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Business Venezuela


  • Big Oil Sees Profits—and Challenges—in Deep Waters Saturday, 19 Sep 2009 | 10:48 AM ET

    The deep waters off the coasts of countries like Brazil and Sierra Leone have become hot spots for large discoveries of oil this year as exploration continues to move further from shore.

  • Venezuela, Russia Move Closer to Oil and Arms Deal Monday, 17 Aug 2009 | 4:23 AM ET
    Hugo Chavez

    Russia and Venezuela on Saturday moved closer to an oil venture deal and discussed arms trade, forging a partnership that may drag Russia into a row over the U.S. military presence in Colombia.

  • Venezuela Takes Over 2 Major Coffee Processors Monday, 3 Aug 2009 | 11:48 AM ET
    Hugo Chavez

    The government of President Hugo Chavez seized control of two of Venezuela's largest coffee processing plants on Monday, threatening to expropriate them if investigations reveal they have illegally smuggled coffee out of the country.

  • Cuba Struggles, Turns Out the Lights to Save Economy Friday, 31 Jul 2009 | 4:12 PM ET

    It's hard to find a spare tire in Cuba these days, or a cup of yogurt. Air conditioners are shut off in the dead heat. Factories close at peak hours, and workers go without their government-subsidized lunches.

  • Chavez Accuses CIA of Plot, May Sanction Banks Wednesday, 3 Jun 2009 | 4:18 AM ET
    Pres. Hugo Chavez of Venezuela

    President Hugo Chavez on Tuesday alleged that U.S. intelligence agencies were behind a purported assassination plot that prevented him from visiting El Salvador.

  • Chavez Push Continues: More Companies Nationalized Friday, 22 May 2009 | 1:15 PM ET
    Hugo Chavez

    President Hugo Chavez ordered the takeover of at least six metal, ceramic and other companies Thursday, accelerating his push to spread socialism and build "an industrial complex" in Venezuela.

  • The global economy has crashed and so has the price of oil. The same countries that used billions from crude exports to subsidize gasoline at home, even as prices hit record highs elsewhere in the world, are now under tremendous strain.

  • Chavez's Government Seizes Irish Company's Land Friday, 6 Mar 2009 | 3:57 AM ET

    President Hugo Chavez said Thursday that his government has seized land owned by an Irish cardboard maker as part of a sweeping agrarian reform initiative.

  • Citgo Announces Layoffs in Venezuela Amid Crisis Thursday, 12 Feb 2009 | 2:22 PM ET

    Venezuela's Citgo Petroleum says it's laying off 75 employees because of the world economic crisis.

  • Chávez Allows West to Make Oil Bids as Prices Plunge Thursday, 15 Jan 2009 | 10:16 AM ET
    Hugo Chavez

    President Hugo Chávez, buffeted by falling oil prices that threaten to damage his efforts to establish a Socialist-inspired state, is quietly courting Western oil companies once again, the New York Times reports.

  • Chavez Says Will Seize Gold Concessions as Oil Falls Monday, 29 Dec 2008 | 1:21 PM ET
    Hugo Chavez

    Venezuela will seize several gold mining concessions that previous governments granted private operators, in a bid to supplement falling oil prices with proceeds from state-controlled gold, President Hugo Chavez said Saturday.

  • Venezuela State Oil Company Loses Credit Line Friday, 17 Oct 2008 | 6:35 PM ET
    Hugo Chavez

    Venezuela's state run oil company, PDVSA, is urgently searching for replacement financing after losing a line of credit of more than $5 billion from the Royal Bank of Scotland, CNBC has learned.

  • Venezuela Shuts Down Nearly All McDonald's Friday, 10 Oct 2008 | 4:48 PM ET

    The Venezuelan government has ordered nearly all McDonald's restaurants in the country closed for 48 hours for what it calls irregularities in the fast-food chain's financial books.

  • Venezuela's Chavez Presses 'Alliance' with Russia Thursday, 25 Sep 2008 | 12:54 PM ET
    Hugo Chavez

    Venezuelan President Hugo Chavez was due in Moscow on Thursday, his second visit within months as Russia increases its ties with the U.S. foe after fighting a war against American-allied Georgia.

  • Hugo Chavez Takes Aim at Spanish Bank Friday, 1 Aug 2008 | 4:59 AM ET

    Venezuela's President Hugo Chavez has added a large Spanish-owned bank to the list of companies to be run by the government in the oil-exporting nation, furthering his plans of building a socialist state.

  • Venezuela's Chavez Says Oil Could Reach $300 Monday, 14 Jul 2008 | 4:16 AM ET

    Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel if U.S. oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.

  • Venezuelan Oil: More Going to China, Less to US Monday, 30 Jun 2008 | 4:18 PM ET
    Hugo Chavez

    U.S. imports of Venezuelan oil fell 11.7 percent during the first four months of the year compared to the same period in 2007, the U.S. government said Monday.

  • Chavez May Stop Oil to Europe Over Immigrant Law Friday, 20 Jun 2008 | 11:46 AM ET
    Pres. Hugo Chavez of Venezuela

    Venezuelan President Hugo Chavez Thursday threatened to stop selling oil to European countries if they apply a new ruling on illegal immigrants that is criticized in Latin America and by human rights groups.

  • Venezuela Will Not Attend Saudi Oil Meeting Thursday, 19 Jun 2008 | 4:15 AM ET

    Venezuela will not attend a meeting of oil consumers and producers this coming weekend and sees no need to up output, the country's oil minister said on Wednesday.

  • Portfolio Need Some Spice? Brazil's Market Is Red Hot Monday, 28 Apr 2008 | 11:32 AM ET

    Brazil's strong growth-- fueled by red-hot commodities exports and a strong domestic demand-- offers investors a growing range of options.