American Airlines cutting flights to Venezuela

FORT WORTH, Texas - American Airlines (AAL) says it will cut nearly 80 percent of its flights to Venezuela in a dispute over revenue being held by the South American country.

American said Tuesday that beginning July 2 it will operate 10 flights per week instead of the current 48. And it will only fly to Venezuela from Miami, scrapping flights from Dallas, New York and San Juan, Puerto Rico.

The airline says Venezuela is holding on to at least $750 million in revenue that American wants to bring back to the U.S.

Other airlines are locked in similar disputes. The International Air Transport Association, a trade group for major world airlines, says Venezuela is holding $4 billion in airline money because of problems with the country's currency-control system.