Business News Venezuela

  • CARACAS, Sept 20- Venezuela's President Nicolas Maduro said on Thursday that 34 supermarket managers had been jailed on charges of hiding food and gouging prices, in the leftist government's latest crackdown on businesses as the country struggles under a severe economic downturn. "We had a group of supermarkets that hid the products from people and started to...

  • Currency exchange values are displayed in the buy-sell board of a bureau de exchange in Buenos Aires, on August 31, 2018. - Argentina's peso began to recover on Friday as markets opened, making a tiny 0.68 percent gain after losing 20 percent of its value against the dollar over the previous two days.

    Persistent rate increases in the United States may be having very negative impacts on the global economy.  

  • Chicago Mayor Rahm Emanuel speaks at a press conference where he addressed issues related to the city's murder rate and the city's Sanctuary City policy on January 25, 2017 in Chicago, Illinois. 

    Emanuel, a veteran of the Clinton and Obama administrations, is publicly warning that Trump may blow past the hesitation of national security advisors in search of a rally-around-the-flag political boost. He wants Congress to flash caution lights.

  • CARACAS, Venezuela— Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to invest $5 billion more in Venezuela, Maduro said...

  • CARACAS, Sept 14- Some Venezuelans on Friday began to receive their first salary payment since the government introduced a 60- fold minimum wage increase, though companies warned it was unaffordable and would add to the devastation of business in the country. Around a dozen firms and business associations Reuters spoke to in different parts of Venezuela said...

  • BEIJING/ CARACAS, Sept 14- Venezuela gave China another stake in the OPEC member's oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro's visit to his government's key financier on Friday. The statement also said China and Venezuela had signed a "memorandum for...

  • BEIJING/ CARACAS, Sept 14- Venezuela gave China another stake in the OPEC nation's oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro's visit to his key financier on Friday. The statement also said China and Venezuela had signed a "memorandum for cooperation in...

  • *Maduro in China from Thursday until Sunday. *Venezuela economy in state of hyperinflationary collapse. CARACAS/ BEIJING, Sept 14- Venezuelan President Nicolas Maduro is traveling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.

  • MADRID— A judge in Andorra has charged 28 people, including former officials in Venezuela, with money laundering offenses over a kickbacks-for-contracts scheme that plundered $2 billion from the Venezuelan state oil company between 2007 and 2012.. Among those accused are nine people from Andorra, five from Spain and 14 Venezuelans, including former deputy...

  • *Maduro in China from Thursday until Saturday. *Venezuela economy in state of hyperinflationary collapse. CARACAS/ BEIJING, Sept 13- Venezuelan President Nicolas Maduro is traveling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.

  • Welders work on the Strategic Petroleum Reserve pipeline on June 1, 1980, in West Hackberry, Louisianna. Begun under President Ford to reduce the threat of oil embargoes, the SPR crude oil is stored in huge underground salt caverns along the Gulf of Mexico, a natural choice due to the proximity of many refineries and distribution points.

    Global oil supply was firing on all cylinders in August, reaching a record 100 million barrels per day (bpd), the International Energy Agency revealed in its monthly Oil Market Report Thursday.

  • CARACAS, Sept 12- Venezuelan President Nicolas Maduro said on Wednesday he was traveling to China, the crisis-struck OPEC nation's key financier, to advance in "new deals" on the economic front. The leftist leader, who has been pushing for fresh loans and a grace period on oil shipments, vowed "big achievements" during the visit. Further details were not immediately...

  • Venezuelan President Nicolas Maduro delivers a speech during a ceremony to celebrate the 81st anniversary of the National Guard in Caracas on August 4, 2018. Maduro was unharmed after an exploding drone 'attack', the minister of communication Jorge Rodriguez said following an incident that saw uniformed military members break ranks and scatter after a loud bang interrupted the leader's remarks and caused him to look to the sky, according to images broadcast on state television.

    The Trump administration has held clandestine talks with rebellious military officers from Venezuela, The New York Times reported on Saturday.

  • CARACAS/ VALENCIA, Venezuela, Aug 31- Unilever's factory in the outskirts of the northern Venezuelan city of Valencia once bustled with activity as it produced everything from soap to toothpaste for one of South America's wealthiest economies. Now, with Venezuela struggling with a fifth year of recession and its economy wracked by hyperinflation, there are...

  • Why Venezuela's Citgo is in danger of being seized

    CNBC's Brian Sullivan reports on how PDVSA-owned Citgo is in jeopardy due to the outcome of a lawsuit against the Venezuelan government.

  • The top of the unfinished abandoned skyscraper Torre de David, which is leaning in Caracas on August 21, 2018 following a 7.0-magnitude earthquake that struck in the Venezuelan northeastern state of Sucre according to the US Geological Survey. 

    It was not immediately clear if there was any damage to Venezuela's oil industry. 

  • CARACAS/ VALENCIA, Venezuela, Aug 21- Venezuela's streets were quieter than normal on Tuesday, as a currency devaluation and package of economic measures by socialist President Nicolas Maduro went into effect, and the opposition asked storekeepers to shut up shop in protest. The OPEC nation on Monday cut five zeros from prices and pegged the country's currency...

  • CARACAS/ VALENCIA, Venezuela, Aug 21- Venezuela's streets were quieter than normal on Tuesday, but some businesses remained open despite an opposition call for a national strike to protest economic measures announced by socialist President Nicolas Maduro. The OPEC nation on Monday cut five zeros from prices and pegged the country's currency to an obscure...

  • CARACAS, Aug 21- Venezuela's streets were quieter than normal on Tuesday, but some businesses remained open despite an opposition call for a national strike to protest economic measures announced by socialist President Nicolas Maduro. The OPEC nation on Monday cut five zeros from prices in response to hyperinflation as part of a broad set of measures meant to...

  • Aug 20- U.S. producer ConocoPhillips and Venezuela's PDVSA have reached a payment agreement over a $2 billion arbitration, the companies said on Monday, suspending a dispute that blocked the state-run company from exporting oil from most of its key Caribbean facilities. The case relates to the nationalization of Conoco assets dating back over a decade in...