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News: Economy

Venezuelan Conglomerate to Halt Beer Production

Polar supplies 80% of the beer consumed in Venezuela (Reuters).

Venezuela's largest private food company Polar announced it will cease beer production in less than two weeks, alleging inaccessibility to raw materials.  

 

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Venezuelan Oil Minister: US Sabotaged Doha Meeting

Del Pino said that Venezuela would keep working to broker an international oil market stabilisation deal despite Sunday’s outc

Venezuelan Oil Minister Euologio del Pino has accused the US government of deliberately scuppering the efforts of major oil-producing countries to put a cap on global production levels amidst a historic slump in oil prices. 

 

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Venezuela's President to Move Into Public Housing Unit, Amid Protests Over Housing Privatization

Thousands of Maduro supporters have rallied in Caracas against proposed reforms to the GMVV. (AVN)

Thousands of Venezuelans protested Thursday against proposed legislation that critics say would privatize the country's public housing sector, while President Nicolas Maduro said he himself hopes to move into a public housing unit.

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Former Minister Presents Alleged Cases of Corruption by Top Officials Before National Assembly

Former Minister of Electrical Energy and Education Héctor Navarro (Aporrea tvi)

Ex-minister Héctor Navarro spoke before legislators Wednesday to denounce alleged cases of corruption by government officials.

 

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Venezuela to Export Marble as US Oil Contractor Reduces Operations Over Payment Difficulties

Venezuela will export 60 tons of marble per month. (Courtesy)

Venezuela begins exporting marble to the Caribbean amid reports that French-US oil contractor Schlumberger plans to cut back services due to payment difficulties. 

 

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Iconic Photo of Shortage-Ridden Venezuelan Supermarket Taken in New York

The original high resolution photo. Original caption: "A shopper passes empty shelves while looking for bottled water at a

A photo widely circulated by international media as a depiction of chronic shortages in Venezuela was actually taken in New York in 2011, reports Spanish website FCINCO.

 

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5 Plead Guilty in Bribery Scandal at Venezuela's PDVSA

PDVSA is a major source of revenue for the Venezuelan government, which is currently struggling with an economic downturn. (AVN)

At least five people in the United States have now pleaded guilty to charges linked to a bribery scandal centred around Venezuelan state oil firm PDVSA, according to reports Wednesday.

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Venezuela Partially Floats Exchange Rate, Sees Rise by 42 Bolivars

(Archive)

Venezuela’s uppermost SIMADI exchange rate closed at 249.56 bolivars per dollar on Tuesday, amounting to a 42.64 increase since the government instituted a partial float on March 10.

 

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Venezuelan Govt to Hand Domestic Industry up to US$7 Billion in Forex: Economy Czar

Local industry has long complained Venezuela's currency exchange system doesn't provide enough foreign cash to cover i

The Venezuelan government announced Thursday the creation of a new bank to help small businesses obtain raw materials and basic goods, while vowing to provide local industry with billions of dollars of new foreign currency supplies.

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Venezuela Revamps Currency Exchange System

Caption: (El Nacional Archive)

Venezuela announced Wednesday key changes to the country’s currency exchange regime designed to streamline access to dollars for production and essential imports as well as combat inflation.

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Venezuelan Parliament Passes “National Production Law” in First Discussion

Venezuela’s National Assembly has been under the majority control of rightwing coalition, the Democratic Roundtable Unity, sin

Venezuela’s leftist government opposes the law, saying that it will privatise state-owned corporations. 

 

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Venezuela Makes $1.5 Billion Bond Payment

Venezuela paid USD $1.5 billion in sovereign bonds on Friday. (Archive)

Venezuela made a USD $1.543 billion payment to international bondholders on Friday as part of its 2016 debt obligations amounting to $9.6 billion.

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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.

 

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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.

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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.

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