Venezuelan President Hugo Chavez sent a soothing message to US motorists, saying that Venezuela is not preparing to cut off oil shipments to the US.
The socialist leader rattled oil markets when he threatened a week ago to halt shipments to the US in retaliation for Exxon Mobil Corp's success in convincing courts in the US and Europe to freeze Venezuelan assets.
"We don't have plans to stop sending oil to the United States," Chavez said on Sunday during a visit to heavy-oil projects in Venezuela's petroleum-rich Orinoco River basin that were nationalized last year.
But he added that Venezuela could cut off supplies to the US if Washington "attacks Venezuela or tries to harm us."
Chavez has repeatedly warned against a possible US invasion to seize control of Venezuela's immense oil reserves. US officials have denied any such plan exists. The US relies on Venezuela for about 10 percent of its oil imports.
The Chavez administration is locked in a legal battle with Exxon Mobil over compensation for the nationalization of one of four heavy-oil projects in the Orinoco River basin.
Exxon Mobil, the world's largest publicly traded oil company, is seeking to freeze billions of dollars in Venezuelan assets in the US and Europe to guarantee a payoff if it wins a decision by an international arbitration panel.
Last month, a British court injunction ordered the temporary freezing of up to US$12 billion in assets of state-run Petroleos de Venezuela SA (PDVSA).
Last Thursday, Oil Minister Rafael Ramirez said Exxon Mobil was demanding more than 10 times the compensation it may deserve from Venezuela for nationalizing the oil venture.
Exxon Mobil walked away from its heavy-oil upgrading operations in the Orinoco basin after Caracas changed the terms of the contract. Other major oil firms, including the US' Chevron Corp, France's Total, Britain's BP PLC and Norway's StatoilHydro ASA, have made deals to continue on as minority partners.
Taiwan is projected to lose a working-age population of about 6.67 million people in two waves of retirement in the coming years, as the nation confronts accelerating demographic decline and a shortage of younger workers to take their place, the Ministry of the Interior said. Taiwan experienced its largest baby boom between 1958 and 1966, when the population grew by 3.78 million, followed by a second surge of 2.89 million between 1976 and 1982, ministry data showed. In 2023, the first of those baby boom generations — those born in the late 1950s and early 1960s — began to enter retirement, triggering
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RELEASED: Ko emerged from a courthouse before about 700 supporters, describing his year in custody as a period of ‘suffering’ and vowed to ‘not surrender’ Former Taiwan People’s Party (TPP) chairman Ko Wen-je (柯文哲) was released on NT$70 million (US$2.29 million) bail yesterday, bringing an end to his year-long incommunicado detention as he awaits trial on corruption charges. Under the conditions set by the Taipei District Court on Friday, Ko must remain at a registered address, wear a GPS-enabled ankle monitor and is prohibited from leaving the country. He is also barred from contacting codefendants or witnesses. After Ko’s wife, Peggy Chen (陳佩琪), posted bail, Ko was transported from the Taipei Detention Center to the Taipei District Court at 12:20pm, where he was fitted with the tracking
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