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.
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.
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.
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.
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.
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.
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.
CARACAS (Reuters) – Even as Cuba and the United States try to bury 50 years of enmity, Venezuelan leader Nicolas Maduro has seemed to be going in the other direction, vilifying “insolent Yankees” at rallies and threatening to cut ties completely.
Fellow leftists Cuba and Venezuela are arguably the most unconditional allies in Latin America, but Cuban President Raul Castro’s move to rapprochement with the old “imperialist” enemy contrasts with Maduro’s fury at U.S. plans for sanctions against his own government.
CARACAS, Dec 8 (Reuters) – President Nicolas Maduro again
fumed against Venezuela’s poor credit rating on Monday, saying
the OPEC nation needed external financing to help it cope with
oil price declines.
The socialist government has seen bond prices plunge, loan
costs rise and market speculation of default emerge this year
amid an economic slowdown exacerbated by a declining price of
oil, which accounts for 96 percent of export revenues.
CARACAS (Reuters) – Racism in the United States appears to have worsened during the administration of its first black leader, Venezuela’s President Nicolas Maduro said on Saturday.
Maduro, who has come under fire from President Barack Obama’s government in recent weeks for his treatment of domestic political foes, said he was appalled by recent cases of police killings of blacks in the United States.