International
Trade
Uruguay settles debt to Venezuela with 38% discount
Uruguayan President Tabaré Vázquez has announced that
his government and Venezuela have reached an agreement to settle bilateral
debts on account of petroleum and food, after delays on the Venezuelan side
harmed Uruguayan companies. President Vázquez and his Venezuelan counterpart,
Nicolás Maduro, will endorse the bilateral agreements on July 17 in Brasilia,
providing for the sale of Uruguayan food products to Venezuela amounting to US$
300 million through the end of the year. In return, Venezuela has undertaken to
immediately settle debts to Uruguayan food companies. (El
Universal, http://www.eluniversal.com/economia/150706/uruguay-settles-debt-to-venezuela-with-38-discount)
Trade debt negotiation with Panama is moving toward
payment with oil and gas
Francisco De Sola, President
of the Venezuela-Panama Integration Chamber, reports negotiations are moving
forward between Finance Minister General Rodolfo Marco Torres and the
Panamanian Embassy in Caracas, to meet the billion dollar debt Venezuelan
importers have with exporters in Panama's Free Zone. Panama´s Vice President
and Foreign Minister Isabel De Saint Malo had earlier
said that Venezuelan importers might pay off their debt to Panamanian exporters
with oil and gas sold by the Venezuelan government to Panamá so that it can pay
off exporters there. More in Spanish: (El Universal, http://www.eluniversal.com/economia/150706/negocian-pago-deuda-de-importadores-con-panama; Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/panama-aceptaria-crudo-como-pago-de-la-deuda.aspx)
Trade between Venezuela and Colombia drops 35%
Trade between Venezuela and Colombia during the first
five months of the year has declined compared to the same period of 2014. According
to the Venezuelan-Colombian Economic Integration Chamber (Cavecol), binational
trade in such period was US$ 556 million, compared to US$ 869 million, a 35%
contraction.
The binational body noted that total Venezuelan
exports to Colombia dropped 50%, from US$ 213 million to US$ 106 million,
compared to the first five months of 2014. Imports of Colombian products to
Venezuela fell 30% compared to January-May 2014, from US$ 656 million to US$
460 million. (El
Universal, http://www.eluniversal.com/economia/150706/trade-between-venezuela-and-colombia-drops-35)
Oil &
Energy
Spain’s REPSOL starts
production at giant gas field in Venezuela
Spanish oil major REPSOL has announced the
start of production at its first well in the massive Perla gas field off the
northwestern coast of Venezuela. The largest offshore gas field in Latin
America holds 17 trillion cubic feet in reserves, 18 times Spain’s current
annual consumption of the fuel. REPSOL expects initial output of 150 million
cubic feet per day, rising to 450 million per day by the end of the year, with
all of the gas destined for the Venezuelan domestic market. Production is
scheduled to increase to 1.2 billion cubic feet per day in 2020, and to remain
at that level for the duration of the contract, which ends in 2036. (Latin
American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2391740&CategoryId=10717)
Venezuela oil price
slips for 4th week
Venezuela's weekly oil basket price slipped for
a fourth week as oil prices slipped in international markets on economic
worries in Europe over a possible Greek default, a possible nuclear deal to end
sanctions with Iran, in addition to the U.S. market remaining amply supplied. According
to figures released by the Ministry of Energy and Petroleum, the average price
of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week
ending July 3 was US$ 54.78, down US$ 1.37 from the previous week's US$ 56.15. (Latin
American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2391629&CategoryId=10717)
The OPEC barrel lost 0.81% this Thursday after two consecutive sessions of
gains in which it recovered what it had lost since the end of last week. It
went down $0.48/bbl. to an average $58.99/bbl. on Thursday, informed the oil
group in Vienna on Friday. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44529&idc=4)
Commodities
Venezuela faces beer
drought after Polar brewery closures
Venezuela is facing the prospect of a national
beer shortage because of striking workers at two breweries. Unions linked to
President Nicolas Maduro have forced the closure over a pay dispute with the
brewer Polar. The company makes up to 80% of Venezuela's beer. Half of their
breweries are now shut, with others already running at reduced capacity. The
striking unions say that pay is at the heart of the dispute. In previous
disputes, the government has threatened to nationalize Polar.(BBC News; http://www.bbc.com/news/world-latin-america-33376485)
Polar mayonnaise plant is also closing
Polar also reported it is suspending 200
employees because its mayonnaise plant lacks soy oil necessary for production.
More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/paralizada-planta-de-mayonesa.aspx#ixzz3f6Y8ksZ0)
Economy
& Finance
Venezuela reserves
fall below US$ 16 billion as bolivar currency tumbles past 500
Venezuela's reserves fell to a new low Monday
of US$ 15.87 billion, the lowest the country's Central Bank reserves have been
since August of 2003 when oil was US$ 25 a barrel. In addition, it appears that
the country has also borrowed US$ 1.5 billion against its gold reserves, as the
amount of gold fell that US$ 1.5 billion in March, according to the March
Central Bank accounts released last month. Venezuela's reserves are now down
$8.387 billion since the beginning of March. At the same time, Venezuela's
currency, the bolivar, has tumbled past 500 to a new low of 519 in the black
market. "The U.S. dollar is doubling
against the bolivar in less than three months now," says Russ Dallen,
who heads Caracas Capital Markets, a Venezuela-based investment bank. "On April 12 it took 260 bolivars to buy a
dollar. It previously took the dollar 4-and-a-half months to double to 260, as
it was 130 on November 25, so the speed of the deterioration in the currency is
accelerating. The pace of inflation is also quickening and we clock it at 185%
now." (Latin American Herald
Tribune, http://www.laht.com/article.asp?ArticleId=2391697&CategoryId=10717)
For a worker to live the way he did in 2014, he would need a 487.6% salary raise,
according to ECOANALÍTICA’s CEO and economist Asdrúbal Oliveros. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44538&idc=2)
Politics and
International Affairs
Maduro backs off
border decree, tells National Assembly he will pursue peaceful means with
Guyana
President Nicolás Maduro has replaced his
controversial decree on maritime borders - protested by both Colombia and
Guyana - with a Presidential Commission on Border Affairs, headed by Executive
Vice President Jorge Arreaza. Colombian
President Juan Manuel Santos hailed the decision as "proof that diplomacy and dialogue work". Maduro also went
before the National Assembly to reaffirm Venezuela's claim on the Essequibo
area and called for a revival of the 1966 Geneva Accord, as well as
intervention by UN Secretary General Ban Ki Moon. He said he is asking the
Foreign Ministry to review relations with Guyana, and will recall the
Venezuelan ambassador for consultations. During his speech Maduro charged that
Guyanese President Granger "is a
hostage of EXXON-MOBIL in order to damage Latin American and Caribbean unity
and create a conflict with Venezuela", and said he believes the
Pentagon is behind the controversy. More in Spanish: (El Nacional; http://www.el-nacional.com/; AVN; http://www.avn.info.ve/contenido/venezuela-har%C3%A1-revisi%C3%B3n-integral-relaciones-guyana-ante-escalada-agresiones;
http://www.avn.info.ve/contenido/presidente-maduro-firma-ley-para-asuntos-lim%C3%ADtrofes-v%C3%ADa-habilitante;
El Universal, http://www.eluniversal.com/nacional-y-politica/150707/gobierno-revisara-relaciones-diplomaticas-con-guyana;
El Mundo, http://www.elmundo.com.ve/noticias/economia/politica/presidente-maduro-ordena-acciones-legales-para-def.aspx)
CARICOM supports
Guyana, advocates friendly resolution in Venezuela border dispute
The Caribbean Community (CARICOM) has stated it
was confident that a peaceful solution to the border dispute between Guyana and
Venezuela would be found. "CARICOM
stands firmly behind Guyana," Barbados Prime Minister and current
chairman of the bloc, Freundel Stuart, asserted in the closing ceremony of the
36th Caricom Summit. However, he said he acknowledged the "good relationship" between Caracas
and the Caribbean region. (El Universal, http://www.eluniversal.com/nacional-y-politica/150706/caricom-advocates-friendly-resolution-of-venezuela-guyana-dispute)
OAS Secretary General Almagro
negotiates a date to visit Venezuela
OAS Secretary General Luis Almagro, is holding
talks with the Venezuelan government to schedule the date and the agenda of his
upcoming visit to the country. As a result of the visit of the Secretary
General of the Organization of American States (OAS) to Venezuela, Maduro's
government could agree to have an OAS' observation mission in the parliament
vote on December 6. (El Universal, http://www.eluniversal.com/nacional-y-politica/150706/almagro-negotiates-a-date-for-his-visit-to-venezuela)
Pope Francis hopes
Venezuela to move forward in "peaceful
cohabitation"
As he flew over Venezuelan territory en route
to Quito, Ecuador, Pope Francis sent a telegram to President Nicolás Maduro in
which he asked the Lord to help the Venezuelan people to make progress each day
in solidarity and peaceful cohabitation. (El Universal, http://www.eluniversal.com/nacional-y-politica/150706/pope-francis-hopes-venezuela-to-move-forward-in-peaceful-cohabitation)
US, Venezuela
congratulate each other on independence anniversaries
Secretary of State John Kerry has sent a
message extending "best wishes to
the people of Venezuela as you celebrate 204 years of independence on July 5." Venezuela's Foreign Minister Delsy Rodríguez
expressed the wish that relations move forward toward "respect and equality", and
congratulated the US for admitting "past
mistakes against nations submitted to long blockades". (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2391609&CategoryId=10717;
and more in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/150706/canciller-de-venezuela-felicita-a-eeuu-por-su-dia-de-independencia; El Nacional; http://www.el-nacional.com/)
NGO's charge aggressive official stance at UN
blocked constructive dialogue during evaluations
Rafael Uzcátegui of PROVEA, Carlos Correa of
Espacio Público, and Liliana Ortega of COFAVIC, who took part in the recent deliberations
of the UN Committees on Economic, Social and Cultural Rights, and on Human
Rights as they evaluated Venezuela's performance within international treaties,
say the Maduro regime missed a chance for dialogue with institutions ready to
assist in the effective implementation of citizen rights. They say a lack of
disposition toward dialogue, contradictory data, attempts to evade government
responsibility, underestimating evaluating experts, fear of answering
questions, cynicism, lack of knowledge and improvisation contributed to this atmosphere.
More in Spanish: (El Nacional; http://www.el-nacional.com/)
Venezuela’s government is launching a new
security plan for
the next 90 days, according to Internal Affairs, Justice and Peace Minister
General Gustavo González López. The plan includes incorporating services of the
sea, airport, immigration and tourist police forces. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44527&idc=1)
No comments:
Post a Comment