venezuela

New rules aimed at curbing Venezuela's high inflation by broadening government price controls will scare off investors and hurt consumers, the president of the country's largest business chamber predicted Monday.

Pending legislation aimed at curbing Venezuela's soaring inflation could backfire by boosting consumer prices, spurring corruption, stemming investment and causing more severe shortages of basic goods, analysts warned on Saturday.

Venezuela's top energy official said the government is making progress on long-term plans to dramatically boost oil output and is also aiming to diversify an economy that remains heavily reliant on oil wealth.

Venezuela's economy expanded 4.5 percent for the first quarter, confirming a growth trend after nearly two years of recession, officials said Tuesday.

Canadian mining company Crystallex International Corp. said Sunday it has been notified by Venezuela that its contract to develop a major gold mine has been terminated.

President Hugo Chavez announced the expropriation of two more companies Sunday, the latest among hundreds of enterprises taken over in the socialist leaders campaign to make Venezuela less capitalistic.

A soldier shot and killed two officers at a Venezuelan military base Saturday, setting off a gunfight that wounded six other soldiers, authorities said.

Consumer prices in Venezuela rose 2.6 percent in May, a significant slowdown from the previous month, though annual inflation is still the highest in Latin America at 31.2 percent.

Venezuela's economy shrank 5.8 percent in the first quarter from the same period a year earlier, the Central Bank said Tuesday in a report that revealed a deepening recession for the OPEC member.

Venezuela's annual inflation rate has surpassed 30 percent after consumer prices surged in April.