Venezuelan telecom sector is reeling under pressure as it lacks additional funds availability, the physical currency of dollars. The cash-strapped telecom companies are unable to strengthen their networks. The soaring inflation doesn't allow them to raise a tariff.
Venezuela
Venezuela's Economic Reliance Expands From Oil to Music
Venezuela's economy, traditionally dependent on oil, is also significantly influenced by the music industry, highlighted by high-profile concerts such as those of Colombian reggaeton star Karol G.
Oil prices retreat as Iran refuses to freeze output
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
Venezuela’s ‘Gold Dream’ May Get Fettered Over Conclusion of Other ICSID Proceedings
Venezuela has announced on Wednesday reaching a $5 billion venturing deal with Gold Reserves. The government is expecting to enrich its ever decaying foreign currency reserve with the fund under agreement. But analysts assume, the government may hardly use the fund since Gold Reserves and several other plaintiffs’ proceedings with ICSID are going to be concluded shortly.
Rosneft to invest $500 million to increase stake in Venezuelan state-owned company
Russia's leading oil producer, Rosneft has proposed investing another $500 million in Venezuela's state-owned Petroleos de Venezuela SA, to increase their stake from the original 16.7%. The proposition has come at a time when the country has declared an economic emergency after oil prices dropped to an alarming $24 a barrel.
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The value of Venezuela's currency, the Bolivar, has nose-dived too fast and has now reached a point where it's worth less than a penny on the US dollar.
The Venezuela division of Ford Motor Co (F.N) will sell pickups and sport utility vehicles in dollars, a union leader said on Wednesday, part of a deal with the government to restart operations stalled for lack of hard currency to import parts.
Venezuela's government has told the country's food industry that it is limiting dollar disbursements for food imports so that it can pay down foreign debt amid low oil prices, according to two sources with direct knowledge of the situation.
A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA.
(Editor's Note: please be advised that paragraphs one and two contain language that may offend some readers)Venezuela is not mincing words with a new exhibition titled "F---ing Fracking" that denounces the environmental toll of hydraulic fracturing in the United States.
Venezuela will announce a change of policy soon on gasoline, the finance minister said in an interview broadcast on Friday, signaling the OPEC nation is moving ahead with along-awaited hike in the world's cheapest fuel.
Venezuela's deepening economic troubles, and in particular the weakness of the bolivar and restrictive currency controls, have hurt U.S. corporate profits for the fourth quarter of 2014 and are set to inflict further pain this year.
Venezuelan President Nicolas Maduro said on Sunday he will visit China and several unspecified OPEC countries during a week-long tour meant to improve the South American nation's finances, which have been weakened by tumbling crude prices.
President Nicolas Maduro vowed on Tuesday to reform Venezuela's Byzantine currency controls in early 2015 as part of a six-month plan to shake Venezuela out of recession, but foes accused him of incompetence and inaction.
