Venezuela

Venezuela
Monday, May 2nd 2016 - 05:56 UTC

Maduro announces 30% increase in the minimum wage

The new minimum is equivalent to US$ 1.500 at the official exchange rate, but around US$ 50 at the current black market rate

Venezuela's president Nicolas Maduro has ordered a 30% increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation.

Monday, May 2nd 2016 - 05:34 UTC

Venezuela moves local time 30 minutes up, back to normal

The measure is part of a government plan to attend to the electrical and water emergency caused by the drought, aggravated by this year's El Niño

Venezuelan government on Sunday moved local time up 30 minutes, to four hours behind UTC, with an eye toward dealing with the emergency caused by the ongoing severe drought. The time change will enter into effect as of this month and brings Venezuela back to the time schedule that prevailed until 2007, when the government shifted the nation's clocks back by half an hour.

Thursday, April 28th 2016 - 07:34 UTC

Maduro blames the “crazy right” for riots sparked by daily several/hours blackouts

“The crazy right wing doesn't understand that in hard times, a family has to band together,” Maduro blasted. “They're trying to create a violent situation.”

Venezuelan cities cleaned up from a night of looting and fiery protests on Wednesday as government offices closed their doors for the rest of the week in the face of a worsening energy crisis that is causing daily blackouts. In Caracas, hundreds of angry voters lined up to sign a petition beginning the process of recalling the deeply unpopular President Nicolas Maduro.

Friday, April 22nd 2016 - 08:07 UTC

Venezuela imposes daily four/hours blackout to save power; brewery out of barley will stop beer production

“Each user will have a temporary suspension of four hours a day. The plan will last approximately 40 days” said Electricity Minister Luis Motta.

Recession-hit Venezuela will turn off the electricity supply in its 10 most populous states for four hours a day for 40 days to deal with a severe power shortage, the government said Thursday.

Thursday, April 7th 2016 - 09:03 UTC

Venezuela becomes strong client of millions of barrels of US WTI crude

The tanker Krymsk was loaded with 500,000 barrels of West Texas Intermediate crude at the U.S. Gulf Coast on March 28. It will arrive in Curacao this week.

Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal revealed on Wednesday.

Tuesday, March 29th 2016 - 06:57 UTC

Argentina pulling out of Venezuela's sponsored Telesur TV network

Argentina is leaving because it was shut out of financial and editorial decisions, Communications Minister  Lombardi said.

Argentina's government is pulling out from its involvement in the Spanish-language TV network that was started by the late Venezuelan leader Hugo Chavez, saying the broadcaster blocks alternative viewpoints.

Saturday, March 19th 2016 - 09:13 UTC

Brazilian situation shows division among Unasur members

Uruguay is promoting a declaration demanding 'respect for the mandate and government of president Dilma Rousseff', said foreign minister Rodolfo Nin Novoa.

Unasur, the Union of South American Nations is divided on how to address the Brazilian situation: while Uruguay, Venezuela, Ecuador and Bolivia have agreed on a strong statement in support of president Dilma Rousseff, Argentina expressed 'institutional support' and Chile abstained.

Thursday, March 10th 2016 - 05:40 UTC

American Airlines axes Caracas New-York until market conditions improve

In January the Forth Worth-based company wrote off $592 million, stuck in Venezuela due to the government's failure to exchange it for hard currency.

American Airlines said this week it will ax its Caracas to New York route on April 4 due to low demand just over three months after reinstating it. The surprise move comes amid a years-long battle between American Airlines Group and the Venezuelan government in which the world's largest airline says it has not been able to repatriate revenue.

Wednesday, March 2nd 2016 - 08:35 UTC

My plan for Venezuela

The people of Venezuela want this change to be peaceful and swift. The harder and more important question is: what comes next?, says Lopez

By Leopoldo López (*) - Two years ago I was imprisoned for calling for a constitutional, democratic and peaceful change in the Venezuelan government. Our plan was called La Salida, “the exit.”

Monday, February 29th 2016 - 09:24 UTC

Venezuela pays debt to bankers but bakeries have no bread, because of scarce flour

Maduro's administration “once again manifests its willingness and capacity to honor its financial commitments in a timely manner”, said the official release

Venezuela has paid $1.54 billion in principal and interest owed to international bondholders, the Banking and Finance Ministry said Saturday. President Nicolas Maduro's administration “once again manifests its willingness and capacity to honor its financial commitments in a timely manner, demonstrating its solvency in international markets,” the ministry said of Friday's payment.

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