Venezuela
Economy of Venezuela
The Venezuelan economy is based primarily on the production and exploitation of petroleum. From the late 1940s to 1970 the country was the world’s largest petroleum exporter, and it was long one of the principal exporters of oil to the United States. Venezuela’s economy has relied on earnings from the petroleum sector to modernize and diversify other economic sectors; thus, “sembrando el petróleo” (“sowing the oil”) has been a national slogan since the 1940s. The development of rich deposits of iron ore, nickel, coal, and bauxite (the ore of aluminum), as well as hydroelectric power, further expanded the economy.
CIUDAD GUAYANA, Venezuela (Reuters) - At least 10 stores in a southern Venezuelan mining town were looted on Monday after they refused to accept low-denomination banknotes, locals said, a sign of how hyperinflation is roiling commerce in the South American country. The stores in Guasipati had all turned down bills worth 50,000 bolivars, worth less than 2 U.S. cents. Merchants prefer receiving larger bills - the central bank in March said it was issuing a 1 million bolivar note - to avoid handling large handfuls of cash. The 50,000 bolivar bill has become a hindrance, said David Bermudez, vice president of the Consecomercio group representing retailers. Bermudez said that there was not yet an estimate as to the value of the damage, but that looters had stolen food and equipment after breaking through stores walls. There was no immediate comment from local authorities, and Venezuela s information ministry did not immediately respond to a request for comment. Although hyperinflation has
When someone cooks you soup, it s a sign that they care. Soup takes time to make time to allow the flavor of the ingredients to mingle and become something nourishing, satisfying and uplifting. Olivia Marcano understands the power of soup, especially the soups of her home country, Venezuela. That s why she s turning lunch every Friday at Comal Heritage Food Incubator into Venezuelan soup day.
Comal was founded by Focus Points Family Resource Center to give women in the Globeville and Elyria-Swansea neighborhoods the opportunity to learn how to run their own food-service businesses. Most of the week, Mexican dishes are on the menu, but Fridays have been reserved for the cuisine of other countries. At one point, Syrian cooking from the mother-daughter team of Vian Al-nidawi and Sara Nassr was the Friday special, but the two graduated from the program and now run their own catering and home-delivery company, Zaki Mediterranean Cuisine.
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CIUDAD GUAYANA, Venezuela, Feb 10 (Reuters) - When Venezuelan President Nicolas Maduro last week announced a second shipment of oxygen to help neighboring Brazil treat COVID-19 patients, he credited the “Venezuelan working class” at the state-owned Sidor steel plant for the gesture of solidarity.
Maduro has used the dispatches to Brazil’s northern Amazonas state - where hospitals last month ran out of oxygen due to a severe outbreak - to contrast what he calls the benefits of Venezuela’s socialist model with the track record of Brazil’s far-right President Jair Bolsonaro, a fierce Maduro critic.
But Maduro left out the reason Sidor had oxygen to spare: steel production, which uses the oxygen as an input, has all but halted at the Puerto Ordaz plant following years of steady output declines since the company was nationalized in 2008 by the late former President Hugo Chavez, Maduro’s predecessor and mentor.