Business Venezuela

  • A man holds a 500 Bolivar banknotes in Caracas, Venezuela

    The extended slump in oil prices has turned the OPEC nation's once-prosperous oil-boom economy into a mirror of the latter day Soviet Union.

  • *Graphic of poll results: http://tmsnrt.rs/2e7JFpt. Jan 18- The global economic outlook remains shaky, despite recent pockets of resilience, according to the overwhelming majority of economists polled by Reuters who said a rise in protectionist trade policies would hamper growth. That uncertainty is heightened by the signs of a rise in nationalist...

  • CARACAS, Venezuela— Venezuelans stood in long ATM lines Monday to take out new, larger-denominated bills that President Nicolas Maduro hopes will help stabilize the crisis-wracked economy. Maduro last month said he was scrapping circulation of the most used bill, the 100- bolivar note, and replacing it with new bills ranging from 500 to 20,000 bolivars.

  • CARACAS, Jan 13- Venezuelan state energy company PDVSA projects oil production will remain near 23- year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela's export revenues and is the socialist government's financial motor,...

  • Robots in the Kuka stand pour a beer into a glass at the Hannover Messe industrial trade fair in Hanover, Germany April 23, 2016.

    Germany is the safest place for Chinese investment, followed by New Zealand, Australia and the United States, the SCMP reports.

  • An oil tanker passes storage tanks at the Citgo Refinery in Corpus Christi, Texas.

    The cash-strapped nation just issued its first debt deal in five years, but this one comes with a catch.

  • Bitcoin

    With geopolitical risks on the rise and bitcoin at a record high, boosters are championing the crypto-currency as a rival to safe-haven gold.

  • CARACAS, Dec 29- Venezuelan President Nicolas Maduro on Thursday said his government would extend the use of 100- bolivar notes to Jan. 20, after a plan to withdraw those bills from the economy sparked nationwide protests and widespread looting. The 100- bolivar note is worth 3 U.S. cents on the black market for dollars. A Reuters reporter on Thursday saw new 50-...

  • MARACAIBO, Venezuela, Dec 23- A legal strategy switch by Venezuela's state-owned oil giant PDVSA to portray itself as a victim in a massive bribery scheme detected by the U.S. government is unlikely to lead to compensation and may even backfire. In a case that shook the local oil industry, two prominent Venezuelan oil businessmen were arrested last year in the...

  • LIMA/ QUITO, Dec 22- Politicians and investigators across Latin America demanded more information from Brazil- based construction company Odebrecht on Thursday after it admitted to a decade of immense bribe payments in the region. Guilty pleas on Wednesday from Odebrecht and Braskem SA, the petrochemical company it jointly owns with Brazil's state-run oil...

  • LIMA/ QUITO, Dec 22- Politicians and investigators across Latin America demanded more information from Brazil- based construction giant Odebrecht on Thursday after it admitted to a decade of immense bribe payments in the region. Guilty pleas on Wednesday from Odebrecht and Braskem SA, the petrochemical company it jointly owns with Brazil's state-run oil...

  • Demonetization 2.0: Venezuela cash problem

    Lourdes Casanova at Cornell University, Johnson School of Business, talks about the problems caused by the scrapping of the 100-bolivar bill.

  • SAO PAULO, Dec 20- Ford Motor Co halted auto production in Venezuela last week and will not resume it until April, a company executive said on Tuesday, in another blow to the crisis-wracked country's manufacturing sector. Watters said the production freeze would not affect Ford's consolidated results as operations in Venezuela are reported separately.

  • SAO PAULO, Dec 20- Ford Motor Co halted auto production in Venezuela last week and will not resume it until April, a company executive said on Tuesday, in another blow to the crisis-wracked country's manufacturing sector. Watters said the production freeze would not affect Ford's consolidated results as operations in Venezuela are reported separately.

  • Hundreds arrested in Venezuela cash chaos

    Officials have arrested more than 300 people during protests and lootings over the elimination of Venezuela's largest currency bill.

  • EL PINAL/ CIUDAD GUAYANA, Venezuela, Dec 16- Small protests and looting broke out in some Venezuelan provinces on Friday due to lack of cash after the socialist government suddenly decreed this week that its largest banknote would be pulled from circulation in the midst of a punishing economic crisis. President Nicolas Maduro on Sunday gave Venezuelans a few...

  • EL PINAL/ CIUDAD GUAYANA, Venezuela, Dec 16- Small protests and looting broke out in some Venezuelan provinces on Friday due to lack of cash after the socialist government suddenly decreed this week that its largest banknote would be pulled from circulation in the midst of a punishing economic crisis. President Nicolas Maduro on Sunday gave Venezuelans a few...

  • CARACAS, Venezuela, Dec 13- Lining up from dawn with backpacks and plastic bags full of cash, Venezuelans flocked to banks across the nation on Tuesday to ditch 100- bolivar bills after President Nicolas Maduro's surprise move to pull them from circulation. Maduro announced the measure on Sunday, to the consternation of Venezuelans who have become accustomed...

  • BEIJING/ HOUSTON, Dec 13- China's Guangdong Zhenrong Energy Co will submit a plan by April to revamp a century-old oil refinery in Curacao, as it seeks to secure a $5.5 billion project that will give China a foothold in the Caribbean's second-largest oil refinery. If the deal goes ahead, the Chinese firm would replace Venezuela's cash-strapped state oil firm...

  • CARACAS, Dec 12- Venezuelans hastily dumped the country's 100- bolivar bill, the largest denomination, on Monday after the government said it would be pulled from circulation as the crisis-wracked nation suffers what is believed to be the world's highest inflation. Socialist President Nicolas Maduro said the withdrawal of the bill- worth just 2 U.S. cents on...