Venezuela's National Assembly passes law to protect navigation, trade freedom

Venezuela's National Assembly on Tuesday passed a law aimed at guaranteeing and protecting freedom of navigation and trade against piracy, blockades and other illicit international acts, following U.S. seizures of vessels carrying Venezuelan oil in the Caribbean.

The "Law to Guarantee Freedom of Navigation and Commerce Against Piracy, Blockades, and Other International Illicit Acts" was declared approved by National Assembly President Jorge Rodriguez after a vote.

The legislation was passed during an extraordinary session and under urgent procedures, following U.S. seizures of vessels carrying Venezuelan oil on the high seas, and it allows prison sentences of up to 20 years for anyone who promotes or finances what it describes as piracy or blockades.

The law seeks to safeguard Venezuela's commercial and political relations from what authorities describe as threats by the United States.

On Monday, the National Assembly approved the bill in a first reading after it was proposed by Venezuelan President Nicolas Maduro as part of efforts to defend national sovereignty.

For almost four months, the U.S. has maintained a heavy military presence in the Caribbean, much of it off Venezuela's coast, purportedly to combat drug trafficking -- a claim Venezuela has denounced as a thinly veiled attempt to bring about regime change in Caracas.

The Pentagon has sunk more than 28 alleged drug vessels in the Caribbean and eastern Pacific Ocean since early September, killing at least 104 people aboard.

Venezuela's National Assembly passes law to protect navigation, trade freedom

As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.

The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.

In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.

According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.

Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.

Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.

Over one-third of Americans rack up holiday debt: survey