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News: Economy

Venezuela's Maduro Increases Minimum Wage by 10%

Maduro (centre) announcing the minimum wage increase yesterday (Luis Bobadilla)

Yesterday President Nicolas Maduro announced a new minimum wage increase of 10%, to be applied as of this month.

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Robotics Classroom Program Promotes Venezuelan Children’s Technological Talent

One of the robots (VTV)

Thanks to the Creative Classrooms Program called I like Robotics, that the Venezuelan government is promoting, children between the ages of eight and twelve years are involved in the technological advances of the country, with the building of robots.

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Venezuelan Government to “Establish New Economic Order” Next Year after 56.2% Inflation in 2013

A BCV graph showing the relationship between the scarcity index and various key political events; the oil lock out, the 2007 ref

Inflation in Venezuela was high in November, but has also consistently decelerated since October. Nevertheless, President Nicolas Maduro said that next year the government will “revise” key aspects of the economy in order guarantee that it is “at the service of the people”.

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ALBA and PetroCaribe Launch Common Economic Area to Fight Poverty

The Venezuelan delegation, including Maduro (centre) at the ALBA-Petrocaribe summit yesterday (Minci)

The II Summit of the Bolivarian Alliance for Our America (ALBA) and Petrocaribe took place in Caracas yesterday. It focused on creating a “special complementary economic zone” between the member countries of both alliances in order to eradicate poverty in the region.

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Venezuela’s Maduro Signs Decrees to Promote Savings and Labour Stability

Venezuelan president Nicolas Maduro has passed a series of economic measures to protect job stability and savings. (prensa presi

Venezuelan president Nicolas Maduro passed a series of economic decrees to protect job stability and savings on Wednesday.

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Following Huge Car Industry Speculation in Venezuela, Maduro Permits Dollar Car Import Bank Accounts

Maduro signing decree 625 last night (Prensa Presidencial)

From today, Venezuelan citizens and residents who have legally acquired dollars will be able to open foreign currency accounts in public Venezuelan banks. They will also be able to use those accounts to purchase cars overseas, following a decree that President Nicolas Maduro signed yesterday.

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Venezuela’s Maduro Announces More Moves against “Parasitic Bourgeoisie”

Venezuelan president Nicolas Maduro (archive)

Venezuelan president Nicolas Maduro announced a raft of new regulatory measures over the weekend as part of his ongoing “offensive” to deal with the country’s economic problems.

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Venezuelan Authorities Reject Predictions of Dollar Shortage

BCV president Eudomar Tovar (Fausto Torrealba/ AVN/ Reference)

The president of Venezuela’s Central Bank (BCV) has rejected negative forecasts of Venezuela’s ability to meet foreign currency obligations, arguing yesterday that operational international dollar reserves are “in normal conditions”.

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Maduro Defends Venezuela's Q3 Performance

Maduro has stated that Venezuela faces a “fictitious crisis”, and predicted a fall in inflation this month (archive)

Venezuelan President Nicolas Maduro has defended his country's economic performance after the central bank put third quarter GDP growth at a lower than expected 1.1%.

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Venezuelan President Maduro Passes First Laws with Decree Powers

President Nicolas Maduro yesterday passed two laws to “reorder” the Venezuelan economy and combat the economic problems the

President Nicolas Maduro yesterday passed two laws to “reorder” the Venezuelan economy and combat the economic problems the country has been experiencing this year.

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Joint Venture Inked Between Venezuela and Samsung

Venezuela's new deal with Samsung is part of a government push to increase domestic productivity and lower the cost of elec

The Venezuelan government and Samsung Electronics have announced a joint venture, with the South Korean electronics giant investing US$50 million in an assembly plant in the Andean state.

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Venezuela's Legislature Gives Maduro Decree Powers to Fight Corruption and “Economic War”

Thousands of supporters rallied in Caracas following Tuesday's vote (Prensa Presidencial)

Venezuela’s National Assembly granted President Nicolas Maduro on Tuesday the power to pass laws by decree on economic and anti-corruption issues for a period of 12 months.

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Maduro Administration Planning to Implement Profit Limits in Venezuela

An inspection of toy prices in retailer General Import by government authorities (Noticias 24)

The Venezuelan government is planning to implement profit limits across the economy as part of a crackdown on overpricing. 

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Venezuela's Maduro Condemns Newspapers that “Defend the Parasitic Bourgeoisie”

Maduro called on supporters to boycott private newspapers yesterday (Archive)

As the Venezuelan government continues to tackle speculative retail pricing, President Nicolas Maduro has urged supporters to boycott private newspapers.

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Venezuelan Government Continues Inspections of Overpricing Businesses

Queues outside one electronics stores forced to sell its products at fair prices (Últimas Noricias)

The Venezuelan government is continuing to inspect businesses that are overcharging for goods and has closed down over 50 websites that had been promoting the black market exchange rate.

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