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Why Venezuela has more oil than any country on Earth Venezuela has the world’s largest proven oil reserves, officially holding about 303 billion barrels, or roughly 17 per cent of global crude, mostly in the Orinoco Belt, where the oil is unusually dense and heavy. The size of the reserves is a reflection of the geological factors that have made it possible for a large amount of organic matter to be deposited and converted into hydrocarbons over a period of millions of years. But the large size of the reserve base has not resulted in sustained high production or wide economic stability. Production has dropped significantly from the peak levels, the physical facilities have become outdated, and a large part of the crude oil needs fairly complicated processing before it can be sold on the international market. Therefore, whilst Venezuela's reserve numbers are still globally noteworthy according to the figures, the country's actual production capacity and export earnings have be..

Kuwait introduces Freelance work permit for expats / Image: file Kuwait is set to introduce a new freelance residency permit allowing expatriates to work independently without needing a traditional employer sponsor. This move aims to curb visa trading and tighten labour market regulations. The scheme, expected to roll out within the next two months, will carry an annual fee ranging between KD 750 and KD 1,000.The announcement was confirmed by Sheikh Fahad Al-Yousef Al-Sabah, First Deputy Prime Minister and Minister of Interior, who said the initiative is part of wider labour reforms.“Instead of paying visa traders, pay the government some KD 800–1,000,” Sheikh Fahad said, underscoring the government’s intent to redirect residency payments to the state and eliminate illegal intermediaries.He added that reforming the labour market requires regulating the corporate sector and addressing loopholes that enabled visa trading to spread.What is Kuwait’s freelance visa?Kuwait is planning to int..

AdvertisementChina’s private sectorBusinessChina BusinessChina’s biotech boom sends price of lab monkeys for drug tests climbingThe cost of a single monkey exceeds the average annual salary in China and approaches a pandemic-era spike amid growth in drug licensing deals
Reading Time:3 minutesWhy you can trust SCMPJulie ZhangPublished: 5:00pm, 18 Feb 2026A surge in drug research in China has driven the cost of a laboratory monkey to about 140,000 yuan (US$20,260), a sum that exceeds the country’s average annual wage.
Official government procurement records showed that prices had doubled in the last five years for such monkeys, which are widely used in the preclinical stage to check whether a drug is safe and how it is absorbed, broken down and cleared by the body.
Analysts said the soaring cost was underpinned by a flood of drug-licensing deals between Chinese biotech firms and global pharmaceutical giants, alongside a revival in pharmaceutical fundraising activities, which had pushed a..

AdvertisementSouth KoreaAsiaEast AsiaSouth Korea signals cautious support for Trump’s ‘Board of Peace’ by attending as observerA former South Korean ambassador to Egypt will be attending Thursday’s inaugural meeting in Washington
Reading Time:1 minuteWhy you can trust SCMPThe Korea TimesPublished: 4:45pm, 18 Feb 2026South Korea will take part as an observer in the inaugural meeting of the US-led “Board of Peace”, dispatching a former envoy to Thursday’s session in Washington, according to the Ministry of Foreign Affairs.“Kim Yong-hyun, former ambassador to Egypt, will attend the inaugural meeting of the Board of Peace scheduled for February 19, as the South Korean representative,” the ministry said in a statement on Wednesday.
A ministry official said that South Korea would attend as a non-member observer and that Kim would be acting on behalf of the foreign minister.
Advertisement“No final decision has been made on whether South Korea will formally join the board, and the government i..