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News: Economy

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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Venezuela Opens Border Again but Many Return Empty Handed

Venezuelans return empty-handed from the Colombian border city of Cúcuta on July 16, 2016. (@GobiernoTachira)

Many Venezuelans found goods in Colombia to be prohibitively expensive as a result of an ongoing transport strike, which has led to a spike in prices. 

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Reports of Attacks Against Food Distribution Trucks Increase in Venezuela

A state operated food distribution truck in Catia, Caracas. (Bloomberg)

Local community councils and media have reported networks of re-sellers and gangs have orchestrated more than a dozen attacks and robberies in the last 90 days against food distribution trucks.

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Venezuela Backs Worker Takeover of Kimberley Clark as Citibank Moves to Close BCV Account

Labor Minister Oswaldo Vera signs a workers' petition to reopen the factory under worker control. (@Carluisv-@rogertradicio

Maduro green lighted a request by workers to occupy a factory owned by US consumer products giant Kimberly Clark after the latter shut its doors, firing nearly 1000 workers. 

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Maduro Creates New Supply Mission as Fresh Imports Arrive from Trinidad & Tobago

Venezuelan President Nicolas Maduro speaking at a council of ministers meeting on Monday. (Prensa Presidencial)

The president has announced a new production and distribution program for food and medicine tasked with addressing the nation’s chronic scarcities.

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China Denies Allegations of Dialogue with Opposition

Deputy Director of Foreign Ministry Information Department Hua Chunying (South China Morning Post).

The Chinese government dismissed allegations that they met with the opposition after a Financial Times’ recent report stated otherwise.

 

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Venezuela Relaxes Forex Ceiling as Oil Prices Remain Stable

President Nicolas Maduro has long vowed to stamp out Venezuela's currency black market, which he has argued has contributed

Venezuela's official currency exchange rate is gaining ground on the country's thriving dollar black market, according to data released by the central bank Thursday.

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Over 400 Arrested in Cumana Lootings, Authorities Finger Opposition

Residents looted dozens of commercial outlets in Cumana on Tuesday. (Twitter)

Venezuelan authorities arrested over 400 during widespread looting in the eastern coastal city of Cumana on Tuesday. 

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Venezuela’s Maduro Creates New Ministry for the Development of Ecological Mining

A promotional advertisement for the Orinoco Mining Arch from Venezuela’s Petroleum and Mining Ministry. “The Mining Arch wil

The new institution will be in charge of designing the state’s mining policy, as well as ensuring respect for the environment and human rights.

 

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Venezuelan Social Movements Converge on Supreme Court, Demand Injunction Against Mining Arc

Banners read left to right: "Impunity will not happen! Sabino Lives!", "No to the Mining Arc! Water is more valua

Grassroots activists and ex-government officials submitted a lawsuit demanding that the high court halt a contentious mega-mining project on constitutional grounds. 

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