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Hugo Chavez

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  • 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...

  • 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...

  • 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...