Skip to Navigation

News: Economy

Venezuela and Canadian Company Sign $5 Billion Gold Mining Deal

Maduro announces the deal with Gold Reserve. (Albaciudad)

The joint venture is part of a negotiated settlement to an arbitration case brought before the International Center for Settlement of Investment Disputes by the Canadian company in 2009, after its Las Brisas concessions were terminated by the Venezuelan government.

 

» read more

Venezuelan’s Maduro Creates Socialist Enterprise System to Kickstart Production

President Maduro speaking with workers at Ana Maria Campo Petrochemical Complex in Zulia state. (Prensa Presidencial)

Venezuelan President Nicolas Maduro announced Monday the creation of the National Productive Corporation as part of new socialist enterprise system aimed at coordinating efforts among existing state, communal, and mixed firms.

» read more

Venezuela Begins Printing 500 and 1000 Bolivar Bills, Signs Oil Deal with Russia

100 Bolivar bills (courtesy)

Venezuela’s Central Bank announced Monday that it would begin printing 500 and 1000 Bolivar bills while phasing out smaller denominations in a bid to keep pace with the country’s soaring inflation.

» read more

Collectives Hijack Polar Company Trucks in Caracas, Protest Hoarding

Photo attached: “Less beer, more food. Release the food Lorenzo Mendoza!” (ElNacional)

The trucks were daubed with graffiti such as “release the food” and “we don’t want poison, we want food for the people”.  

 

» read more

Venezuela’s Maduro Announces String of Emergency Economic Measures

Venezuelan President Nicolas Maduro addressing the nation. (@PresidencialVen)

The economic initiatives include changes to the country’s multi-tiered exchange rate, a rise in the domestic price of gasoline, the implementation of a new tax system, and placing more power over food distribution in the hands of organised communities.

 

» read more

Top Oil Exporters Agree to Production Freeze as Venezuela Creates Military Oil and Mining Company

Minister Del Pino with his Russian, Saudi, and Qatari counterparts. (Press release)

The governments of Venezuela, Russia, Saudi Arabia, and Qatar reached a deal Tuesday to freeze their crude oil output at January levels following a brief meeting in Doha.

» read more

UPDATED: Venezuelan Businessman Replaces Leftist Sociologist as Economy Czar

New Vice-President for Productive Economy Miguel Pérez Abad. (VTV)

Venezuelan President Nicolas Maduro announced yesterday his decision to appoint the former businessman and sitting commerce minister, Miguel Pérez Abad, as Vice-President for Productive Economy, replacing left-wing political economist Luis Salas after just six weeks in the position.

» read more

Economic Emergency in Effect in Venezuela, as Supreme Court Rules in Favour of Executive

The Venezuelan Supreme Court of Justice released its ruling on Friday 12th of February (telesur).

Venezuela’s top judiciary found that the January 14th executive decree declaring a state of economic emergency in the country is both constitutional and in force. 

» read more

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.

» read more

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.”

» read more

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.

» read more

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.

» read more

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.

» read more

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.

» read more

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.

» read more

Syndicate content