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Venezuela

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  • HOUSTON, Oct 27- Venezuela's surprise move to scrap the sale of its U.S. refining unit Citgo was prompted when bids came in well below its $10 billion asking price, and sovereign and corporate bondholders criticized selling a reliable source of cash during a liquidity crunch, a source familiar with the situation said on Monday. State oil company PDVSA had hired...

  • BUSINESS-NEWS-SCHEDULE AT 1330 GMT /9.30 AM ET Monday, 27 Oct 2014 | 10:08 AM ET

    MILAN- Italy's Monte dei Paschi di Siena is likely to try to plug a capital shortfall uncovered by Europe- wide stress tests through asset sales and possibly another cash call, but longer term a takeover could be inevitable. LONDON- Europe's banking healthcheck showed countries and lenders are implementing global capital rules at vastly different speeds, and...

  • Why Venezuela is so desperate, in 5 easy charts Friday, 17 Oct 2014 | 2:07 PM ET
    A technician takes a sample of crude oil from a well operated by Venezuela's state-owned oil company in Morichal, Venezuela.

    Despite its oil revenues, Venezuela's economic and fiscal situations are in free fall. Learn why here.

  • NEW YORK, Oct 15- The cost for insuring Venezuelan sovereign debt against default or restructuring surged on Wednesday as global oil prices swooned to a 27- month low before rebounding, illustrating rising investor concerns over the OPEC member nation's ability to service its debt. In addition they would have to pay $500,000 annually, for the duration of the...

  • "The current market situation doesn't suit anyone, neither consumers nor producers," Eulogio Del Pino told an oil conference on Venezuela's Margarita Island. Venezuela is calling for an emergency meeting of the Organization of the Petroleum Exporting Countries- prior to its next scheduled Nov. 27 gathering- to halt the slide in oil prices to their lowest level...

  • CARACAS, Oct 15- After three weeks trapped inside their home, Natalie Pereira and her family made a final decision: they must leave Venezuela. Pereira, a 33- year-old dentist now living in Texas, is not alone in making that decision. Having largely but unsuccessfully voted against socialist leader Hugo Chavez during his 14- year presidency, they hoped for a change...

  • Dark side of low oil prices  Monday, 13 Oct 2014 | 2:24 PM ET

    Russia and Venezuela both need higher oil prices to balance their budgets, reports CNBC's Michelle Caruso-Cabrera.

  • Creating inflation is easy. Just look at Venezuela Monday, 13 Oct 2014 | 1:16 PM ET
    Shoppers in Caracas, Venezuela

    Prices are falling everywhere, but one South American economy has still managed to create inflation that runs at an eye-popping 65 percent.

  • Venezuela's staggering inflation rate  Monday, 13 Oct 2014 | 1:15 PM ET

    CNBC's Michelle Caruso-Cabrera breaks down Venezuela's massive inflation problem. Caruso-Cabrera says the country has become a hedge fund play after offering 15 percent on its money.

  • Saudis tell oil market: Get used to lower prices Monday, 13 Oct 2014 | 10:49 AM ET

    Saudi Arabia is telling oil market participants that it's fine with lower oil prices for an extended period.

  • CARACAS, Oct 9- Venezuela said on Thursday compensation ordered by a World Bank arbitration tribunal in the Exxon Mobil Corp case was within a "reasonable range" once a previous award is deducted from the roughly $1.6 billion new determination.

  • *Venezuela may seek to annul World Bank tribunal's award. CARACAS, Oct 9- A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country. "The Tribunal has found that the expropriation was conducted in accordance with due process, that it was...

  • CARACAS, Oct 8- Tech-savvy Venezuelans looking to bypass dysfunctional economic controls are turning to the bitcoin virtual currency to obtain dollars, make Internet purchases-- and launch a little subversion. Two New York- based Venezuelan brothers hope this week to start trading on the first bitcoin exchange in the socialist-run country, which already has...

  • They say a long-anticipated fundamental shift in the market may now be under way, ending a four-year stretch when $100- plus prices were the norm, and opening a new era in which OPEC restraint once again becomes paramount. Even output in trouble spots like Libya and Iraq is rising after years of insurrection-led losses. Some analysts say it is too early to tell if...

  • CARACAS, Oct 6- Venezuela has withdrawn money from its central bank reserves to start paying roughly $1.786 billion in debt, a high-ranking government source told Reuters on Monday, allaying fears the Socialist-run country might opt to default. Venezuela has to service roughly $1.498 billion due from its Global 2014 bond on Wednesday and about $250 million in...

  • CARACAS, Sept 30- Venezuela has kept its economic growth figures under wraps this year but empty store shelves, closed factory gates and idled construction projects tell their own story- the economy is contracting and some sectors are in deep trouble. Fedecamaras estimates the OPEC nation's economy has contracted 4 percent so far this year.

  • Sept 27- U.S. cleaning products maker Clorox Co said the Venezuelan government's takeover of two of its plants after the company pulled out of the country raised "grave concerns" about the safety of workers and surrounding communities.

  • CARACAS, Sept 26- Venezuela's famed models and aspiring beauty queens are struggling to doll themselves up as shortages turn eye shadow and breast implants into coveted luxuries. "I exhaust myself visiting pharmacies, I look everywhere for makeup," said Ileanne Davila, a 19 year-old civil engineering student and model.

  • Clorox bids Venezuela farewell to Cramer's delight Monday, 22 Sep 2014 | 9:41 AM ET

    That Clorox plans to exit the Venezuelan market might be a boon for the home cleaning products maker, says CNBC's Jim Cramer.

  • CARACAS, Sept 17- Venezuelan bonds tumbled on Wednesday following a ratings downgrade by Standard& Poor's that cited concerns about inflation, recession and deteriorating capacity to pay. The OPEC nation's benchmark Global 27 bond fell 3.83 percent in price to bid 70.855 with a yield of 14.234.