Also, Thursday General Motors announced it would suspend operations in Venezueala after authorities confiscated its factory in Valencia.
THREE people were killed during anti-government protests in Venezuela on Wednesday with opposition leaders calling for more marches. It said 334 remained in jail as of Thursday. GM is shuttering operations in the cou.
The move came amid violent street protests against the government of President Nicolás Maduro and a deepening economic crisis fueled by the country's heavy foreign debt and the retreat of world oil prices, slashing Venezuela's main source of income. However the crowds were smaller than the hundreds of thousands who protested in Caracas and elsewhere the previous day. The dealership had been seeking damages from GM of 476 million bolivars - about $665 million at the official exchange rate, or $115 million on the black market where many Venezuelans are forced to turn to sell their increasingly worthless currency. Tens of thousands of protesters asking for the resignation of President Nicolas Maduro flooded th. Inaugural committee records filed with the Federal Election Commission show Citgo Petroleum, a USA affiliate of Venezuela's state oil company PDVSA, was one of the biggest corporate donors to events surrounding the swearing-in ceremony.
GM vowed to legally defend itself, but getting compensated could be hard.
Last September saw some 1 million Venezuelans march on Caracas.
The company's decision to immediately quit the country after 70 years following the court embargo shows just how big a liability Venezuela's collapsing economy has become for the few multinational firms still operating here.
The venue depends on what treaties, if any, govern the investment, he said.
The Venezuelan government had no comment about the GM factory.
The current unrest rivals the 2014 wave of anti-government protests that withered in the face of a government crackdown that left more than 40 dead and dozens of opposition leaders, party members and students behind bars.
Nestor Reverol announced authorities had arrested the man responsible in the shooting death of Paola Ramirez, who was shot during the march in the border state of Tachira.
"It fits a broader pattern, in the sense that the government's response to surges in opposition activity tends to be the deepening of the revolution", said Phil Gunson, a Venezuela-based analyst for the International Crisis Group, using the government's term for its socialist makeover of Venezuelan society. GM has operated in Venezuela for almost 70 years, employing 2,700 people there and operating 79 dealerships. Numerous protesters did not seem to have a definite plan or concrete objective, which caused stalling and then clashes between police and protesters on Avenida O'Higgins.
"We are reviewing the details of the case", Toner said in a statement, saying the United States hoped to resolve the matter "rapidly and transparently". He adds that "a fair, predictable and transparent judicial system" is critical to implementing judicial reforms.
U.S. Sen. Marco Rubio, R-Fla., took a stronger stance Thursday against the Venezuelan government. Here's a look at some of the other US companies that have ceased or reduced operations in the South American country as economic conditions there deteriorate.
Monday they plan to erect roadblocks to grind the country to a halt.
In recent protests, security forces have fired rubber bullets, tear gas and water cannons.
Though hardly the largest automotive manufacturing hub in the world, Venezuela ranks as the fourth largest producer of automobiles in Latin America (behind Brazil, Mexico, and Argentina).
It's not the first time the Venezuelan government has seized a foreign corporation's facilities.
The economy is forecast to sink 8 percent this year and the International Monetary Fund forecasts inflation will soar to four digits next year. Severe shortages of staple food and medicines have only intensified the problems. Ford suspended operations at its Valencia plant in December due to slumping sales.