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News: Economy

PDVSA Secures $2.8 Billion Bond Swap to Avert Default

(Asuntos Públicos Pdvsa)

PDVSA President Eulogio Del Pino hailed the deal as a “victory over the onslaught of internal and external elements that wagered on a negative result for the company and the country”. 


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Venezuela’s PDVSA Warns of Debt Payment "Difficulties"

PDVSA is the single largest source of income for the Venezuelan government, and oil sales accounting for well over 90 percent of

Venezuela’s state oil firm PDVSA has hinted it could begin defaulting on debt obligations as early as next week, amid concern over a failed overture to bondholders that fell flat Friday.

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Venezuelans Prefer Maduro to Opposition Administration, says New Poll

Venezuela’s beleaguered president, Nicolas Maduro, is still the number one option for more than 50% of Venezuelans. (Hinterlac

Analysts partly attribute the upswing in support for the president to his government's increasingly popular grassroots food distribution network, the CLAPs. 


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Venezuela’s Maduro Approves 2017 Budget, Deepens Tax Revolution

Maduro signed the budget on Friday after being given the go ahead by Venezuela’s Supreme Court. (Agencias)

73 percent of the budget will be invested in social spending, but the country’s opposition accuses the government of having bypassed constitutional norms to approve it. 


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Venezuela to Export 880 Tons of Shrimp to Europe and Asia

Shrimp (Archive: Pixabay)

Venezuela’s Minister for Fishing and Agriculture, Angel Belisario, announced that Venezuela would complete its second shipment of 880 tons of shrimp to markets in Europe and Asia this week.

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Venezuela to Freeze Oil Production under New OPEC Deal

Venezuela is heavily dependent on oil exports for foreign revenue. (Archive)

Venezuelan Oil Minister Eulogio del Pino confirmed Wednesday the world’s largest oil cartel, OPEC, has reached an agreement to freeze crude output between 32.5 and 33 million barrels per day.

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PDVSA Bonds Hit Two Year High Following Swap Proposal


PDVSA’s bonds rose to a two-year high Monday after the Venezuelan state oil company announced a deal to swap US $5.325 billion of its debt due next year for securities maturing in 2020.

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Venezuelan Supreme Court Extends Economic Emergency State of Exception

Venezuelan Supreme Court in downtown Caracas (teleSUR).

The high court renewed the Maduro administration's emergency powers with the aim of tackling the country's deep recession. 

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Venezuela Begins Controversial Mega Mining Project

The Orinoco Mining Arc project has been hailed by the Venezuelan government as a major source of foreign investment, though crit
The Venezuelan government began Wednesday the first phase of a controversial mining project that activists say could devastate vast swathes of the country’s wilderness.

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Venezuelan Oil Imports Crash Amid Payment, Shipping Troubles

Container shipping carriers have complained of poor conditions at Venezuelan ports including pilot boats unable to move due to f
Venezuela is now failing to cover collapsing oil production with foreign imports, according to dire reports Friday.

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Venezuelans Boycott Black Market Amid Surging Banana Prices

Food prices on the black market have soared in recent months (CdO)

Venezuelan consumers took to social media Friday vowing to boycott black market vendors, after months of rising food prices.

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Venezuelan Corporation Internationally Accuses Government of “Harassment”

Empresas Polar President Lorenzo Mendoza. (El Heraldo/Fernando Llano)

In an ongoing dispute with the Maduro administration, Venezuela’s largest food and beverage producer has accused the Bolivarian government of “harassment and discrimination” due to the Venezuelan president’s public protest against the conglomerate’s role in the country's economic war.

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Maduro Announces 2016's Third Minimum Wage Increase

Nicolás Maduro made the wage increase announcement to the Venezuelan people on live television and radio Friday.  (Reuters)

President Nicolás Maduro has announced a 50 percent wage increase set to take effect in September.


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Venezuelan Tourism Industry to Charge in Dollars

Playa el Agua beach on the tourist hotspot of Margarita Island, Venezuela (Mintur)

Foreign travellers visiting the South American country will be charged in US dollars for tourism services, including in travel agencies and accommodation in 4 star and state approved hotels. They will also be able to buy national currency directly from tourism providers.

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Venezuela's Maduro Commits Funds to Seized Factory

President Nicolas Maduro tours the installations of the Kimberly Clark and committed millions to help the factory produce import
The factory, now controlled by the workers, can provide 20 percent of the national demand for hard-to-find personal hygiene products.

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