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News: Economy

Maduro Reacts to Normalization of US-Cuba Relations as Venezuela Sanctions Loom

Venezuelan president Maduro with Cuban leader Raul Castro. The two countries have been political and economic allies for 15 year

During a Mercosur summit held today in Argentina, Venezuelan president Nicolas Maduro called Barack Obama’s recent move toward normalizing US-Cuba relations “brave,” while the rest of the trade bloc released a statement condemning the US leader for approving sanctions against Venezuela last week.

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US Senate Passes Bill to Impose Further Sanctions on Venezuela, Maduro Blasts “Economic Blockade”

Senator Robert Menendez said the bill was an "unequivocal message" to the Venezuelan government (Getty Images)

Yesterday the United States Senate passed the Venezuela Defense of Human Rights and Civil Society Act of 2014 by voice vote, a bill that will impose further sanctions on Venezuelan senior government officials if passed tomorrow by Congress.

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Venezuela’s Maduro Cuts Spending in Face of Oil Glut, Starting with his Own Salary

President Maduro meets with Uruguayan leader Pepe Mujica in Caracas, on December 3rd. (AFP)

In an announcement made on Friday, Venezuelan president Nicolas Maduro pledged to slash spending in certain areas, such as senior government officials’ salaries, while swearing “we will never cut one bolivar of what we spend on education, food, housing... on our people.”

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Venezuela Puts $4 Billion China Loan in Foreign Reserves, Signs Major Oil Deal with Russia

Russian president Vladimir Putin (center) watches as Venezuelan Foreign Minister Rafael Ramirez (left) greets Rosneft president

In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.

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28 New Laws to Stimulate Production and Disarm Monopolies in Venezuela

Maduro signed the laws yesterday evening.  (Minci)

Yesterday evening, Venezuelan president Nicolas Maduro passed 28 laws by means of the enabling law, which permits executive action without Parliament approval. The bills, 16 of which were revealed in Tuesday’s promulgation ceremony, make up a comprehensive economic reform directed at industry, agriculture, tourism and tax revenue.

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Maduro to Increase Gasoline Prices as Part of Economic Pact with Venezuelan Workers

1st Working Class Congress in Caracas. (AVN)

On Monday, Venezuelan president Nicolas Maduro approved 12 workers’ proposals aimed at increasing economic stability for working class families.

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Venezuelan Trade Union Congress Proposes Industrial and Economic Strategy

The closure of the Bolivarian Socialist Union of Workers (CBST) congress on 8 November (agencies).

Venezuela’s largest pro-government trade union federation will today hand President Nicolas Maduro a series of proposals for the greater industrialisation of the economy and strategies to overcome current economic difficulties.

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Five New Laws Passed to Provide Stronger Social Support and Undermine Corruption in Venezuela

Maduro announced five new laws that were passed via the Enabling Law (AVN).

President Maduro passed five new laws yesterday in an attempt to create a stronger social safety net in the face of ongoing economic difficulty within Venezuela. The five laws, encouraging employment, creating greater guarantees in existing social programs, strengthening the power of communal councils and community financing, and increasing the rate of food subsidies, were all passed via the Enabling Law, which allows the President limited lawmaking  for a temporary period.

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Venezuelan Coffee Plant Marks 5 Years since Nationalisation

Fama de America workers at an event to mark 5 years since the company’s nationalisation earlier this week (Angélica Barreto /

Venezuelan coffee company Fama de America this week marked five years since it was nationalised.

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Unasur Bids Maduro Seek Economic Solutions, Colombia Suspends Mercosur Visas to Venezuelans

Parliament of Mercosur Summit in Uruguay on Monday. (Prensa AN)

During a visit to Brasilia yesterday, Ernesto Samper, general secretary of Unasur (Union of South American Nations), bid the Venezuelan government settle internal matters and stimulate economic growth, in the interest of regional progress.

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Venezuelan Government Launches Operation to Meet Christmas Consumption Spike

The government’s Christmas fair opening in the eastern state of Monagas at the weekend (Prensa Gobernación de Monagas)

The administration of President Nicolas Maduro has begun an operation to ensure plentiful stocks and affordable prices in the run up to Christmas.

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1.395 Arrested in Venezuelan Anti-Smuggling Operation

The distribution to hospitals of hoarded medical supplies discovered in two large warehouses last week has begun (archive)

As part of an on-going operation against the hoarding and smuggling of basic goods, Venezuelan authorities have reported that a total of 1,395 people have been arrested for contraband activities.

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Maduro Announces Tougher Measures on Smugglers of Food and Medical Supplies in Venezuela

Thousands of tons of medical equipment were found in a warehouse in Tejería in the central state of Aragua.  Government officia

The measures were announced on Thursday following the seizure of two large warehouses jam-packed with basic goods and medicines that were destined for Colombia, authorities say.

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Venezuelan Government Unveils 2015 Budget, Anticipates Drop in Oil Prices

Venezuelan finance minister Rodolfo Marco Torres presented the 2015 budget on Tuesday. (@RMarcoTorres)

On Tuesday, Venezuelan finance minister Rodolfo Marco Torres presented the outline of the 2015 government budget, which features heightened investment in pension programs, healthcare, and university expansion.

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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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