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News: Economy

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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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”.  

 

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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.

 

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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.

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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.

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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. 

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