Venezuela's opposition that won December's election has started legislating, but it backed-down in a dispute with Supreme Court. The opposition said the move was a tactical retreat from the government's "intitutional ambush".
After months of legal wrangling which dealt with partial and final awards over a refinery given to partners in a joint venture, ConocoPhilIps wins the refinery dispute over its Venezuelan counterparts and is awarded $10 million.
Venezuela's opposition was sworn in today as the majority in the National Assembly. It's the first time in 17 years that opponents of the socialist revolution begun by the late Hugo Chavez have controlled the legislature.
U.S. prosecutors are preparing to unveil drug trafficking charges against the head of Venezuela's National Guard, according to people familiar with the case, as the United States investigates the suspected involvement of senior Venezuelan officials in the cocaine trade.
