The Venezuelan government indicated that economic aid will be allocated to those affected by the earthquakes for six months.

Likewise, the Executive Branch approved a decree for “the start of a subsidy plan of up to 80% on the mortgage loan portfolio for the repair and purchase of homes.”

Banking resources will be used to facilitate housing solutions. “The funds originate from capital held abroad.”

On the other hand, the government decided to eliminate “taxes on real estate transactions carried out in protected areas”; a measure that applies to commercial and institutional transactions.

M.Pino

Source: bitacoraeconomica

(Reference image source: Scott Blake on Unsplash)

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The New Deforestation Rules are scheduled to come into effect on December 31 of this year for large Venezuelan cocoa and coffee producers.

This was stated by María Madrid, International Relations Officer at the European Commission’s Directorate-General for the Environment, who added that Venezuelan companies will have to comply with the country’s laws regarding not only trade but also environmental and human rights matters.

The new deforestation regulations for the import of coffee and cocoa from Venezuela were presented on Tuesday, April 21, by the UN delegation in the South American country to producers, exporters, traders, and merchants.

Madrid emphasized that “the regulations were developed after analyzing the products that have the greatest impact on deforestation, including beef, soy, timber, coffee, cocoa, rubber, and palm oil, as well as their derivatives.”

M.Pino

Source: elnacional

(Reference image source: ALEXANDRE LALLEMAND on Unsplash)

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The Office of Foreign Assets Control of the United States Department of the Treasury (OFAC) announced on Thursday, November 7, the extension for six months, until May 9, 2025, of the licenses to operate in Venezuela for the oil service companies Halliburton, Schlumberger Limited, Baker Hughes Holdings and Weatherford International.

“Under the terms of the license, these companies may carry out operations necessary to maintain the security or preservation of their assets in Venezuela.”

Companies benefiting from this extension are authorized to establish contracts with companies involving the state oil company PDVSA “or any entity in which PDVSA directly or indirectly owns 50 % or more of the shareholding,” in force before July 26, 2019.

The permits include various well maintenance tasks, as well as the provision of drills and the rental of equipment necessary for crude oil exploration and production activities.

This OFAC extension contemplates certain conditions. According to paragraph (a), these include “transactions and activities necessary to guarantee the security of personnel, or the integrity of operations and assets in Venezuela.”

Furthermore, the directors of the authorized companies may participate in shareholder and board meetings; make “payments of third-party invoices for transactions and activities authorized by paragraph (a) of this general license, or incurred before April 21, 2020, provided that such activity was authorized at the time it occurred.”

OFAC also authorizes companies with an extended license to make payments for “local taxes and the contracting of public services in Venezuela, as well as the cancellation of salaries for employees and contractors in the country.”

M.Pino

Source: bancaynegocios

(Reference image source: Documerica in Unsplash)

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