02082016Mon
Last update: Mon, 08 Feb 2016 03pm

South America

World - South America

Venezuela president faces rivals in state address CARACAS: Venezuela's President Nicolas Maduro will come face to face with hostile lawmakers threatening to oust him when he makes a state of the nation address on Friday.At a key point in the political crisis rocking the oil-rich nation, the Socialist leader is expected to go before the state legislature for the first time since his center-right opponents took control of it.They vowed to devise a way of booting out the mustachioed former bus driver as president this year, while he secured a Supreme Court injunction limiting their legislative powers to do so.The institutional arm-wrestle threatened to paralyze the National Assembly legislature this week and heightened fears that the political rumpus could spill over into unrest on the streets.Only last-minute compromises set the stage for Maduro to deliver his annual presidential report in the debating chamber. Under the constitution he had until Friday to do so.The new speaker of the ...

World - South America

Brazil's government sees higher rates sinking recovery BRASILIA: Brazilian President Dilma Rousseff's left-leaning administration is worried a possible interest rate hike next week will foil its efforts to revive a battered economy while failing to curb inflation, government sources said on Thursday.The ruling Workers Party, unions and businesses are pressuring the central bank to keep its Selic rate unchanged to avoid deepening what is on track to become Brazil's worst recession in more than a century. The central bank has raised the ...

World - South America

Ecuador says will cooperate with Sweden on Assange QUITO: Ecuador said Wednesday it will cooperate with Swedish prosecutors after they formally requested permission to interrogate WikiLeaks founder Julian Assange at his hideout in the Ecuadoran embassy in London."We will cooperate with the Swedish authorities so they can take some statements. We have said that from the beginning," said Ecuadoran Foreign Minister Ricardo Patino in an interview with news site Ecuadorinmediato.He said the interrogation would take place under Ecuadoran law because the 44-year-old Australian, ...

World - South America

Argentina's new government gives first inflation stats BUENOS AIRES: Argentina predicted Wednesday it will face inflation of around 20 percent this year, its first official inflation statistics under conservative President Mauricio Macri, who accuses his predecessor of cooking the books.The slumping South American economy will register inflation of between 20 and 25 percent in 2016, said Economy Minister Alfonso Prat-Gay.He said inflation came in at 30 percent last year -- more than twice the level reported by the official statistics agency under ...

World - South America

Venezuela sinks deeper into messy political crisis CARACAS: Venezuela sank deeper into a messy political crisis Tuesday as the opposition-controlled National Assembly suspended its session after the Supreme Court declared it null and void.Speaking before a nearly empty chamber, speaker Henry Ramos Allup, a fierce opponent of President Nicolas Maduro, declared the National Assembly lacked a quorum and would reconvene Wednesday morning.The temporary legislative vacuum further complicates the tumultuous political scenario in reeling oil giant Venezuela.The opposition won a landslide election victory ...

World - South America

Petrobras cuts investment, production targets RIO DE JANEIRO: Brazil's crisis-plagued state oil giant Petrobras slashed its planned investments and production targets Tuesday, as plunging crude prices and a strong dollar continued wreaking havoc on its books.Petrobras, which is at the center of a massive corruption scandal, has cut its planned investments for the period 2015 to 2019 by 24.5 percent, to $98.4 billion, it said in a statement.It also lowered its production target for this year by 1.8 percent, to ...

World - South America

Venezuelan opposition in showdown with high court CARACAS: Venezuela headed into ever murkier political waters Monday as the Supreme Court declared the newly opposition-controlled legislature null and void and the opposition vowed to continue defying the judges.The showdown between the legislative and judicial branches escalated a notch as the court invalidated all actions taken by the current National Assembly, which includes three opposition lawmakers judges had barred from taking office over an election dispute.The decision declared the three lawmakers and the National ...