Should Man Utd boss Carrick drop Bruno Fernandes for Bournemouth?

Michael Carrick is never short of advice around how he should do his job as head coach of Manchester United.

Few of his players divide opinion quite so much as skipper Bruno Fernandes.

So, it stands to reason there are a variety of views around whether Fernandes should be dropped for Sunday’s vital Premier League game against Bournemouth at Old Trafford.

Former Everton and Rangers striker Duncan Ferguson has no doubts.

“It is a big problem for Michael,” he told The Overlap podcast. “Put people in the team you trust. Your captain has thrown you under the bus. If you don’t think he is playing for you, get him out. I wouldn’t pick him even though he is their best player.”

Joe Smith, respected host of Manchester United fan channel Stretford Paddock, is of the same opinion.

“I don’t think Fernandes should play on the weekend,” he said. “I don’t think (Lisandro) Martínez should’ve played against Leeds, because otherwise they’re running the ship here.”

United fans heading back on flights from Como to Manchester had a view, although much of it was wrapped up in their general thoughts about the club, most of which were negative.

But only one man’s opinion really counts. Carrick is the man who picks the team.

His friend and former team-mate Wayne Rooney has a view on that.

“When Martinez came out, I said this is an absolute nightmare because it will rip the dressing room apart,” he said on the United Stand podcast.

“That was the start. We’ve seen it now with Bruno and you’re going to see it with more players because they don’t want to take responsibility.

“I was in that situation [as manager at Plymouth and Birmingham City] and if I was in Carrick’s position now, I’d come out fighting. There’s no more Mr Nice Guy.”

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Are global oil reserves sufficient to withstand renewed US-Iran war? | US-Israel war on Iran News

Oil prices have climbed towards their highest levels in five months as attacks on tankers in and around the Strait of Hormuz mount and efforts to end the United States-Israel war on Iran are deadlocked.

Brent crude, the international benchmark, rose by more than $2 to $110.85 a barrel on Wednesday, close to a five-month peak.

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A day earlier, Iran’s Islamic Revolutionary Guard Corps (IRGC) said two tankers were “set ablaze” after hitting mines at what it called an illegal crossing point in the strait. Then, on Thursday, the IRGC said it hit seven more tankers although Washington dismissed the claim. In a statement, the IRGC said four of the vessels were transferring oil when they were targeted and caught fire overnight.

In September, the Houthis, an armed group also known as Ansar Allah (Arabic for Supporters of God), seized territory in Yemen close to the Bab al-Mandeb strait, a critical chokepoint into and out of the Red Sea and a gateway to Egypt’s Suez Canal.

The escalation came as the world’s emergency oil stocks, already tapped heavily since the Iran war began on February 28, sit at their lowest levels in decades.

Al Jazeera put a question to analysts: If fighting resumes in full, the Strait of Hormuz is shut off completely and Houthi attacks choke off Bab al-Mandeb, how long could the world’s reserves last?

Here’s what you need to know:

What emergency oil reserves are there?

Strategic oil reserves are stockpiles of crude oil and fuel held by governments or by companies on their behalf for use in a supply emergency.

The International Energy Agency (IEA), which was established in 1974 after the Arab oil embargo, coordinates most of them. Its importing members must hold at least 90 days of net imports. China and India are not members.

How much of the reserves has already been released this year?

A record amount.

On March 11, days after the start of the US-Israel war on Iran, the IEA’s 32 members agreed to make 400 million barrels available from emergency supplies, more than double the volume released after Russia’s full-scale invasion of Ukraine in 2022.

The US pledged 172.2 million barrels from its Strategic Petroleum Reserve (SPR) and Japan 79.8 million, according to IEA figures.

The SPR has since fallen to 283 million barrels, its lowest level since October 1982, according to the US Department of Energy.

Much of that oil was lent rather than sold and must be returned with extra barrels, according to the US Energy Information Administration.

How much oil is left?

Far less than before the war began in February, and not all of it can be used.

Aaron Kildow, a senior crude oil analyst at Sparta Commodities, told Al Jazeera that global strategic stocks excluding China and Iran have fallen by nearly 327 million barrels since the end of December 2025 with the US, Europe and Japan accounting for about 95 percent of the draw.

He estimated that leaves only about 400 million barrels of usable reserves worldwide, excluding China’s stockpile, which is unlikely to be exported, and Gulf stocks, which could be cut off by a total closure of Hormuz.

Nearly half of these available stocks are in Japan.

Europe has about 76 million barrels uncommitted, but members such as Germany are holding some back for a local emergency, Kildow said.

“Europe is the real wildcard, both on timing and willingness,” Kildow said.

Meanwhile, China’s onshore crude stocks stand at 1.13 billion barrels, down from 1.23 billion in late February but still enough for about 80 days of refinery intake, Muyu Xu, a senior crude oil analyst at the analytics firm Kpler, told Al Jazeera.

India’s reserves cover just eight days of its imports, the Reuters news agency reported.

What would a full closure of Hormuz and Bab al-Mandeb mean?

Before the war, about one-fifth of the world’s oil and liquefied natural gas supplies, or roughly 20 million barrels of oil a day, passed through the Strait of Hormuz.

Saudi Arabia has increased the amount of crude it transports from its oilfields in the east to its Red Sea port of Yanbu in the west via the East-West Pipeline, thereby bypassing Hormuz.

But there have been strikes on that pipeline, and tankers heading south from Yanbu must pass through Bab a-Mandeb, where the Iran-backed Houthis declared a blockade on Saudi shipping in July.

Only a confirmed 373,000 barrels a day of Saudi crude have transited Bab al-Mandeb so far this month, the lowest level since February, Xu said, with most Yanbu cargoes now heading north via Egypt instead.

If Hormuz were shut and the Houthis blocked all Saudi tankers, Gulf producers could export only through a few pipelines and Yanbu’s northbound route, Xu said.

That would leave about 7.5 million barrels a day of Middle Eastern crude, against 16.8 million now, a shortfall of about 9.3 million barrels a day, she estimated.

“If such attacks occur, the supply disruption could be even more severe and prolonged,” Xu said, referring to strikes on oilfields, terminals and pipelines.

[Al Jazeera]
[Al Jazeera]

So how long would reserves last?

Not for long – possibly just weeks, according to experts.

If Kpler’s estimated shortfall had to be covered entirely from the roughly 400 million usable barrels that Kildow identified, they could not, in practice, be released that fast. Japanese and South Korean reserves can move quickly, Kildow said, but US barrels are staged over three months, and Europe’s contribution is uncertain.

Chris Beauchamp, chief market analyst at IG Group, said the world was fortunate after the first closure. “The salient feature of March and beyond was how a crisis didn’t actually develop. We got away with it,” he said.

“I don’t think the global economy will be as lucky next time if there is a protracted conflict,” Beauchamp said. “A month or two is all we have.”

The world would not literally run out of oil. Instead, prices would rise until enough demand disappeared. “One hundred fifty dollars [per barrel] becomes a very distinct possibility, which then sees significant demand destruction,” Beauchamp said.

The sharpest squeeze would be on diesel, which is already nearly double the price of crude, the IEA said.

Refiners would compete for crude grades rich in diesel, “a cost that ultimately lands on consumers,” Kildow said.

Who would feel it first?

Asian importers with thin reserves.

Most Gulf exports in September and October went to Asian buyers, and India and Pakistan are among the most exposed, Kildow said, adding that their nearest alternative supply, from West Africa, is 25 to 28 days away by sea, compared with two days from Fujairah in the United Arab Emirates.

“The squeeze won’t hit uniformly. It lands fastest and hardest where reserves are thinnest and substitute supply is farthest away,” Kildow said.

Who would gain?

Oil producers far from the Gulf.

In the second quarter of this year, as the US-Iran war was under way, ExxonMobil reported earnings of $14.5bn, its highest in four years while Chevron posted $12bn, its best in six years and Shell more than doubled its earnings to nearly $10bn. Their profits are largely down to the high oil prices.

A second shock would send refiners scrambling for supplies from the US, Latin America, West Africa and Russia, Xu said.

“This would allow non-Middle Eastern producers to benefit from higher crude prices, potentially alongside lower transportation costs,” she said.

In August, US President Donald Trump said companies such as ExxonMobil and Chevron were “making too much money based on a shortage”.

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Harry Kane hopes Ballon d’Or produces ‘special night’ in hometown | Football

Kane, who scored 73 goals for club and country last season, is among the favourites for award with Lamine Yamal and Kylian Mbappe.

Bayern Munich striker Harry Kane is hoping for a “special night” at Monday’s Ballon d’Or ceremony in his hometown of London, where the England captain is the bookies’ favourite.

The 33-year-old scored 73 goals for club and country last season, the second-best mark in history after Lionel Messi’s 82 in 2010-2011.

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But in continuing his habit of tormenting old foes Arsenal on Wednesday, the former Tottenham striker again demonstrated how complete a player he has become since moving to Germany in 2023.

At one point, dropping back to take goal kicks to ignite Bayern’s attack, Kane also set up Alphonso Davies’s first-half equaliser with a pinpoint long-range pass.

In the second half, Kane won and then converted a penalty, giving Bayern the lead before England teammate Declan Rice scored late to grab a share of the spoils for Arsenal with a 2-2 finish.

Open field

Kane is odds-on to claim what would be his first Ballon d’Or, but the outcome is anything but certain in one of the most open fields in recent memory.

The Bayern striker faces stiff competition from Spain’s World Cup-winning duo Lamine Yamal and Rodri along with France captain Kylian Mbappe and teammate Michael Olise.

While Yamal and Mbappe in particular have taken to the airways to extol their suitability for the award, Kane has been typically circumspect despite constant media questioning.

Repeatedly asked about his chances after Wednesday’s star showing, Kane said: “I try not to think about it. Obviously, it’s hard.

“There’s rumours flying around, so you try and stay away from it. I’m going to try and enjoy Monday night as much as possible. It’s a big occasion and a big event.”

Officially, there are three broad criteria upon which the Ballon d’Or is awarded: individual performances and impressive character, team performances and class/fairplay.

In recent years, recipients have either won the Champions League and/or World Cup or have made their case through sheer weight of numbers. Kane clearly satisfies the latter criteria.

Long criticised for a failure to win team trophies at Tottenham, Kane brought his total to five with Bayern after last year’s league and cup double, but the Bavarian giants’ dominance of Germany may count against him.

Bayern made the semifinals of the Champions League, going out narrowly to eventual champions Paris Saint-Germain.

England finished third at the World Cup with captain Kane scoring six times and laying on an assist.

‘Ridiculous’ Kane

After scoring against Arsenal, Kane has at least one goal in each of his past 10 Champions League matches, one short of Cristiano Ronaldo’s record of 11.

“Whenever you’re in any conversation with Ronaldo it means you’re doing something special, especially in this competition,” Kane said.

Bayern coach Vincent Kompany praised Kane’s team-focused efforts, saying: “What made Harry happy the most in recent years is that he finally won his first team trophies here.

“Now if he can crown his career or his season with the Ballon d’Or, that would be deserved for the way he plays for the team.”

After Wednesday’s match, Rice had special praise for his international captain.

“Harry is the clear winner [of the Ballon d’Or]. His numbers speak for themselves. The year he had is remarkable.

“For a striker to play that pass for their first goal, then take the penalty how he did, … he’s ridiculous. He’s such a good player.”

Former Three Lions midfielder Steven Gerrard on Wednesday joined Jude Bellingham in calling Kane “arguably the best England player there’s been” after Kane’s masterclass against Arsenal.

Michael Owen was England’s last Ballon d’Or recipient, winning it in 2001, while in 1981 another striker, Karl-Heinz Rummenigge, was the last Bayern player to claim the honour.

“Monday could be a special night. We’ll have to wait and see,” Kane said on Wednesday.

“I’m trying not to think about it too much because we have important games and another one on Sunday.

“I know it’s a massive event. I am looking forward to it for sure. Hopefully, it’ll be a special night.”

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Liev Schreiber scolds Apple TV reporter on ‘Nocturne’ red carpet

Liev Schreiber appeared to be scolding an interviewer Tuesday during the red-carpet premiere for his new Apple TV series, “Nocturne.”

A bystander captured a behind-the-scenes snippet of the 59-year-old, who was seen speaking to a female reporter, likely part of the Apple TV team.

“Talk to people like they value what they do,” Schreiber said in the clip. “It’s not a f— sound bite, especially when we’re doing it in-house for our own people.”

The Tony Award winner added, “We’re trying to make the show compelling” and suggested that the reporter “engage” with the individuals involved in the project.

It is unclear what question was asked in the lead-up to the awkward interaction, although the “Ray Donovan” actor followed up with: “Three words isn’t gonna do anything for anybody and the monkey who f— thought of that is shooting themselves in the foot.”

The woman, who was holding an Apple TV microphone, continued to smile, telling someone in the background, “I hope you’re rolling on this.”

“What I’m trying to say is,” Schreiber continued, “if you wanna give them something that they can use, talk to people like they’re humans, not like they’re social media.”

The woman then appeared to reframe her question, to which the “Spotlight” actor agreed to respond on camera, adding, “That’s a real question; let’s talk about that.”

The Times reached out to Schreiber’s representatives and Apple TV but did not hear back.

Schreiber is both executive producer and star of “Nocturne,” which is set to premiere Oct. 30.

The drama is based on the Lars Kepler crime novels, including “The Sandman” and “Lazarus.” The series follows Jonah Lynn (played by Schreiber), an ex-soldier turned homicide detective who moves from Philadelphia to western Pennsylvania for a quieter life. But the town is shaken up by an imprisoned serial killer, Jurek Walter (“Adolescence” actor Stephen Graham), which prompts FBI agent Saga Bauer (“Atlanta’s” Zazie Beetz) to go undercover.

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Anaheim Ducks fall to Devils, lose fifth straight game

Arseny Gritsyuk and Nico Hischier scored first-period goals, Nico Daws made 16 saves and the New Jersey Devils beat the Ducks 4-1 on Thursday night.

Anthony Mantha restored the two-goal lead with 6:33 left in the third, and Jack Hughes added an empty-netter with 6.1 seconds remaining. New Jersey won its second straight to improve to 6-4-0, while the Ducks dropped their fifth in a row to fall to 4-6-0.

Gritsyuk and Hischier each scored their fifth goal of the season, with Jesper Bratt assisting on both scores. Hughes assisted on Gritsyuk’s goal.

Tim Washe scored for the Ducks on a tip at 8:20 of the third period. Ville Husso made 25 saves for the Ducks.

Gritsyuk opened the scoring at 4:38 of the first, connecting from close range off Bratt’s centering pass. Hischier scored off a rebound on a power play with 41 seconds left in the period.

Up next for the Ducks: at Philadelphia on Saturday.

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Europe needs a war economy | Russia-Ukraine war

For the past four-and-a-half years, the war on Europe’s doorstep has haunted policymakers. Yet they have treated it as a looming threat rather than one already eroding the very foundations on which Europe stands.

Russia’s war has devastated much of Ukraine’s south and east, even as the front lines have shifted only slowly. For Europe, however, the challenge has never been confined to the battlefield. Supporting Ukraine and constraining Russia have tested the continent’s economic resources and political unity. Now, as United States President Donald Trump seeks to force a disadvantageous settlement on Kyiv and repeatedly threatens to withdraw US support, Europe faces the prospect of shouldering even more of that burden alone.

Even if the latest crisis is averted, Europe can no longer assume that Washington will guarantee its security. It must develop the financial capacity to sustain Ukraine’s defence, the industrial strength to defend itself and the economic leverage to constrain Moscow. To meet these challenges, Europe must build a war economy.

The past four years offer lessons in how Europe can finance such an effort, but also warnings about the divisions that could undermine it. The European Union has already been at the forefront of Ukraine’s recent financing, moving from an 18.1-billion-euro ($21bn) share of the G7’s $50bn Extraordinary Revenue Acceleration (ERA) loans in 2024 to finalising a new 90-billion-euro ($100bn) loan this April, one that came without US commitment. Yet internal divisions remain over numerous issues, particularly as they pertain to constraining Russia. This month, the EU adopted its largest-ever round of sanctions listings. But while the measures added a record number of designations, they did little to broaden the scope of restricted activity and did not accelerate the phase-out of Russian energy imports, with pipeline gas imports still permitted until autumn 2027. European leaders have also expressed concern over Trump’s decision to waive new Russia-related sanctions as he seeks to grapple with the costs his foreign policy has wrought.

However, the US-Israel war on Iran has, if anything, shown that Europe’s measures against Russian hydrocarbons could have gone further. Before February, some 20 million barrels per day (bpd) of crude and oil products and roughly 110 billion cubic metres (bcm) a year of liquefied natural gas (LNG) passed through the Strait of Hormuz. By comparison, Russia exported about 6.5 million bpd of oil and products in September, and some 43bcm of LNG last year – about a third of Hormuz’s oil and two-fifths of its LNG. As the crisis continues and Trump seeks additional Russian supplies, Europe must complement its efforts to constrain Moscow with greater investment in its own security.

The first and most important step is to establish a standing framework for joint EU borrowing – not only to finance Ukraine’s continued defence, but also to fund the defence industry Europe will need to sustain its own defence and, if necessary, prevail against future threats from Russia. Crisis begets innovation, as demonstrated during the COVID-19 pandemic, when EU member states pushed past their long-held aversion to mutualised borrowing, creating the 750-billion-euro NextGenerationEU recovery fund in 2020. The EU’s contribution to the ERA loans and this year’s 90-billion-euro facility, both financed by common EU borrowing, extended that logic to wartime finance. But these remain crisis-by-crisis improvisations. Deepening fiscal and capital markets union and building a genuine fiscal-military state would provide the foundations of Europe’s power and its ability to deter and win wars.

The same logic plays out in the US today, where deep capital markets have given companies such as SpaceX, which invested heavily for years before seeing returns, the space to develop technologies such as its Starlink network that have reshaped modern warfare. The importance of this technology is now keenly felt on Ukraine’s battlefields, where Kyiv’s communications have rested on a network subject to the whims of one man, SpaceX CEO Elon Musk. Europe therefore needs the fiscal capacity to fund its own technological development and procurement.

There are understandable jitters about the existing indebtedness of European states such as France and the United Kingdom. However, Russia’s frozen sovereign assets offer a potential way to support further borrowing. Divisions remain over using these assets, with Belgium, which hosts the lion’s share at Euroclear, opposing such a move over fears of Russian legal action and damage to its position in the global financial system. The bloc must come together to share that risk, which is overblown in any case. Not all EU fiscal support needs to come in the form of direct joint debt either. Greatly expanding the EU capital markets union and creating tax-advantaged structures across the region for defence firms and technological innovators may prove even more effective.

Beyond the assets themselves, Europe must also take greater control over its continued economic linkages with Russia. That means intervening far more actively in cases such as that of Austria’s Raiffeisen Bank. In 2025, following a Russian court ruling, more than 2.1 billion euros were taken from Raiffeisen’s Russian subsidiary to compensate Rasperia, a company tied to the sanctioned oligarch Oleg Deripaska. A Vienna court’s ruling last month now paves the way for Raiffeisen to seek compensation from Rasperia’s frozen assets in the EU – using the same sanctions derogation through which Euroclear released some $3bn in 2025. It is precisely this kind of legalised dealing with Moscow that keeps threats like those levelled at Belgium credible: if the Kremlin can seize European assets and prompt the release of Russian-linked assets frozen in the EU, every expropriation becomes a bargaining chip.

Furthermore, the UK and the EU have increasingly made use of measures against circumvention that share some features with US secondary sanctions. Europe should now be more assertive in making it clear that firms helping Russia evade its sanctions risk losing access to European financial systems and markets. US firms will choose Europe over the Kremlin, even if Trump waives more sanctions.

Finally, Europe should seek to reduce US influence over its foreign and security relationships. Speaking in Qatar this week, US Ambassador to Turkiye Tom Barrack said Washington was moving away from its decades-old bargain of security for Gulf oil. Europe may not be able to offer the same level of security, but it can offer a mutually beneficial partnership that addresses both sides’ concerns. And it is Europe that is now stepping up in the Gulf, with the UK and France deploying jets, air defences and refuelling support to help Saudi Arabia against Houthi attacks. Unlike Washington, Europe can promise a deeper partnership in the future and serve as a reliable buyer of Gulf oil and gas exports in exchange for Gulf states doing more to address Europe’s security concerns about Russia through enhanced sanctions compliance and, first and foremost, ending the Kremlin’s role in OPEC plus.

Europe has the means to finance its own security. It must now find the will to borrow for it.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

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Lights will stay on this winter, grid operator says after concerns

Law firm Eversheds Sutherland, which carried out the independent investigation, said there were “high levels of stress and concern” within NESO’s Electricity National Control Centre over the “current state of the energy industry generally” and the longer-term ability to keep it balanced.

It said this was, according to evidence gathered from staff, due to the fact that traditional methods of electricity generation such as gas were “easier to manage”, compared to renewables, which were “less flexible”, and were making the job of ensuring supply meets demand “more difficult”.

The probe also found there to be a “significant disconnect” between those working in the control room and NESO’s leadership.

Multiple witnesses expressed the view that those in senior leadership and executive positions “do not fully appreciate or understand either the way in which the control room works, or the reality of the pressures faced by those on the frontline who are responsible for ‘keeping the lights on'”, Eversheds’ report said.

The investigation was prompted after Conservative shadow energy secretary Clare Coutinho said in July she had been contacted by a whistle-blower alleging that NESO had been “hiding information about how securely our grid is being run”.

One of the claims was that control room staff were encouraged to conceal or alter records to avoid leaving a paper trail linked to efforts to stabilise the grid during a period of extreme heat in June.

This was done in order for NESO, which is owned by the government, to avoid public scrutiny or reputational damage, according to the allegation.

Eversheds said its investigation did not substantiate any of the allegations from whistle-blowers but did identify “cultural, governance and control issues” that it said were “significant findings in their own right”.

Fintan Slye, chief executive of NESO, said the investigation identified “areas where we could improve how colleagues can raise concerns and how we respond to them”.

“I want all colleagues at NESO to feel heard. We will act on the recommendations, working closely with our trade unions, and be open with colleagues about the progress we make,” he added.

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Good Morning Britain viewers slam ‘absolutely pathetic’ Storm Austen coverage

Good Morning Britain’s Ranvir Singh and Richard Madeley were on hand to detail the latest headlines to ITV viewers but one news segment sparked backlash

A Good Morning Britain star sparked concerns from viewers after reporting live from Cornwall during Storm Austen.

Fans of the ITV show have been left less than impressed with coverage of the first named storm of the season. During the programme, Good Morning Britain’s Ranvir Singh and Richard Madeley handed over to Jonathan Swain to share more information about the storm.

However, it wasn’t long before people commented on Jonathan being sent outside in the strong conditions, with many saying the same thing. On X, one person said: “Tiz the season for TV reporters to be out in the wind and rain shouting at the camera. Every autumn it’s the same.”

Someone else wrote: “I think most of us have experienced rough weather before. I don’t think we need a ‘roving reporter’ sent to Cornwall to show us what it’s like. Stop the fear mongering!” Another added: “FFS, why does GMB send reporters to storm spots? Absolutely pathetic.”

One person commented: “It’s windy and raining ffs. Scaremongering #storm.” As another added: “What is the point of having poor old Jonathan Swain out in horrible weather just to tell us it’s windy and raining? Your viewers aren’t so thick that they need to see a man struggling to broadcast to understand what wind and rain is. Get him back into the studio!” ITV has been contacted by The Mirror for comment.

When the camera showed Jonathan, he was seen outside battling the strong gusts while it was raining. He told viewers: “It’s certainly not peaceful down here in Newquay this morning. There have been gusts reported of 82mph here in Jersey.

“We’ve just been speaking to some locals in the area who have woken up to window rattling, fences falling over, people posting messages saying they’re feeling quite scared.”

The ITV star told viewers that it’s been reported that 5,000 homes have no power in Cornwall and parts of Devon. He continued: “We understand some schools are likely to have staggered starts later on today.

“It is pretty dangerous just being out here on the roads this morning, so that’s quite a sensible option to ensure people can get to schools safely.”

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Speaking to one of the locals, he called the weather “horrendous” before revealing it’s the worst he’s ever seen in the county. Wrapping up his segment, Jonathan added: “This is the amber weather warning that’s down here in Cornwall. This is what it looks like, this is what it feels like. It’s going to be like this for certainly, most of the morning.”

According to Met weather, Storm Austen will move from west to east through Friday, with winds generally diminishing later in the day. However, on Saturday, Storm Boelo is expected to hit, as wet and windy weather is expected across the whole of the UK.

Good Morning Britain continues weekdays on ITV from 6am

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Can Development Capital Move LatAm Markets?

As Latin America turns to the dollar, development capital tests its reach.

This article appears in the October issue of Global Finance Magazine.

Whether dollarization works has been debated for decades, and in late summer it landed in Venezuela. Steve Hanke, known as the “Money Doctor” for advising governments on dollarization in Eastern Europe, Asia, and Latin America, told multiple media outlets that he had been hired as a special adviser to a Venezuelan official to explore dollarizing the bolivar.

If it converted to the dollar, Venezuela would join several Latin American countries that have done so. Panama has used the dollar as legal tender since 1904. Ecuador has used the dollar since 2000; El Salvador converted in 2001. Although Argentina has not dollarized, there is evidence that President Javier Milei has accelerated its de facto shift to the dollar. Less examined is which organizations are investing in dollarization—and whether that capital is doing something dollarization alone can’t.

For CFOs with projects, suppliers, or growth aspirations in dollarized countries—or those moving that way—the balance sheet is the best way to assess the role of development capital. A currency conversion can affect hedging costs, discount rates for capital projects, and the timeline for moving cash. But the money now supporting these transitions or future moves to dollarization, including billions in US development-finance capital, political risk insurance, sovereign debt refinancing, and project loans, carries its own track record worth mulling over before using “dollarized” as shorthand for “de-risked.”

Where Development Capital Lands

The International Development Finance Corp.’s (DFC) Latin American strategy is more than writing large checks. Its CEO Ben Black calls the strategy “economic statecraft”—capital deployed to counter Beijing. “You don’t want to compete against state capitalism with more money from the government,” Black said at a March forum. “You want to create capital structures that bring in private capital.” In Ecuador, where the U.S. dollar is legal tender, the agency’s 2021 framework was linked to a proposed, broader $3.5 billion financing structure. It combined up to $2.8 billion of potential DFC-backed project financing with roughly $700 million from commercial banks, intended to help Ecuador refinance China-related liabilities.

The agency’s completed transactions are more varied. DFC made a $150 million direct loan to expand Ecuador’s Puerto Bolívar port. It also provided political-risk insurance of more than $656 million for the 2023 Galápagos debt conversion and $1 billion for the country’s 2024 Amazon Biocorridor conversion. The latter helped refinance about $1.53 billion of Ecuadorian international bonds. For CFOs looking through a balance sheet lens, Puerto Bolívar is a DFC loan asset. The two larger headline amounts are insurance commitments that could help attract third-party capital.

In Argentina, where dollars are widely used but not the official currency, DFC’s financing is smaller and tied to resource development. The agency approved $4.07 million for early-stage work at Argentina Potash Corp.’s El Ceibo potash project earlier this year. The company expects more dollars to follow. “The US$4.07 million DFC funding is expected to be matched dollar-for-dollar by strategic investors, resulting in total Phase 1 funding of US$8.15 million,” according to a company statement.

Leading Risk vs. Following Money

The Argentina Potash deal points up a divide over where development finance has the most impact: taking risks that private capital won’t or reinforcing markets where private capital is already willing to go. DFC and its defenders argue that the capital leads: the agency takes on risk private investors won’t touch and proves out a sector or structure until commercial capital is comfortable following. Another group argues DFC capital mostly follows. Its development dollars tend to land in the safest, most liquid corners of an economy, such as banks, infrastructure and assets that would likely have attracted private capital anyway. 

The harder, riskier investments that dollarization was supposed to encourage still go unfunded. If development capital leads, it’s doing something dollarization alone can’t. It is building the risk tolerance and track record that pulls in private money on its own. If it mostly follows private capital, DFC funding may simply be competing for the safest returns, while the risks that keep money out of harder-to-finance sectors remain.

That’s the view of Byron Villacis Cruz, a University of Oregon sociologist and former head of Ecuador’s national statistics institute, who has studied Ecuador’s dollarization. He said DFC-linked capital has gone toward “traditional banks that … have a lot of liquidity and coverage and stability by itself” rather than higher-risk, higher-need sectors. 

“I don’t see investments that are truly analyzing the real opportunities of profit and development in the country,” he said. “That’s kind of like going where the money is versus leading the money.” He also cautions that dollarization solved currency volatility in Ecuador without touching the risks investors cite—regulatory whiplash, contract enforcement and political interference. Foreign investment after 2000 flowed overwhelmingly into oil, he noted, driven by commodity prices, not the new monetary regime.

Casey Halloran has a different view: his tourism and real estate development company, Namu Travel Group in Costa Rica, borrows from the Inter-American Development Bank specifically to relend to small suppliers—boutique hotels and tour operators across the region—that banks often consider too risky to touch. Over the years, Halloran estimates his business has lent about $15 million since first obtaining IDB financing. He’s convinced development capital leads, saying, “Somebody has to go first.”

Weld Royal is a contributing writer based in the U.S.

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Mum leaves UK for country where she has a 5-bed house with pool and ‘saves £25k a year’

Saira Hayati and her daughter wanted a ‘better lifestyle’

A British mum moved abroad to afford a better lifestyle and said she saves £2,141 a month as well as enjoying weekly £20 massages, polo lessons, a cleaner and a pool.

Saira Hayati, 50, from Gravesend, Kent, relocated in 2024 after years of navigating financial uncertainty and learning to prepare for economic downturns. The mum-of-five said her monthly household budget in the UK was around £3,612 to £3,929 and stretched to the rare massage, a gym membership and access to a lake in the summer.

She now estimates she spends £1,788 to £1,874 a month in Melaka, Malaysia, and gets more luxuries – including a weekly massage and a cleaner. Her plan was originally to retire, but she has found work doing social media and doesn’t stress about inconsistent earnings as she doesn’t “need” it.

Saira, a content creator and entrepreneur, said: “The problem is in England no matter how much you earn it’s not enough. I’m swimming, juicing, enjoying the sunshine. I feel healthier, happier, and more relaxed. My kids have said they noticed a difference.”

About more than money

The move has been more than just money saving for Saira, who is now embracing a new chapter with her youngest child while working to rebuild connections with her older children after spending most of her time focused on her career. Her other children are still living and working in England.

After a 22-year marriage ended, she found love again in Malaysia and remarried four months ago. The former director of a national mortgage brokerage says the lower cost of living has given her more freedom to enjoy everyday luxuries without the same financial pressure she experienced in England.

She said: “Over here for me to have a two-hour massage is £20. So I go for massages every week.”

Her Malaysian monthly budget includes £150 for a cleaner, £300 for her daughter’s online tuition and £87 for weekly massages. She pays £20 a month in local charges, compared with £280 in UK council tax, while her electricity costs around £100 a month – three times less than her gas and electricity in England.

Her water bill is just £5 a month, compared with £150 in the UK, while her mobile phone costs £10, rather than £50. Saira spends around £639 a month on eating out and takeaways in Malaysia, covering breakfast and dinner for three every day rather than food shops.

In England takeaways and eating out was a treat, at £100 to £200 per month. Buying her 3,700sqft five-bedroom, six-bathroom, home outright in Malaysia cost her £165,000 and Saira benefited from a better exchange rate in December 2023. In Kent, her monthly mortgage was £1,400 a month for a four-bedroom detached house.

How Saira’s outlook was shaped

Saira’s financial outlook was shaped by experiencing four major recessions and the impact of the 2008 crash on her property management business. At the time, she was working as a director of a property management agency and had a professional portfolio of 350 properties, alongside around ten properties in her personal portfolio. She spoke about the fear of falling into negative equity and having to “tighten the purse strings” on her family’s finances during the credit crunch, including pulling her children out of private school.

She said: “The cost of living is making people squeezed from every angle. The burden is heavier now than it was and people just aren’t in a position to do what they strive to.”

She said the pressure facing households in England had become increasingly difficult, regardless of how much people earned. Saira began selling properties from her personal portfolio before leaving the UK, eventually putting more than £100,000 into a Singapore vault with gold to give her family a financial safety net.

The fund means she no longer feels compelled to keep earning more money simply to feel secure. She said the £100,000 was enough to protect her family for years in an emergency living in Malaysia.

She said: “I’m comfortable in the sense that I don’t need any more emergency fund and I don’t need to earn any more than I need.”

For Saira, moving abroad was not just about cutting bills, but about finding somewhere she could enjoy a better quality of life and spend more time with her family without constantly worrying about money.

She said: “I’ve positioned myself somewhere that I know I can have a decent lifestyle that isn’t going to cost me a lot of money. That’s the kind of guidance I’m giving people having done it myself.”

Saira’s costs

Mortgage/rent

UK: £1,400

Malaysia: £0 – home owned outright

Council tax/local collection charge

UK: £280

Malaysia: £20

Service charge: grounds, pool and gym

UK: Not included

Malaysia: £30

Gas and electricity

UK: £300

Malaysia: £100 – electricity only

Water

UK: £150

Malaysia: £5

Internet

UK: £50

Malaysia: £50

Mobile phone

UK: £50

Malaysia: £10

Groceries

UK: £650 to £867

Malaysia: £80 – fruit, juicing supplies, and toiletries

Eating out/takeaways

UK: £100 to £200

Malaysia: £639 – breakfast and dinner for three daily

Fuel

UK: £217

Malaysia: £87 to £173

Car costs: insurance, tax, service, repairs

UK: £200

Malaysia: £110

Home insurance

UK: £75 – buildings and contents

Malaysia: £20 – buildings

Cleaner

UK: Not included

Malaysia: £150

Child tuition

UK: £0

Malaysia: £300

Gym

UK: £40

Malaysia: Included in service charge

Clothes, toiletries, haircuts and dental

UK: £100

Malaysia: Toiletries above; other costs not totalled

Weekly massages

UK: Not included

Malaysia: £87

Monthly totals

UK: £3,612 to £3,929

Malaysia: £1,788 to £1,874

Annual totals

UK: £43,344 to £47,148

Malaysia: £21,456 to £22,488

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Manchester United labelled ‘babies’ by club legend Wayne Rooney | Football

Manchester United manager Michael Carrick is under growing pressure, but club legend Wayne Rooney takes aim at players.

Manchester United great Wayne Rooney has labelled the current squad “babies” and “selfish” after a humiliating Champions League capitulation and post-match criticism by Bruno Fernandes of manager Michael Carrick.

Carrick’s men are 13th in the Premier League before Sunday’s visit by Bournemouth and could drop into the bottom three if results go against them this weekend.

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With the club beset by infighting and off to their worst domestic league start for decades, Carrick was left clinging to his job after the 4-1 defeat at Como on Wednesday.

Deepening the sense of crisis, the captain Fernandes afterwards took aim at his manager’s tactics, saying United had to be more “brave”.

Defender Lisandro Martinez criticised the club’s board last week for not investing enough in the transfer market.

Rooney, United’s all-time leading goalscorer, said he was in “shock” and “disbelief” at the Como display.

A friend and ex-teammate of Carrick, former striker Rooney pointed the finger at the players.

“When Martinez came out, I said this is an absolute nightmare because it will rip the dressing room apart,” Rooney told The United Stand podcast on Thursday.

“That was the start. We’ve seen it now with Bruno and you’re going to see it with more players because these players, they don’t want to take responsibility.

“You can say whether Bruno was right or wrong in what he said but you have to take responsibility on the pitch. You have to take responsibility as a group of players.”

He added: “These players, they’re selfish. They don’t care about their teammates, don’t care about the manager, the staff or the fans; they care about themselves.

“If they’re not getting what’s right for them, they’re like babies and just throw their toys out of the pram and go and deflect the blame on to anyone else but themselves.”

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FIFA President Infantino’s re-election endorsed in U-turn by Asian football | Football

The head of the Asian Football Confederation (AFC) says the body is endorsing Gianni Infantino for another term as FIFA president.

The AFC has 47 member confederations. Even if all the members do not follow Friday’s direction from Sheikh Salman bin Ibrahim Al Khalifa, those that do could be key to guaranteeing another mandate for Infantino, who leads the governing body of world football and is seeking a fourth term.

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The FIFA election is in March. The deadline for candidates to file against Infantino is November 18, and so far, none has filed.

Sheikh Salman, speaking at the AFC’s extraordinary congress in Tokyo on Friday, embraced Infantino with a large hug in front of the membership as he delivered his endorsement.

“We affirm our full commitment to supporting you and your leadership as you seek a new mandate as the FIFA president.” Sheikh Salman said.

“You’ve visited a lot of countries in Asia. I’ve spoken to a lot of members within this continent. I know your feeling, and I think your commitment is clear as well.”

Addressing his remarks to Infantino, Sheikh Salman indicated not every AFC member would go along with the endorsement but most will.

“My feeling is, I’m sure, the feeling of most of my members,” the AFC president said. “And I’ve said that to you.”

A sudden about-face by AFC

This is an abrupt turnaround for Sheikh Salman. Just over two months ago, the AFC joined the football governing bodies of Europe and that of North and Central America in saying Infantino had committed a “fundamental breach of trust”.

Infantino apologised last week in Zurich to FIFA’s 37-member ruling council, which he chairs, for “mistakes” he made in assembling a now-scrapped $4.2bn plan to sell a stake in FIFA events, including the World Cup, to private investors.

Sheikh Salman referenced the differences with Infantino in his speech but glossed over any details.

“Gianni, I want to make it clear: Yes, we had some issues we spoke about in the past,” Sheikh Salman said. “But let’s not relate the two things together. I think the last few days we met in Zurich, you made it clear that there’s a true understanding between us.”

“The past I’m sure is part of our history,” he added, “We’ve all, I’m sure, learned important lessons from it. What matters now is how we move forward together. I think everyone has questions, and I’m sure the answers will be available, whether to us in Asia or the rest of the world. ”

Infantino’s electioneering around the globe

FIFA’s media office has been promoting Infantino’s travels around the world, seeking votes in exchange for millions of more dollars in financial support for small and large football countries.

“Thank you for being here,” Sheikh Salman said to Infantino. “I know you have been everywhere. I don’t know how you can do it. But I’m sure that you set a record for being in almost every country.”

Sheikh Salman then joked that, perhaps, Infantino had a “clone”.

That drew a laugh. But the largest applause came at the end of his brief address when he again repeated his support for Infantino.

“As one Asian family, we are ready to move forward, united in your support, Gianni,” Sheikh Salman added. “I want to make that clear today.”

Infantino accepts AFC’s support

Infantino took the podium after Sheikh Salman and kept his remarks light. But he did acknowledge some errors.

“When you do many things, you do – hopefully, as we did, many good things – you do some mistakes as well,” Infantino said. “The important, however, is, as you said, to learn, to learn always from the experience, from the mistakes, to apologise, to move ahead, to come together, to unite, to build for our future, for your future.”

The largest applause came as he mentioned how, under his leadership, millions more are flowing to FIFA’s patronage network.

“Before I started as FIFA president, each of you – some of you are still [here] and still remember that time – each of you was receiving $1m every four years” Infantino said. “As of the first of January of next year, it will be $25m.”

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The five best moments from CMA’s Dolly Parton tribute

Tribute specials are always a bit macabre. They exist, and are sometimes quickly thrown together, to honor and celebrate an artist who impacted so many. They are also ratings and advertising cash grabs that air on major TV and streaming platforms.

“CMA Presents I Will Always Love You: A Celebration of Dolly Parton,” which aired Wednesday on ABC and Disney+, was a lovely tribute to the music and cultural icon who died from cancer in August. It also was a missed opportunity. As music superstar Vince Gill said toward the end of the two-hour program, “this is not a memorial; but a celebration of an undeniable force of nature. Dolly was somebody that everyone loved: City, country, young, old.”

But most likely because the event was put on by the Country Music Assn. — which naturally wanted to showcase its own talent — it lacked a chance to really celebrate that she and her music could not be contained by one genre.

This isn’t just ironic because Parton’s most-known song — a song that was both the title of the special and the end performance of it — was made all the more famous by Whitney Houston, another iconic performer and also one who happens to have been a woman a color and who did not have any other direct ties to the Nashville scene. Dolly herself, famously, appreciated so many other kinds of music. After her passing, Eminem shared on social media a letter she’d written to him to congratulate him on his 2022 induction to the Rock & Roll Hall of Fame.

“She definitely didn’t have to take the time to do it,” he said as part of the post. “Even for a kid who mostly listened to rap music, she was an icon. A superstar in every sense.”

That said, from Reba McEntire opening the show with stories of just how kind her friend was in real life to a pre-recorded tribute from Bono where his Irish accent briefly attempts to slip into a Southern one while emulating her conversations with him, there were some touching and memorable moments. We’ve rounded up five of them here:

Reba McEntire, “He’s Alive”

Technically, the song is meant to be the apostle Peter singing about Jesus Christ’s resurrection. But McEntire’s take on Parton’s take of the Don Francisco gospel brought in the very modern-day sense of fear that so many parents and partners feel when their loved ones go out to dangerous jobs or even just leave the house for school or concerts.

Carrie Underwood, “I Will Always Love You”

There’s no denying that this is a perfect song and that Underwood is a once-in-a-lifetime voice. And credit must be due to Underwood for pulling off an undertaking where any little slip would be pounced on by critics. But staging her to stand in front of one of the many animatronic butterflies that lined the stage in such a way that it looked like she had angel wings was … a choice.

Carly Pearce and Kristin Chenoweth, “9 to 5”

Both of these women, especially Tony winner Chenoweth, are masters of stage presence. Their banter with each other before singing, not to mention their duet itself, embraced the liveliness and feminine feminist-ness of that song.

Ella Langley, “Jolene”

This was not the most powerful performance of the night, as Langley seemed happier to dance on the stage than belt out the music. And it didn’t boil with the grief and seething rage of a scorned woman the way that Beyonce’s 2024 cover did. But it was nice to see a symbolic baton be passed to the “Choosin’ Texas” singer.

Zac Brown, “Butterfly”

Brown’s backstory of writing, and then recording, what would become his 2025 duet with Parton came off as sweet and genuine. It also helped it not feel awkward or gratuitous when he and the producers opted not to recast the Parton half of the song and instead let her voice carry through the speakers.



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‘The run ends in the centre of this beautiful village’: readers’ favourite small ski resorts in Europe | Ski resorts

Free travel to a Salzberg gem

Bad Gastein is a relatively unknown gem. The Austrian state it sits in, Salzburg, offers free local transport (the guest mobility ticket) if you are staying in the state, so you can travel to the resort via train for nothing. The slopes are directly next to the station, too.

Rob Owen

Family fun in the French Alps

Puy-Saint-Vincent. Photograph: Santiago Urquijo/Getty Images

Puy-Saint-Vincent in France is a wonderful, small, child-friendly resort. Our grandchildren learned to ski each morning with great instructors on the gentle slopes under amazing azure skies. Three generations then made memories of a lifetime, skiing the wide quiet slopes together each afternoon. We enjoyed dog sleds and cosy hot chocolate in the slopeside cafes. A wonderful trip.

Barbara

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A historic railway and superb skiing in Norway

A ski lift in Gausta. Photograph: Alf Jacob Nilsen/Alamy

Gausta, Norway, is such fun. Stay at Gaustablikk, the hotel built by Kirk Douglas’s stuntman, a wonderfully quirky piece of local history. Explore Vemork, the historic heavy-water plant where British and Norwegian resistance fighters carried out their daring sabotage during the second world war. For families, the on-piste skiing is friendly and accessible; while the cross-country trails are simply stunning. Then there’s the real adventure: an old US military train climbs Gaustatoppen, opening up spectacular off-piste skiing with views and terrain that rival much of mainland Europe. It’s a brilliant mix of history, skiing, scenery and adventure, and somehow remains a wonderfully under-the-radar destination.

Fiona

Markets and gluhwein in the Austrian Tirol

St Johann in Tirol, Austria. Photograph: Animaflora/Getty Images

As a family of four, we loved St Johann in Tirol. It’s a comfortable Austrian village with Christmas markets, picturesque churches and gorgeous frozen valley walks – with little marmosets and weasels to look out for along the river. Wherever you stay, you can walk to a gondola. It’s really near to Salzburg airport, too. In Austria, kids get all-day lessons, which is a big bonus. Parents can just kick back or wander around and have a gluhwein or two. Prices were very reasonable in the Christmas holidays.

Nick

A locals’ favourite on the Italian border

Monte Lussari village. Photograph: Jacques Decro/Getty Images

Tarvisio-Monte Lussari on the Italian-Slovenian border covers 24km (15 miles) of skiable terrain interconnected across two main sectors: the historic and stunning Monte Lussari pilgrimage peak and the Priesnig area. Used by local people and those in the know, it offers sufficient ski runs and good value ski passes and restaurants, and is much cheaper than neighbouring resorts in Austria.

Neil

Magic in the air at La Rosière, France

Family-friendly La Rosière. Photograph: Real Image/Alamy

Stay in the attractive resort of La Rosière in France, in the foothills of the Mont Blanc region. Enjoy the short forest walk to the village, with wind chimes and magic in the air, for an après-ski drink and a cheese fondue in a local tavern with the kids.

Oliver

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Off-piste heaven in the Norwegian Alps

Strandafjellet. Photograph: Glenn Pettersen/Getty Images

About 50km (30 miles) from Ålesund, Strandafjellet has excellent pistes, but also some of the best off-piste skiing in Norway. Strap on a pair of randonnée skis and you can use the lifts to access spectacular backcountry skiing in the Sunnmøre Alps. The views down to the fjord make this truly special. Pistes are illuminated for evening skiing.

Graham

A charming village in Les Trois Vallées

Saint-Martin-de-Bellevile in the French Alps. Photograph: Delpixart/Getty Images

Saint-Martin-de-Belleville, in the French Alps (Les Trois Vallées), is low at about 1,500 metres, so go mid-season. The single run ends smack in the centre of the village, which has retained its historical features along with small, friendly bars and places to eat. Plus, it gives access to the whole of the Trois Vallées ski area – absolutely amazing from one small but beautiful village. There are plenty of choices for accommodation, both expensive and cheap.

Russell Walker

Queue-free skiing for all in Italy’s Dolomites

Christmas time in Brunico. Photograph: Nicola Simeoni/Alamy

Brunico is tucked away in the Dolomites, just a 90-minute transfer from Innsbruck. I had a great week at the beginning of March. Unlike bigger resorts, queues were nonexistent here. There are runs for beginners through to experts. Great snow and plenty of opportunities to use it.

Ian B

Winning tip: Bavarian charm and quiet slopes

A restaurant in Oberstdorf, Germany. Photograph: Harry Laub/Getty Images

Oberstdorf in Germany continues to be my go-to for a quiet and restorative ski week away. There are 130km (80 miles) of pistes for all levels, stacks of Bavarian restaurants, a wide variety of mountain huts, plenty of hotels for all budgets and family sizes, and the novelty of skiing into and out of Austria daily. Neuschwanstein Castle is a short hop away for a day off. Unbeatable value.

Daniel Stephens

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Venezuelans demand elections in first national protest in nearly two years | US-Venezuela Tensions News

Thousands of Venezuelans have taken to the streets in several cities to demand free elections and other political changes, in the first nationwide opposition protest in nearly two years.

US President Donald Trump and acting President Delcy Rodriguez have said there would be elections, but no date has been set for a vote to decide on a successor for Nicolas Maduro, after the former Venezuelan president was captured by US forces in a military raid in January.

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Opposition leader and Nobel Peace Prize winner Maria Corina Machado, who has been outside the country for nearly a year after living in hiding following a contested 2024 election, has said elections must take place by July 2027.

Her Vente Venezuela movement organised the protest, which took place in the capital Caracas and other cities, including Valencia, Maracay, San Cristobal and Maracaibo.

“Seeing this makes me happy because I know change is possible,” said 18-year-old cosmetology student Leosmary Hernandez, as she gathered with hundreds of others in northern Maracay. “I’ve been through so many hardships, so many problems because of the dollar, and difficulties studying. I have high hopes for my country and for our next leader and president, Maria Corina.”

“I went out to protest before, when things were much tougher, and I’m even less afraid today because I want my voice to be heard,” she added.

Since January 3, the country has been led by interim President Delcy Rodriguez of the long-governing United Socialist Party of Venezuela (PSUV).

PSUV leaders have been accused of carrying out human rights abuses against political dissidents, including arbitrary arrest, imprisonment and torture.

After the United States launched a military operation to abduct and jail former President Nicolas Maduro, the PSUV remained in power with the support of the White House.

US President Trump has backed Rodriguez’s leadership, despite her having been Maduro’s vice president.

His administration has maintained an active role in Venezuela, exerting control over its oil resources and pressuring the Rodriguez government for reforms.

A supporter of Venezuela’s opposition waves a flag over a highway at a demonstration in Caracas to demand elections in 2027
A supporter of Venezuela’s opposition waves a flag over a highway at a demonstration in Caracas to demand elections in 2027 [Fausto Torrealba/Reuters]

Minimal security presence

Venezuela’s socialist movement, in power since 1999 under late President Hugo Chavez and then Maduro, has in the past deployed security forces against protesters, but government forces had minimal presence at protest sites on Thursday, and in many smaller cities demonstrators dispersed before dark.

The ruling Socialist Party called for its supporters to march from Caracas’ Plaza Venezuela, the same place the opposition planned to gather two hours later, to a location near the presidential palace to commemorate Breast Cancer Awareness Month.

Interior Minister Diosdado Cabello, known for his close ties to the security services, was pictured on state television attending the march, while the opposition supporters moved their protest to a nearby location.

US-backed talks continue

Talks between a faction of the opposition and the interim government, aimed at remaking the top court and the electoral council ahead of eventual elections, held their latest session this month, but changes could take significant time.

The negotiations, backed by the US, do not include Machado’s political movement, though she has said she will not stand in the way of their progress.

Machado’s proxy Edmundo Gonzalez Urrutia claims to have won the 2024 election according to vote tallies by the opposition. But the government, which never released full counts, backed Maduro, as did the country’s legal and electoral institutions.

Machado has for years sought US support, aligning with hawks in the Trump team who argued that Maduro, through alleged links to drug gangs, represented a direct threat to US national security. Maduro and his wife, Cilia Flores, are facing drug and torture charges in the US. They have pleaded not guilty.

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Grenade exercise sparked deadly fire at Canada military base, army says | Military News

High winds propelled the blaze across the army base in Wainwright, killing four soldiers and injuring dozens more.

A fire that killed four soldiers at a western Canadian military base was sparked by an exercise using live grenades, a military official said.

The deadly fire broke out on a grenade launcher range during military exercises on Saturday, with high winds propelling it across the base, Brigadier-General Vanessa Hanrahan, commander of the Canadian Forces Military Police Group, told reporters on Thursday.

“A subsequent change in wind direction and velocity significantly increased the fire’s intensity,” she added, with the flames spreading to a training area at the Wainwright military base in Alberta.

Due to the blaze being in the “permanent danger area” of the range, firefighters were unable to directly combat it, Hanrahan added.

The fire spread on Saturday afternoon during high-intensity combat training involving Charlie Company of the 3rd Battalion, Princess Patricia’s Canadian Light Infantry.

The military base lies in the prairies, a landscape of wide, open grasslands, rolling plains and scattered groves of trees.

About 84 soldiers were split between a grenade range and an area where they practised attacks on simulated enemy positions. The fire swept into the second training area.

Four soldiers died and 39 were injured, with 27 requiring hospitalisation. The incident was one of the worst peacetime tragedies for Canada’s military.

The soldiers and reserve members were participating in exercises ahead of a planned deployment to Latvia, where Canadian forces have their largest international military operation.

The Wainwright base is one of the largest bases operated by the Canadian Armed Forces. It regularly hosts training exercises involving military personnel from NATO countries.

During the final months of World War II and for several months in 1946, the base was used as an internment centre for German prisoners of war.

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DJ Lizz, Tomasa del Real reflect on 10 years of neoperreo movement

Amid all the turmoil of 2026, some may yearn to dial the culture back to 2016 — in all its rainbow-saturated, Rio de Janeiro Instagram-filtered glory.

Neoperreo, the Latin American genre born of that internet era, turns 10 this year. Artists built it as a reimagining of reggaeton music, by and for femmes and freaks: cis and trans women, as well as the frikis from Latin America’s punk and alt scenes, who never fit the mold. For them, this cutting-edge sound and the internet community around it offered a lifeline.

A decade after the term first circulated, neoperreo (as in, the new perreo) has exapanded from SoundCloud and DIY parties into a global network of artists, DJs and festivals.

The genre takes a distinctly techno-infused approach to the dembow rhythm, stripping reggaeton of any acoustic elements and assembling them anew on a laptop to sound colder and faster. With the bass hollowed out and Auto-Tune cranked up, the vocals take on a metallic sheen — as women spit risqué verses claiming their rightful place as subjects, as opposed to the sex objects that men would relegate them to.

Both released in 2016, two of the songs that defined the genre early on — Tomasa del Real’s “Bien y Mal” and Ms Nina’s “Tu Sicaria” — pair hooks you can perrear to with beats that sound like they were built in a bedroom, because they actually were.

Beyond its sound, the genre created worlds: digital networks where outsiders across the Americas and Europe found each other, and parties where queer, trans and friki Latines could show up exactly as they were.

As trans and Latine communities face mounting attacks on their rights and safety, those spaces, alongside the new ones they’ve inspired, keep carrying weight.

“It didn’t have a name yet, but it was born from this desire to experiment and create something new at its core,” says Elisa Espinoza, the 34-year-old Swiss Army knife of an artist known as DJ Lizz. Raised in the southern Chilean town of Hualpén, she traces that initial spark to her country’s history.

“Chile is a country [that experienced] a dictatorship, a country that always sought a kind of homogeneity — a sickness that hopefully we’d all think the same, look the same, act the same,” she says. “At that moment, everyone was trying to create something, to identify with [who] we really are. Out of that constant search comes experimentation, which goes hand in hand with sexual liberation, liberation from social class. That spoke to a revolutionary spirit.”

For Espinoza, that liberation meant reclaiming a femininity she had once feared, by drawing from drag culture and the ’80s vogue tradition. “I hypersexualized myself, I hyperfeminized myself, just like a drag queen — and that somehow empowered me even more,” she says, recalling men who yelled obscenities at her on the street or tried to grab her ass when she wore shorts.

“Men were the owners of women’s sexuality, and now we’re the owners of our sexuality,” she says.

From the other end of the country, artist Tomasa del Real, born Valeria Cisternas, began to approach music with a similar ethos in her hometown of Iquique, which sits on Chile’s northern coast. When both eventually moved to, and met in, Santiago, they realized that other artists from around the world were chasing the same idea.

“On the internet, people found freedom they didn’t find in their own country or city,” says Espinoza. “We were all united by the same search.”

From this virtual community came neoperreo’s signature sound: a hedonistic mix of reggaeton and Latin rhythms with industrial, electronic, funk and trap elements. “What came out was, for some people, a work of art; for other people, a monster,” says Espinoza.

As cisgender, straight women, the community they describe both includes and extends beyond their own identities. “It was the first time someone said, ‘No, this music I make, at least in Latin America, isn’t for men.’ It’s for women, and it’s for gays,” Espinoza says.

The term “neoperreo” came about almost by accident. On an episode of Red Bull Radio in 2016, Cisternas, now 39, says she tried to explain in her “basic English” that she wasn’t really sure the music she made should be called reggaeton at all. Reggaeton came from Puerto Rico, by way of reggae en español; her lyrics and rhythms were different, and the people collaborating with her came from electronica, not the island.

She didn’t want to appropriate a culture that wasn’t hers, so she reached for another way to describe it: not as the new reggaeton, but the new music you can perreo to. Twerking, she wanted to explain, a woman can do alone; but perreo takes two. “So I meant to say el nuevo perreo, but in English, I said neo — neoperreo,” she says.

And the name just stuck.

That same year, Cisternas and Espinoza started throwing parties in Santiago under the hashtag #NeoPerreo. They called in a crowd from society’s margins: a community “of DJs, dancers, strippers, tattoo artists, of the alternative world, the more gothic world, the misfits themselves,” says Cisternas.

At their first event, the line wrapped around the block.

“It was a really important moment for the history of reggaeton, because there were no spaces where someone gay could show up with [both] their metalhead friend and their crazy girlfriend to dance reggaeton. Those spaces didn’t exist; reggaeton was very marginal, completely removed from society. This brought us closer,” says Cisternas.

The scene also became a way to make money. “It gave work to a lot of us who didn’t have access to money that immediately; we created a lot of work for ourselves,” she says. “A lot of people built their careers at that moment too.”

Jorgelina Andrea del Valle Torres, the Argentine neoperreo artist known as Ms Nina, also remembers those first parties affectionately. “It widened the audience,” she says. “In the end, we created a community where everyone feels seen and safe.”

But neoperreo wasn’t always received so warmly. “People didn’t understand it because they weren’t used to it. They were used to basic reggaeton,” Torres says. “There was a scene in Spain too, with trap and reggaeton built on SoundCloud and turned-up Auto-Tune. [But it was] a new kind of music nobody else was making. Everybody kind of hated it. And now everybody’s doing it.”

Growing up in central Argentina, Torres always felt judged and bullied for being different; she’s spent the last 20 years in Alicante, Spain, where she says she finally feels free to explore her bisexuality. Still, the cumbia villera of her childhood — a heavily synthesized subgenre born in the outskirts of Buenos Aires in the late 1990s — runs through everything she makes.

Argentina, like Chile, was barely a generation out from a military dictatorship when it had partnered with Augusto Pinochet’s regime to hunt down dissidents. Music of the margins — which before neoperreo was punk rock and hip-hop — had been framed in opposition to polite society.

Although reggaeton originated in the streets, the genre hit its zenith in the mainstream this year, thanks to Bad Bunny’s historic Super Bowl halftime show and Karol G’s headlining set at Coachella. Yet Cisternas, despite having performed at Coachella herself in 2019, argues that neoperreo will never be mainstream in the same way.

“It’s too weird — and that’s fine,” she says. “The weirder, the better.”

For the often overlapping worlds of sex work and queer nightlife, the underground movement provided a natural shelter for those unsafe to be themselves in the mainstream, from the leading artists who candidly promote their music alongside erotic content on OnlyFans, to trans artists like Sasha Sathya, who discuss gendered violence and labor in their lyrics. And as governments in Argentina and the U.S. roll back protections for queer and trans people, the freedoms cultivated on the dance floor remain far from assured outside it.

“Above all, because of the trans laws, that’s where there’s still a long way to go,” she says. “It’s important that we keep going.”

Yet now, 10 years in, the movement’s heirs may not call themselves neoperreo at all.

On another late summer night in New York, under the red glow of the DJ booth and a canopy of globe string lights, the rooftop’s wooden floorboards dip beneath scores of platform heels. An outdoor thermometer clocks a temperature of 100 degrees as the sounds of Y2K-era reggaeton reverberate. There’s no shortage of snapbacks, piercings, baby bangs and baggy jorts.

For queer people who never had the canonical experience of grinding in their high school gym, a party called Trakata fills that primal need — and operates on the same queer, rebellious frequency as neoperreo.

At these incandescent parties, Trakata founder Tani Shimizu, a 26-year-old trans man, can be found entrenched on the dance floor, often perreando with one or more beautiful, curly-haired femmes. At a local Caribbean cafe, complete with pastel floral tiles, plastic-covered couches, and the trills of guitar from “Pa’ Que Retozen” echoing through maxed-out speakers, he explains how it all began.

When looking to fundraise for his top surgery last winter, the 26-year-old joined together with some friends from the trans collective Body Hack to throw a queer-friendly perreo party. Hosted at the Bush, a Brooklyn lesbian bar Shimizu had been infamously bartending at, the first event drew close to 600 attendees. “People were like, ‘Oh, my God, we’ve been dying for this,’” he says.

The turnout convinced Shimizu there was a market for the party, along with the chance to create paid work for himself and others. “I cared a lot about how this could be an opportunity for people to make money, myself included,” he says. “I believe in compensating people fairly, even my friends.”

Shimizu, a first-generation Peruvian from Los Angeles, admits he isn’t too familiar with the specifics of neoperreo. Though Ms Nina’s “Tu Sicaria” makes its way onto the playlist some nights, his resident DJs mostly stick to the classics at their parties, and that’s intentional.

Whereas artists back home innovate to push against the status quo, in predominantly white U.S. spaces — especially for queer Latines — the older reggaeton tracks feel more alt.

“Trans and queer people are often pigeonholed to this idea of being really alternative in sound,” he says. “There’s something arguably subversive about going, ‘No, it’s actually OK to honor culturally what we have always held onto’ — and what was principal in our identities, regardless of these other subversive or subaltern identities that we embody.”

While the sonic identity of the space roots itself in nostalgia and reconnection, Shimizu strives to balance novelty in the construction of the space, while reaffirming the desire for Trakata to reflect what has been historically true of queer gatherings.

“There’s this deeper desire and this deeper politic. It just so happens to take place in the context of a club on a Friday, or Saturday night, at these hours.”

Nearly a year into his transition, he reflects on a newfound enlightenment. “Transness has given me the liberty to not be so consumed with what I look like,” Shimizu says. “I’m not dwelling any longer, which is really freeing. [It] gives you a lot of mental space to focus on things that are more important.”

That freedom from the mirror is core to neoperreo’s mission: The pursuit of a dance floor where your body, and everyone else’s, are besides the point. Shimizu has built that into Trakata’s foundation. “I want people of all body types and existences,” he says.

Shimizu also wants to make it clear that Trakata isn’t for people who just want to look hot online. “It’s anyone who is interested in engaging with the cultural experience that we’re co-creating, and if you want to come to dance, and you want to stay off your damn phone.”

Trakata wasn’t created with neoperreo in mind; but with the same sweaty dance moves and the same people finding each other, it’s hard to tell where one stops and the other begins. Since Cisternas and Espinoza threw their first neoperreo party 10 years ago, their legacy has carried over to popular Boiler Room sets and underground queer sanctuaries in equal measure.

“[For] anyone who felt like a bit of a misfit, unwelcome in reggaeton,” says Cistnernas, “neoperreo is their home.”

This story was produced in partnership with the Trans Journalists Assn.

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