By , LONDON/CARACAS (Reuters) - In the vaults beneath the Bank of England, where foreign nations stash parts of their vast gold reserves, lie 1.7 billion euros ($1.9 billion) of disputed gold bars. Two parties claim access to them.Venezuelan President Nicolas Maduro says they belong to his administration’s central bank. His rival, opposition leader Juan Guaido, who the British government recognizes as Venezuela’s rightful leader, say the bars are his to control.Next week, a British commercial court will begin deciding whose claim is just, after the Venezuelan central bank (BCV) sued the...…By , LONDON/CARACAS (Reuters) - In the vaults beneath the Bank of England, where foreign nations stash parts of their vast gold reserves, lie 1.7 billion euros ($1.9 billion) of disputed gold bars. Two parties claim access to them.Venezuelan President Nicolas Maduro says they belong to his administration’s central bank. His rival, opposition leader Juan Guaido, who the British government recognizes as Venezuela’s rightful leader, say the bars are his to control.Next week, a British commercial court will begin deciding whose claim is just, after the Venezuelan central bank (BCV) sued the...WW…

By , CARACAS (Reuters) - The Venezuelan government removed some six tonnes of gold from the central bank’s vaults between late 2019 and early 2020 to raise more hard currency for President Nicolas Maduro’s cash-strapped administration, according to two government sources familiar with the movement.Last year Maduro’s government repeatedly withdrew monetary gold to exchange it abroad for euros in cash, sources said at the time, as falling oil production, an economic collapse and U.S.-imposed sanctions hit public income and restricted access to credit. The government has never publicly...…By , CARACAS (Reuters) - The Venezuelan government removed some six tonnes of gold from the central bank’s vaults between late 2019 and early 2020 to raise more hard currency for President Nicolas Maduro’s cash-strapped administration, according to two government sources familiar with the movement.Last year Maduro’s government repeatedly withdrew monetary gold to exchange it abroad for euros in cash, sources said at the time, as falling oil production, an economic collapse and U.S.-imposed sanctions hit public income and restricted access to credit. The government has never publicly...WW…

By , CARACAS (Reuters) - Venezuelans are steadily losing access to cheap basic services from water to cooking gas that have helped them survive economic crisis, forcing many to find creative solutions and adding pressure during the coronavirus quarantine.Services have long been near-free due to heavy subsidies by the ruling Socialist Party, which has overseen a six-year economic collapse despite Venezuela’s oil wealth.But as the decay of state-run utilities has led to constant shortages, Venezuelans now have to pay the equivalent of several months’ salary for a few days of water, gas or...…By , CARACAS (Reuters) - Venezuelans are steadily losing access to cheap basic services from water to cooking gas that have helped them survive economic crisis, forcing many to find creative solutions and adding pressure during the coronavirus quarantine.Services have long been near-free due to heavy subsidies by the ruling Socialist Party, which has overseen a six-year economic collapse despite Venezuela’s oil wealth.But as the decay of state-run utilities has led to constant shortages, Venezuelans now have to pay the equivalent of several months’ salary for a few days of water, gas or...WW…

By , CARACAS (Reuters) - Venezuela’s modest advances in taming inflation since last year are being wiped out by chronic fuel shortages and a plummeting exchange rate, driving food prices up amid the coronavirus pandemic, according to economists, lawmakers and industry leaders.After peaking in 2018 at 1.8 million percent, inflation slowed last year as President Nicolas Maduro eased socialist economic controls, helping keep monthly consumer price increases below 30% in February and March.But with a lack of fuel making it difficult to deliver goods and the bolivar depreciating some 60% in...…By , CARACAS (Reuters) - Venezuela’s modest advances in taming inflation since last year are being wiped out by chronic fuel shortages and a plummeting exchange rate, driving food prices up amid the coronavirus pandemic, according to economists, lawmakers and industry leaders.After peaking in 2018 at 1.8 million percent, inflation slowed last year as President Nicolas Maduro eased socialist economic controls, helping keep monthly consumer price increases below 30% in February and March.But with a lack of fuel making it difficult to deliver goods and the bolivar depreciating some 60% in...WW…

By , CARACAS (Reuters) - Venezuela is asking the Bank of England to sell part of the South American nation’s gold reserves held in its coffers and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts, according to two sources with knowledge of the situation.Venezuela for decades stored gold that makes up part of its central bank reserves in the vaults of foreign financial institutions including the Bank of England, which provides gold custodian services to many developing countries.But the Bank of England has since 2018 refused to transfer the 31...…By , CARACAS (Reuters) - Venezuela is asking the Bank of England to sell part of the South American nation’s gold reserves held in its coffers and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts, according to two sources with knowledge of the situation.Venezuela for decades stored gold that makes up part of its central bank reserves in the vaults of foreign financial institutions including the Bank of England, which provides gold custodian services to many developing countries.But the Bank of England has since 2018 refused to transfer the 31...WW…

By , CARACAS (Reuters) - Venezuelan President Nicolas Maduro is pressing banks to implement digital payment systems as hyperinflation prompts chronic shortages of cash in the bolivar currency, three people familiar with the talks told Reuters.Maduro has targeted the public transit system - where roughly three-quarters of all circulating cash is spent - as the first stage of a plan he calls “the digital bolivar.” In January, he asked banks to deliver point-of-sale terminals to the Caracas subway system and bus drivers, said the people, who spoke on the condition of anonymity.With annual...…By , CARACAS (Reuters) - Venezuelan President Nicolas Maduro is pressing banks to implement digital payment systems as hyperinflation prompts chronic shortages of cash in the bolivar currency, three people familiar with the talks told Reuters.Maduro has targeted the public transit system - where roughly three-quarters of all circulating cash is spent - as the first stage of a plan he calls “the digital bolivar.” In January, he asked banks to deliver point-of-sale terminals to the Caracas subway system and bus drivers, said the people, who spoke on the condition of anonymity.With annual...WW…

By , CARACAS (Reuters) - Venezuela’s ruling Socialist Party on Tuesday inaugurated a parliament controlled by allies of President Nicolas Maduro, while the opposition convened a rival committee of legislators in a virtual session, following disputed elections on Dec. 6.The opposition, led by speaker Juan Guaido, had boycotted the vote, widely considered fraudulent by Maduro adversaries and many Western countries. On Dec. 26, the opposition-controlled parliament approved a statute extending its term into 2021.But it was Socialist Party lawmakers and allies who physically occupied the...…By , CARACAS (Reuters) - Venezuela’s ruling Socialist Party on Tuesday inaugurated a parliament controlled by allies of President Nicolas Maduro, while the opposition convened a rival committee of legislators in a virtual session, following disputed elections on Dec. 6.The opposition, led by speaker Juan Guaido, had boycotted the vote, widely considered fraudulent by Maduro adversaries and many Western countries. On Dec. 26, the opposition-controlled parliament approved a statute extending its term into 2021.But it was Socialist Party lawmakers and allies who physically occupied the...WW…

By , CARACAS (Reuters) - Venezuelan tax offices stand deserted, classrooms lack teachers, and utility bills go uncollected, as meager civil servant salaries drive chronic absenteeism and resignations in the hundreds of thousands.After years of economic crisis in the once-prosperous OPEC member, many state institutions now work at a fraction of capacity as workers give up on incomes that barely feed them.With fewer staff, state power and phone companies often ignore outages, the Caracas metro limits services, and the national tax body has abandoned its once-ferocious oversight of private...…By , CARACAS (Reuters) - Venezuelan tax offices stand deserted, classrooms lack teachers, and utility bills go uncollected, as meager civil servant salaries drive chronic absenteeism and resignations in the hundreds of thousands.After years of economic crisis in the once-prosperous OPEC member, many state institutions now work at a fraction of capacity as workers give up on incomes that barely feed them.With fewer staff, state power and phone companies often ignore outages, the Caracas metro limits services, and the national tax body has abandoned its once-ferocious oversight of private...WW…

By , CARACAS, Oct 1 (Reuters) - Venezuelan President Nicolas Maduro has drafted legislation to grant his government expanded powers to confidentially sign new oil deals with private firms and foreign nations as a way of getting around U.S. sanctions, according to the proposal and people familiar with the initiative.Maduro delivered the “anti-blockade” bill on Tuesday to the government-aligned Constituent Assembly, a parallel legislature he created to bypass the opposition-controlled congress. The sources said the assembly will pass it into law during its next session.The draft legislation,...…By , CARACAS, Oct 1 (Reuters) - Venezuelan President Nicolas Maduro has drafted legislation to grant his government expanded powers to confidentially sign new oil deals with private firms and foreign nations as a way of getting around U.S. sanctions, according to the proposal and people familiar with the initiative.Maduro delivered the “anti-blockade” bill on Tuesday to the government-aligned Constituent Assembly, a parallel legislature he created to bypass the opposition-controlled congress. The sources said the assembly will pass it into law during its next session.The draft legislation,...WW…

By , CARACAS/MARACAY, Venezuela (Reuters) - Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation’s exclusive economic zone.Iran is providing the country with up to 1.53 million barrels of gasoline and components to help it ease an acute scarcity that has forced Venezuelans to wait in hours-long lines at service stations or pay steep prices on the black market.With the arrival of the gasoline, Maduro said he would end the policy of providing...…By , CARACAS/MARACAY, Venezuela (Reuters) - Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation’s exclusive economic zone.Iran is providing the country with up to 1.53 million barrels of gasoline and components to help it ease an acute scarcity that has forced Venezuelans to wait in hours-long lines at service stations or pay steep prices on the black market.With the arrival of the gasoline, Maduro said he would end the policy of providing...WW…