s Super Bowl.

Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.



Source link

Newly married youth murdered in Sriganganagar, wife along with her lover hatched such a dreadful conspiracy

0

A case has come to light in Sriganganagar, Rajasthan, which shocked everyone. What initially appeared to be a case of road accident and robbery, within a few days turned out to be a well-planned murder conspiracy. The police were also surprised to hear the story behind the death of newly married youth Ashish and the unconsciousness of his wife Anju. Now people are calling this case the honeymoon murder of Rajasthan.

This incident happened on the night of 30 January. Ashish and Anju, who got married just three months ago, had gone for a walk after dinner. After some time, the police received information that a couple was lying unconscious on the road.

Both were immediately taken to the Community Health Center, where doctors declared Ashish dead, while Anju was unconscious. Initially it appeared to be a hit-and-run case. Anju told the police that she was hit by an unknown vehicle and her gold jewelery was also looted.

Major contradictions revealed in investigation

The police did not find Anju’s story completely clear from the beginning. Many questions were raised in the investigation of the incident site and the report of the forensic team. The post mortem report made a shocking revelation.

There were many serious injury marks on Ashish’s body and signs of strangulation were also found, whereas no significant injury was found on Anju’s body. From here the police suspected that this was not an ordinary road accident but a case of murder.

Phone records revealed the layer of conspiracy

As the investigation progressed, Anju’s mobile phone records were searched. It came to light that she was in constant touch with a young man named Sanju, who lived near her house. During interrogation it was revealed that Sanju was Anju’s ex-boyfriend.

According to the police, Anju was not happy with the marriage. Shortly after marriage, she returned to her maternal home and from there she reconnected with her old relationship. After this both of them made a plan to remove Ashish from the way.

Murder planned on a deserted road

On the night of 30 January, Anju deliberately took Ashish for a walk on a deserted road. There, Sanju and his two companions Rocky and Badal were already hiding in the bushes. As soon as they got the opportunity, all three attacked Ashish, beat him brutally and strangled him to death.

To make the murder look like a road accident and robbery, Anju gave her mobile phone and earrings to the accused and tried to make herself look unconscious.

Anju kept changing her statement repeatedly during police interrogation. Sometimes talking about an accident, sometimes talking about a robbery, there were constant contradictions in his words. Ultimately, upon strict interrogation, the entire conspiracy came to light.

All four accused arrested

Police have arrested Anju, her boyfriend Sanju and his two associates. This matter has now become a topic of discussion in the entire area. People are linking it to the famous honeymoon murder of Meghalaya, where love and greed had taken the life of an innocent person. This case once again proves that sometimes even the most trustworthy relationships can hide a dreadful truth.

Anthropic apes OpenAI with cheeky chatbot commercials • The Register

0

AI companies are looking for new ways of burning cash other than by handing it to hyperscalers for model training. So now they’re setting money on fire by buying Super Bowl ads that mock rivals.

Anthropic, everyone’s favorite AI company that doesn’t make ChatGPT, has decided that its Claude AI model family will remain free of advertising, unlike rival OpenAI, and wants everyone to know about it.

By letting “everyone” know, we mean everyone who chooses to watch the Super Bowl, as the firm plans to run a pair of TV commercials during this Sunday’s game, according to the Associated Press.

Anthropic has actually created four of the commercials, each a minute long, all of which follow the same pattern: a user asks a chatbot for advice concerning some aspect of their life. The chatbot, represented by a real person speaking in a somewhat unnatural manner, gives encouraging and supportive advice at first, before abruptly switching to promote a product related to the conversation.

Youtube Video

According to some sources, the TV networks have been flogging 30-second ad slots for prices exceeding $10 million this year, which means Anthropic could be coughing up $20 million for each minute-long commercial it runs.

That’s equivalent to the company sacrificing about six of Nvidia’s hulking DGX GB200 NVL72 rack scale AI systems or a lot of runtime on AWS for a jokey commercial, according to our reckoning, so they had better be funny.

Unfortunately, they aren’t that funny, just mildly amusing, but OpenAI chief Sam Altman claims they made him laugh.

In a riposte posted on X, Altman described the commercials as funny, but dishonest.

“Our most important principle for ads says that we won’t do exactly this; we would obviously never run ads in the way Anthropic depicts them. We are not stupid and we know our users would reject that,” he says – we imagine through gritted teeth.

Altman then has a pop at Anthropic in return, claiming that the biz “wants to control what people do with AI by blocking companies it doesn’t like from using its coding product” and wants to “write the rules itself for what people can and can’t use AI for,” contrasting that with OpenAI’s approach, naturally.

This unseemly spat could be partly down to Anthropic being founded in 2021 by former members of OpenAI, including, we should disclose, Jack Clark, formerly of this parish.

Anthropic appears to be trying to position itself as the plucky underdog, nipping at the heels of the tech giants, but it too has major backers, including Amazon and Google, which have committed billions in funding and partnerships to the AI developer.

Perhaps we can look forward to the day when the AI bubble finally pops and we don’t have to hear any more from Silicon Valley AI firms and their crazy circular investment schemes. Altman himself admitted we’re in the midst of an AI bubble last year. ®



Source link

Australian banks passed interest rate hikes on to mortgage holders – so why haven’t they done so for savings accounts? | Interest rates

0

Shortly after the Reserve Bank lifted the official cash rate by a quarter of a percentage point, major lenders announced interest rates on mortgages would rise by the same amount.

Yet the interest rates that can grow their customer’s savings accounts are still “under review” – or the increases are being applied selectively – days after Tuesday’s announcement.

Given the cash rate informs funding costs, customers expect changes to flow through to mortgages and their deposit accounts.

Why the delay, given that the rate hike was widely expected and lenders had time to prepare?

According to Canstar’s data insights director, Sally Tindall, the banks are playing a game of “wait and see”.

“They’re looking to see what their customers might report back and they’re looking at what their competitors might announce before making a decision,” Tindall says.

“I don’t think that it’s acceptable. It shouldn’t be a lengthy consideration.

“It should be that if they’re passing it on to their mortgage customers, they should be passing it on to their savings rates, in full.”

There’s an obvious reason the banks don’t want to give all savers an automatic rate lift: the less paid to customers, the better their balance sheet looks.

But they do need to entice customers because such deposit accounts finance bank operations, including mortgages.

The problem for consumers is that savings products have become so complex that it’s often not clear if they are getting a good deal.

Sign up: AU Breaking News email

In recent years, banks have heavily promoted bonus-interest products, which have much higher headline rates than regular savings accounts.

However, there are a range of conditions that can also trip up customers, leaving many earning almost no interest. Savers can easily be disqualified from earning the advertised headline rates when they do not make a deposit into their account each month or grow the balance. Some products also require customers to make no withdrawals.

The consumer regulator has found that about two-in-three customers with bonus accounts miss out on the headline interest rate.

When savers fail to qualify for their bonus rate, the bank gets access to their money for virtually nothing.

If it feels like the big retail banks – Commonwealth Bank, Westpac, National Australia Bank and ANZ – are being very strategic about their savings rate decisions, it’s because they are.

Two days after the rate announcement, Westpac announced that savings rates would rise – but customers should read the fine print.

For example, the interest rate on one of its savings products for people aged 18 to 34 will be bumped up by 25 basis points to an attention grabbing 5.25%, although there are limits on account sizes and multiple conditions.

Banks want to entice young adults into their savings products because that might translate into a mortgage down the track.

If conditions on the young adult-focused product are breached, the rate drops to just 0.1%. It’s notable the rate increase has not been applied to the base rate.

At the time of writing, the three other majors still have their savings rates under review, three days after the rate announcement.

The major banks were contacted for comment. NAB says savings rate changes may roll out at different times across products “reflecting differences in funding costs, market conditions, and product features”.

Given households are holding record levels of cash, competition for deposits is muted. This opens the way for Australia’s biggest financial institutions to play this strategic game, as opposed to having them fight ferociously for your savings.

Tindall says customers should consider “taking your nest egg shopping” to find a better deal.

“If more customers moved and chopped around more regularly, we would see a boost in that competition because banks need deposits from households to help fund their home loans,” Tindall says.

“It is an important source of their funding, and if they’re not getting enough of that in the door, then they’re going to have to post more competitive rates.”

Outside the big four banks, Canstar notes that ING’s rate on its savings maximiser has been lifted to 5%, although there are conditions and the base rate for those who fall foul of its terms is almost zero.

Macquarie’s offer of 4.5% is on track to be the highest “no-strings attached” ongoing savings rate in the market, according to the comparison site.

If the response of lenders to Tuesday’s rate increase has you seeing red, spare a thought for mortgage customers of the Bank of Queensland-owned ME Bank.

They received an email this week that said the bank was “pleased” to be passing on the rate increase in full to their variable rate home loans.

ME Bank followed up with an apology, acknowledging that “rate increases can be challenging, and we’re here to support you”.



Source link

FDA relaxes artificial colors rules for natural color alternatives

0

NEWYou can now listen to Fox News articles!

The U.S. Food and Drug Administration (FDA) announced Thursday that it will relax federal regulations governing when companies may label their products as free of artificial coloring.

The FDA said businesses can now label products as “no artificial colors” if the coloring is natural or plant-based.

“Companies will now have flexibility to claim products contain ‘no artificial colors’ when the products do not contain petroleum-based colors,” the FDA said. “In the past, companies were generally only able to make such claims when their products had no added color whatsoever — whether derived from natural sources or otherwise.” 

Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. praised the policy shift, saying it will ease the transition for companies while advancing efforts to make food safer.

FDA BANS RED FOOD DYE DUE TO POTENTIAL CANCER RISK

Grocery store

An unspecified grocery store seen in Virginia on July 13, 2022.  (Xinhua via Getty Images)

“This is real progress,” RFK Jr. said in a statement. “We are making it easier for companies to move away from petroleum-based synthetic colors and adopt safer, naturally derived alternatives. This momentum advances our broader effort to help Americans eat real food and Make America Healthy Again.”

The agency also expanded its list of approved naturally-sourced food colorings, adding beetroot red and broadening the approved use of spirulina extract.

The new additions bring the total number of food color options approved under the current administration to six, the FDA said. 

U.S. Health and Human Services Secretary Robert F. Kennedy Jr. shown close up.

U.S. Health and Human Services Secretary Robert F. Kennedy Jr. speaks during an event.  (Getty Images)

FDA BANS ARTIFICIAL RED DYE: WHAT THIS MEANS FOR CONSUMERS

Health officials said the changes were made in recognition that coloring derived from natural sources should not be classified as artificial.

“We acknowledge that calling colors derived from natural sources ‘artificial’ might be confusing for consumers and a hindrance for companies to explore alternative food coloring options,” FDA Commissioner Marty Makary said in a statement. “We’re taking away that hindrance and making it easier for companies to use these colors in the foods our families eat every day.”

As part of the Trump administration’s initiative to Make America Healthy Again, the HHS and the FDA in April 2025 began a series of actions to phase out all petroleum-based synthetic colors from the nation’s food supply.

FDA sign outside headquarters.

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. (REUTERS/Andrew Kelly/File Photo)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Previously, in January 2025, health officials banned red food dye known as Red 3, or erythrosine, citing potential cancer risks.

Food manufacturers were given until January 2027 to remove it from their products, while drug manufacturers will have until January 2028 to do the same.  



Source link