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News: Economy

Venezuela Implements Nationwide Electricity Rationing Due to Energy Shortage

Jan 13th 2010

Venezuelan Electricity Minister Angel Rodriguez announced a plan for nationwide electricity rationing on Monday, to combat a crisis in the electricity sector.

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Venezuelan Government to Invest in Production and Combat Speculation Following Devaluation, but Union Leaders Concerned

Jan 12th 2010

Venezuelan shoppers overflow from an electronics store in Caracas (Aporrea)

After officially devaluing the national currency last Friday, the Venezuelan government announced a series of measures to increase the country’s exports, substitute its imports, boost electricity production, and combat price speculation, as purchasing frenzies sprung up in several major cities on Monday. However, union leaders have reacted with concern to the devaluation and recommended wage increases.

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Labor Leaders of Venezuela's Heavy Industries Respond to Electricity-Saving Measures

Jan 9th 2010

The Guri dam in Venezuela's Bolivar state (YVKE)

The Venezuelan government’s measures to reduce national electricity consumption amidst nation-wide shortages and rolling power outages have invoked varied responses from unionists in the basic industries, especially the steel and aluminum sectors.

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Venezuela’s Chavez Announces Currency Devaluation, Two-Tiered Exchange Rate

Jan 9th 2010

Venezuelan President Hugo Chavez during his address to the nation, Friday (YKVE Mundial)

Venezuelan President Hugo Chavez announced a devaluation of the official exchange rate of the bolivar currency and the creation of a second rate denominated the “oil bolivar” for non-essential imports, in a nationally televised address on Friday.

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Venezuela Implements Measures to Curb Commercial Energy Use

Jan 5th 2010

Electricity Minister Angel Rodriguez (YVKE)

Following months of regular blackouts in some regions of Venezuela, the government has implemented energy saving measures, requiring companies to submit plans to save 20% of their electricity usage, regulating the usage of lighting for advertising, and creating schedules of electricity usage for shopping centres, casinos, and bingo halls.

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2009 a “Tough” Year Says Venezuelan President Chavez

Dec 31st 2009

President Hugo Chavez during his end of year address, Wednesday (VTV)

After five years of economic growth fuelled by high oil prices, Venezuela’s economy entered into recession at the end of 2009 with a decline of 2.9 percent, according to a central bank report released Tuesday. Despite the recession Venezuelan President Hugo Chavez has vowed to maintain social spending.

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Venezuela and China Consolidate “Strategic Alliance,” Expand Bilateral Trade

Dec 25th 2009

Tuesday's public accords signing ceremony (VTV)

Venezuelan and Chinese government officials and business leaders met in Caracas this week to discuss bilateral relations. As a result of the accords signed at the meeting, Venezuela will increase its supply of oil to China to more than 600,000 barrels per day next year, and China will increase its investments in Venezuelan agriculture, infrastructure, mining, and energy production.

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Venezuela Merges Nationalised Banks to Form New Bicentenary Bank

Dec 22nd 2009

Venezuela merged three recently nationalised banks with a larger public sector bank to form the new Banco Bicentenario, or Bicentenary Bank.

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Venezuelan Government Continues Restructure of Banking Sector

Dec 18th 2009

The Venezuelan government announced on Wednesday that it will take control of a private insurance company that had contracted with the government to serve public sector employees.

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Venezuela Takes Over Another Bank, Arrests Ex-Head of National Securities Commission

Dec 13th 2009

In a statement to the press, Venezuela’s Superintendency of Banks and Other Financial Institutions (Sudeban), announced that it closed Banorte, Banco Comercial C.A. on Friday.

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Venezuelan Bank Fraud Case: Three Executives Flee, Government Intervenes in Related Companies

Dec 9th 2009

Following the government’s nationalisation of two banks and liquidation of two others for banking law infractions, three bank executives fled to the U.S., and the government intervened in food companies owned by currently detained bank owner, Ricardo Fernandez.

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Venezuela Nationalizes Two Banks, Investigates Others for Bank Law Infractions

Dec 4th 2009

President Hugo Chavez explains the bank nationalizations (ABN)

As part of the government’s effort to reshape the financial sector, Venezuelan President Hugo Chavez announced the nationalization of two small banks on Thursday.

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Venezuela’s 2010 Budget to Maintain Social Spending and Boost Productive Sector

Dec 4th 2009

National Assembly Legislator Ricardo Sanguino (YVKE)

The Venezuelan National Assembly approved the Finance Ministry’s 2010 national budget proposal without modifications on Wednesday. Nearly 46% of the budget is allocated to public education, social development, health care, and the innovative social missions which have improved the poor’s access to health care, education, economic stimulus, and food security over the past five years.

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Venezuela Liquidates Two Banks, Closes Two Others for Banking Law Infractions

Dec 1st 2009

Finance Minister Ali Rodriguez (center left) and Planning Minister Jorge Giordani (center right) (YVKE)

The Venezuelan government announced it will liquidate two small banks and indefinitely close two others after investigations revealed the banks had failed to comply with the credit issuance quotas, carried out illicit transactions amongst each other, and accumulated capital whose origins could not be explained.

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Venezuelan Government Takes Over Idle Land for Food Production

Nov 24th 2009

Minister of Agriculture and Land, Elias Jaua hands over La Milagrosa to peasants (Tubal José Padilla)

Officials from the Venezuelan National Land Institute supported by the National Guard, took over 31 farms around the country on Monday, totalling 48,000 acres (19,000 hectares) of farmland.

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