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News: Economy

Top State Food Functionaries Arrested for Embezzlement

The three officials are currently being held in the Venezuelan intelligence services (SEBIN) headquarters in Caracas (VTV).

Three top officials in key Venezuelan state food corporations have been arrested for embezzling millions of bolivars after it emerged that they had been illegally selling subsidised goods to private sector restaurants, bakeries and supermarkets for huge personal profit.

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Venezuelan National Assembly Declares National Health Emergency

Medicine shortages have been affecting Venezuela since 2014 (VTV)

On Tuesday Venezuela’s opposition-controlled parliament declared a national emergency in healthcare due to “grave scarcity of medicines and medical supplies, and the deterioration of humanitarian infrastructure.”

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CELAC Meeting: Latin American and Caribbean Heads of State Meet in Quito

Brazil's President Dilma Rousseff waves next to Ecuador's President Rafael Correa ahead of the CELAC head of states me

Twenty-two presidents from around Latin America and the Caribbean are descending on Quito, Ecuador, this Wednesday to discuss regional issues and strengthen Latin American unity and sovereignty in decision making.

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Venezuelan Parliament Blocks Emergency Economic Decree

Venezuela’s National Assembly. (AFP)

Venezuela’s opposition-controlled National Assembly rejected Friday an emergency economic decree that would have granted President Nicolas Maduro special powers to confront the country’s worsening economic crisis.

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Venezuelan Central Bank Releases Inflation Data after Year-Long Gap

Accumulated inflation rates for 2014 and 2015. (Venezuelan Central Bank)

The Venezuelan Central Bank has released data relating to the country’s debt and accumulated inflation rates after keeping the numbers under wraps since December 2014, on the grounds that the country is at war.

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Venezuela’s Maduro Delivers 2016 State of the Union Address

(archives)

In his speech, Maduro derided Venezuela’s private sector for neglecting to invest in national industry and waging a “speculative” war against the country’s economy. He also pledged to continue his governments socialist agenda into 2016 - despite an opposition controlled legislature.

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Venezuela Unveils Emergency Economic Decree to Confront Deepening Crisis

Venezuelan Vice-President for economy Luis Salas announces the emergency economic decree. (AVN)

The Venezuelan government of Nicolas Maduro unveiled an emergency economic decree Friday, which, pending its approval by parliament, would grant the executive sweeping powers to pass legislation aimed at tackling the country’s deep economic crisis.

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New Agriculture Minister Launches Bid to Cut Import Dependency

The new measures are the first actions taken by new Minister of Agriculture and Land, Wilmar Castro Soteldo (AVN).

Venezuela’s new Agriculture and Land Minister, Wilmar Castro Soteldo, launched a string of measures this past Saturday in a bid to get the country’s national food production back on track.

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Caracas Farmers’ Market Showcases Grassroots Responses to Economic War

A woman sells fresh produce at the Caracas farmers' market. (Lucas Koerner)

Hundreds gathered in Los Caobos park in downtown Caracas on Saturday morning for an ecological farmers’ market organized by grassroots organizations and cooperatives.

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Venezuelan Authorities Uncover 2,500 Kilos of Expired Flour in Kraft Plant

On Saturday, a cache of 30 tons of corn flour were uncovered by Venezuelan Armed Forces officials in Zulia state as part of anti

Venezuelan authorities discovered 2,500 kilos of expired wheat flour at a plant belonging to the US multinational Kraft Foods in the northwestern city of Barquisimeto. The wheat flour was imported by the food and beverage conglomerate using preferential dollars provided by the Venezuelan state, which are exclusively reserved for importing food and medicines.

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Venezuela Says Oil Glut a Political Strategy as OPEC Leaders Determine Next Step

(AP)

During a Tuesday live broadcast, Venezuelan President Nicolas Maduro announced that the country’s heavy crude oil was selling for a six-year low of $37.95 a barrel and claimed outside forces would try driving the price to $20 before the December 6th parliamentary elections.

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Venezuela Sues Miami-based Currency Website Dollar Today over Alleged Cyberterrorism

Exchange rates listed on Dollar Today twitter account (Twitter/@DolarToday)

The Venezuelan Central Bank (BCV) opened a lawsuit in a US federal court in Delaware on Friday against the Miami-based currency website Dollar Today, which it accuses of destabilizing the Venezuelan economy by publishing false exchange rate data.

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Maduro Makes Moves toward Economic Reform as New Poll Predicts PSUV Win

President Nicolas Maduro made a series of economic announcements while visiting an industrial site in the Venezuelan state of Ba

Venezuelan President Nicolas Maduro unveiled  a series of economic measures on Tuesday following the release of a new poll predicting a victory for the ruling United Socialist Party (PSUV) in December parliamentary elections.

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2016 Budget Unveiled as Venezuela Pushes for Price Ceiling at OPEC Meeting

(La Patilla/archive)

On Tuesday, Venezuelan officials outlined the 2016 budget, making emphasis on debt payment, while synchronous steps in oil diplomacy reveal an ongoing attempt to raise global prices. 

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Facing Stagnant Oil Market, Venezuela Diversifies Exports by up to 75%

Workers harvesting cacao at the Monterosa plantation in Choroni, Venezuela. (Photo: Meridith Kohut/ The New York Times)

Amid economic crisis fueled by stagnant oil prices, Venezuela is set to increase its non-oil exports by 75% in 2015. 

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