The Venezuelan government has announced Venezuela’s “irrevocable” withdrawal from the World Bank affiliated arbitration body the International Centre for Settlement of Investment Disputes (ICSID).
Over 4,000 companies have registered their pricing structures with the Venezuelan government’s Automated Price System (Sisap) as part of the latest phase in the new Law of Fair Costs and Prices. The law allows the Venezuelan state to set prices across a range of economic sectors in a bid to ensure access to goods and services for the Venezuelan people and to combat hoarding and price speculation by private companies.
Venezuela and China today signed new accords promoting joint development projects, as Venezuelan authorities highlighted the deepening of bilateral relations since the two countries began a strategic alliance in 2001.
Two incumbent presidents are running for re-election in 2012, Hugo Chavez in Venezuela and Barack Obama in the United States. What makes these two electoral contests significant is that they represent contrasting responses to the global economic crises.
By Prout Research Institute of Venezuela (PRIVEN), Aug 28th 2011
A translation of the questions and answers session from the panel: “Solidarity Economy in Latin America: Lessons and Possibilities from Venezuela, Brazil and Cuba", held at the first global PROUT conference in Caracas at the end of July.
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.
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).
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.
Speaking at a press conference on Tuesday, Nelson Merentes, President of the Venezuelan Central Bank (BCV), confirmed that the percentage change for inflation in the country at the end of April 2011 was 1.5% – indicating a considerable reduction from the April 2010 reading of 5.2%.
