Maduro granted economic emergency powers

Venezuela's Supreme Court approved President Nicolas Maduro's "economic emergency" decree on Thursday, setting up a showdown after the Venezuelan Congress rejected the measure last month.

Maduro's decree includes wider executive powers to control the budget, companies and the currency amid a severe economic crisis in the OPEC nation.

The new opposition-led National Assembly shot the measure down in late January, saying it offered no real solutions to the worsening recession, shortages, and inflation.

However, in a decision published on its website, Venezuela's top court granted leftist Maduro those executive powers, foreshadowing an institutional showdown.