Business & Economy
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Masisa Tumbles as Top Market Venezuela Devalues Currency
(Bloomberg) Masisa SA, a Chilean wood panels manufacturer that gets a quarter of its revenue from Venezuela, tumbled the most in three months on speculation that a devaluation of the country’s currency will crimp profits. Masisa fell 3.3 percent to 54.5 pesos at 1:33 p.m....
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The increase in government spending is the epicenter of the crisis
Devaluation, new debt announcements, rocketing inflation, dollar shortages. What is happening in Venezuela? The earthquake has its epicenter in the fact that in 2012, Hugo Chávez’ administration increased spending to exorbitant levels to grease the machinery that would guarantee that he would stay in Miraflores...
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Venezuela Devalues Currency by a Third Amid Shortages and Inflation
Venezuela announced Friday that it was devaluing its currency, a step that had long been deemed necessary but could push the spiking inflation even higher. The devaluation, which lowered the currency’s value against the dollar by nearly a third, was aimed at solidifying government finances...
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Venezuela Promotes Development in Orinoco Oil Belt
The exploitation of the Orinoco Oil Belt (FPO), a leading Venezuelan oil reserve, is capturing the attention of Venezuelan authorities attempting to increase the volume of domestic production of hydrocarbons. The country has the largest proven reserves of black gold in the world, 297,570 million...
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Eight Annual CITGO-Venezuela Heating Oil Program Launched
The eighth edition of the Citgo-Venezuela Heating Oil Program began on Thursday. Under the program, free heating oil will be provided to some 100,000 low-income households in the US that cannot afford heating oil during winter. The eighth program was launched at the Night of...
