Bureau Chief, Andean Region
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Jan 22, 2015

Bonds slip, foes gripe at Venezuela’s economic changes

CARACAS, Jan 22 (Reuters) – Venezuelan bond prices edged
down on Thursday while opponents savaged economic changes by
President Nicolas Maduro that included a seeming devaluation of
the currency and an imminent rise in domestic gasoline prices.

Under pressure over the OPEC member’s recession, product
shortages and plunging oil revenues, Maduro has opted to keep a
complex three-tier currency control system, though bands have
been shifted to ensure more dollars are sold at higher levels.

Jan 22, 2015

Bonds slip, foes gripe at Maduro’s Venezuela economic changes

CARACAS, Jan 22 (Reuters) – Venezuelan bonds edged down on
Thursday while opponents lampooned economic changes by President
Nicolas Maduro that included a seeming devaluation of the
currency and an imminent rise in domestic gasoline prices.

Under pressure over the OPEC member’s recession, product
shortages and plunging oil revenues, Maduro has opted to keep a
complex three-tier currency control system, though bands have
been shifted to ensure more dollars are sold at higher levels.

Jan 22, 2015

President pushes currency, fuel reforms for ailing Venezuela

CARACAS, Jan 21 (Reuters) – President Nicolas Maduro shook
up complex currency controls on Wednesday and also prepared
Venezuelans for a rise in the world’s cheapest fuel prices in
response to a recession worsened by plunging oil revenue.

The socialist-run OPEC member’s economy shrank 2.8 percent
in 2014 while inflation topped 64 percent, the socialist leader
announced in a speech to parliament, in what is almost certainly
the worst performance in Latin America.

Jan 22, 2015

Venezuela’s economy shrunk 2.8 percent in 2014: Maduro

CARACAS (Reuters) – OPEC member Venezuela’s recession-hit economy shrunk 2.8 percent in 2014 while inflation topped 64 percent, President Nicolas Maduro said on Wednesday, in almost certainly the worst performance in Latin America.

In his annual address to parliament, the 52-year-old successor to Hugo Chavez blamed political foes and an “economic war” for Venezuela’s dismal data.

Jan 21, 2015

In shortages-hit Venezuela, lining up becomes a profession

CARACAS (Reuters) – There’s a booming new profession in Venezuela: standing in line.

The job usually involves starting before dawn, enduring long hours under the Caribbean sun, dodging or bribing police, and then selling a coveted spot at the front of huge shopping lines.

Dec 31, 2014

Recession-hit Venezuela vows New Year reforms, foes scoff

CARACAS, Dec 30 (Reuters) – President Nicolas Maduro vowed
on Tuesday to reform Venezuela’s Byzantine currency controls in
early 2015 as part of a six-month plan to shake Venezuela out of
recession, but foes accused him of incompetence and inaction.

After sitting on GDP data all year, the Central Bank
announced that OPEC member Venezuela had entered recession, with
the economy contracting in each of the first three quarters: by
4.8, 4.9 and 2.3 percent, respectively.

Dec 30, 2014

Venezuela confirms recession, highest inflation in Americas

CARACAS, Dec 30 (Reuters) – Venezuela confirmed on Tuesday
it had entered a recession while inflation remained the highest
in the Americas, and President Nicolas Maduro’s socialist
government blamed political foes for the dismal data.

The Central Bank said GDP contracted in each of the first
three quarters: 4.8 percent, 4.9 percent and 2.3 percent.
Twelve-month inflation reached 63.6 percent in November.

Dec 30, 2014

Venezuela confirms recession, inflation hits 63.6 percent in Nov

CARACAS, Dec 30 (Reuters) – Venezuela entered a recession in
2014, with the economy shrinking in the first three quarters,
the Central Bank said on Tuesday, blaming political opponents
for the dismal figures.

In a statement, the bank said GDP contracted 4.8 percent in
the first quarter, versus the same period of last year, then it
fell a further 4.9 percent in the second quarter and shrank 2.3
percent in the third quarter.

Dec 30, 2014

Maduro blames plunging oil prices on U.S. ‘war’ vs Russia, Venezuela

CARACAS (Reuters) – Venezuela’s petroleum export price has plunged by half during the second half of 2014 to $48, President Nicolas Maduro said on Monday in denouncing a U.S.-led “war” against Russia and his nation in the global oil market

The South American OPEC nation’s crude trades at a discount to the U.S. and Brent benchmarks because of its higher content of heavy oil.

Dec 26, 2014

Venezuela’s Maduro moves foreign minister Ramirez to U.N.

CARACAS (Reuters) – President Nicolas Maduro named powerful Foreign Minister Rafael Ramirez to a new post as envoy to the United Nations on Friday, saying the appointment would strengthen Venezuela’s voice on the world body’s Security Council from Jan. 1.

Venezuela’s socialist government sees its imminent two-year seat on the Security Council as a chance to raise its international profile and counteract U.S. global influence.

    • About Andrew

      "Andrew Cawthorne is a British journalist who has worked for Reuters since 1992 on various assignments in Latin America, Africa, Europe and the Middle East. Prior to that, Andrew worked on newspapers for several years."
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