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Hugo Chavez

  • CARACAS, May 8- The Venezuela division of Ford Motor Co will begin selling vehicles only in dollars in the coming months, two sources familiar with the situation said on Friday, as currency controls leave the automaker unable to recover revenue from local sales. A lack of parts for assembly in April led Ford de Venezuela to halt operations as it was unable to obtain...

  • CALGARY, Alberta, May 7- Alberta's new left-leaning government, which sensationally ended the Conservative party's 44- year run in Canada's energy heartland this week, is undertaking a crash course that could be called: "Ruling for Rookies." The election victory by the New Democratic Party on Tuesday will deliver one of the most inexperienced parties ever to...

  • CARACAS, May 6- Venezuela is investigating whether drug companies including Germany's Merck KGaA and Bayer AG have improperly profited from subsidized foreign exchange amid growing medicine shortages, the country's health minister said. Those firms have received a favorable exchange rate through Venezuela's currency controls to produce or import...

  • CARACAS, April 22- Oil Minister Asdrubal Chavez led a Venezuelan delegation in Qatar for meetings with local officials on Wednesday following similar talks in Iran and Saudi Arabia on an OPEC tour seeking ways to boost crude prices, according to a government statement. So far unable to nudge Saudi Arabia and its Gulf allies into supporting supply cuts,...

  • *Current crude output at 2.85 mln bpd, says PDVSA head Del Pino. *Venezuela pins hopes on Orinoco Belt heavy-crude area. ORINOCO BELT, Venezuela, April 20- OPEC member Venezuela is currently exporting between 2.4-2.5 million barrels per day from national crude production of around 2.85 million, the head of state oil company PDVSA said.

  • Venezuela receives new $5 billion loan from China Monday, 20 Apr 2015 | 9:30 AM ET

    CARACAS, April 20- Venezuela has received a new $5 billion loan from China, President Nicolas Maduro said, part of an oil-for-loans deal that has become a key source of financing for the cash-strapped OPEC nation that is struggling with low crude prices. Under the arrangement created by late socialist leader Hugo Chavez, China provides funding for development...

  • ORINOCO OIL BELT, Venezuela, April 19- V enezuela's PDVSA is selling about $50 million a month at a new advantageous foreign exchange rate, while joint ventures with foreign partners are putting in a further $25- 30 million a month via the Simadi system, the state oil company's head said. The government created Simadi in February as a third tier in Venezuela's...

  • CARACAS, March 19- Venezuela will seek to reduce a $46 million compensation claim it has been ordered to pay to oil service company Tidewater in a case stemming from the 2009 seizure of vessels, its oil minister said in an interview published on Thursday. The lawyer representing Venezuela said the award was significantly lower than what Tidewater had claimed...

  • CARACAS, March 18- Venezuela asked a World Bank tribunal on Wednesday to toss out an order that it pay Swiss airport operator Flughafen Zurich AG and a Chilean partner around $36 million for the government takeover of airport facilities they operated in the country a decade ago. He said the request was filed with the World Bank's International Center for...

  • CARACAS, March 18- Venezuela asked a World Bank tribunal on Wednesday to toss out an order that it pay Swiss airport operator Flughafen Zurich AG and a Chilean partner nearly $36 million for the government takeover of airport facilities they operated in the country a decade ago. He said the request was filed with the World Bank's International Center for...

  • CARACAS, March 16- Venezuela's government has told the country's food industry that it is limiting dollar disbursements for food imports so that it can pay down foreign debt amid low oil prices, according to two sources with direct knowledge of the situation. At the same time, concerns Venezuela could default on foreign debt have pushed its yields to the second...

  • CARACAS, March 15- Venezuela's parliament granted President Nicolas Maduro decree powers on Sunday for the rest of 2015 in a move he says is to defend the country from U.S. meddling but opponents decry as evidence of autocracy. In a noisy National Assembly session, ruling Socialist Party legislators, who have a majority, applauded the "Enabling Law" as a legitimate...

  • CARACAS, March 15- A World Bank tribunal has ordered Venezuela to pay oil service company Tidewater around $46 million in compensation for seized vessels, in a decision the South American country hailed as a victory. "The much higher amounts claimed were rejected because the tribunal found that the nationalization was lawful," lawyer George Kahale, who...

  • CARACAS, March 13- Venezuela said on Friday it has started the process of filing for the annulment of an award that orders the South American country to pay U.S. bottle maker Owens-Illinois $455 million in compensation for nationalizations. Seeking an annulment will automatically stay the award, Venezuela added, buying the cash-strapped OPEC nation time as it...

  • CARACAS/ HOUSTON, March 13- A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA. New posters inside its Caracas headquarters request employees don normal office wear, visitors say, a telltale sign of what could be the most sweeping changes in over a...

  • Venezuela's Maduro says may go to U.S. to challenge Obama Thursday, 12 Mar 2015 | 10:23 PM ET

    CARACAS, March 12- Ridiculing the U.S. qualification of Venezuela as a security threat, President Nicolas Maduro said on Thursday he may travel to Washington to challenge American counterpart Barack Obama. In the worst flare-up between the ideological enemies since Maduro took power in 2013, Washington earlier this week declared a "national emergency" over "...

  • CARACAS, March 12- U.S. bottle maker Owens-Illinois said on Thursday it had been awarded over $455 million in a nationalization claim against Venezuela, though a lawyer for the South American country said it was likely to seek an annulment. "If Venezuela fails to meet its obligations, OIEG will seek to enforce the award against Venezuela's assets around the world...

  • CARACAS, March 12- U.S. bottle maker Owens-Illinois said on Thursday it had been awarded over $455 million in an arbitration claim against Venezuela for the nationalization of its subsidiary's operations in 2010.. "If Venezuela fails to meet its obligations, OIEG will seek to enforce the award against Venezuela's assets around the world or find alternative...

  • Mind your manners, Venezuela tells U.S. official Jacobson Wednesday, 11 Mar 2015 | 3:31 PM ET

    CARACAS, March 11- Venezuela's top diplomat called a senior U.S. official "petulant" and ill-mannered on Wednesday in response to her contention that sanctions were intended to change the government, not topple it. Foreign Minister Delcy Rodriguez was responding to State Department Assistant Secretary of State Roberta Jacobson's comments explaining a U.S....

  • CARACAS, March 10- Venezuela's central bank is in talks with Wall Street banks to create a gold swap that would allow it to monetize some $1.5 billion of the metal held as international reserves, according to government sources familiar with the operation. The banks and Venezuela's central bank did not immediately respond to requests for comment.