Venezuela

Venezuela
Thursday, March 10th 2016 - 05:40 UTC

American Airlines axes Caracas New-York until market conditions improve

In January the Forth Worth-based company wrote off $592 million, stuck in Venezuela due to the government's failure to exchange it for hard currency.

American Airlines said this week it will ax its Caracas to New York route on April 4 due to low demand just over three months after reinstating it. The surprise move comes amid a years-long battle between American Airlines Group and the Venezuelan government in which the world's largest airline says it has not been able to repatriate revenue.

Wednesday, March 2nd 2016 - 08:35 UTC

My plan for Venezuela

The people of Venezuela want this change to be peaceful and swift. The harder and more important question is: what comes next?, says Lopez

By Leopoldo López (*) - Two years ago I was imprisoned for calling for a constitutional, democratic and peaceful change in the Venezuelan government. Our plan was called La Salida, “the exit.”

Monday, February 29th 2016 - 09:24 UTC

Venezuela pays debt to bankers but bakeries have no bread, because of scarce flour

Maduro's administration “once again manifests its willingness and capacity to honor its financial commitments in a timely manner”, said the official release

Venezuela has paid $1.54 billion in principal and interest owed to international bondholders, the Banking and Finance Ministry said Saturday. President Nicolas Maduro's administration “once again manifests its willingness and capacity to honor its financial commitments in a timely manner, demonstrating its solvency in international markets,” the ministry said of Friday's payment.

Wednesday, February 3rd 2016 - 06:32 UTC

US reports first known case of Zika virus transmission through sex

Dallas County Health and Human Services said it received confirmation of the case in Dallas from the US Centers for Disease Control and Prevention.

The first known case of Zika virus transmission in the United States was reported in Texas on Tuesday by local health officials, who said it likely was contracted through sex and not a mosquito bite, a day after the World Health Organization declared an international public health emergency.

Monday, February 1st 2016 - 06:22 UTC

Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

Friday, January 29th 2016 - 03:28 UTC

Maduro claims he will not rest until a Celac summit is held in Malvinas Argentinas

“We shall not rest until having made true Latin America and the Caribbean's dream of Argentine Malvinas and holding a Celac summit there in the Islands”

Venezuelan president Nicolas Maduro was the only leader to take time during the recent Celac summit, to make a public statement on the Falklands/Malvinas pledging full support for Argentina's sovereignty claim over the Islands and promising not to rest until “the dream of Malvinas Argentinas comes true”.

Tuesday, January 26th 2016 - 07:34 UTC

Venezuela could lose UN voting rights because of US$ 3m in arrears

Venezuela, which is set to take over the rotating presidency of the UN Security Council in February, has to fork out just under US$3 million.

St. Vincent and the Grenadines, Venezuela and the Dominican Republic are among nine countries that have lost their voting rights at the United Nations because of arrears in their annual contributions to the world body.

Monday, January 25th 2016 - 10:01 UTC

IMF estimates 2016 Venezuela inflation at 720% and 8% economy contraction

“A lack of hard currency has led to scarcity of intermediate goods and to widespread shortages of essential goods exacting a tragic toll,” Werner said.

Venezuela’s consumer inflation, already the world’s highest, will more than double this year surging to 720% in 2016 from 275% last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner.

Friday, January 22nd 2016 - 05:12 UTC

Banks don't discard credit-short Venezuela will undergo a 'credit event' in 2016

President Nicolás Maduro assured the National Assembly last week that Venezuela would continue to pay what it owes

Slumping crude prices have investors and analysts warning of a potential messy default in Venezuela, with state-owned oil company PDVSA owing some US$10 billion in external debt payments due this year. With crude hovering around US$28 per barrel, Venezuela could have trouble satisfying its obligations.

Tuesday, January 19th 2016 - 06:47 UTC

Bank of America anticipates strong devaluation for bankrupt Venezuela

Maduro is expected to merge the three-tier currency controls into two, taking the dollar to a level of 35 bolivar. Black market greenbacks are traded at 865 bolivars

Bank of America predicted president Nicolas Maduro would merge Venezuela’s three-tier currency controls into two, replacing the strongest rate of 6.3 bolivars to the dollar with a level of 35. Greenbacks go for around 865 bolivars on the black market.

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