Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia edged up Monday afternoon as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
The hearing will now begin next Monday to allow time for the completion of a previous trial that revolves around former 1MDB unit SRC International, a Kuala Lumpur High Court...Asia Newsread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
Venezuelans are struggling to call abroad as telephone carriers fall behind on payments to international partners amid a currency crisis that is leaving the country increasingly cut off from the rest of the world.
The South American nation's largest private telephone operator, Movistar, quietly ended service to all but 10 countries in May. The other major private operator here, Digitel, cut service to more than 100 countries around the same time, and later told congress it was tens of millions of dollars in debt to foreign providers.
The changes have not been formally announced. Instead, Venezuelans are making the unhappy discovery when they dial an international number and bump into an ominous pre-recorded error message.
Caracas shopkeeper Wilmer Ruiz realized last week that he couldn't call his family in Cuba or a friend who immigrated to Ecuador. Both countries have been staunch allies of Venezuela's 16-year socialist revolution.
"We're just falling behind the rest of the world in every way," Ruiz said.
Internet calling services like Skype go only so far toward resolving the issue. Many people don't have easy access to WiFi, so they have to rely on cellphone data packages that can be prohibitively expensive. And pay-as-you-go services that allow for cheap calls to cellphones over the Internet require a foreign credit card, which most Venezuelans don't have.
In Ruiz's case, his friend in Ecuador can't afford a full data plan and his Cuban family has no Internet access.
Phone service was spotty in Venezuela even in better days. Though when a call does go through, international rates are capped at basement prices, with a four-hour call to Hong Kong costing less than 50 cents at the black market exchange rate.
The phones are just the latest things to go as currency rationing cuts Venezuela off from global trade.
Foreign airlines have abandoned the country over the past year because of Venezuela's limits on repatriating profits. Last year, the state-run postal service indefinitely suspended international mail deliveries. In the spring, the government slashed the amount of local currency citizens are allowed to convert into dollars when they travel abroad to as little as $300, essentially blocking vacations for anyone who can't afford to buy currency on the black market.
Decade-old regulations require companies and individuals to get government approval for converting local bolivars into dollars. And with the administration running low on dollars itself amid a general economic collapse, officials have been increasingly reluctant to part with any foreign currency.
Digitel has not received any dollars since 2014, company president Oswaldo Cisneros told congress in June. Venezuela's state-owned provider, CANTV, took the rare step this year of acknowledging in its annual report that the lack of access to dollars has limited its growth.
CANTV, which industry experts say provides about 40 percent of the country's international calling service, did not return requests for comment on whether it is cutting destinations. Federation of Telecommunication Workers leader Evencio Chacon, who represents the company's employees, said international service has been scaled back.
Diplomats at the German, Romanian, Austrian and Dutch embassies also report problems calling home. All spoke on condition of anonymity to avoid upsetting delicate relations with the government.
Movistar is maintaining service only to the 10 most-called destinations— Aruba, Spain, Italy, the U.S. and six Latin American countries, said Adriana Di Genova, a spokeswoman for parent company Telefonica. The hopefully temporary change is a reaction to the business climate that has already seen the Madrid-based company write down the value of its investments in Venezuela by about $3 billion, she told the AP.
Venezuela's telecommunications commission did not respond to requests for comment. Chief regulator William Castillo has said the sector is thriving despite obvious challenges.
"The entire economy is affected by the evolution in the exchange rate system. But the telecommunications sector grew 100 percent last year," he said in a television interview in December.
Telephone carriers may ultimately start charging in dollars. This month, Movistar representatives approached the Indian Embassy and offered to restore international service if the organization switched to a contract paid in dollars, said a diplomat who insisted on anonymity because he did not have authorization to discuss the issue.
Dollarization might make some expats happy, including Sabrina Wang, who moved to Caracas a few months ago to work for the Chinese telecommunications company ZTE in its partnership with Venezuela's government. Wang gets by with Skype, but wishes she could call her family from her cellphone.
"It's the same with everything here. You have money, but you can't buy what you want because it just doesn't exist," she said.
Wang said she hopes that with the help of China, Venezuela's largest lender, the country will soon be able to reconnect to the rest of the world.