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National Assembly looks to remove 13 Supreme Court judges Venezuela is heading toward a constitutional crisis to add to its economic collapse after the opposition-controlled National Assembly challenged the power of the Supreme Court that backs President Nicolas Maduro. Diosdado Cabello, a pro-government lawmaker, said the three deputies would probably end up in jail if reinstated, adding weight to Maduro's reiterated threats to close down the congress. [Extracted from the article]

Kimberly-Clark said it would shutter its Venezuela operations after years of grappling with soaring inflation and a shortage of hard currency and raw materials. Attribution Andrew Rosati: by reporter Vivianne Rodrigues: editor responsible Philip Sanders: editor responsible Robert Jameson: editor Jose Orozco: by reporter. [Extracted from the article]

Venezuela is "highly unlikely" to have enough hard currency to fully make its debt payments this year, although a default isn't inevitable, according to a report from Moody's Investors Service. "The biggest difference of course has been the oil price which has increased since May, and since earlier in the year, so the oil price gives Venezuela's external accounts a lot more stability and a lot more breathing room". [Extracted from the article]

On June 11, the People's Daily -- the mouthpiece paper of China's Communist Party -- published an article in its overseas edition with the headline "Will Venezuela Default?" Yet despite its apparent willingness to back Venezuela, Barclays Plc and Exotix Partners LLP are part of a growing group of market watchers that are skeptical that China is truly prepared to increase financing. [Extracted from the article]

Eurasia had predicted the country could halt debt payments this year in the face of low oil prices and the worst recession in decades. Attribution Fabiola Zerpa: assist Brendan Walsh: editor responsible Lester Pimentel: editor Michael Tsang: editor responsible Nathan Crooks: by reporter Derek Wallbank: assist Christine Jenkins: by reporter Rita Nazareth: editor. [Extracted from the article]

Ash and dust clouds are making Caracas sick as El Nino hits And as Yajaira Espinoza, a 55-year-old hairdresser, made her way down the halls of Caracas university hospital on Friday, Zika cases evident in the rooms around her, a dense ash-filled smog enveloped the city. Attribution Noris Soto: by reporter Ethan Bronner: editor Fabiola Zerpa: by reporter Daniel Cancel: editor responsible Nathan Crooks: editor. [Extracted from the article]

What Can Venezuela Sell to Pay Bondholders? Bank of America Corp. estimates Venezuela has assets and reserves just shy of $50 billion it could use to pay debt and imports. Barclays estimates that Venezuela has $30 billion in foreign assets and could count with usable assets of $12 billion to $15 billion to finance its gap. [Extracted from the article]

Venezuela relies on oil for 95 percent of its foreign-currency earnings and the price of the crude the country exports has fallen by more than half in the past year to $24.71 a barrel. Including interest, PDVSA and the government have $8.3 billion in bond payments still to make this year. [Extracted from the article]

Standard & Poor's is undoing the efforts of banks from Goldman Sachs Group Inc. to BNP Paribas SA to quell concern that Venezuela will default. The downgrade adds concern Venezuela will struggle to meet debt payments as foreign reserves tumble, oil exports fall and the economy heads for its biggest contraction since 2009. [Extracted from the article]