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News: Economy

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

Jun 9th 2016

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

Jun 5th 2016

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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Venezuelan Conglomerate to Continue Beer Production as Workers Reach Agreement with Coca-Cola

Jun 3rd 2016

Workers in Zulia have secured their rights and benefits as Coca-Cola closes plant (Bloomberg).

Polar announced that their plants will produce beer throughout the year while Coca-Cola workers will continue to receive benefits despite paralyzed plant production.

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Rich Eating Well in Venezuela, Basque Executive Shows

May 31st 2016

Otxotorena showing evidence of plenty of food in rich areas of Caracas (Agustin Otxotorena/Facebook).
To prove his relatives in Spain wrong, on executive published a series of photographs of fully-stocked markets in upper class neighborhoods in Caracas.
 
 

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Venezuela Negotiates “Historic” Deals with Trinidad & Tobago

May 25th 2016

Venezuelan President Nicolas Maduro and Trinidadian Prime Minister Keith Rowley shake hands Monday after agreeing a series of bi

Venezuelan President Nicolas Maduro closed a deal for a series of cross-border initiatives in energy, security, commerce and food relief whilst on a whirlwind visit to the Caribbean island. 

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UNASUR Economic Team Gets to Work in Venezuela, UN Urges Dialogue

May 23rd 2016

The UNASUR team will tackle Venezuela’s economic problems from a Bolivarian perspective (Telesur).

The regional team came together last week and is tasked with helping the Venezuelan government deal with the ongoing economic crisis. 

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Venezuelans March for May Day as Maduro Raises Minimum Wage by 30%

May 2nd 2016

"May of Workers' Rebellion". (Jonas Holldack/Venezuelanalysis)

Thousands took to the streets of Caracas this Sunday to commemorate International Workers Day and manifest their support for the beleaguered Chavista government of President Nicolas Maduro amidst a severe recession and a possible recall referendum.

 

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Venezuelan Conglomerate to Halt Beer Production

Apr 22nd 2016

Polar supplies 80% of the beer consumed in Venezuela (Reuters).

Venezuela's largest private food company Polar announced it will cease beer production in less than two weeks, alleging inaccessibility to raw materials.  

 

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Venezuelan Oil Minister: US Sabotaged Doha Meeting

Apr 20th 2016

Del Pino said that Venezuela would keep working to broker an international oil market stabilisation deal despite Sunday’s outc

Venezuelan Oil Minister Euologio del Pino has accused the US government of deliberately scuppering the efforts of major oil-producing countries to put a cap on global production levels amidst a historic slump in oil prices. 

 

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Venezuela's President to Move Into Public Housing Unit, Amid Protests Over Housing Privatization

Apr 15th 2016

Thousands of Maduro supporters have rallied in Caracas against proposed reforms to the GMVV. (AVN)

Thousands of Venezuelans protested Thursday against proposed legislation that critics say would privatize the country's public housing sector, while President Nicolas Maduro said he himself hopes to move into a public housing unit.

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Former Minister Presents Alleged Cases of Corruption by Top Officials Before National Assembly

Apr 14th 2016

Former Minister of Electrical Energy and Education Héctor Navarro (Aporrea tvi)

Ex-minister Héctor Navarro spoke before legislators Wednesday to denounce alleged cases of corruption by government officials.

 

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Venezuela to Export Marble as US Oil Contractor Reduces Operations Over Payment Difficulties

Apr 14th 2016

Venezuela will export 60 tons of marble per month. (Courtesy)

Venezuela begins exporting marble to the Caribbean amid reports that French-US oil contractor Schlumberger plans to cut back services due to payment difficulties. 

 

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Iconic Photo of Shortage-Ridden Venezuelan Supermarket Taken in New York

Apr 11th 2016

The original high resolution photo. Original caption: "A shopper passes empty shelves while looking for bottled water at a

A photo widely circulated by international media as a depiction of chronic shortages in Venezuela was actually taken in New York in 2011, reports Spanish website FCINCO.

 

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5 Plead Guilty in Bribery Scandal at Venezuela's PDVSA

Mar 24th 2016

PDVSA is a major source of revenue for the Venezuelan government, which is currently struggling with an economic downturn. (AVN)

At least five people in the United States have now pleaded guilty to charges linked to a bribery scandal centred around Venezuelan state oil firm PDVSA, according to reports Wednesday.

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Venezuela Partially Floats Exchange Rate, Sees Rise by 42 Bolivars

Mar 23rd 2016

(Archive)

Venezuela’s uppermost SIMADI exchange rate closed at 249.56 bolivars per dollar on Tuesday, amounting to a 42.64 increase since the government instituted a partial float on March 10.

 

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