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Economy

Venezuela's National Minimum Wage Increases by 60% on May Day

Venezuelan President Nicolas Maduro. (Reuters)

Venezuelan President Nicolas Maduro announced an increase to the minimum wage Sunday, which he said would help to shield workers' from the effects of the economic crisis in the country.

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Venezuelan Govt Hands $10.5m to Small Businesses Attacked by Opposition

Dozens of stores have been looted amid riots and anti-government protests. (Reuters)

The Venezuelan government announced plans Thursday to provide financial relief to more than 50 small stores and other businesses hit by vandalism and looting.

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PDVSA Boss Arrested for Sabotaging National Oil Supply

Long queues outside of gas stations last week. (Panorama Venezuela)
Senior management figure Marco Malavé (47) was charged with causing “irregularities” in the country’s domestic fuel market following widespread gas shortages last week. 

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Maduro Unveils Economic Reforms, Signs 48 Deals with Private Firms to Boost Production

Maduro presents economic announcements at the Venezuela Powerhouse 2017 Exposition in Caracas. (Prensa Presidential)

Among the measures is a revamped currency exchange mechanism as well as new executive orders to expand agriculture and mining.

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Venezuelan Finance Minister Assures PDVSA Will Pay Out 2017 Bonds

Economy Vice President Ramón Lobo. (@RamonLoboPSUV)

Minister of Finance, Industry and Commerce Ramón Lobo confirmed in an interview this week that Venezuela will meet its debt payments for 2017 in light of this year’s rise in global oil prices.

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Venezuela Expropriates Bakeries Accused of Price Gouging

Industry groups say the government isn’t importing enough flour to go around, though inspectors say supply shortages are exagg
Venezuelan authorities expropriated two bakeries Wednesday, after inspectors said the businesses were found gouging consumers.

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Venezuela: A Balance Sheet of 2016 and Perspectives for 2017

(archives)

The Bolivarian Revolution is at one of its lowest points since President Chávez’s electoral victory in 1998. In this article, Juan Manaure and Carlos E. Jaurena put forward a deeply critical review of the national government's actions in the economic and political spheres. 

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Venezuela’s PDVSA to Boost Gas Distribution

Venezuela has the world's eighth largest proven gas reserves. (AVN)

Venezuelan state oil firm PDVSA announced Thursday plans to partner with private company Gavenplast to boost domestic gas production and distribution.

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Venezuelan Fishermen to Benefit from Government Investment

A fisherman holds up a groper he caught off the coast of Catia La Mar. (Photo: teleSUR)

Fishermen hope strategic alliances will lead to increased fish exports.

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Venezuela’s Maduro Names New Central Bank President

Ricardo Sanguino. (Archive)

Venezuelan President Nicolas Maduro announced the appointment of a new head of the country’s Central Bank (BCV) Sunday following the resignation of current president Nelson Merentes, who occupied the position since 2009.

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