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Authorities Investigate 190 Companies for Currency Exchange Fraud in Venezuela

The South American country has maintained currency exchange controls since 2003 in order to prevent capital flight and plan the

Venezuelan authorities are investigating 190 companies for suspected fraudulent use of preferential dollars granted for product imports.

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Venezuelan Calls for OPEC to Respond to Sliding Oil Prices

Oil rigs in the Orinoco Delta, home to the world's largest oil reserves. (AVN)

Venezuelan foreign minister Rafael Ramirez alerted press Friday that his cabinet has “received instructions from the president to request an extraordinary OPEC meeting.” Ramirez was the head of state-owned petroleum corporation PDVSA until a September cabinet shakeup.

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Venezuela Takes Over Clorox Factory

Workers gather in assembly to discuss their plans to reactivate the factory (Reuters).

After Clorox's official decision to cease production and sales in Venezuela, workers have taken over the abandoned factory with government support.

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Venezuelan Government Announces Funds to Combat Mosquito Borne Diseases & Medical Shortages

Last week the government launched an intensified national strategy against the mosquito borne diseases, including fumigations an

Venezuelan president Nicolas Maduro has announced investments of US $805 million to fight the dengue and chikungunya diseases, combat medical shortages, and improve the country’s healthcare sector.

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As Wall Street Speculates on Venezuelan Debt, China Invests in Housing Projects

Chinese presient Xi Jinping with Nicolas Maduro in Caracas, Venezuela, in July (Xinhua/Zuma Press)

Over the weekend Beijing funneled another US$2 billion into the Joint Chinese-Venezuela Fund, for use in Venezuelan government’s ever-advancing housing mission. This morning the US finance journal Bloomberg fueled investors’ fears of default by claiming hedge funds are circling to fill in “a vacuum” in Venezuela’s bonds.

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Maduro Announces the Creation of the Communal Development Bank

Venezuelan president Nicolas Maduro. (AVN)

On Tuesday, President Maduro announced the creation of the Communal Development Bank and the Presidential Council of Popular Communes as a new structure to bolster local popular power.

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Fuel Trafficking Decreases 53% in Venezuela

Venezuela's Vice-President Jorge Arreza (Photo: Reuters)

Venezuela's vice-president Jorge Arreaza said on Saturday that fuel trafficking in the country decreased 53 percent during 2014. Government said the decrease is result of program “Zero trafficking”.

 

 

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Venezuela’s PDVSA Discusses Sale of Citgo as Central Bank Reports Drop in Inflation

A Citgo gas station in Chicago, USA. (Wikimedia Commons/Sdi-jr)

Yesterday the Venezuelan Central Bank reported that inflation has dropped steadily from 5.7% in May of 2014 to 3.9% in the month of August, representing 63.4% accumulated inflation since August of last year. Now under new management, state-owned oil and gas company PDVSA is reportedly seeking US$10 billion dollars for the sale of the Citgo Petroleum Corporation.

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Ecuador Proposes Anti-Transnational Summit in Venezuela as Maduro Confronts Low Productivity Levels

Ecuadorian president Rafael Correa (left) with foreign minister Ricardo Patiño and Nicolas Maduro. (AVN)

Tomorrow Ecuadorian foreign minister Ricardo Patiño will meet with the Venezuelan president in Caracas to discuss the creation of an official Observatory of Transnational Companies. Nicolas Maduro also plans to meet with private and public sectors of the economy.

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Maduro Creates Council To “Revolutionize" Food Production in Venezuela

Venezuelan farmers will benefit from the increased production network, Maduro said. (archives)

On Sunday, Venezuelan President Nicolas Maduro announced the formation of a presidential council of farmers, fishers and rural producers working alongside a state-run food distribution company, aimed at addressing nutrition, food scarcity, and rural production in Venezuela.

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63% of Venezuelans Support Government Measures to Fight Smuggling: Poll

Sixty three percent of the Venezuelan population supports president Nicolas Maduro’s measures to fight food smuggling, according to the most recent monthly survey.

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Maduro Announces 'Five Big Revolutions' in Venezuela, Overhauls Cabinet

Maduro announced a new stage of the revolution on Tuesday (VTV)

In declarations to the country on Tuesday night, Venezuelan president Nicolas Maduro announced what he described as "a new stage of the revolution", consisting of five designated areas of reform and a full-blown cabinet overhaul.

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15 Venezuelan Military Officials Arrested Amid Ongoing Anti-Smuggling Efforts

The officials were arrested in Táchira state (Correo del Orinoco)

Caracas, September 1st 2014 (Venezuelanalysis.com) – 15 members of the military, among them a captain and lieutenant, have been charged for facilitating the smuggling of gasoline and basic food items in Táchira state.

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Venezuelan Biometric System Sees Positive Results amid Opposition Boycott

A biometric scanner. (quepasa.com)

Now installed in 11 major supermarket chains nationwide, the biometric system initiated by the Venezuelan government to combat scarcity has produced immediate results. 

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Venezuelan Army Major Killed in Latest Wave of Anti-Smuggling Operations

Major Bracho was killed on Friday night (Photo: Radiomundial)

​The Venezuelan government has offered its condolences to the family of army Major, Raul Antonio Bracho Jaimes, after the high ranking army official was gunned down by ¨smuggling gangs¨ on Friday night.

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