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Hugo Chavez

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  • CARACAS, March 10- President Nicolas Maduro was seeking special decree powers from Venezuela's parliament on Tuesday in response to new U.S. sanctions, drawing opposition protests of a power-grab. Opposition leaders slammed Maduro, saying he was using the worst flare-up with Washington of his nearly two-year rule to justify autocratic governance,...

  • CARACAS, March 10- President Nicolas Maduro was seeking special decree powers from Venezuela's parliament on Tuesday in response to new U.S. sanctions, drawing opposition protests of a power-grab. Opposition leaders slammed Maduro, saying he was using the worst flare-up with Washington of his nearly two-year rule to justify autocratic governance,...

  • NEW YORK/ MANAGUA, March 1- Venezuela, once a proud exporter of premium coffee, has been reduced to swapping crude oil for growing volumes of Nicaraguan coffee beans to make sure worsening economic turmoil does not prevent people from getting their caffeine fix. Falling coffee production and near-record demand has forced it to buy more higher-priced foreign...

  • CARACAS, Feb 25- Venezuela has requested the annulment of a World Bank tribunal award that orders it pay Exxon Mobil Corp $1.6 billion in compensation for nationalizations, both sides said on Wednesday. The move contrasts with October, when Venezuela deemed the award a victory for its sovereignty and oil workers were shown on TV celebrating.

  • CARACAS, Feb 25- Venezuela has requested the annulment of a World Bank tribunal award that orders it pay Exxon Mobil Corp $1.6 billion in compensation for nationalizations, both sides said on Wednesday. "Venezuela has filed an application for annulment," the country's lawyer George Kahale told Reuters in an email, adding he didn't know yet when the tribunal was...

  • CARACAS, Feb 19- The U.S.-based owner of a supermarket chain taken over by Venezuela's socialist government hopes to recover his business despite accusations of hoarding goods to inflate shopping lines. Dia Dia owner Jose Vicente Aguerrevere, a Venezuelan who now lives in Boston after spending most of his life in Europe and the United States, told Reuters by...

  • Venezuela to announce change in fuel policy 'soon' Friday, 13 Feb 2015 | 10:13 PM ET

    CARACAS, Feb 13- Venezuela will announce a change of policy soon on gasoline, the finance minister said in an interview broadcast on Friday, signaling the OPEC nation is moving ahead with along-awaited hike in the world's cheapest fuel. Gasoline is so heavily subsidized in Venezuela that one U.S. cent buys about 5 gallons, costing the government as much as $12...

  • CARACAS, Feb 13- Venezuelans puzzled over the impact of a complicated currency devaluation and fretted that dire product shortages in the OPEC nation's recession-hit economy would not go away. President Nicolas Maduro's socialist government this week launched a 70 percent devaluation via a new "free floating" currency system known as Simadi, the third of...

  • CARACAS/ SAN CRISTOBAL, Feb 12- Venezuelan security forces faced off with stone-wielding protesters on Thursday as supporters of President Nicolas Maduro also rallied on the anniversary of last year's fatal unrest. The flare-ups, in the volatile western city of San Cristobal and the capital Caracas, recalled four months of protests and violence in 2014...

  • Though some portfolio managers including Pimco and Van Eck Global have pared their exposure in recent months, Venezuela remains among the largest positions for U.S. funds that focus on emerging market debt. The $4.6 billion TCW Emerging Markets Income Fund also has kept an overweight position, with 5 percent of assets invested in Venezuela.

  • CARACAS, Feb 11- Venezuela's dollar-denominated bonds tumbled across the board on Wednesday after the government announced a new foreign exchange platform that was widely seen as insufficient to resolve the country's economic crisis. "The persistence of large distortions in the FX market will make it more difficult for the government to make necessary...

  • CARACAS, Feb 10- Venezuela launched a "free" foreign exchange platform on Tuesday that will likely devalue the bolivar in efforts to bolster state coffers amid tumbling oil revenue, although it risks causing a spike in already soaring inflation. The change could lead to billions of dollars in write-downs by foreign corporations with exposure to Venezuela...

  • CARACAS, Feb 10- Venezuela on Tuesday launched a new foreign exchange platform that will likely devalue the bolivar heavily in efforts to bolster state coffers amid tumbling oil revenue, but risks a spike in already soaring inflation. "This third mechanism is open, free, in which bidders and buyers exchange offers," Marco said during a press conference with...

  • SANTO DOMINGO, Jan 30- The Dominican Republic has paid $1.93 billion to settle a $4 billion debt with Venezuelan state oil company PDVSA that accrued under the Petrocaribe energy cooperation agreement, the island's finance minister said late Thursday. Petrocaribe, created by late socialist leader Hugo Chavez in 2005, lets countries in the Caribbean and...

  • SANTO DOMINGO, Jan 30- The Dominican Republic paid $1.93 billion to satisfy a $4 billion debt to PDVSA, Venezuela's state oil company, using the proceeds of a bond sale after negotiations with the PetroCaribe oil program, a Dominican official said late Thursday. During a press conference at the government palace, Minister of Finance Simon Lizardo said 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...