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Venezuela's Maduro promises importers overdue hard currency CARACAS: Venezuelan President Nicolas Maduro on Wednesday promised to pay back billions of dollars in government debt to disgruntled importers, after widespread shortages of basic goods helped fuel months of deadly anti-government protests."We are going to immediately pay back 30 percent of (the total hard currency owed to importers) as a way to move forward on these commitments," Maduro told a gathering of business leaders. Importers say they are owed $13 billion, and that the government's slow repayment is a key factor in shortages of items as basic as toilet paper that leave many Venezuelans spending hours in lines. Maduro did not put a specific number on what the government would repay or how soon.Venezuela -- which sits atop the world's largest proven crude oil reserves -- has Latin America's highest inflation rate -- 57 percent. Maduro's heavily state-led government inherited from late leader Hugo Chavez a decade-old system of ...

Brazil passes trailblazing Internet privacy law SAO PAULO: Brazil's Congress on Tuesday passed comprehensive legislation on Internet privacy in what some have likened to a web-user's bill of rights, after stunning revelations its own president was targeted by US cyber-snooping.The lower House of Deputies had passed the bill earlier, and late Tuesday the Senate gave it a green light. That leaves only the expected signature into law from President Dilma Rousseff."The bill sets out principles, guarantees, rights, and duties for Internet ...
Police arrest 250, seize weapons in Argentina BUENOS AIRES: A series of raids west of Buenos Aires yielded 250 arrests and unearthed firearms and drugs, police said Monday, the second such operation in as many weeks."There were 20 separate related raids in La Matanza, Moreno, Merlo and Moron, in which 250 people were detained, marijuana and cocaine were confiscated, as well as firearms" and 76 vehicles, police chief Daniel Sobrero said.On Saturday, police said around 100 suspects were arrested and 85 weapons ...
Ex-energy minister to head Chile state oil firm ENAP SANTIAGO: Former energy minister Marcelo Tokman will take over as head of Chilean state oil firm Empresa Nacional del Petroleo (ENAP) from May, the country's energy ministry said on Monday.Tokman, who has a doctorate in economics from the University of California, Berkeley, headed the energy ministry for a short time in 2010 under President Michelle Bachelet's previous administration, following a spell running Chile's energy board, where he introduced energy efficiency and renewable energy initiatives.He has ...
Venezuela PDVSA expands Caribbean storage, rents NuStar tanks HOUSTON: Petroleos de Venezuela (PDVSA), which urgently needs space in the Caribbean to store its oil, has emerged as the renter of tanks owned by NuStar Energy on the island of Saint Eustatius, where the Venezuelan state-run company will blend crudes, sources close to the transaction told Reuters.NuStar, a San Antonio, Texas-based pipeline and terminals company, said last month it signed a long-term agreement to lease parts of its facility on the Caribbean island to ...
Venezuelan protesters hold Easter rally CARACAS: Hundreds of protesters rallied on Sunday to demand the "resurrection" of Venezuelan democracy while effigies of both President Nicolas Maduro and opposition leaders were paraded for burning in a local Easter Day tradition.Though millions of Venezuelans have headed for Caribbean beaches and family gatherings over the Easter period, student demonstrators have sought to keep a nearly three-month protest movement going with religious-themed demonstrations.After a barefoot rally and a "Via Crucis" march in the style ...
Buses, cars burned in Brazil protest against police RIO DE JANEIRO: Four buses, a truck and two cars were burned Saturday in Brazil when demonstrators took to the streets to protest the deaths of two young men during police actions.The 17 and 21 year olds died Friday and Saturday in Niteroi, across the bay from Rio de Janeiro, local press reported.One was killed when his motorcycle hit an armored police vehicle, while the other was hit by crossfire in a gun battle between ...

 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln