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Maitane Larrañaga

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Growth was the key word

Cepal expects 18% economic expansion in Venezuela, and 5% in 2005

by Maitane Larrañaga

Cepal expects 18% economic expansion in Venezuela, and 5% in 2005

Caracas (Venezuela) | 4 January 2005
The Economic Commission for Latin America and the Caribbean (Cepal) predicted an impressing growth rate of 18% at the close of this year, and estimated 5% growth for 2005.

IMF flirts with Venezuela

by Maitane Larrañaga

IMF flirts with Venezuela

Caracas (Venezuela) | 16 December 2004
After habitual scathing comments by president Chávez against the International Monetary Fund (IMF), this institution has sent a high rank delegation to Venezuela, in an attempt to smooth things over between the revolutionary government and this multilateral institution.
But Chávez did not meet with the IMF officials, who came to the country on an invitation by the Central Bank of Venezuela (BCV) and the Minister of Planning, Jorge Giordani, also a member of the board of directors of the (...)

National Assembly gives the go ahead for the 2005 budget

We will continue growing

by Maitane Larrañaga

We will continue growing

Caracas (Venezuela) | 10 December 2004
The slight pro-government majority at the National Assembly approved the budget bill and passed the Special Debt Contraction Act for2005, which establishes a macroeconomic condition of 5% growth of the Gross Domestic Product (GDP), a significant figure, if it comes along with an improvement in the standard of living of the people in terms of higher employment rates and greater buying power

Venezuela: The economy triggered to 15.8% and still on the rise

by Maitane Larrañaga

Venezuela: The economy triggered to 15.8% and still on the rise

Caracas (Venezuela) | 1 December 2004
As expected, the Venezuelan economy had an amazing 15.8% growth in the third quarter of 2004 compared to the same period of the previous year But that’s not all: the recovery in the first months of 2004 reached 20.4%, according to preliminary estimates of the Central bank of Venezuela (BCV).
"The evolution of the country’s economy in the third quarter was basically determined by the activities not related to the oil business, whose added value grew by 18.6%, while the oil related activity (...)

Will there be more?

Changes in telecommunications in Venezuela continue

by Maitane Larrañaga

Changes in telecommunications in Venezuela continue

Caracas (Venezuela) | 24 November 2004
What was merely a rumor, denied several times not long ago, turned out to be true. With the acquisition of Digitel (the third cellular telephone company in Venezuela), Cantv, the main telecommunications company in our country, is determined to dislodge its competitor in cellular telephony, Telcel, from the first place. Moreover, the Spanish Telefónica Móviles, a unit of Telefónica, already carried out the acquisition of Telcel. Still, some people predict the arrival of a new telecommunications giant, this time with a Mexican accent.

Venezuela

New emission amid good grading

by Maitane Larrañaga

New emission amid good grading

Caracas (Venezuela) | 1 October 2004
Once again, Venezuela successfully entered the international financial markets. Last September 22nd,the Republic launched into the market 1.5 billion U$ in global bonds, due in 2014, which it will use to exchange for short term Brady bonds -all within the context of a refinancing program of the public debt- and obtain fresh cash for other projects.
And as if that were not enough, Tobías Nóbrega, the minister of Finance himself, was in New York the same day the operation was carried out, (...)

Rejoicing at the Caracas stock market

by Maitane Larrañaga

Rejoicing at the Caracas stock market

Caracas (Venezuela) | 28 September 2004
There is joy in the Caracas Stock Market; and it seems that the feeling will keep up for a while, after a sustained rising trend has elevated its main index to historical levels.
Recently, the Caracas Stock-Exchange Index (IBC) surpassed the 30,000 barrier, an unprecedented figure in Venezuela. So far in 2004, the IBC -a compound of 16 stocks- has increased a historical 40.4%.
Nevertheless, the negotiated amounts in variable income, id est, in stocks, are still low in terms of dollars (...)

Unemployment keeps dropping amid high economic growth

by Maitane Larrañaga

Unemployment keeps dropping amid high economic growth

Caracas (Venezuela) | 14 September 2004
While the Venezuelan economy is giving indubitable signs of recovery in its Gross National Product (GNP), automobile sales, construction materials, and credit portfolio (among other goods and services), so is unemployment.
Although the most recent employment figures are not worth jumping for joy, they at least indicate that after a turbulent period like 2002-2003, things could get back to normal.
The National Institute of Statistics (INE), recently reported that the unemployment rate in (...)

Venezuela

The economy soared 23.1% the first quarter of 2004

by Maitane Larrañaga

The economy soared 23.1% the first quarter of 2004

Caracas (Venezuela) | 7 September 2004
Recuperation? Reactivation? Real growth? Without going into these discussions that are more a concern of the experts (specially of those who take care in not seeing the truth), it is indisputable that the Venezuelan economy, at least in terms of the Gross National Product (GNP), is yielding outstanding figures.

The economy soared 23.1% the first quarter of 2004

by Maitane Larrañaga

The economy soared 23.1% the first quarter of 2004

Caracas (Venezuela) | 2 September 2004
Recuperation? Reactivation? Real growth? Without going into these discussions that are more a concern of the experts (specially of those who take care in not seeing the truth), it is indisputable that the Venezuelan economy, at least in terms of the Gross National Product (GNP), is yielding outstanding figures.

No decision so far on devaluation of the bolívar in 2005

by Maitane Larrañaga

No decision so far on devaluation of the bolívar in 2005

Caracas (Venezuela) | 19 August 2004
While the Venezuelan government is elaborating the 2005 budget and projecting the macroeconomic values for next year, no decision has been taken on a new and expected devaluation of our currency.
Nevertheless, if oil prices remain high for a long period, the hike on the currency exchange rate could wait, depending on the government needs for financing and on the use made of the abundant resources from oil exports.
Several officials have denied versions on the press about a devaluation of (...)

Pdvsa joins wave of debt repurchasing

by Maitane Larrañaga

Pdvsa joins wave of debt repurchasing

Caracas (Venezuela) | 13 July 2004
Encouraged by the high income and by the recent favorable events for the Republic, Petróleos de Venezuela (Pdvsa) entered the world of foreign debt repurchasing in order to improve its financial profile and achieve greater maneuverability of its own funds.

The “Revolution” has reached Fogade: Dividents will go to the missions

by Maitane Larrañaga

The “Revolution” has reached Fogade: Dividents will go to the missions

Caracas (Venezuela) | 23 June 2004
President Hugo Chavez “beautiful revolution” has reached with full energy the state run “fund for the warranty of deposits” (FOGADE). The new Director of the institute, Jesús Caldera Infante, declared before the Finance Commission of the National Assembly that the state institution in charge safeguarding the savings of millions of citizens will also finance the revolutionary process: 30% of the profits by his institution will be allocated to “The Fund for the Endogenous Social Development”. (...)

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The “Revolution” has reached Fogade: Dividents will go to the missions

Pdvsa joins wave of debt repurchasing

New emission amid good grading
Venezuela

Rejoicing at the Caracas stock market

Cepal expects 18% economic expansion in Venezuela, and 5% in 2005
Growth was the key word

No decision so far on devaluation of the bolívar in 2005

Changes in telecommunications in Venezuela continue
Will there be more?

IMF flirts with Venezuela

Unemployment keeps dropping amid high economic growth

Venezuela: The economy triggered to 15.8% and still on the rise

The economy soared 23.1% the first quarter of 2004
Venezuela

We will continue growing
National Assembly gives the go ahead for the 2005 budget

The economy soared 23.1% the first quarter of 2004