International
Trade
Cargo that has arrived at Puerto Cabello:
- 2500 taxi cabs and 300 trucks
from China for state agency CORPOVEX
- 280 containers bearing
automobile parts for Chery Venezuela and state agency EMSOVEN
(Bolipuertos,
- 414 tons of whole milk for state agency Corporación de Alimentos y Servicios Agrícolas (CASA)
- 378 tons of frozen beef for
state agency CASA
- 360 tons of frozen pork for
state agency CASA
- 18 tons of rice for state
agency CASA
- 5 containers of toys for state agency Corporación Venezolana de Comercio Exterior (CORPOVEX)
- 1027 head of cattle from Nicaragua for state agency Corporación Venezolana de Alimentos (CVAL).
Cargo that has arrived at Bolipuertos La Guaira:
- 109 containers of Basic foods
such as basket: oil, corn, wheat, rice, beans and medicines necessities
like toilet paper, soap.
Over 800 tons of heavy oil equipment has
arrived at Guanta port
854 tons of heavy oil equipment from Korea for
PDVSA for the Deep Conversion Refinery in Refinería de Puerto La Cruz. More in Spanish: (Bolipuertos, http://www.bolipuertos.gob.ve/noticia.aspx?id=33965;
El Universal, http://www.eluniversal.com/economia/151126/llegan-al-pais-repuestos-equipos-petroleros-y-taxis;
Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/llegaron-al-pais-854-toneladas-de-equipos-petroler.aspx)
Oil &
Energy
OPEC not to cut oil
output despite possible price drop in 2016
The Organization of Petroleum Exporting Countries
(OPEC) is determined to maintain a vigorous crude oil output despite the
current financial tension as they warned the oil barrel price could fall to USD
20 in 2106. Any change in the policy would be only possible provided that major
non-OPEC producers, especially Russia, embrace some coordinated oil output
cuts. "Unless non-OPEC member
countries state they are willing to help, I think we will have no change,"
a delegate of an important OPEC producer told Reuters. "The OPEC will not make a cut on its own
account," the delegate added. (El Universal, http://www.eluniversal.com/economia/151125/opec-not-to-cut-oil-output-despite-possible-price-drop-in-2016)
The Gas Exporting Countries Forum agreed to
defend prices and
the market stability. They agreed to demand a fair price that defends
investments in the only source of “clean energy” that can guarantee the global
energy needs and sustainable development in the short term. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=46308&idc=4)
Nicolás Maduro said he is all for fair prices
to stabilize the gas market during his statements at the 3rd Summit of the Gas Exporting Countries
Forum. He also said it would be good to retake Hugo Chávez’ pet project, the
Southern Gas Pipeline that would take natural gas to all the countries in South
America. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=46297&idc=4)
Commodities
Australian company produced its first gold
ingot in disputed Essequibo region
Australia´s Troy Resources has produced its
first gold ingot in a mine within Guyana's Region 7, which is the Essequibo
area under dispute with Venezuela. Clinton Williams, head of Guyana's Geology
and Mining Commission, says the company "has surpassed all expectations in complying with their mining agreement"
and is operating at 40-50% capacity, with full production expected in 2016.
More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/empresa-australiana-produce-primer-lingote-de-oro-.aspx#ixzz3sakaYKRa)
Economy
& Finance
Maduro awaits elections to launch new economic
recovery plan
President Nicolás
Maduro says he will launch a plan to grow the nation's economy after the
December legislative elections. He also said he will "radicalize the revolution in favor of the people". More in
Spanish: (Notitarde, http://www.notitarde.com/Economia/Maduro-espera-legislativas-para-lanzar-nuevo-plan-de-recuperacion-economica/2015/11/25/714840/; El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/maduro-anunciara-medidas-economicas-despues-de-las.aspx)
Bank of America
expects major adjustment in 2016.
In a recently published report, Bank of America
Merrill Lynch says: "We expect a
major macroeconomic adjustment in 2016, with a large devaluation and correction
of large relative price disequilibria. The post-election setting will be
conducive to a change in economic policies, especially if a landslide
opposition victory leads to a change in government. Debt restructuring could
come on the table under a new administration. Main risks. Lack of data raises
uncertainty about fundamentals and
liquidity. Exacerbation of relative price disequilibria and deficit
monetization can lead to hyperinflation. Suspension of elections or fraud could
raise political instability. Continued low oil prices would put added stress on
cash flows." At the same time, Francisco Rodríguez, BOFA
Representative for the Andean Region has publicly called for unifying foreign
exchange rates here, along with creating subsidies for those most
impacted. More in Spanish: (El
Universal; http://www.eluniversal.com/economia/151125/proponen-aplicar-sistema-de-unificacion-cambiaria; and full BOFA Report: ATTACHED)
Government to extend Income Tax (ISLR) payment
waiver for the
primary agricultural sector through 2018, says Executive Vice President Jorge
Arreaza. The measure does not include the agro-industrial sector. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=46305&idc=2)
CONINDUSTRIA:
Contracting in Venezuela sank in 2015
President of the Venezuelan Industries
Confederation (Conindustria) Juan Pablo Olalquiaga reports that hiring by local
enterprises has diminished as compared to 2014,. "This is an attempt not to dismiss the personnel (companies) have taken
too long to train," he said. "There
was not a significant impact in terms of volume of people hired. When there is
not any reduction in employees, they (the companies) seek to keep their
payrolls with a minimum production volume, which results in the increase (in
prices) of the products launched (to the market)," Olalquiaga explains.
(El Universal, http://www.eluniversal.com/economia/151125/conindustria-contracting-in-venezuela-sank-in-2015)
Politics and
International Affairs
Maduro puts followers
on "alert" following
opposition rejection of UNASUR proposal
President Nicolás Maduro has asked "chavistas" to be on "alert" following the opposition's
rejection of the proposed UNASUR agreement on abiding by election results. He
called upon his followers to not "rest upon their laurels". More in
Spanish: (Infolatam: http://www.infolatam.com/2015/11/25/maduro-pide-estar-alerta-por-negativa-opositora-de-firmar-acuerdo-de-unasur/)
Pro government gangs shoot opposition leader
dead on dais during rally
Pro government followers
have shot and killed Luis Manuel Díaz, Regional Secretary General of Acción
Democratica in Guárico state in a drive by shooting while Díaz was on the dais
of a rally along with Lilian Tintori, wife of imprisoned leader Leopoldo López.
The action follows other shooting attacks on opposition campaign activities.
UNASUR's Elections Mission condemned the attack and expressed "it's strongest rejection of all types of
violence that could hurt the normal development of elections" and
called on authorities to determine who was responsible. More in Spanish: (El Universal, http://www.eluniversal.com/caracas/151126/unasur-pide-se-investigue-muerte-de-secretario-de-ad-en-guarico; El Nacional, http://www.el-nacional.com/politica/muerte-AD-Unasur-rechazo-violencia_0_745125738.html)
Opposition to propose
an Amnesty Law after winning, will not bring more sectarianism
Venezuela's Democratic Union opposition
coalition (MUD) has set forth its priorities in case if secures a majority of
the National Assembly in upcoming elections. It says their first move will be
to promote an Amnesty Law that frees political prisoners such as Leopoldo López
and Metropolitan Caracas mayor Antonio Ledezma; and will focus on social and
economic matters to seek solutions to the "deep, monstrous and fearsome economic and social crisis". The
coalition says it will respect the diverse pro-government factions replace one
sectarianism with another, but will rather seek to "reconcile and unite the nation". More in Spanish (Infolatam, http://www.infolatam.com/2015/11/25/oposicion-venezolana-dice-que-primera-medida-si-gana-elecciones-sera-una-ley-de-amnistia/)
Guyana seeks international
support over border dispute with Venezuela
Guyanese President David Granger has announced
he will seek to reaffirm his territorial sovereignty over the Essequibo region,
a disputed area with Venezuela. Additionally, he said he would seek
international support in the next meeting of the Commonwealth of Nations to be
held in Malta on 27-29 November this year. "We have always had the support of the Commonwealth, and we will
continue working with our allies in that organization to strengthen their
support and convey a message to aggressor states, Venezuela in this case, that
we are not alone," Granger said. (El Universal, http://www.eluniversal.com/nacional-y-politica/151125/guyana-seeks-intl-support-over-border-dispute-with-venezuela)
Ombudsman to deploy
civil servants for parliament vote
Ombudsman Tarek William Saab says he will use
600 civil servants (about 100% of his personnel) in the situation rooms of
polling stations nationwide to ensure the proper development of the electoral
process during the upcoming parliament vote on December 6. More in Spanish: (El
Universal, http://www.eluniversal.com/nacional-y-politica/151125/venezuelas-ombudsman-to-deploy-civil-servants-for-parliament-vote)
Brazil takes a wait and see attitude on Macri's
proposal, pending elections
After being asked on the intentions of
Argentina's president-elect Mauricio Macri of seeking to apply the "democratic clause" against the
Venezuelan regime, Brazilian Foreign Minister Mauro Vieira says "one cannot judge beforehand" what
will happen in Venezuela's legislative elections and trusts that UNASUR's
"accompanying" mission will
be able to work with full freedom. More in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/151125/brasil-considera-que-no-se-puede-juzgar-a-priori-a-venezuela)
Ecuador's Correa charges
that Macri is "meddling" in
Venezuelan internal affairs
Ecuadorian President Rafael Correa has pointed
to apparent "meddling" in
Venezuelan internal affairs in referring to remarks by Argentine
President-elect Mauricio Macri, who said he would request the Southern Common
Market (MERCOSUR) to levy sanctions against the government here. This is "clearly interference in the internal affairs
of Venezuela," Correa said. Further, he pointed out that, in his
opinion, applying a clause against Venezuela "would not be correct," because democracy prevails in that
country, as well as a political project which "has won many elections." (El Universal, http://www.eluniversal.com/nacional-y-politica/151125/ecuadors-correa-notices-macris-meddling-in-venezuelan-internal-affairs)
The following brief is a synthesis of the news
as reported by a variety of media sources. As such, the views and opinions
expressed do not necessarily reflect those of Duarte Vivas & Asociados and
The Selinger Group.
