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News: Economy

President Chávez: Venezuelan Economy Keeps Strengthening Whilst Crisis Shakes the World

Aug 16th 2011

President Chávez confirmed that he had recently spoken to Russian president, Vladimir Putin, with regards to a bilateral credit

According to Venezuelan president Hugo Chávez, the economic and political strategic alliances built and strengthened by Venezuela over the last 12 years will help the country to face the blows of the world economic crisis from a stronger position.

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Up to 70% Savings at New Public Venezuelan Restaurants

Aug 12th 2011

The Venezuelan government plans to open some 200 Areperas Venezuela by the end of 2011 (Agencies).

Ensuring access to affordable meals with good nutritional value, the Venezuelan government opened its 39th affordable restaurant nationally last Monday in the neighborhood of San Jose in the capital city of Caracas. 

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Venezuela Prepared for “Onslaught” of Global Economic Crises, says Finance Minister

Aug 11th 2011

Venezuelan Minister of Planning and Finances Jorge Giordani (infosurhoy.com)

On Wednesday, Venezuelan Minister of Planning and Finances, Jorge Giordani, reiterated comments made by other members of the ruling socialist party that their country’s people and economy are largely protected from the global economic crisis thanks to the socio-economic policies of Venezuelan President Hugo Chavez.

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UNASUR: Regional Cooperation Must Deepen in Face of Global Economic Crisis

Aug 9th 2011

Economic ministers of UNASUR’s member states meet in order to discuss strategy for dealing with external economic crises (Cuba

This past Friday, economic ministers from the Union of South American Nations’ (UNASUR) member states met in the Peruvian capital to discuss the current unstable economic climate in the U.S. and Europe.

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Venezuela's Chavez Establishes Insular Territory off Caribbean Coast

Aug 4th 2011

On 3 August 2011 Venezuelan President Hugo Chavez created a new insular territory of Venezuela's northern coast (Agencies).

On Wednesday Venezuelan President Hugo Chavez announced that he will use his existing legislative authority to create the Insular Territory of Miranda off the country's northern Caribbean coast, a territorial zone that includes Los Roques, La Orchila and the Archipelago Las Aves.

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Venezuelan National Assembly Passes New Sports Law, Regulates Sponsorship

Aug 4th 2011

The new law will allow Venezuelan athletes to elect their own board of directors as well as provide them with social security (Y

This Tuesday the Venezuelan National Assembly officially approved the country’s new “Sport, Physical Education and Activity Law” after having reached a consensus on three contested articles within the legislation.

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Venezuela: Lowest Percentage of Social Inequality in Latin America

Jul 31st 2011

Venezuela's Social Missions, including Mision Barrio Adentro in which Cuban medical professionals provide free medical serv

Venezuela has the lowest percentage (0.38 percent) of social inequality in Latin America, according a report released by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

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OPEC: Venezuela has World’s Largest Oil Reserves

Jul 22nd 2011

According to OPEC, Venezuela has the world's largest known oil reserves, managed by state-owned PDVSA (Photo: Archive).

OPEC’s proven crude oil reserves rose 12.1 percent in 2010 to 1.19 trillion barrels led by Venezuela, which has surpassed Saudi Arabia as the group’s largest reserves holder, OPEC said in its Annual Statistical Bulletin.

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Venezuela’s Chavez Seeks to Combat Inflation, Enacts Law for Just Prices and Costs

Jul 15th 2011

Venezuela’s publicly-owned Fama de America coffee company is one of several attempts by the Venezuelan government to bring fai

Yesterday Venezuelan President Hugo Chavez used his standing legislative authority to sign into law a new price control mechanism aimed at putting an end to speculation and hoarding. 

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Venezuela’s President Chávez Approves $10.5 Billion in Public Bonds

Jul 11th 2011

On Saturday Venezuelan president Hugo Chávez approved the issue of 45 billion bolivars in government bonds and a payment of US$

On Saturday Venezuelan president Hugo Chávez officially approved the issue of 45 billion bolivars (US$ 10.5 billion) in government bonds as set out in the Law of Additional Debt - passed by the National Assembly on the 9th of June.

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Venezuelan Government Authorizes US $100 Million to Firms that “Respect Will of the People”

Jun 30th 2011

Manuel Barroso, president of CADIVI, Venezuela’s State Exchange Control Commission (Photo: Archive)

On Wednesday the Venezuelan government authorized the release of nearly US $100 million dollars to private companies involved in strategic sectors of the national economy.

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China-Venezuela Relations Keep Growing

Jun 17th 2011

Venezuela’s Planning and Finance Minister, Jorge Giordani (right), at the Third Industrial Expo China-Venezuela 2011 in Caraca

Trade between China and Venezuela has increased by 50 times in the last decade, which has transformed the Asian country into the second largest trade partner of Venezuela, a fact evidenced by the consolidation of bilateral relations. 

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Public Electricity Company Worker Charged with Sabotage

Jun 17th 2011

The Venezuelan government maintains a national state-run electricity company, Corpoelec (Photo: Archive).

Venezuelan authorities Tuesday charged an employee of the state-run electricity company Corpoelec with sabotage, saying the act led to a major electricity failure across several states in May.

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Venezuelan Government Responds to High Electricity Demand with Measures

Jun 14th 2011

Venezuelan vice-president Elias Jaua and Electricity Minister Ali Rodriguez at a press conference on 12 June 2011 (Photo: Corre

Due to increased electricity use as well as the global need to save energy, the Venezuelan government is implementing a number of measures to encourage the private, public, and domestic sectors to reduce usage.

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Venezuela and Brazil Deepen Strategic Cooperation

Jun 7th 2011

Venezuelan President Hugo Chavez and Brazilian President Dilma Rousseff met on Monday 6 June 2011 (archive).

On Sunday President Hugo Chavez began a short tour of Latin America which includes stops in Brazil, Ecuador, and Cuba. On Monday he met with President Dilma Rousseff in Brasilia, Brazil, to strengthen cooperation between the two countries.

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