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Venezuela

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  • 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.

  • CARACAS, Venezuela— Two Venezuelans who emigrated to escape the country's economic woes are drawing laughs with a mobile game mocking President Nicolas Maduro for his decision to give a new home to a woman who threw a mango at him seeking attention for her plea to get housing. Players are also rewarded for pelting National Assembly President Diosdado Cabello...

  • CARACAS, Venezuela— Ever since he was a young man, one of Guillermo Matos' small pleasures has been a mid-month round of cocktails with friends. But with Venezuela's economic crisis putting its price out of reach, the 45- year-old men's tie store owner has had to change his ways, going local and switching to his country's internationally lauded rum.

  • CARACAS, Venezuela— President Nicolas Maduro raised Venezuela's minimum wage Friday for the second time this year to help workers being battered by the world's highest inflation. Speaking at a May Day rally, the socialist leader said he is boosting the minimum wage and pensions for retirees by 30 percent, with two-thirds of the increase coming this month and...

  • 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...

  • CARACAS, Venezuela— The Venezuelan unit of General Motors is firing 13 percent of its workforce as a shortage of dollars idle assembly lines across the oil-rich South American country. Autoworker union representatives said Tuesday that an arbitration panel had given GM permission to lay off 446 employees at its factory in the coastal city of Valencia.

  • HOUSTON/ NEW YORK, April 24- Venezuela, struggling to pay for essential items such as food and medicine amid strict foreign currency controls, may have failed to collect about a third of its potential oil revenue in 2014, a Reuters analysis suggests. An exact figure for both realized and deprived revenues is unavailable given the absence of specific data from...

  • ORINOCO BELT, Venezuela, April 19- Venezuela has launched talks this month on a novel plan to blend the country's heavy crude with light oil from other OPEC allies, seeking to create a new variety that can compete against swelling U.S. and Canadian supplies. Del Pino said he raised the idea during the Summit of the Americas in Panama earlier this month and at a...

  • *Major court decisions expected this year- Gold Reserve. CARACAS, April 16-- Gold Reserve Inc, a small Canadian miner that lost its crown jewel in a 2009 expropriation, is targeting Venezuelan assets as it seeks to collect a $750 million arbitration award that would put new strains on the cash-strapped government's finances. With higher-profile cases including...

  • And Venezuela's oil minister Asdrubal Chavez met in Caracas with the local ambassadors of eight OPEC members plus Indonesia on Wednesday, the ministry said. Nearly four months of sub- $60 a barrel crude oil prices is weighing heavily on cash-strapped producers such as Venezuela and Russia, who failed to coax OPEC into cutting output last November.

  • CARACAS, April 15- Venezuela said ambassadors of various OPEC countries, including Saudi Arabia, were meeting the country's oil minister Asdrubal Chavez in Caracas on Wednesday. "Ambassadors of Saudi Arabia, Algeria, Ecuador, Iraq, Kuwait, Nigeria, Qatar, Iran and Indonesia are present," the Oil Ministry said in a tweet. The Oil Ministry's twitter feed said the group...

  • CARACAS, April 14- Venezuela's state oil company PDVSA has offered to buy oil and gas producer Harvest Natural Resources Inc's stake in the Petrodelta joint venture, a source close to PDVSA said on Tuesday. The company has twice been poised to sell its minority stake but said the OPEC country blocked the transaction. In 2013 a deal with Indonesia's oil company...

  • CARACAS, April 10- Venezuela's flavorful cocoa, coveted centuries ago by pirates and now a darling of specialty producers, will not be enriching foreign chocolate bars any time soon. "They're ruining the reputation of Venezuela as a cocoa exporter," said group President Alejandro Prosperi. Still, the holdup highlights the risks for businesses in highly...

  • KINGSTON, April 9- President Barack Obama on Thursday unveiled a major clean energy partnership at a Caribbean summit where he sought to reassert U.S. leadership in the region at a time when oil-producing Venezuela's economic clout appears to be receding. The review is being studied by the White House, and a green light for Havana's removal would open the door to...

  • Brazil to Mexico: Latin America's image problem Wednesday, 8 Apr 2015 | 10:56 AM ET
    Dilma Rousseff, president of Brazil

    Leaders in Brazil, Mexico, Venezuela, Chile and elsewhere in Latin America are facing a choice: Clean up — or they'll be out.

  • Things that will happen if Venezuela implodes Wednesday, 25 Mar 2015 | 2:57 PM ET
    A sample bank note with the face of Venezuela's President Nicolas Maduro and the word "devaluated" is seen at a market in Caracas February 13, 2015.

    Venezuela is on the brink, and the country's debtholders, trade partners and neighbors are bracing for the fallout.

  • Why energy investors are looking at the Caribbean Friday, 20 Mar 2015 | 3:48 PM ET
    Tourists look at posters for sale in Havana, Cuba, on December 18, 2014.

    Declining oil prices, the U.S. energy revolution and changing relations with Cuba have created new opportunities for energy investment in the Caribbean.

  • CARACAS, March 18- Venezuela asked a World Bank tribunal on Wednesday to toss out an order that it pay Swiss airport operator Flughafen Zurich AG and a Chilean partner around $36 million for the government takeover of airport facilities they operated in the country a decade ago. He said the request was filed with the World Bank's International Center for...

  • CARACAS, March 18- Venezuela asked a World Bank tribunal on Wednesday to toss out an order that it pay Swiss airport operator Flughafen Zurich AG and a Chilean partner nearly $36 million for the government takeover of airport facilities they operated in the country a decade ago. He said the request was filed with the World Bank's International Center for...