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Oil accounts for about 95% of Venezuela's export revenues, so the falling world oil price has hit it hard. Grace Livingstone reports from a country where food and product shortages have become the norm. Also, we speak to Ricardo Hausmann, director of Harvard's Center for International Development in the US, and Venezuela's minister of planning under the previous regime, about whether Venezuela is on the road to defaulting on its international debt. Plus, Rahul Tandon in Calcutta tells us how not to seal a business deal in India.

(Photo: A farmer milks an emaciated undernourished cow. Credit: Juan Barreto/AFP/Getty Images)