International Trade
Inbound cargo at Puerto Cabello:
- 13,179 of frozen chicken and beef, in 395
containers, from Brazil for the CASA government agency.
- 6,000 tons of rice from the Guyana Rice
Development Board for CASA.
- Over 3,000 tons of auto parts from Hong Kong to
Corporación Automotriz ZGT.
- Over 1,878 tons of margarine and powdered milk in
75 vans, from Brazil for CASA.
First exports in the third quarter
- Over 294,000 tons of coaxial cable in 51
containers from Venezuelan Retornables del Centro, Transworld 2000 and
Interamericana de Cables Venezuela for the United States Custo Polymers,
CME Wire and Cable Ard JD and Associated Senesse.
- Over 185 tons of waterproofing material in seven
containers.
- Over 100 tons of cured cattle skins from Inversiones
Dismapri to its subsidiary in Taiwan.
12 vessels remain at bay awaiting dock assignment. More
in Spanish: (Notitarde; http://www.notitarde.com/La-Costa/Salieron-primeras-exportaciones-del-tercer-trimestre-2209713/2014/08/03/343439; http://www.notitarde.com/La-Costa/Mas-de-21-mil-toneladas-de-alimentos-llegaron-para-Casa-2210379/2014/08/04/343626)
Venezuela, Colombia to set new exchange rate to boost
trade
Venezuela and Colombia have agreed to create a special
exchange rate to boost plummeting bilateral trade between the two Andean
countries, their presidents said. The exchange rate will be set at a later date
and will enable each country to trade in its own currency and exchange any
trade surplus into an international currency. "We have established a system, a mechanism for bilateral payments, to
facilitate the financial aspect of trade," said Colombia's President
Juan Manuel Santos after a meeting with his Venezuelan counterpart Nicolas
Maduro in the Colombian coastal city Cartagena on Friday. (Reuters, http://www.reuters.com/article/2014/08/02/us-venezuela-colombia-idUSKBN0G20F320140802)
Venezuela signs 22 private agreements with China
The government of Venezuela has reached 22 private
agreements with China involving projects in the industrial, agricultural,
transport, telecommunications, technology, and oil sectors. Presidents Nicolás
Maduro and Xi Jinping announced the signing of 38 agreements on July 21.
Details were provided for 16 agreements only, as the remaining accords were
signed in a private meeting. The agreements initialed behind closed doors
involve further participation of Chinese enterprises in Venezuela's strategic
sectors. (El
Universal, http://www.eluniversal.com/economia/140804/venezuela-signs-22-private-agreements-with-china)
Oil &
Energy
Gasoline price may rise to VEB 2.6 per liter, gasoline
subsidies cost the government over US$ 12 billion a year
Former Central Bank Director and economist José Guerra
reports that the price of gasoline here will rise to VEB 2.6 per liter and that
the decision has been announced to gas station owners, at least in Caracas. Venezuela's
government loses US$ 12.592 billion each year due to the difference in
production cost and gasoline sales prices. VEB 38 million and VEB 86 million
are lost daily by selling 91 and 95 octane gasoline, frozen at VEB 0.07 and VEB
0.097 per liter for the past 17 years, while it costs between VEB 2.4 and 2.7
to produce and sell it. (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2346128&CategoryId=10717;
Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=40447&idc=4,
and more in Spanish: AVN; http://www.avn.info.ve/contenido/subsidio-estatal-precio-del-combustible-genera-p%C3%A9rdida-anual-12-mil-millones; El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/si-nuevo-precio-de-la-gasolina-cubre-costos--de-pr.aspx)
Commodities
NISSAN dealer shuts down operations
The Lino Fayen Nissan dealer has announced a "temporary shutdown," as it lacks
cars to sell and supplies for post-sale services. "After 43 years, we are forced to close our doors for we have run out of
stock and inputs" to repair cars, the company announced via Twitter. "We regret to inform our clients that it is
impossible to continue operating due to lack of supplies (...) The policies
adopted by the (Venezuelan) State have accomplished nothing but bringing the
automobile industry to a standstill," the firm posted. It hoped "the State reconsiders its economic policies
so operations can be resumed." (El Universal, http://www.eluniversal.com/economia/140804/nissan-dealer-in-caracas-shuts-down)
Economy
& Finance
Venezuela's GDP reported to have contracted 4.5% in Q1
2014
Sources from within Venezuela's Central Bank are
reporting that the economy contracted by an average 4.5% during the first
quarter of 2014, adding that the petroleum sector remained stagnant while
industry and construction dropped by more than two digits. The same source says
that the figures should have been published last May but were not made public
on direct orders from President Nicolás Maduro. More in Spanish: (El Nacional; http://www.el-nacional.com/)
ECLAC projects a 0.5% drop in Venezuela's economy in
2014
The UN's Economic Commission for Latin America and the
Caribbean is estimating that Venezuela's economy will contract by 0.5% this
year. More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/cepal-mantiene-que-economia-venezolana-caera-0-5-e.aspx#ixzz39Vw3vZJJ;
El Universal, http://www.eluniversal.com/economia/140805/cepal-indica-que-las-exportaciones-cayeron-9-en-2013;
El Mundo, http://www.elmundo.com.ve/noticias/economia/banca/la-cepal-mantiene-en--0-5--a-la-economia-venezolan.aspx)
World Economic Forum ranks Venezuela as lowest in
competitiveness in Latin America
According to the World Economic Forum's global
competitiveness index, the highest in Latin America is Chile, which ranks 34th;
and the lowest in the region in Venezuela, in the 134th position. More in
Spanish: (El Mundo, http://www.elmundo.com.ve/noticias/economia/internacional/latinoamerica-debe-apostar-por-infraestructura-tra.aspx#ixzz39VxQjcDC)
Perception of Venezuelans on the country’s situation
worsens
According to the most recent study on public opinion
conducted by Consultores 21, 67.8% of those polled believes the country’s
current situation is negative; 69% thinks the day-to-day is worse than it was a
year ago and 53% fears the situation will get worse in the next six months. (Veneconomy,
http://www.veneconomy.com/site/index.asp?ids=44&idt=40446&idc=1; El
Universal, http://www.eluniversal.com/nacional-y-politica/140804/survey-67-of-venezuelans-terms-negative-the-countrys-situation)
BARCLAYS: partial and late adjustment in Venezuela
In their latest report on Venezuela, dated July 30,
analysts at BARCLAYS Capital say it seems the Maduro government will implement
partial and late economic actions. They explain that the delay in applying such
measures shows that the power of the "pragmatic" group of ministers
led by Economic Affairs Vice President Rafael Ramírez is weak and its influence
seems to have been overestimated. Steps to be taken include devaluation;
reducing the list of products subject to regulation from 70% to 25% of
products in the basic food basket, used by the Central Bank to measure
inflation, within the next six months; increasing interest rates; cutting down
Central Bank financing of oil giant PDVSA; extending the foreign debt maturity
date, and transferring foreign currency funds from the National Development
Fund, the Economic and Social Development Bank of Venezuela (BANDES), and
accounts of the Treasury to the Central Bank international reserves account. (El
Universal, http://www.eluniversal.com/economia/140802/barclays-partial-adjustment-small-benefit-in-venezuela)
Politics
US says visa sanctions include two Venezuelan cabinet
members
John D. Feeley, US Assistant Undersecretary of State
for the Western Hemisphere, says 24 Venezuelan officials have had their visa
privileges cancelled by the United States, and the list includes "Cabinet members, presidential advisors,
National Guard officers, secret police, and judges...we feel they have violated
human rights of the Venezuelan people and should not be admitted into the
United States". More in Spanish: (El Universal; http://www.eluniversal.com/nacional-y-politica/140805/eeuu-afirma-que-sancion-incluye-a-dos-ministros)
Maduro charges there are new conspiracies afoot
against Venezuela
President Nicolás Maduro claims "ultra rightist groups" are still
preparing "new ambushes and stabs"
against Venezuela. Speaking at the 77th anniversary of the National Guard he
said some people are conspiring against the nation through "unconventional means". More in
Spanish: l Universal, http://www.eluniversal.com/nacional-y-politica/140805/maduro-alerto-sobre-nuevas-conspiraciones-contra-el-pais)
Wives of imprisoned leaders report they have been
tortured
The wives and attorneys for Leopoldo López and San
Cristóbal Mayor Daniel Ceballos have complained to the Prosecutor General that
their husbands are being tortured while being held in prison pending trial.
They say they remain locked in their cells for 23-24 hours, with visitors
restricted to their lawyers and direct relatives in an attempt to "break" their spirit, as they remain
detained for over four months on charges related to anti-government
protests. Their statement adds that
"we denounce torture and cruel,
inhuman and degrading treatment".
More in Spanish: (Infolatam)
Widespread censorship
reported at El Universal daily
When new and anonymous owners bought a
controlling interest in Venezuela's oldest newspaper, El Universal, the newly
named director Jesús Abreu, said all things would continue as usual. That has
turned out to be untrue. A wave of censorship has led to the exit of around 26
columnists, and their celebrated caricaturist, Rayma, has been the most recent
victim of an effort to silence or tone down criticism of the Maduro regime.
Long time columnist Marta Colomina resigned the day before "in solidarity with so many colleagues that
have been censored or fired". A recent statement by the newspaper
says: "all newspapers in the world
reserve the right to publish columns and articles in their pages", and
says they reapplying their writing style rules and ethics code. The El Universal takeover is the most recent
such operation, following that of the Capriles Chain - one of Venezuela's
largest media conglomerates - and the GLOBOVISION news channel, both of which
were subjected to drastic censorship by their new owners, giving rise to
charges that government allies are behind the takeovers. More in Spanish: (Infolatam;
Entorno Inteligente, http://www.entornointeligente.com/articulo/2961695/Suman-26-articulistas-censurados-por-El-Universal-Listado-%7C-LP-;
El Universal: http://m.eluniversal.com/opinion/140805/a-nuestros-lectores=)
28 labor leaders and
workers reported murdered during the first semester 2014
The Venezuelan Observatory on Social Conflict
(OVCS) is reporting there have been 28 murders of labor leaders and workers
during the first semester this year. It says 86% of the killings were in the
construction industry, and that the most frequent practice is the use of hit
men. OVCS estimated that parallel unions and the sale of labor quotas were
among the main causes of murders in the construction industry. More in Spanish:
(Observatorio de Conflictos, http://www.observatoriodeconflictos.org.ve/tendencias-de-la-conflictividad/conflictividad-social-en-venezuela-en-el-primer-semestre-de-2014)
Brain drain estimated
around 1.5 million
Miranda State legislator Clara Mirabal
estimates around 1.5 million Venezuelans have left the country seeking better
living conditions. She says that 380,000 Venezuelans were living abroad in
2000, the number rose to 530,000 five years later, and up to 1.2 million by
2010. More in Spanish: (Noticiero
Digital, http://www.noticierodigital.com/2014/08/dip-clara-mirabal-la-fuga-de-cerebro-alcanza-el-millon-500-mil-personas/)
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