Venezuela quickly resolves financial dispute with China

Venezuela's cash-strapped government has quickly settled a lawsuit filed by a state-run Chinese company, making good on an unpaid bill and appeasing an important ally that holds billions in the South American country's debt. The state-owned oil company PDVSA agreed to pay $21.5 million to a U.S. subsidiary of the Chinese company Sinopec. The payment is for a 45,000-ton shipment of steel rebar delivered in 2013. The countries reached the settlement Monday, two weeks after Sinopec filed suit in a Houston federal court. More…