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Hugo Chavez

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  • US works to ease Caribbean dependence on Venezuelan oil Saturday, 24 Jan 2015 | 1:26 PM ET

    MIAMI— A decade-long addiction to oil subsidized by Venezuela may be coming to an end for several Caribbean nations, with a nudge from the United States. Fears that falling oil prices could knock the wheels off the already wobbly economy of oil-dependent Venezuela have sparked apparent interest in alternatives to Petrocaribe, a trade program created by the...

  • CARACAS, Jan 22- Venezuelan bond prices edged down on Thursday while opponents savaged economic changes by President Nicolas Maduro that included a seeming devaluation of the currency and an imminent rise in domestic gasoline prices. Under pressure over the OPEC member's recession, product shortages and plunging oil revenues, Maduro has opted to keep a...

  • CARACAS, Jan 22- Venezuelan bonds edged down on Thursday while opponents lampooned economic changes by President Nicolas Maduro that included a seeming devaluation of the currency and an imminent rise in domestic gasoline prices. Under pressure over the OPEC member's recession, product shortages and plunging oil revenues, Maduro has opted to keep a complex...

  • The socialist-run OPEC member's economy shrank 2.8 percent in 2014 while inflation topped 64 percent, the socialist leader announced in a speech to parliament, in what is almost certainly the worst performance in Latin America. With oil prices down by more than half since mid-2014, Venezuela's economic mess has hit Maduro's popularity hard and threatened...

  • With oil prices down by more than half since mid-2014, Venezuela's economic mess has hit Maduro's popularity hard and threatened the future of the ruling "Chavismo" movement named for his charismatic predecessor Hugo Chavez. The 52- year-old Maduro blamed political foes for Venezuela's dismal economic data, but he also announced the most concrete changes in...

  • CARACAS, Jan 21- OPEC member Venezuela's recession-hit economy shrunk 2.8 percent in 2014 while inflation topped 64 percent, President Nicolas Maduro said on Wednesday, in almost certainly the worst performance in Latin America. In his annual address to parliament, the 52- year-old successor to Hugo Chavez blamed political foes and an "economic war" for...

  • CARACAS, Jan 21- President Nicolas Maduro was set to make announcements on Venezuela's economy in his annual speech to parliament on Wednesday, after several delays to promised measures to shore up the recession-hit OPEC country. Economists guess Venezuela may devalue its bolivar currency, since Maduro has spoken about making unspecified changes to the...

  • CARACAS, Jan 21- President Nicolas Maduro was set to make announcements on Venezuela's economy in his annual speech to parliament later on Wednesday, after several delays to promised measures to shore up the recession-hit OPEC country. Economists guess Venezuela may devalue its bolivar currency. From early December, Maduro has said various times he was...

  • CARACAS, Jan 21- There's a booming new profession in Venezuela: standing in line. As Venezuela's ailing economy spawns unprecedented shortages of basic goods, panic-buying and a rush to snap up subsidized food, demand is high and the pay is reasonable. Unemployed until he tried his new career late last year, Luis earns about 600 bolivars, a whopping $95 at...

  • CARACAS, Venezuela— When Venezuelan President Nicolas Maduro returns from an urgent fundraising trip that has taken him to seven nations, he'll find his oil-dependent economy teetering on the edge and desperate countrymen searching empty store shelves for basic goods. But never before have we had an economic, political and social crisis at the same time, "said...

  • SAN CRISTOBAL, Jan 16- Masked youths are once again blocking streets and burning tires in the Venezuelan city of San Cristobal, the epicenter of last year's massive anti-government protests. The groups are small and the unrest contained, but dissent is rising in this volatile Andean city, a barometer of frustration with nationwide shortages that are putting...

  • The forum, which also marked the first time China hosted the body, came at a time when Beijing is trying to step up its presence in the region as it clamours for more resources. Xi said in a speech that two-way trade between China and Latin America was estimated to rise to $500 billion within the next 10 years. "I believe that this meeting will achieve fruitful results,...

  • CARACAS, Dec 30- President Nicolas Maduro vowed on Tuesday to reform Venezuela's Byzantine currency controls in early 2015 as part of a six-month plan to shake Venezuela out of recession, but foes accused him of incompetence and inaction. After sitting on GDP data all year, the Central Bank announced that OPEC member Venezuela had entered recession, with the...

  • CARACAS, Dec 30- Venezuela confirmed on Tuesday it had entered a recession while inflation remained the highest in the Americas, and President Nicolas Maduro's socialist government blamed political foes for the dismal data. The Central Bank said GDP contracted in each of the first three quarters: 4.8 percent, 4.9 percent and 2.3 percent. Economists, banks and...

  • CARACAS, Dec 30- Venezuela entered a recession in 2014, with the economy shrinking in the first three quarters, the Central Bank said on Tuesday, blaming political opponents for the dismal figures. Venezuela's socialist government blames political opponents, who protested in the streets for four months earlier this year, for damaging the South American OPEC...

  • CARACAS, Dec 29- Venezuela's Tourism Ministry denied on Monday that a famous ice-cream store had closed due to lack of milk, the latest quirky twist in the bitter national debate over who is to blame for the nation's economic problems. An article on the ministry's website said Coromoto's Portuguese owner was on holiday in his homeland while other ice-cream...

  • CARACAS, Dec 23- Venezuelan shoppers line up outside a Caracas liquor store to buy bottles of Buchanan's 12- year Scotch whisky at half the usual cost, a deal made possible by a state subsidy that gave cheap dollars to import them. The same subsidy, provided under the country's three-tiered exchange control system, helps a Caracas merchant do thriving business in...

  • Dec 16- Citgo Petroleum Corp, Venezuela's U.S. oil refining unit, has received revised bids from at least four bidders, some which have valued the company at more than $10 billion, according to three people familiar with the matter. The companies that made bids in December include Marathon Petroleum Corp, Valero Energy Corp, HollyFrontier Corp and a consortium of...

  • CARACAS, Dec 10- Packing potatoes at his vegetable stand on a sun-baked street in Caracas's hillside Catia slum, Jesus Jimenez fondly recounts voting for late president Hugo Chavez. Like millions in Venezuela's poor "barrios," the chatty father of 14 worshipped the larger-than-life Chavez and benefited from his welfare programs, especially Cuban-staffed...

  • CARACAS, Dec 9- Venezuela's economy shrank by 4.2 percent in the first three quarters of 2014, an adviser to the country's main opposition group said on Tuesday, after almost a year of official silence about the state of the OPEC nation's economy. The central bank has not published any GDP data for this year and has not revealed inflation figures since August's...