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Govn't to buy 60 percent of Banco de Venezuela

Economy The Venezuelan government will pay Spanish group Santander USD 630 million out of a total of USD 1.05 billion agreed upon in May for Banco de Venezuela. This will be the first down payment made by the government for nationalizations in 2009.

The government will become the most powerful single actor in the Venezuelan financial system, with 25 percent of the sector (File Photo)

Quotable

"Mr. Chávez, in the country of the blue flag with five stars, we are seven million and a half troops (...) We are united to say no to (ousted Honduran ruler Manuel) Zelaya and say no to Chávez (who threatens to overthrow Micheletti)."

Honduras interim president Roberto Micheletti

Breaking News

Citgo is notified of collective lawsuit against Chávez

Economy

Freedom Watch, a US-based non-governmental organization (NGO), announced on Thursday that it has formally notified Citgo, the US refining branch of the Venezuelan state-run oil company Pdvsa, about the class action filed against Venezuelan President Hugo Chávez for alleged acts of terrorism and violation of human rights.

US ambassador is back in Venezuela

Western Hemisphere

The US ambassador to Venezuela Patrick Duddy returned on Wednesday night to Caracas after been expelled in September, within the framework of the normalization of bilateral diplomatic relations that began last week.

Michael Rowan / World revolution

From Our Print Edition

In 1776, the American Revolution created what the rulers of Iran and Venezuela abhor with vengeance: freedom, democracy and a vibrant economy that is leading the world from poverty to prosperity. Worldwide –even in Iran and Venezuela– only America's revolution is still making history.

News Alerts

Central Bank of Venezuela: Salary purchasing power falls 4.8 percent in 2008

In the private sector the average purchasing power of workers declined 5.9 percent in 2008 (File Photo)

The negative impact is strongly felt in the private sector, where the average purchasing power of workers declined 5.9 percent in 2008, while in the public sector the reduction of purchasing power has amounted to 2.6 percent

"Mafia's Foreign Minister" will be detained in a maximum security prison

55 percent of Venezuelans consider that democracy is at risk

Venezuela denies divisions within the military

Pdvsa will register the Petrobono 2011 in foreign markets

Pdvsa requests payment of debts related to energy deals

Organized crime kills 1,448 people in Caracas in the first half

Hugo Chávez reports "social war" in Venezuela

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Political crisis in Honduras

Interview 1

"The government's term expires in 2012"

Politics From Peru, Manuel Rosales says that he does not feel like he is living in exile and that he leads a busy life filled with activities.

Databank

Auto Parts

Venezuela's National Chamber of Auto Parts Trade (Canidra) warned that the forex board is not taking care of their demand of US dollars. According to Canidra, the board has outstanding debts with the importers of auto parts for USD 170 million, while the delays exceed 250 days.

Background

Petrochemicals

The Law for the Development of Petrochemical Activities allows private companies to control up to 50 percent of mixed companies. However, it provides that upon the expiration date or termination otherwise, unless the parties agree to extend the contract, the assets of the firms must be handed over to the State to guarantee the continuity of such activity.