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BUSINESS
June 15, 1999 | From Associated Press
The Venezuelan economy shrank by an alarming 9.8% during the first quarter of 1999, according to a news report Monday attributed to the Central Bank. A Central Bank official, who asked to remain anonymous, said the institution will not deny the report in the El Universal newspaper. Official confirmation of the 9.8% figure was expected today, he said. The contraction was due largely to a precipitous drop in the price of oil, Venezuela's main export.
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BUSINESS
September 2, 2003 | From Bloomberg News
Venezuela's economy shrank 9.4% during the three months ended in June, led by a decline in construction, as the country's worst recession on record entered a sixth quarter. The drop followed a 27.6% contraction in the first quarter, the central bank said in a statement. Restrictions on dollar purchases set by the government in January amid a two-month nationwide strike have prevented businesses from importing parts, reducing production.
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BUSINESS
July 5, 1994 | From Times Staff and Wire Reports
Venezuela's Planning Minister Quits: The official in charge of long-term economic planning quit because of disputes with the government on how to rally Venezuela's foundering economy. Planning Minister Luis Carlos Palacios said he disagreed with government plans announced last week to impose price and exchange controls.
BUSINESS
October 8, 2000 | JAMES F. SMITH, TIMES STAFF WRITER
It feels like a time warp: The two-tone brown 1975 Ford LTD V-8 glides into the gas station and the attendant fills the tank--18 gallons for about $7.50. Cheap gasoline is one of the payoffs from this year's crude-oil price boom for the Western Hemisphere's largest oil-exporting nation. While the rest of the world groans at the pump, soaring crude oil revenue helps subsidize gas prices at home; a gallon of regular costs 35 cents.
NEWS
February 28, 1989 | From Associated Press
Angry mobs across Venezuela set fire to cars and buses, battled police and guardsmen and looted hundreds of stores Monday to protest stiff increases in gasoline prices and transportation fares. The riots injured at least 200 people in Caracas and the Guarenas shantytown 30 miles east of the capital, a police report said. There was also an unconfirmed report of a fatality.
NEWS
February 14, 1994 | KENNETH FREED, TIMES STAFF WRITER
Banco Latino seemed a depositor's heaven. It had more branches here than anyone, more services, far higher interest rates and, best of all, the confidence that comes from being an institution closely connected to this country's most powerful industrialists and politicians.
NEWS
January 1, 1989 | DOUGLAS FRANTZ, Times Staff Writer
In a surprise move, the outgoing president of Venezuela said Saturday that the fourth-biggest debtor in Latin America is suspending principal payments on nearly all of its $30.3-billion debt to foreign banks. The move was not as drastic a step as halting interest payments, but it highlights a hardening of attitudes among Latin American leaders over the worsening economic situation.
NEWS
February 5, 1992 | STAN YARBRO, SPECIAL TO THE TIMES
Troops loyal to the government arrested the leaders of a coup who intended to assassinate the president and impose a "bloody dictatorship" in one of Latin America's oldest democracies, President Carlos Andres Perez said Tuesday.
NEWS
March 4, 1989 | DON A. SCHANCHE, Times Staff Writer
President Carlos Andres Perez on Friday characterized the bloody price riots that took more than 300 lives in this once tranquil and wealthy nation as a largely spontaneous and nonpolitical outburst of the poor against the rich. He blamed Venezuela's foreign-debt crisis for creating the conditions that sparked the violence.
BUSINESS
September 4, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
Latin American credit-worthiness was called into question Thursday as Moody's Investors Service downgraded Brazilian and Venezuelan bonds and issued warnings about Mexico and Argentina. The downgrades, on the heels of Colombia's decision Monday to devalue its currency, heightened jitters across the region and sent markets tumbling anew. "We think circumstances have fundamentally changed.
BUSINESS
June 15, 1999 | From Associated Press
The Venezuelan economy shrank by an alarming 9.8% during the first quarter of 1999, according to a news report Monday attributed to the Central Bank. A Central Bank official, who asked to remain anonymous, said the institution will not deny the report in the El Universal newspaper. Official confirmation of the 9.8% figure was expected today, he said. The contraction was due largely to a precipitous drop in the price of oil, Venezuela's main export.
BUSINESS
September 4, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
Latin American credit-worthiness was called into question Thursday as Moody's Investors Service downgraded Brazilian and Venezuelan bonds and issued warnings about Mexico and Argentina. The downgrades, on the heels of Colombia's decision Monday to devalue its currency, heightened jitters across the region and sent markets tumbling anew. "We think circumstances have fundamentally changed.
BUSINESS
July 11, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
Already pummeled by the volatile global oil market, Venezuela's economic prospects suffered another blow this week when the government missed a payment on its short-term debt, focusing international attention on the country's deepening woes. As the No. 1 supplier of oil to the United States, Venezuela's economic and political stability is closely watched.
BUSINESS
June 14, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
To grasp the magnitude of Venezuela's growing power in the world oil market, this scenic Caribbean beach town is a good place to start. A $14-billion "oil city" is rising in the sand and desert scrub country at a town called Jose just west of here, a refining complex and depot that will rival the largest energy installations on earth. It will handle crude oil piped from the Orinoco Belt oil fields 125 miles to the south. From there, tankers will haul it to the United States and elsewhere.
BUSINESS
December 12, 1995 | Times Staff and Wire Reports
Venezuela Devalues Currency by 41.4%: A large devaluation had been expected as part of negotiations with the International Monetary Fund to secure an estimated $7.5-billion loan package. Government officials said the bolivar will be reduced to 290 per dollar, from the 170 per dollar the government imposed in June 1994. It was unclear whether the devaluation would take effect immediately or after the measures were published in the official gazette.
NEWS
April 29, 1995 | KENNETH FREED, TIMES STAFF WRITER
The Ordaz family once lived the middle-class dream, Venezuela style. There was a condo in Miami, beach weekends in Barbados, private schools, four-wheel-drive vehicles. But the sweet taste has turned sour. "It does seem like a dream now," said Nestor Ordaz, a 45-year-old electronics store owner. "But it's all over. I'm not sure what happened, but it's all over."
BUSINESS
July 5, 1994 | From Times Staff and Wire Reports
Venezuela's Planning Minister Quits: The official in charge of long-term economic planning quit because of disputes with the government on how to rally Venezuela's foundering economy. Planning Minister Luis Carlos Palacios said he disagreed with government plans announced last week to impose price and exchange controls.
NEWS
February 28, 1994 | From Times Staff and Wire Reports
On the fifth anniversary of major riots against price hikes, the government put together a new economic plan that aims to defuse social unrest. President Rafael Caldera suspended a portion of the constitution, which allows free commerce, thus possibly setting the stage for reimposing price controls. Caldera also suspended an unpopular value-added tax at the retail level. That means only importers and wholesalers have to pay the full 10%.
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