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Venezuela

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  • The most 'miserable' place on Earth is... Monday, 26 Jan 2015 | 12:32 PM ET
    People line up to pay inside a Makro supermarket in Caracas, Venezuela, Jan. 9, 2015.

    2014 ranked as a horrible year for many countries, according to an index, with Venezuela topping the list as the most miserable place on Earth.

  • In a likely sign of things to come from a number of companies this results reporting season, Ford Motor Co on Friday said it was taking a pre-tax charge of $800 million for its Venezuela business. Ford also said that it was unable to maintain normal production in Venezuela with the availability of vehicle parts constrained. Kimberly-Clark blamed increased...

  • Ford: Venezuela charge to cut 4Q profit by $700M Friday, 23 Jan 2015 | 11:31 AM ET
    Ford Motor assembly worker Agil Al-Haddi loads the aluminium roof rails for the all-new Ford 2015 F-150 pickup truck into a bin at the Ford Rouge Center in Dearborn, Michigan, November 11, 2014.

    Ford Motors said a charge related to its Venezuelan operations would reduce fourth-quarter profit attributable to the company by about $700 million.

  • SAN CRISTOBAL/ CARACAS, Jan 23- Robbers and looters are targeting trucks carrying food across Venezuela in another sign of worsening shortages that have turned basics like flour and chicken into coveted booty. Crime has long plagued shops and roads in Venezuela, which has one of the world's highest murder rates. Armed National Guard troops have been deployed to...

  • 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...

  • Venezuela is down to its last banker: China Wednesday, 21 Jan 2015 | 1:58 PM ET
    Venezuelan President Nicolas Maduro (R) gestures after decorating China's President Xi Jinping (L) with a Venezuelan sash during an official visit in Miraflores Presidential Palace, Caracas on July 20, 2014.

    Venezuela may be down to its last lifeline as oil prices continue to plummet, and the country needs financial backing more than ever.

  • 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...

  • Venezuela says oil exports fell in 2014 to 2.33 mln Tuesday, 20 Jan 2015 | 6:17 PM ET

    CARACAS, Jan 20- Venezuela's oil exports fell to 2.33 million barrels-per-day in 2014, from 2.43 million the previous year, Oil Minister Asdrubal Chavez said on Tuesday. OPEC member Venezuela, which is reeling from the plunge in global crude prices since mid-2014, is counting on joint ventures in the heavy-crude Orinoco region to boost output in future years.

  • Cramer: What's behind the meltdown of commodities Wednesday, 14 Jan 2015 | 6:24 PM ET

    Jim Cramer sees three major themes that account for the collapse in commodity prices.

  • Default risk leads to Moody's Venezuela downgrade Tuesday, 13 Jan 2015 | 9:35 AM ET
    People line up to pay inside a Makro supermarket in Caracas, Venezuela, Jan. 9, 2015.

    Moody's lowered Venezuela's rating from Caa3 to Caa1 on Monday as the country's default risk rises on plummeting oil prices.

  • Moody's cuts Venezuela's rating, citing oil prices Tuesday, 13 Jan 2015 | 8:34 AM ET
    People line up to pay inside a Makro supermarket in Caracas, Venezuela, Jan. 9, 2015.

    Moody's on Tuesday downgraded its debt rating for Venezuela, citing an increased likelihood of a default due to lower oil prices.

  • When—and where—oil is too cheap to be profitable Monday, 12 Jan 2015 | 11:43 AM ET

    Lower prices could make oil unprofitable to pull out of the ground. But we're not there yet, according to energy consultant Wood Mackenzie.

  • *Venezuelan president visits Saudi Arabia, Qatar. DUBAI/ DOHA, Jan 12- A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday. Venezuelan President Nicolas Maduro on Sunday met Saudi Arabia's Crown Prince Salman in Riyadh before heading to Qatar and...

  • *Venezuelan president visits Saudi Arabia, Qatar. *Iran backs coordinated front with Venezuela on oil price. DUBAI/ DOHA, Jan 12- A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.

  • RIYADH, Jan 11- Venezuelan President Nicolas Maduro met Saudi Arabia's Crown Prince Salman in Riyadh on Sunday as part of a diplomatic tour of OPEC members to discuss falling oil prices, which have hit its economy hard. Despite growing concern from Venezuela and other OPEC members such as Iran, OPEC delegates have said as recently as last week that the group's...

  • Iran vows to help Venezuela to stem oil price fall Saturday, 10 Jan 2015 | 1:09 PM ET

    President Nicholas Maduro is on a tour of fellow OPEC countries to lobby for higher oil prices, which hit new lows last week below $50 per barrel, nearly half of what they were back in June 2014. The plunge in crude prices has pummelled the public finances of Iran and Venezuela, whose economies rely heavily on oil exports. Earlier on Saturday, Iranian President...

  • CARACAS, Jan 7- President Nicolas Maduro said on Wednesday he had secured a total of more than $20 billion in investment from major creditor China for economic, social, and oil-related projects. It was unclear if part of the announced investments include new loans for the cash-strapped OPEC member, or if the investments were part of an existing oil-for-loans...

  • How to stem oil free fall  Wednesday, 7 Jan 2015 | 4:00 AM ET

    In order to stem the free fall in oil prices, one of three key things must be done, says Sabine Schels, a commodity strategist at BofA Merrill Lynch Global Research.