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Venezuela Devalues Currency by 95%

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  • Venezuela Devalues Currency by 95%

Venezuelan president Nicolas Maduro devalued the local currency bolívar by 95 percent in an effort to shore up its struggling economy.

Maduro in a televised speech from the presidential palace said: “I want the country to recover and I have the formula.” The formula known as the “programme for recovery, growth and economic prosperity” represent economic blueprint of the administration.

The blueprint includes raising the minimum wage by more than 3,000 percent, increasing petrol price for some drivers, raising taxes and the introduction of a new currency, the sovereign bolívar — which according to him will have five fewer zeros than the inflation stricken bolívar.

Earlier this year, the International Monetary Fund (IMF) predicted that Venezuela’s inflation rate could hit 1 million percent in 2018.

This year, more than 500,000 Venezuelans have fled overseas to escape chronic food shortage, rising crime rate and lack of medicine in hospitals.

A recent survey showed more than 89 percent of Venezuelans now live in poverty, while more than 60 percent admitted waking up hungry because they lacked the means to buy food.

However, president Maduro believes his formula is going to revive the economy, “Venezuela is going to experience an economic miracle,” said Maduro.

A prominent opposition leader, Henrique Capriles, fault Maduro’s blueprint and described it as a Venezuelan “Black Friday”.

“The government has decided to thrust us into one final disaster,” Capriles wrote in an online essay in which he accused Maduro of plunging the oil-rich nation into “the greatest tragedy in its history”.

Andrés Velásquez, another opposition leader said “The measures announced on Friday are not any economic recovery plan for the country. On the contrary, they represent more hunger, more ruin, more poverty, more suffering, more pain, more inflation, more deterioration of the economy.”

Venezuela inflation has risen more than 60,000 percent in the last one year, while over 2.3 million Venezuelan citizens have abandoned their country since 2015.

“The situation is critical and it will get worse,” said Marisela Guédez, a 38-year-old civil servant who fled to Ecuadorian border town of Tulcán a week ago, having sold her hair for 100,000 pesos (about $33) in order to pay for the journey.

“I never, ever thought about leaving Venezuela – not once,” added the homeless mother-of-five, who had left her children behind in Caracas. “Venezuela was such a rich country.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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NCAA Suspends Dana Air’s Operations Amid Safety Concerns

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Dana Air

The Nigerian Civil Aviation Authority (NCAA) has taken decisive action following a recent incident involving Dana Air by suspending the airline’s operations amid escalating safety concerns.

This move comes in the wake of an unsettling event where a Dana Air plane veered off the runway upon landing at Lagos airport.

The incident, which occurred shortly after a flight from Abuja, prompted emergency responders and regulatory agencies to swiftly respond and ensure the safety of all 83 passengers and crew onboard.

While initial reports indicate no injuries, the occurrence raised red flags regarding Dana Air’s operational safety protocols.

In response, NCAA wasted no time in initiating a thorough investigation with the Nigerian Safety Investigation Bureau leading the probe.

However, pending the investigation’s outcome, the regulatory body opted for a precautionary measure by suspending Dana Air’s Air Operator Certificate (AOC) effective April 24, 2024, at 23:59.

The suspension, outlined in a letter signed by Acting Director Chris Najomo, aligns with Section 31(7) of the Civil Aviation Act 2022.

The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed dismay over the incident.

In a letter addressed to NCAA, the Ministry directed the immediate suspension of Dana Air’s fleet until a comprehensive audit could be conducted, covering safety protocols, maintenance procedures, and financial health.

The suspension serves as a stern reminder of the aviation industry’s uncompromising commitment to safety and underscores the need for thorough oversight to safeguard passengers and maintain industry standards.

As stakeholders await further developments, the focus remains on ensuring the highest level of safety and regulatory compliance within Nigeria’s aviation sector.

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Delta Air Lines Flight Diverts to Togo After Passenger Dies Midair

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Delta Air Lines

A Delta Air Lines flight from Atlanta to Lagos was diverted to Togo following the midair death of a yet-to-be-identified passenger.

The unfortunate incident occurred approximately three hours before the flight’s scheduled arrival in Lagos, prompting the crew to address a health emergency onboard.

Despite initial intentions to proceed to Lagos, adverse weather conditions, including heavy thunderstorms, forced the pilots to divert the plane to Lome, Togo.

The flight, Delta Air Lines’ A330-200 aircraft, was carrying 215 passengers at the time. Upon landing in Lome, the aircraft underwent refueling procedures and awaited clearance amidst the inclement weather.

Subsequently, after an additional delay in Togo, the flight resumed its journey and safely landed in Lagos, albeit approximately eight and a half hours behind schedule.

Passengers onboard expressed their concerns and frustrations, particularly regarding the handling of the medical emergency and the subsequent diversion.

Social media platforms buzzed with accounts of the ordeal, with one passenger recounting the unfortunate sequence of events, including the midair death and the necessity of an emergency landing due to fuel depletion.

Meanwhile, an airplane operated by Dana Airline veered off the runway at Murtala Muhammed International Airport.

The affected MD-83 aircraft, registration 5N-BKI, carried 83 passengers. Dana Air spokesman Mr. Kingsley Ezenwa confirmed all passengers and crew disembarked safely without injuries.

Ezenwa, in a statement, said: “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.

“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.

“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.

“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”

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