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News: Economy

UPDATED: Venezuela’s Maduro Signs Deals with China, Vietnam, Meets with Russia to Discuss Oil Prices

China’s President Xi Jinping (R) and Venezuela’s President Nicolas Maduro before their meeting at the Great Hall of the Peop

Venezuelan President Nicolas Maduro set out for a diplomatic tour of Vietnam and China over the weekend, and plans to meet tomorrow in Beijing with Russian president Vladimir Putin to discuss possible steps for stabilizing oil prices.

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Attacks on Venezuelan Commune and Farmland Reported, Crops Destroyed

Edison Diaz (center) accuses Barinas state governor Adan Chavez of ordering a raid to evict farmworkers and destroy their crops.

Over the past week, two different Venezuelan groups have stepped forward to denounce illegitimate raids conducted by National Guard officials (GNB) against peasants on disputed farmland in Barinas state, and on the agricultural commune El Maizal, respectively

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Venezuela Appeals Against ConocoPhillips Ruling, Pitches Special OPEC Meeting

Nicolas Maduro speaks during his weekly broadcast "In contact with Maduro" at Miraflores palace in Caracas on Aug. 11,

On Monday, the Venezuelan Attorney General’s Office reportedly requested that the World Bank’s arbitration panel “reconsider its position” with respect to its ruling in favor of ConocoPhillips’ compensation claim. 

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Venezuela’s Maduro to Present Evidence of US Economic Sabotage as Gold Tumbles

President Nicolas Maduro during the ALBA trade bloc meeting on Monday, in Caracas. (Presidential Press)

Venezuelan President Nicolas Maduro pledged yesterday evening to share evidence in the coming days of the United States’ “Plan Vulture”, which he claims is currently destabilizing leftist Latin American governments through economic sabotage. The upcoming revelation coincides with worsening economic difficulties befalling the Bolivarian nation as gold and oil prices collapse. 

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Venezuela Ramps Up Anti-Crime Offensive, Targets Hoarding and Contraband

176,000 liters of gasoline confiscated by authorities in Zulia state (@VTVcanal8)

Venezuelan security forces executed major raids on criminal groups engaged in hoarding and contraband on Sunday morning as part of the Bolivarian government’s ongoing, national anti-gang offensive.

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Riot in San Felix Highlights Economic War

The unrest began at 7:30 AM on Friday. (Panorama/Twitter)

On Friday morning, residents of San Felix, a city in Venezuela’s southeastern state of Bolivar, overturned a bus and looted various markets, in a mass reaction to rising prices. One man was killed in the ensuing unrest and dozens injured.

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Venezuela Ordered to Pay $46 Million in Compensation for Tidewater Nationalization

The International Center for Settlement of Investment Disputes (ICSID) in Washington (courtesy)

Venezuela's request to review a $46 million compensation claim filed by the oil service firm Tidewater has been rejected by the World Bank's International Center for Settlement of Investment Disputes (ICSID) on Wednesday. 

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Venezuela Pledges 1.4 Million Ounces Gold as Collateral in CitiBank Deal

Under the CitiBank deal, Venezuela will receive $1 billion in cash for gold that is worth nearly $1.7billion by today’s prices

Venezuela has pledged 1.4 million ounces of gold in exchange for a $1 billion loan from CitiBank, according to sources.

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Maduro Announces 30% Minimum Wage Hike to Combat Inflation

President Maduro and "First Combatant" Cilia Flores pledge solidarity with workers at the 2015 May Day rally in Caraca

Venezuelan President Nicolas Maduro announced a 30% minimum wage hike on Friday as part of his government's ongoing efforts to support workers amidst economic war and spiraling inflation.

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Venezuela Tops Latin America in Military Spending Cuts, Slashes Arms Budget by 34%

While Venezuela makes significant cuts in arms spending, the US continues to maintain the largest military budget worldwide, amo

According to a new report by the Stockholm International Peace Research Institute (SIPRI), Venezuela reduced its military budget by 34 percent in 2014, leading the region in arms spending cuts.

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Major Progressive Tax Reforms in Venezuela Start to Bear Fruit

Venezuela’s anti tax evasion drive has seen the country’s fiscal authority, SENIAT, collect more than 200.9 billion Bolivars

The latest figures show that the country’s total tax revenue almost doubled in the first three months of 2015 thanks to government efforts to tighten up a progressive taxation system over the past 6 months. 

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Venezuelan Government Confronts Forex Scammers with New Measures

Since 2003, Venezuela has maintained currency exchange controls aimed at curbing inflation. | (Photo: Venezuelanalysis/ Ryan Mal

Venezuelan government officials have announced new measures to reduce commonly practiced forex scams which have long dogged the country’s economy.

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Venezuela Moves Forward with Special Economic Zones to Attract Investment in Development

Venezuela's Vice-President of Planning Ricardo Menendez outlined the plans on Monday. (AVN)

The SEZ draw their inspiration from the Chinese model of "market socialism" imposed by Deng Xiaoping in the 1980s, which sought to promote state-regulated capitalist development in specific areas of the country.

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Website “Dolar Today” Causing “Irreparable Damage” to Venezuela, says Owner of Forex Centre

A screen shot of the website's exchange rates: the first one is bolivars per dollar by wire transfer, the second is for cas

Carlos Dorado, Venezuelan entrepreneur and owner of one of the country’s longest standing currency exchange centres, ItalCambio, has launched a public plea to remove the website “Dolar Today” due to the “irreparable damage” which the website is causing to the national economy.

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Two Supermarket Executives Charged With Hoarding in Venezuela

Essential items were discovered in a warehouse belonging to the Dia Dia supermarket chain, February 2, 2015 (Photo: @VillegasPol

Two managers of the private supermarket chain Dia Dia were formally charged by the Venezuelan state prosecutor yesterday with the alleged crimes of boycott and destabilization of the economy.

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