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Hugo Chavez

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  • Hopes, fears, doubts surround Cuba's oil future Saturday, 20 Dec 2014 | 8:53 AM ET

    MIAMI— One of the most prolific oil and gas basins on the planet sits just off Cuba's northwest coast, and the thaw in relations with the United States is giving rise to hopes that Cuba can now get in on the action. As a result, Cuba produces just 55,000 barrels of oil per day. Cuba needs 155,000 barrels per day, and it fills the gap with oil from Venezuela, part of a trade...

  • 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...

  • ALBA countries gather in Cuba on 10th anniversary Sunday, 14 Dec 2014 | 11:54 AM ET

    HAVANA— The left-leaning regional economic and diplomatic bloc known as ALBA marked its 10th anniversary Sunday amid pressures made by tumbling oil prices on petroleum-producing countries such as top ALBA member Venezuela. Presidents Nicolas Maduro, of Venezuela; Daniel Ortega, of Nicaragua; and Evo Morales, of Bolivia joined Raul Castro, of Cuba for the...

  • 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...

  • CARACAS, Dec 8- President Nicolas Maduro again fumed against Venezuela's poor credit rating on Monday, saying the OPEC nation needed external financing to help it cope with oil price declines. In near-daily speeches, Maduro, the successor to the late Hugo Chavez, insists that despite the oil slump, Venezuela has sufficient funds to cover all its external debt...

  • CARACAS, Dec 2- Venezuelan President Nicolas Maduro's approval rating dropped to 24.5 percent in November, according to a poll by respected local firm Datanalisis, down 5.7 points from September as economic problems put more pressure on the socialist leader. Venezuela is struggling with a combination of recession, inflation that topped 63 percent earlier...

  • CARACAS, Dec 2- The World Bank's international arbitration panel will not decide this year whether to take up Venezuela's request for a revision of an award that ordered it to pay Exxon Mobil Corp in compensation for oil projects nationalized in 2007, a lawyer for the country told Reuters on Tuesday. The International Center for Settlement of Investment...

  • Robert Hanson's holding company last year acquired Venezuela's best-selling newspaper, Ultimas Noticias, despite its worsening financial results and stringent currency controls that have frequently left foreign companies unable to repatriate profits. Ultimas Noticias has named two ruling Socialist Party members to key posts, including former...

  • Critics, though, say Venezuela's endemic inflation problem is evidence of the failure of 15 years of socialist economics under Maduro and his late predecessor Hugo Chavez. The wage hike planned for December would put Venezuela's minimum salary at 4,889 bolivars. In the last data available, Venezuela's annualized inflation rate reached 63.4 percent in...

  • CARACAS, Oct 23- President Nicolas Maduro's government said on Thursday it had taken over warehouses around Venezuela crammed with medical goods and food that "bourgeois criminals" were hoarding for speculation and contraband. The socialist government says businessmen and wealthy opponents are trying to sabotage the economy to bring Maduro down, while...

  • CARACAS, Oct 20- Venezuelan President Nicolas Maduro's approval rating dropped to 30.2 percent in September from 35.4 percent in July, according to a survey by pollster Datanalisis, amid an ongoing economic crisis that has weighed on his popularity. The OPEC nation faces the highest annual inflation in the Western Hemisphere at 63.4 percent, chronic...

  • CARACAS, Oct 16- The slump in global oil prices has heightened pressure on President Nicolas Maduro to enact politically risky reforms to bolster Venezuela's weak public finances and its ability to pay down debt. Crude prices under $85 have given new voice to reformers within Maduro's government, and critics outside, who say he needs to make urgent changes.

  • CARACAS, Oct 15- After three weeks trapped inside their home, Natalie Pereira and her family made a final decision: they must leave Venezuela. Pereira, a 33- year-old dentist now living in Texas, is not alone in making that decision. Having largely but unsuccessfully voted against socialist leader Hugo Chavez during his 14- year presidency, they hoped for a change...

  • *Venezuela may seek to annul World Bank tribunal's award. CARACAS, Oct 9- A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country. "The Tribunal has found that the expropriation was conducted in accordance with due process, that it was...

  • CARACAS, Oct 8- Tech-savvy Venezuelans looking to bypass dysfunctional economic controls are turning to the bitcoin virtual currency to obtain dollars, make Internet purchases-- and launch a little subversion. Two New York- based Venezuelan brothers hope this week to start trading on the first bitcoin exchange in the socialist-run country, which already has...

  • CARACAS, Oct 6- Venezuela has withdrawn money from its central bank reserves to start paying roughly $1.786 billion in debt, a high-ranking government source told Reuters on Monday, allaying fears the Socialist-run country might opt to default. Venezuela has to service roughly $1.498 billion due from its Global 2014 bond on Wednesday and about $250 million in...

  • CARACAS, Sept 30- Venezuela has kept its economic growth figures under wraps this year but empty store shelves, closed factory gates and idled construction projects tell their own story- the economy is contracting and some sectors are in deep trouble. Fedecamaras estimates the OPEC nation's economy has contracted 4 percent so far this year.

  • HOUSTON, Sept 30- The World Bank arbitration tribunal will give its final award ruling this week on a multibillion- dollar claim by Exxon Mobil Corp against Venezuela over the 2007 nationalization of two oil projects, legal sources said on Tuesday.

  • HAVANA, Sept 27- Cuba has aborted plans to develop fragrances in honor of the late revolutionary hero Ernesto "Che" Guevara and former Venezuelan President Hugo Chavez, calling the project disrespectful of two "sacred" revolutionary symbols.