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Venezuela

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  • CARACAS, July 3- Venezuela's unofficial exchange rate broke through 500 bolivars per dollar on Friday, according to a widely used website, as the socialist-run country's currency control system struggles to meet keen demand for greenbacks. "As long as they don't make the adjustments the economy needs, the rate will continue to increase," said Asdrubal Oliveros...

  • DETROIT, June 25- General Motors Co said on Thursday it will incur a $600 million charge on its second-quarter net profits because of a change in the way it values Venezuelan currency. Despite the significant challenges in Venezuela, this market continues to be very important to us. " In April, GM had announced it would likely end vehicle production in Venezuela in...

  • CARACAS, June 22- Venezuela's parliamentary election will be held on Dec. 6, authorities announced on Monday, ending lengthy speculation over the date for a vote that surveys showed was likely to punish the ruling socialists. President Nicolas Maduro's ruling Socialist Party currently enjoys a majority in the 167- seat National Assembly, but an economic...

  • CARACAS, June 12- Follow the main road, count three traffic lights, and take a left at the third. As with living-room restaurants that flourished in Havana in the 1990 s after the fall of its Soviet benefactor, Caracas is seeing a rise in clandestine dining as inventive restaurateurs seek ways to survive economic crisis, corruption and crime. This is an illegal...

  • CARACAS, June 9- Venezuela on Tuesday demanded that neighboring Guyana halt oil exploration being carried out by Exxon Mobil Corp in disputed offshore territory in an escalation of a long-running border dispute between the two South American nations. Exxon last month said it found oil off Guyana's coast, spurring complaints from Caracas that Guyana is...

  • CARACAS, June 9- Venezuela on Tuesday demanded that neighboring Guyana halt oil exploration being carried out by Exxon Mobil Corp in disputed offshore territory in an escalation of a long-running border dispute between the two South American nations. Exxon last month said it found oil off Guyana's coast, spurring complaints from Caracas that Guyana is...

  • LOS ROQUES, Venezuela, June 4- Fears of being kidnapped or not finding toilet paper are not much of an incentive for a holiday in Venezuela. That is thanks to exchange controls skewing the economy in favor of anyone with foreign currency, meaning you can hire a boat to a Caribbean island for $15 a day, or trek through Andean mountains or Amazon jungle for a week, with...

  • CARACAS, June 3- Dissenting and former members of Venezuela's ruling Socialist Party on Wednesday requested the government investigate alleged multi-billion dollar frauds they say have flourished under the South American OPEC country's strict currency controls. Marea Socialista, a small group of leftist intellectuals, as well as fringe members of the...

  • CARACAS, May 15- Venezuela is pushing for a new agreement between OPEC and non- OPEC nations to stabilize oil prices, President Nicolas Maduro said on Friday, in the most serious indication yet of a renewed drive to boost prices back to $100 per barrel. "We're currently working on a deal that hopefully can materialize in June regarding an announcement between OPEC...

  • CARACAS/ NEW YORK, May 14- A growing number of U.S. companies say they can't cope with Venezuela's sinking bolivar currency, prompting some of them to remove their operations in the South American nation from their consolidated financial reports. The restructuring moves can shield the financial results of parent companies such as batteries and razors maker...

  • Venezuelan currency tanks; inflation seen near 100% Thursday, 14 May 2015 | 9:48 AM ET
    A bank note with the face of Venezuela's President Nicolas Maduro and the word "devaluated" at a market in Caracas.

    Venezuela’s black market exchange rate weakened below a key level on Thursday, as the bolivar’s decline steepened in the face of hyperinflation and a rapidly shrinking economy.

  • Democracy Award goes to Leopoldo López Thursday, 14 May 2015 | 6:40 AM ET
    Democracy Award goes to Leopoldo López

    Michelle Caruso-Cabrera reports the National Endowment for Democracy is awarding Venezuelan opposition leader Leopoldo Lopez.

  • CARACAS/ NEW YORK, May 14- A growing number of U.S. companies say they can't cope with Venezuela's sinking bolivar currency, prompting some of them to remove their operations in the South American nation from their consolidated financial reports. The restructuring moves can shield the financial results of parent companies such as batteries and razors maker...

  • Oil rally's winners and losers, country by country Tuesday, 12 May 2015 | 12:05 PM ET
    Oil fracking

    The recent rally in oil has forecasters tweaking their models to see what a sustained price recovery might look like.

  • A scary Venezuelan lesson for the U.S. Thursday, 7 May 2015 | 3:25 PM ET
    People line up to buy hygiene products at a drugstore in Caracas, Venezuela, Feb. 3, 2015.

    Venezuela's government has made every socialist mistake, and now its people may starve.

  • 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...

  • The places close to USA where China is winning Wednesday, 6 May 2015 | 1:34 PM ET
    China's President Xi Jinping, left, is welcomed by his Brazilian counterpart Dilma Rousseff at Planalto Palace on July 17, 2014 in Brasilia.

    "The Chinese government hopes to develop itself on par with (the United States), Europe and Russia as an international leader," says one expert.

  • Cramer: Quit crying! This group's ready for buying Friday, 1 May 2015 | 6:29 PM ET
    Wholesale

    Jim Cramer has had enough crying about the economy. This group just bottomed, and is ripe for buying.

  • April 29- General Motors Co said it is likely it will cease vehicle production in Venezuela in July as the automaker joins other U.S. corporations in taking action to shield their profits from the South American country's volatile currency. GM has one plant in Venezuela, in Valencia, where it builds the Chevrolet Aveo and Cruze cars, the Orlando crossover vehicle...

  • Why the US won't have OPEC to kick around in 2016 Monday, 27 Apr 2015 | 6:36 AM ET
    The oil ministers of Qatar, Saudi Arabia and the United Arab Emirates attend the opening session of the Arab Energy Conference in Abu Dhabi.

    U.S. elections have long featured a familiar whipping post. Yet thanks to the energy boom, it's one that may not play a role in 2016.