The CEO of Empresas Polar, Lorenzo Mendoza, stated that Venezuela has formally entered a new phase of economic reconstruction in which the private sector and free enterprise will play a leading role, following the exhaustion of the statist economic model.

The statements were made during the presentation of the “1,000 Companies” program, a strategic initiative developed by Empresas Polar with the objective of offering technical training, continuing education, and comprehensive financing schemes to various productive projects nationwide, according to a report by the publication Banca y Negocios.

Mendoza emphasized the urgent need to move beyond self-employment or the informal subsistence economy and decisively advance toward “an organic entrepreneurial development process,” one that allows for the consolidation of formal, technically sound, sustainable businesses with the capacity for scalability in the market.

During his address, the business leader also analyzed the profound structural distortions that still constrain the operation of the Venezuelan productive sector, placing particular emphasis on the paralysis of credit.

“In Venezuela, there are many banks, but there is no banking system,” Mendoza lamented, demanding the establishment of financial mechanisms that reopen investment credit and the flow of working capital — essential factors for reactivating an industrial sector that was severely decapitalized after being unable to withstand “the blow of inflation and the market downturn.”

Faced with this situation, Mendoza urged the construction of a business ecosystem with a genuine social purpose, capable of combining innovation with technical rigor to overcome the shortcomings of the economic environment.

Finally, he reaffirmed his conviction about the country’s direction, stating: “I have no doubt that we are in a new stage, and I also have no doubt that every Venezuelan who thinks about the future is reflecting on this,” reiterating that technical training, capital investment, and the creation of business opportunities are the definitive path to overcome the past model.

With information from DOBLELLAVE

(Reference image: Vitaly Gariev on Unsplash)

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La entrada Lorenzo Mendoza asserts private enterprise will lead Venezuela’s new stage apareció primero en Bitfinance.

Data from the Central Bank of the Dominican Republic shows year-on-year economic growth of 4.6 % in July, thanks to strengthened monetary and fiscal policies, as well as key sectors of national industry.

According to the central bank, this economic growth was bolstered by “sectors such as financial services, construction, free zone manufacturing, and the hotel, bar, and restaurant market.”

Other factors that also contributed to the Central American country’s economy included education, “transport and storage, professional services, agriculture, and energy and water.” Mining, however, contracted by 15.9 % due to a decrease in gold and silver extraction volumes.

Regarding the year-on-year growth of financial activities, insurance, and related activities in July, the regulatory body indicated that it was due to the “8 % expansion of credit directed to the private sector and the increase in fees charged by financial institutions.”

M.Pino

Source: bancaynegocios

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La entrada Dominican Republic’s year-on-year growth reached 4.6 % in July apareció primero en Bitfinance.

Amid the power outages in Venezuela, the president of the National Council of Commerce and Services (Consecomercio), José Gregorio Rodríguez, proposes including the private sector in the supply and marketing of services through a legal reform.

According to Rodríguez, this is the objective of a reform to the Organic Law of the National Electricity System, and he emphasized that “the current legal framework prevents the private sector from generating and marketing electricity. For this reason, the aim is to make the regulations more flexible and allow electricity to be viewed as a service-providing business.”

The union leader added that several issues related to the topic, such as streamlining procedures, the tax burden, and bank financing, are still pending. These topics will be addressed at the 56th National Assembly of Consecomercio, to be held in Barquisimeto, Lara state, on May 21 and 22.

M.Pino

Source: elnacional

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La entrada Consecomercio proposes including the private sector in the legal reform of the electricity system apareció primero en Bitfinance.

Cryptocurrencies, especially tether (USDT), have become an alternative for the private sector in Venezuela given the low availability of dollars.

In this sense, the private sector uses tether for transactions through authorized banks that offer these transactions to local companies. To do so, “they must have digital wallets endorsed by the government and pay in bolivars.”

Given the drop in foreign currency injections from the Central Bank of Venezuela, which stood at 14% so far this year compared to 2023, according to private estimates, companies are turning to digital currencies.

In August, Vice President Delcy Rodríguez indicated that “new exchange rate management mechanisms are being implemented, without providing further details.” Meanwhile, “analysts consulted indicate that a portion of oil exports are already being paid in USDT and that these funds are being channeled into the market.”

According to data reported by Ecoanalítica, in July, “$119 million in cryptocurrency was circulated for the private sector.” In their daily activities, companies “can use USDT to import supplies, pay suppliers abroad, or convert them into dollars.”

M.Pino

Source: finanzasdigital

(Reference image source: DrawKit Illustrations on Unsplash)

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La entrada Cryptocurrencies are an alternative to the lack of foreign currency in Venezuela apareció primero en Bitfinance.

The European Union advocates a development of Artificial Intelligence centered on people and promoted by public policies, while in the United States the promoter is the private sector “guided by economic objectives” and in China “control of people” is the goal of the state.

This is reflected in the IV Report on Science and Technology in Spain 2022, presented by the Alternativas Foundation and co-directed by the UCM Professor of Applied Economics Isabel Álvarez and the PhD in Biology and CSIC professor Vicente Larraga.

The document proposes lines from which to advance to place the country on the geopolitical map of R+D+i and defends that this is the “ideal moment” to promote Science, Technology and Innovation policies, since currently the social perception of Science “gives it a greater relevance for the future of society than was given to it in earlier periods.”

In its conclusions, the study points out that at this time the transformation implied by the “growing apogee” of the techniques and uses associated with Artificial Intelligence has social consequences, also in the industry, and can even “contribute positively from the commitment to justice and the postulates of sustainable development”. “Public control of AI developments that are based on democratic values and respect for people is inexcusable,” the document states.

In the report, the president of the Spanish Association of Artificial Intelligence (AEPIA), Alicia Troncoso, analyzes that, although Artificial Intelligence is the subject of “great media attention”, the treatment it receives “is usually very superficial and, furthermore, the message is frequently more anecdotal and alarmist than factual, mostly focused on the important social changes and the substantial modification of employment that it will entail in the very near future”.

In this sense, he warns that “certainly there are aspects that can be negative, such as security and protection in data processing, since the vast majority of Artificial Intelligence algorithms need data to learn patterns, make forecasts or make recommendations. Among the examples, the expert highlights that in 2018 the Spanish Agency for Data Protection sanctioned WhatsApp and Facebook for the transfer of personal data between the two.

Source: dpa

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La entrada Artificial intelligence has different approaches by region apareció primero en Bitfinance.

The president of Fedecámaras, Carlos Fernández, indicated that the estimates for the closure of the private sector this year reflect a growth of 8 % compared to 2021.

“We believe that we are going to close the year with a recovery of the private economy close (of) between 8 % and 9 %. Perhaps the recovery of consumption is greater, and we hope that all the conditions are met with the authorization of credits, Fernández told the press.

According to the president of the largest employers’ association in Venezuela, this encouraging outlook for the end of 2022 and the beginning of 2023 is influenced by two fundamental factors: “the restart of operations in Venezuela by the American company Chevron and the flexibility of other companies in the oil and gas sector.

Likewise, the expert indicated that the informal dollarization of the economy in the Caribbean country also has a positive impact on these projections.

Fernández mentioned, however, issues that require attention, such as the employment sector, where “only 26 % of Venezuelan workers have a formal job”, which has made the country look “much more and more like the economies of low income”.

M.Pino

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Source: bancaynegocios

La entrada Fedecámaras predicts closure of the private sector with 8 % growth apareció primero en Bitfinance.

Carlos Fernández, president of Fedecámaras, estimates that the private sector will register a growth between 1 % and 2 % compared to 2020, despite the absence of a public policy and strategies by the State directed towards the private economic sector from the country.

Fernández says that growth is difficult to explain due to economic limitations, such as the lack of stimulus and the absence of financial credits, as well as the general deterioration of all public services, the lack of fuel (diesel and gasoline). Nevertheless, almost all the sectors of the private economy have reported signs of recovery during the last semester of 2021.

For the maximum business leader, the operational limitations of the organizations have increased and the different economic agents have had to reinvest and be creative in the design and execution of different strategies to face and adapt to the reality of the country. They have implemented “more business models close to the market economy, far from income and the crutch of the state or any distortion created by state intervention ”, generating “a very interesting business model in a smaller market,” according to Fernández.

The representative of the businessmen considers that the months of November and December, which were decreed as flexible, becomes a great opportunity to demonstrate that it is possible to work as long as the biosafety measures and the deepening of the vaccination process for the population are complied with.

Elections stop dialogue

At the beginning of the year, the economic sector made a series of proposals to the government, before the Dialogue Commission of the National Assembly, which facilitated some exchanges between government representatives and the economic sector for some guidelines to boost the economic sector and leverage the economic recovery.

However, the political process and the elections of governors, mayors and municipal representatives paralyzed the work that had been carried out with the Dialogue Commission. “We are waiting for November 21 to pass to take up some proposals, launch a work methodology that, perhaps, can make the dialogue process a little more efficient,” indicated the president of Fedecámaras.

Fernández acknowledges that there is intention and good will on the part of the political sector, “but that in the end we have not managed to materialize it.”

 M. Rodríguez

Source: ambienteinteligente.com

La entrada Fedecámaras estimates a GDP growth of 2 % at the end of 2021 apareció primero en Bitfinance.

On October 20, 21 and 22, the Latam Fintech Market event will take place in Colombia, where approximately 30 speakers, in more than 10 scenarios, will be analyzing trends on technology and financial innovation.

The event is organized by Colombia Fintech and aims to bring together different experts and “relevant actors of the Latin American fintech ecosystem to analyze the trends, challenges and projections of the sector.”

The president of Colombia Fintech, Erick Rincón Cárdenas, pointed out that during the three days scheduled for the event, topics related to “financial inclusion, fintech talent and fintech investment” will be addressed. Highly prestigious speakers from the sector in the region will contribute their knowledge and experiences.

Among the guests, the following stand out: Adriana Henriquez, Director of VIP negotiations at PayU Colombia, Mexico and Panama; David Birch, Principal at 15MB; Miguel Oviedo, Director at Whalecloud (Alipay); and Francisco Noguera, President of iNNpulsa Colombia.

The program is structured with three main modules on fintech. The first one conformed by diverse academic subjects that will be exposed by personalities of the national and international public and private sectors.

The second is a space for digital positioning where organizations and companies in the fintech ecosystem will have the opportunity to present their portfolios of products and services and exchange them with potential allies, suppliers and clients.

While the third component will be focused on a “networking platform” where companies in the financial technology value chain will be able to interact with each other, to identify possible strategic synergies with a view to their competitiveness.

M. Rodríguez

Source: portafolio.com

La entrada Latam Fintech Market will bring together the main actors of the ecosystem in Colombia apareció primero en Bitfinance.

Article 2 of Decree N° 4,414 published in the Extraordinary Official Gazette number 6,611 establishes that “the workers and workers covered may not be dismissed, impaired or transferred without just cause previously qualified by the Labor Inspector or Inspector of the jurisdiction, in accordance with the provisions of article 422 of the Decree with Rank, Value and Force of Organic Law of Labor, Workers and Workers “.

Job tenure was part of the package of measures that was established as a result of the appearance of the covid-19 pandemic in Venezuela, last March, when a state of national alarm was decreed. Initially, this measure was adopted for a period of one year.

Article 3 states that “In the event that the worker protected by the tenure established in this Decree is dismissed, impaired without just cause or transferred without his consent, he may file a complaint within the following thirty (30) continuous days before the Inspector or Inspector of Labor of the jurisdiction, and request the reinstatement and payment of lost wages, as well as the other benefits not received, or the restitution of the infringed legal situation, according to the procedure established in article 425 of the Decree with Rank , Value and Force of Organic Law of Labor, Workers and Workers “.

Likewise, Article 4 orders the Labor Inspectorates to give absolute priority to these procedures, while Article 6 provides that “To the employer who obstructs or disregards the order of reinstatement and restitution of the infringed legal status of a worker or worker protected by job tenure, the measures and sanctions provided for in the Law will be imposed.

In addition, it establishes that «The Labor Courts will not proceed to administrative appeals for annulment, until the order of reinstatement and the restitution of the infringed legal situation are fulfilled, as established by the Decree with Rank, Value and Force of Organic Law of the Work, the Workers and the Workers ».

G. Febres

With information from Banca y Negocios and other Venezuelan national media

La entrada Venezuela: Labor immobility in the public and private sectors will be in force for two more years apareció primero en Bitfinance.