WebinarsNew
Explore Business Standard
Venezuela Economy
Delcy Rodriguez, the acting President of Venezuela, will undertake a five-day visit to India beginning Wednesday to shore up bilateral ties in areas of energy, trade and technology. Rodriguez is scheduled to hold wide-ranging talks with Prime Minister Narendra Modi, External Affairs Ministry spokesperson Randhir Jaiswal said, announcing her June 3 to 7 trip. Rodriguez took charge as Venezuela's acting President following the detention of then President Nicolas Maduro by US forces in January. She will be accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation, Jaiswal said.
Venezuelan lawmakers on Thursday approved a bill to regulate the country's mining as it seeks to attract leery foreign investors to a once-private industry that has long been exploited by criminal groups with ties to the government. It is the latest legislative initiative by acting President Delcy Rodriguez since the self-proclaimed socialist government that has ruled Venezuela for 26 years came under pressure from the Trump administration in January, when the U.S. military deposed then-President Nicolas Maduro. The lengthy bill will now undergo a review by the country's high court to determine if it is constitutional. The bill regulates mineral rights, establishes small, medium and large-scale mining categories, and allows for independent arbitration of disputes, which foreign investors view as key to guard against the government seizing their assets. It also bans the president, vice president, ministers, governors and others from holding mining titles. The bill is a "vehicle for
Venezuelan opposition leader and winner of the 2025 Nobel Peace Prize Maria Corina Machado said on Sunday that she will return to Venezuela in the coming weeks and that elections will be held in the South American country. Machado did not set a date for her return but said that one of the objectives will be to prepare "for a new and gigantic electoral victory." In a message shared on social media, the politician called on her supporters to "strengthen the unity of Venezuelans that began with the primaries," a reference to the 2023 process in which she won the vote aimed at establishing a single candidate to compete at the polls against former President Nicolas Maduro. Acting President Delcy Rodriguez in power since Maduro and his wife were captured in a US military operation in January - has warned that Machado "will have to answer" if she returns to the country. US Secretary of State Marco Rubio has said that change in Venezuela must go through phases of stabilisation, economic .
President Donald Trump said Thursday he has informed Venezuela's acting president, Delcy Rodriguez, that he will open up all commercial airspace over the Venezuela and Americans will soon be able to visit Trump said he instructed his transportation secretary, Sean Duffy, and US military leaders to take steps to open the airspace for travel by the end of the day. "American citizens will be very shortly able to go to Venezuela, and they'll be safe there," the Republican president said. Venezuela's government did not immediately comment. While the State Department continued to warn Americans against travelling to Venezuela, at least one US airline announced its intention to soon resume direct flights between the countries. American Airlines was the last US airline flying to Venezuela when it suspended flights in 2019 that it operated between Miami and the capital, Caracas, as well as the oil hub city of Maracaibo. The airline said Thursday it would share additional details about the
US forces in the Caribbean Sea have seized another sanctioned oil tanker that the Trump administration says has ties to Venezuela, part of a broader US effort to take control of the South American country's oil. The US Coast Guard boarded the tanker, named Veronica, early Thursday, Homeland Security Secretary Kristi Noem wrote on social media. The ship had previously passed through Venezuelan waters and was operating in defiance of President Donald Trump's "established quarantine of sanctioned vessels in the Caribbean, she said. US Southern Command said Marines and sailors launched from the aircraft carrier USS Gerald R. Ford to take part in the operation alongside a Coast Guard tactical team, which Noem said conducted the boarding as in previous raids. The military said the ship was seized without incident. Several US government social media accounts posted brief videos that appeared to show various parts of the ship's capture. Black-and-white footage showed at least four helicopte
Crisil Ratings on Tuesday said that recent developments in Venezuela are not likely to have any material near-term impact on crude oil prices, as the Latin American nation had a relatively small share of global supply. A US military operation in early January resulted in the capture of President Nicolas Maduro on drug-related charges, triggering uncertainty in the country, which holds some of the world's largest proven crude reserves. Crisil Ratings, in a note, said even if the situation escalates and disrupts crude oil production in Venezuela, the impact on global oil prices would likely be limited, as the country accounts for only about 1.5 per cent of global crude supply. Brent crude prices have remained largely stable in recent days, hovering just above USD 60 a barrel. For India, the developments in Venezuela are unlikely to have any material impact on its global trade or the credit quality of Indian companies. India's direct trade exposure to Venezuela is minimal, it ...
When deposed Venezuelan leader Nicols Maduro makes his first appearance in a New York courtroom Monday to face US drug charges, he will likely follow the path taken by another Latin American strongman toppled by US forces: Panama's Manuel Noriega. Maduro was captured Saturday, 36 years to the day after Noriega was removed by American forces. And as was the case with the Panamanian leader, lawyers for Maduro are expected to contest the legality of his arrest, arguing that he is immune from prosecution as a sovereign head of foreign state, which is a bedrock principle of international and US law. It's an argument that is unlikely to succeed and was largely settled as a matter of law in Noriega's trial, legal experts said. Although Trump's ordering of the operation in Venezuela raises constitutional concerns because it wasn't authorised by Congress, now that Maduro is in the US, courts will likely bless his prosecution because, like Noriega, the US doesn't recognise him as Venezuela's .
An anxious quiet fell over Venezuela's capital on Sunday as trepidation mixed with joy while a nation waited to see what comes next. People were slow to resume routines in Caracas after President Nicols Maduro was deposed and captured in a dramatic US military operation. Dozens of stores, restaurants and churches remained closed. Those on the streets looked shell-shocked, staring at their phones or into the distance. People are still shaken, said 77-year-old David Leal, who arrived to work as a parking attendant but realised he likely would not have customers. He pointed to the deserted street, a few blocks from Venezuela's presidential palace, which was guarded by armed civilians and military personnel. 'May God give us strength' ---------------------------- Venezuela is no stranger to political tumult, but the the dead-of-night US military operation early Saturday marked a new chapter with no ready script. US President Donald Trump initially said the US would run the country un