Venezuelan Daily Brief

Published in association with The DVA Group and The Selinger Group, the Venezuelan Daily Brief provides bi-weekly summaries of key news items affecting bulk commodities and the general business environment in Venezuela.

Showing posts with label Hugo Chávez. Show all posts
Showing posts with label Hugo Chávez. Show all posts

Tuesday, May 9, 2017

May 09, 2017


Logistics & Transport

CONVIASA flights reportedly have been suspended

Journalist Elyangelica Gonzalez has reported that Venezuelan airline CONVIASA has suspended national and international flights due to “a matter involving the payment of aircraft insurance”. More in Spanish: (NOTIMINUTO: http://www.notiminuto.com/noticia/reportan-suspension-de-vuelos-de-conviasa/)

 

Oil & Energy

Venezuela braces for double whammy if U.S. imposes oil sanctions

Venezuela would be hit from two directions if the U.S. were ever to impose oil-related sanctions against this nation where at least 30 have died in anti-government protests in the past month. American drivers may pay more at the pump as well. Speculation about possible new U.S. sanctions has increased because of President Nicolas Maduro’s announced plan to rewrite the constitution. America is the biggest buyer of Venezuelan crude, and CITGO Petroleum Corp., the U.S.-based refiner controlled by Petroleos de Venezuela SA, takes the largest share of those imports, according to analysis of U.S. government data compiled by Bloomberg. If CITGO can’t buy from its parent company because of sanctions, it would be forced to pay more on the spot market, said Mara Roberts, a New York-based analyst for BMI Research. “PDVSA’s reliance on the U.S. market has put it in an extraordinarily difficult position,” Roberts said. “An embargo would cripple its revenues to an even greater extent, which would be terrible news in the run-up to another large debt payment in the fourth quarter.” (Bloomberg, https://www.bloomberg.com/news/articles/2017-05-08/venezuela-braces-for-double-whammy-if-u-s-imposes-oil-sanctions)

 

Venezuela oil price falls for 2nd consecutive week
The price Venezuela receives for its mix of medium and heavy oil fell as U.S. production continued increasing among supply builds in the U.S. According to figures released by the Ministry of Petroleum and Mining, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending May 5 fell to US$ 41.27, down US$ 1.19 from the previous week's US$ 42.46. According to Venezuelan government figures, the average price in 2017 for Venezuela's mix of heavy and medium crude has fallen to US$ 44.46.(Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2435931&CategoryId=10717)

 

Economy & Finance

Hidden numbers reveal scale of Venezuela’s economic crisis

Most statistics tracking Venezuela’s economy are either unreliable or have been discontinued, after national account data were suspended in 2015. Even the IMF has only partial information, as its latest interaction with Venezuela’s authorities dates back to 2004. But figures relating to Venezuela’s relations with the rest of the world offer clear insights into the scale of its problems. Venezuelans are leaving the country, heading mostly for Spain and the US. Foreign investment has dried up. es. US data show that in 2016 US net foreign direct investment in Venezuela turned negative for the first time since the series began in the early 1990s. Last year, Venezuela was the only country with which the US had negative net income flow among the 58 countries for which data are available. Overall foreign investment and acquisitions have stalled, and there have been no deals to date this year. Venezuela’s oil exports — which account for about 90% of its total exports in value terms — have collapsed, not just because of the drop in prices but also in volume terms as production has folded. The country is running out of cash to fund bond repayments Venezuela has been raiding its foreign reserves, which have dropped to about US$ 10billion, from US$ 30 billion before Maduro was elected in 2013. Economic contraction is coupled with hyperinflation. Venezuelans are seeing the value of their money shrink at the fastest pace in the world. The IMF estimates an inflation rate of 720% for this year, skyrocketing even further in the coming years. “Price controls, limitations on access to foreign currency and the collapse of the private sector in the provision of basic goods, have cumulatively led to one of the world’s highest inflation rates,” the World Bank wrote in a recent report. This means that Venezuelans see the value of their money and the ability to buy goods and services massively shrink day by day. According to IMF data, Venezuela’s GDP will contract by 7.4% in 2017, meaning the economy will have shrunk about 30% since 2013 — one of the largest peacetime economic contractions since the second world war. (Financial Times: https://www.ft.com/content/a6f7bdae-2f46-11e7-9555-23ef563ecf9a)

 

Politics and International Affairs

Venezuela opposition boycotts meeting on Maduro assembly, as civilians subjected to military courts

Venezuela's opposition boycotted a meeting on Monday to discuss President Nicolas Maduro's plan for a new popular assembly, preferring to protest in the streets where they were again blocked by security forces firing tear gas. Opposition Governor Henrique Capriles said that Maduro’s constitutional assembly goes against the Venezuela’s charter, which requires approval of the nation’s voters to alter the constitution. Capriles said that if the government “continues with this madness,” Venezuela will be ungovernable, he said. In familiar scenes from five weeks of unrest, youths with gas masks and makeshift shields faced off with police and National Guard troops in Caracas, after hundreds of demonstrators were stopped from reaching government offices. Venezuela's opposition is demanding elections to resolve the country's grave political crisis. The 54-year-old successor to Hugo Chavez is setting up a "constituent assembly" super body with power to rewrite the constitution and shake up public powers. But no representatives of the opposition Democratic Unity coalition went to the Miraflores presidential palace on Monday despite an invitation from Education Minister Elias Jaua who is leading the constituent assembly process.  "It's a trick to keep themselves in power," said Julio Borges, leader of the National Assembly legislature where the opposition won a majority in 2015. "The only way to resolve this crisis is with a free vote." The unrest has killed at least 37 people since early April, including protesters, government sympathizers, bystanders, and security forces. Hundreds have also been hurt and arrested.  Local rights group Penal Forum said 1,845 people had been detained since April 1 over the protests, with 591 still behind bars. Opposition leaders said 200 of those were being processed by military tribunals in Carabobo state. Perhaps to justify the use of those military tribunals, officials say they are now facing an "armed insurrection". Red-shirted Maduro supporters also rallied in Caracas on Monday. (Reuters: http://www.reuters.com/article/us-venezuela-politics-idUSKBN18424I; Bloomberg, https://www.bloomberg.com/politics/articles/2017-05-07/venezuela-opposition-boycotts-maduro-s-constitution-rewrite; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2435923&CategoryId=10717; (NBC News: http://www.nbcnews.com/slideshow/venezuela-upheaval-shows-no-signs-slowing-down-n755606

 

Hundreds evacuated in Maracaibo as tear gas seeps into homes

Hundreds of people were evacuated from buildings in Maracaibo, the nation’s second largest city, after security forces fired tear gas during a clash with protesters and the gas spilled into homes, schools and a hospital. The protest turned violent when demonstrators were blocked by national guardsmen while trying to deliver a letter expressing their disdain for socialist President Nicolas Maduro's push to rewrite the nation's constitution. Protesters tried to get around the officers by finding another route but were pushed back by heavy clouds of tear gas in a raucous exchange that continued for more than an hour, witnesses said. Juan Diego Amado, an anti-government activist, said he entered one building housing a foundation housing about 300 children and elderly residents and found many coughing and in tears after inhaling the fumes. Volunteers rushed children still in diapers, others in strollers and the elderly in wheelchairs out of the building to hospitals for treatment. Continued protests in Venezuela's capital Monday resulted in 60 people being injured, said Ramon Muchacho, a Caracas-area mayor. (ABC News: http://abcnews.go.com/International/wireStory/hundreds-evacuated-venezuela-tear-gas-seeps-homes-47286900)

 

Hugo Chávez statue torn down as death toll rises in Venezuela protests

The demonstration began with a group of schoolboys, who gathered – still dressed in their school uniforms – in the palm-lined square outside the town hall of the prairie town of Villa del Rosario in western Venezuela. Before long, some kind of flammable liquid was thrown at a life-sized statue of the late president Hugo Chávez and set alight. And then, to cheers from onlookers, the figurine itself – which appeared to be made of fiberglass or plastic – was pulled down and dragged into the street. In terms of historical significance, the incident is unlikely to rank alongside the toppling of Saddam Hussein’s 12-meter statue in Baghdad, shortly after the 2003 invasion of Iraq. But the destruction of the statue last Friday did not go unnoticed in a country where many public buildings are still adorned with images of Chávez, four years after his death. Over the weekend, cellphone pictures and footage of the incident went viral in Venezuela, where amid widespread discontent with president Nicolás Maduro, Chávez’s handpicked successor, has erupted into near-daily protests. Since then, the gesture has been repeated elsewhere: in Ureña, a town in western Venezuela, a bust of Chávez disappeared from a public square, and in the late leader’s home state of Barinas, a mural with the leader’s face reproduced in the style of Warhol was defaced. Some argue that such incidents demonstrate that after years of economic chaos, food shortages and government repression, Venezuelans have finally reached the breaking point.  But others warn that, as Maduro moves forward with plans to rewrite the country’s constitution despite six weeks of anti-government protests – talk of a tipping point still seems premature. According to Luís Vicente Leon, a leading pollster, the collapse of authoritarian regimes is more often caused by internal splits than outside pressure.  Although pressure on Maduro may be mounting, it is still not coming from two key areas, Leon said. “The electoral authorities validated the constituent assembly, and perhaps most important, we haven’t seen the military express dissent,” he said. For now, the war of attrition between government and opposition looks set to continue, and the death toll seems certain to rise. Monica Pérez, who lives close to the square where the Chávez monument once stood said that the toppling of the statue had galvanized the opposition in the town. “It was the first time I saw this happen here,” she said. “We all feel the moment is now, and we must continue in the streets until the end”. (The Guardian: https://www.theguardian.com/world/2017/may/09/hugo-chavez-statue-toppled-venezuela-breaking-point)

 

Roses in hand, Venezuelan women protesters face security forces

Dressed in white and chanting "Liberty!", tens of thousands of women opposed to Venezuela's socialist President Nicolas Maduro marched on Saturday, proffering roses to security forces who blocked their way. The women's marches took place in most major cities around the nation. In Caracas, marchers sang the national anthem and shouted: "We want elections!" They were halted at various points by lines of policewomen and National Guard troops with armored cars. (Reuters, http://www.reuters.com/article/us-venezuela-politics-idUSKBN1820NM; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2435899&CategoryId=10718)

 

Press union reports over 200 acts of aggression against journalists

Marco Ruiz, Secretary General of the National Press Workers Union, has asked the Attorney General’s office to investigate over 200 acts of aggression against journalists and media workers to date this year. He reports “most” of the attacks were by government security forces, and victims say their equipment was either stolen or destroyed. He said there are 18 arrests registered. More in Spanish: (Notiminuto: http://www.notiminuto.com/noticia/sindicato-de-la-prensa-denuncia-200-agresiones-a-trabajadores/)

 

Venezuela crisis: What is behind the turmoil?

Venezuela is split into Chavistas, the name given to the followers of the socialist policies of the late President Hugo Chavez, and those who cannot wait to see an end to the 18 years in power of his United Socialist Party (PSUV). After the socialist leader died in 2013, Maduro has not been able to inspire Chavistas in the same way his predecessor did. His government has furthermore been hampered by falling oil prices. The lack of oil revenue has forced the government to curtail its social programs, leading to an erosion of support among its core backers. A series of events has further heightened tensions between the government and the opposition and led to renewed street protests. Key was the surprise announcement by the Supreme Court on 29 March that it was taking over the powers of the opposition-controlled National Assembly. The opposition said that the ruling undermined the country's separation of powers and took Venezuela a step closer to one-man rule under Nicolas Maduro. The court argued that the National Assembly had disregarded previous Supreme Court rulings and was therefore in contempt. While the Supreme Court reversed its ruling just three days later, distrust of the court did not subside. Anti-government protesters have been calling for fresh general elections. They have four key demands: Removal from office of the Supreme Court justices who issued the 29 March ruling; general elections in 2017; creation of a "humanitarian channel" to allow medication to be imported to counter the severe shortages in Venezuela; release of all the "political prisoners". Faced with almost daily protests, Maduro probably felt he needed to make a move. Not willing to give in to the opposition's demand for early presidential elections, he chose to announce the creation of a constituent assembly. Opposition leaders have denounced the move as an attempt by President Maduro to maximize his power and cling on to it for longer. They argue that the process of setting up a constituent assembly and drawing up a new constitution would almost certainly mean that regional elections due to be held this year and presidential polls scheduled for December 2018 would be delayed. (BBC News: http://www.bbc.com/news/world-latin-america-36319877)

 

In Venezuela’s chaos, elites play a high-stakes game for survival

Even as Venezuela sinks into chaos, with clashes between protesters and the police escalating, why have its powerful political and military elites stuck by President Nicolás Maduro? The country would seem to be a prime candidate for something scholars call an “elite fracture,” in which enough powerful officials break away to force a change in leadership. Still, splits are beginning to emerge, as a few figures in major institutions signal opposition to Maduro, hinting at growing dissatisfaction and the government’s inability to silence it. Recent actions by both elites and the government suggest they take the possibility of fracture seriously — maneuvering in a high-stakes contest that is potentially decisive but whose outcome remains uncertain. Elite fracture operates as a kind of game in which each player tries to figure out what the others are about to do. Stay loyal to a failing government too long and you risk going down with it. But if you break with the government and others don’t, you’ll pay a high price for disloyalty. Members of the elite, in this game, try to test one another over where they stand, as well as the government’s strength, to decide whether to remain loyal. If enough believe they have achieved critical mass to force a leadership change, they will all push at once. Luisa Ortega, the attorney general, conducted such a test, whether she intended to or not, in late March. When the pro-Maduro Supreme Court moved to seize many of the legislature’s powers, Ortega condemned the ruling as a “rupture of the constitutional order.” The government faced a dilemma. Tolerating Ortega’s dissent would signal that elites could more freely break with Maduro, making action against him easier. But punishing her would risk backlash from any elites who shared her view. Ortega went unpunished, and the ruling was reversed. Rapid policy changes can open such fissures by forcing elites to decide whether to go along. This is why periods of crisis can heighten risks of elite fracture, as governments make rapid changes to keep up. The deciding vote in these situations is often cast by the military, which has the power to break a deadlock among elites and, often, the popular legitimacy to lead a transition. In Venezuela, some are already calling on the military to step in. By conferring pre-emptive legitimacy, they signal to potential coup leaders that they would enjoy at least some elite support. Even a loyal military, when forced to resolve a political crisis, might decide against the leader who called it in. The impossibility of fully predicting how the military might decide in another crisis, along with growing unrest that could again test it, has left the government nervous. Loyalty was once purchased with oil revenue, but as the economy worsens, elites compete over a smaller pie. Venezuela is also growing internationally isolated, forcing elites to fear they could face foreign sanctions or even criminal charges if they remain loyal and the government falls. This is part of what makes the lack of widespread defection, amid Venezuela’s economic collapse, so unusual. Chavez’s hyper-charged populism succeeded in so dividing society that crossing over remains, for many, unthinkable. And so ideological dedication remains widespread, including among elites. That same fervor could create an opportunity for dissidents, however. Venezuela’s few defecting elites have tended to portray themselves as the true guardians of Chávez’s cause and Maduro as the traitor. And younger, second-tier Chávistas may worry about Maduro’s damage to the cause and its longevity. This is why coups are often led by colonels or civilians of equivalent rank, who also enjoy fewer fruits of patronage and so face less downside in defecting. But movement can come only when elites, junior or senior, are sure they have the numbers to win. And any contest over ideological loyalty will tilt toward the status quo. The rules of the game still favor Maduro, even if the state of play does not. (The New York Times: https://www.nytimes.com/2017/05/06/world/americas/venezuela-unrest-protests.html?smprod=nytcore-iphone&smid=nytcore-iphone-share)

 

Venezuela's ex-spy chief promotes possible presidential bid

Nationwide protests are spreading beyond President Nicolás Maduro’s control and risk morphing into civil war, said the retired Venezuelan general in charge of suppressing the last wave of unrest three years ago. “We’re seeing much larger masses protesting across all major cities, including the working-class neighborhoods” once firmly supporting the government, said Major Gen. (Ret.) Miguel Rodríguez Torres, who adds that the government is losing control amid growing protests nationwide and should move now to call elections. A former spy chief under the late Hugo Chavez, Rodríguez Torres is emerging as a political player in turbulent Venezuela, mistrusted by the opposition and despised by the government as he travels the country in a possible bid for the presidency. He is a longshot who hopes to offer a third way for Venezuelans weary of the country's violence and economic woes. Reviled among President Nicolas Maduro's opponents for leading a crackdown on anti-government protesters in 2014, Rodriguez Torres has also alienated government loyalists with his sharp criticism of the socialist administration. But he nevertheless is finding an audience among Venezuelans who have abandoned support for a government that has failed to resolve the economic crisis but still distrust the opposition. In a recent interview, the 53-year-old Rodriguez Torres blamed Maduro for destroying Venezuela's oil-rich economy, failing to rein in violence from pro-government militias and silencing critics. He said he is wary of the street protests launched by the president's foes and instead preaches a message of reconciliation grounded in his evangelical Christian faith. Pollsters haven't included Rodriguez Torres in their surveys yet, but his criticism of Maduro hasn't gone unnoticed. High-ranking officials in recent weeks have accused him of treason or playing into the opposition's hands. His aides say Venezuelan media are under pressure not to interview him and social media is filled with speculation he could be jailed for speaking out like other once loyal military bigwigs. Others trying to occupy Venezuela's almost invisible middle ground include another Chavez army acolyte, Lara state Gov. Henri Falcon, and chief prosecutor Luisa Ortega, who shocked the nation by saying constitutional order had been violated when the Supreme Court briefly gutted the opposition-controlled congress of its powers a few weeks ago. Rodriguez Torres' close ties to Chavismo's military wing are what distinguish him from a growing cadre of administration critics on the left. While outwardly loyal to Maduro, many in the armed forces are believed to be unhappy with the government but fearful that if the opposition takes power they'll lose privileges and influence accumulated during 17 years of socialist rule. Rodriguez Torres' proposals seem taken straight from the opposition's playbook. He sees Venezuela's economic problems rooted in decade-old foreign currency controls and says he would go to the International Monetary Fund, which Chavez railed against, for help it if put food on Venezuelans' table. He said he'd also like to patch up relations with Chavez's old nemesis, the United States. (The Times Colonist: http://www.timescolonist.com/venezuela-s-ex-spy-chief-promotes-possible-presidential-bid-1.18890700#sthash.IWk3L2IB.dpuf; The Wall Street Journal: https://www.wsj.com/articles/former-minister-warns-of-civil-war-in-venezuela-1494263279)

 

Defense Minister says no armed groups outside the military are acceptable

Defense Minister General Vladimir Padrino López has said the term “colectivos” (pro government paramilitary) has been misused. “Any armed group, that are not the Armed Forces, police organizations, security organizations, that are operating out there, whatever they call themselves, are outside the law and must be treated as such. We accept no armed group outside the Armed Forces, the only armed institution here are the Armed Forces”. He added: “The Venezuelan people are being told that we are training civilians, that we support ‘colectivos’, and there is something we reject whatever name they take: guerrilla, paramilitary, criminal bands, whatever they call themselves, outside the law, they will receive a Constitutional response”. He denied there were any military officers under detention for “discontent” – a charge made by opposition leader Henrique Capriles; but added that 3 officers that deserted and sought asylum in Colombia are under investigation. In another statement the following day, Padrino said that out of 37 dead in demonstrations, 22 were murdered with firearms, which he says that current protests “are in line with subversion and armed insurrection”. He defended actions by the Bolivarian National Guard (GNB) during the demonstrations, and claimed they have “contained” violence, adding that this new wave of protests is “far more violent” than those held 3 years ago, and blamed opposition leaders based on what he called “very serious” investigations. Padrino concluded by saying the Armed Forces unconditionally support a Constitutional assembly process through “universal, direct, secret and free” voting; and added that it is “premature” to talk of the way representatives would be selected. Padrino called the recent Supreme Tribunal ruling against the Legislature an “excess” that “cannot be termed a coup d’etat”. He says the Armed Forces will conduct “a great internal debate, at all levels”, to determine the military institution they envision for the next years. He referred to the so-called Bolivarian Militia, which became the center of attention after Maduro increased their number 50 500,000 and allocated resources to provide them with rifles. He said the militia is currently around 400,000 and should not be viewed simply as armed civilians because “they are trained in all senses, not just combat”. He added that although there are weapons available for all, all weapons are controlled by the Armed Forces and are only given to them when the task assigned requires. More in Spanish: (Notiminuto: http://www.notiminuto.com/noticia/padrino-lopez-no-admitimos-ningun-grupo-armado-distinto-a-la-fanb/; http://www.notiminuto.com/noticia/vladimir-padrino-asumo-la-responsabilidad-del-bienestar-de-lopez/)

 

Maduro to convene a military constitutional assembly

President Nicolas Maduro now says he will call for a military constitutional assembly to strengthen all branches of Venezuela’s armed forces. He also called on the business community to select representatives. More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/politica/presidente-maduro-activara-una-constituyente-militar)

 

Jaua says no vote can be called to call for a Constitutional Assembly

Educations Minister Elías Jaua, who heads the Constitutional Presidential Committee, has told opposition leaders within the Democratic Unity coalition that there is no part of the Constitution that requires a vote to call for a Constitutional Assembly. More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/politica/jaua-asegura-que-no-se-puede-realizar-un-referendo-consultivo-para-convocar-la-constituyente; El Universal, http://www.eluniversal.com/noticias/politica/carta-mud-jaua-constituyente-ilegitima-inconstitucional_651719)

 

Wife says Venezuela's jailed Lopez is well, urges more protests

Jailed opposition Venezuelan politician Leopoldo Lopez is well and is urging street demonstrators to keep up massive anti-government protests, his wife said on Sunday after her first visit with the former presidential hopeful in over a month, putting to rest rumors of his ill health. With tension already high after over a month of street action, many Venezuelans were shocked on Wednesday when a journalist tweeted that Lopez had been taken to hospital without vital signs. The government accused the Lopez clan of whipping up a media frenzy to gain attention. Lopez is indeed alive and well, Tintori told reporters after a visit at the Ramo Verde military prison with Lopez's mother and two children. (Reuters, http://www.reuters.com/article/us-venezuela-politics-idUSKBN184009; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2435937&CategoryId=10717)

 

Almagro says Venezuela needs a new leader, blasts use of military courts for civilians

OAS Secretary General Luis Almagro says Venezuelan President Nicolas Maduro has gone too far to bring the country back from the brink, and that the crisis-ridden nation needs elections and a peaceful transition of power -- not the new constitution that Maduro has promised. “Venezuela is drowning in an economic, financial, social and humanitarian crisis of gigantic proportions,” he said, adding that: “There is a dictatorship in Venezuela, and Venezuela needs elections. The only institutional exit for the country is a general election.” (Bloomberg, https://www.bloomberg.com/news/articles/2017-05-08/venezuela-needs-a-new-leader-not-new-constitution-almagro-says)

 

Pope urges Venezuelans to "build bridges"

The Venezuelan Bishops’ Conference (CEV) has released a letter to them from Pope Francis, expressing “awareness of the challenges you face” and thanking bishops for their “continued appeal to prevent any form of violence, observe citizens’ rights and foster human dignity and fundamental rights and liberties”. Pope Francis encouraged Venezuelan bishops to work on the building of bridges between the government and the opposition to resolve the domestic predicament. He said he was following “with concern the situation of the Venezuelan people in view of the serious problems they suffer,” and expressed “deep sorrow for clashes and violence these days,” in the middle of a wave of protests resulting so far in at least 37 killings and over 700 injured people. (El Universal, http://www.eluniversal.com/noticias/daily-news/pope-emboldens-venezuelans-build-bridges_651650)

 

U.S. National Security head McMaster meets with Venezuela opposition leader Borges

National Security Advisor McMaster met with Venezuela's National Assembly President Julio Borges at the White House. They discussed the ongoing crisis in Venezuela and the need for the government to adhere to the Venezuelan Constitution, release political prisoners, respect the National Assembly, and hold free and democratic elections.  They agreed that there is a strong need to bring the crisis to a quick and peaceful conclusion. (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2435935&CategoryId=10717)

 

…and Borges met with OAS Secretary General Almagro, who condemns use of military tribunals against civilians.

Borges also met with OAS Secretary General Luis Almagro and consigned with him a letter to the organization’s Permanent Council designed to halt Venezuela’s withdrawal from the OAS, which requires legislative approval. He also sent a video deploring actions by military prosecutors against civilians. He compared the Maduro regime to past Latin American military dictatorships. More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/politica/julio-borges-entrego-documento-a-la-oea-para-frenar-salida-de-venezuela; El Mundo, http://www.elmundo.com.ve/noticias/actualidad/noticias/julio-borges-entrego-documento-a-la-oea-para-evita.aspx; (El Universal, http://www.eluniversal.com/noticias/politica/almagro-condena-que-civiles-venezolanos-sean-condenados-tribunal-militar_651759)

 

US Congressmen ask Trump to take Venezuela’s case to the UN

A group of 15 US Congressmen have asked President Trump to take the case of Venezuela to the UN Security Council, seeking support in providing humanitarian aid to Venezuela. They also asked the President to sanction Venezuelan officials and paramilitary that are responsible for violating human rights during ongoing protests. More in Spanish: (El Universal, http://www.eluniversal.com/noticias/politica/congresistas-eeuu-piden-trump-llevar-crisis-venezuela-ante-onu_651226)



8 nations deplore “worsened” violence here.

Eight Latin American nations have issued a statement deploring “worsening violence” in Venezuela. Argentina, Brazil, Colombia, Costa Rica, Guatemala, Honduras, Mexico and Paraguay signed the declaration saying: “We condemn the excessive use of force by Venezuelan authorities against civilians marching to protest government actions that hurt democratic stability, polarize Venezuelan society even further, and lead to the loss of lives, most of them young”. (El Universal, http://www.eluniversal.com/noticias/politica/ocho-paises-deploran-recrudecimiento-violencia-pais_651227)

 

Colombia’s Santos calls for release of political prisoners, slams Constitutional Assembly

Colombian President Juan Manuel Santos says a Constitutional Assembly is not an “adequate way out” for Venezuela. He says: “what is necessary first is an elections timetable, respect for the National Assembly, return its power to it, comply with the Constitution, and within that spirit to start releasing political prisoners”.  More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/internacional/santos-afirma-que-una-constituyente-no-es-la-salida-adecuada-para-venezuela)

 

Samper: Casualties are all Venezuelans

Ernesto Samper, former Secretary General of the Union of South American Nations (UNASUR) Ernesto Samper has advised the political shareholders in Venezuela to resume talks. In his opinion, it is the only way to solve the current state of affairs in Venezuela. “Violence leads nowhere,” he warned.  Dead people are neither from the opposition nor from the government, they are simply Venezuelans, victims of violence; it is time to stop,” added the mediator in the government-opposition talks commenced last year in an effort to settle the standoff in Venezuela. (El Universal, http://www.eluniversal.com/noticias/daily-news/samper-casualties-are-just-venezuelans_651654)

 

Costa Rica seeks political dialogue and democratic solution to Venezuelan crisis

Costa Rica’s President Luis Guillermo Solís says “the only way out that one should expect is political”, and a “self-coup would be a tragedy” and could be the “prelude to a civil war”. Costa Rica recently called back its Ambassador to Venezuela for consultations. More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/internacional/costa-rica-pide-un-dialogo-politico-y-una-salida-democratica-ante-la-crisis-de-venezuela; El Universal, http://www.eluniversal.com/noticias/politica/costa-rica-pide-dialogo-venezuela-salida-democratica-crisis_651656; http://www.eluniversal.com/noticias/politica/costa-rica-llama-consultas-representante-diplomatica-venezuela_651228)

 

CARICOM urged to send fact finding mission to Venezuela

Caribbean Community (CARICOM) leaders have been urged to send a fact-finding mission to Venezuela to make an informed analysis of the situation in that country. Saint Lucia’s External Affairs Minister, Sarah Flood-Beaubrun, said last month that there is legitimate concern about the situation in Venezuela both in terms of loss of life, human rights and the hardships that the people there endure. (Saint Lucia Times: https://stluciatimes.com/2017/05/08/caricom-urged-send-fact-finding-mission-venezuela)

 

Uruguayan legislators seek investigation of Mujica era deals with Venezuela

Two legislators from Uruguay’s National Party and an independent member of the nation’s congress, have brought criminal charges over irregular business transactions between Uruguay and Venezuela during the government of President Jose Mujica (2010-2015). They charge the use of private middlemen that were arbitrarily appointed to carry out business in several fields, through the National Development Fund. More in Spanish: (Noticiero Venevisión, http://www.noticierovenevision.net/noticias/internacional/diputados-presentan-denuncia-penal-por-negocios-entre-uruguay-y-venezuela; El Universal, http://www.eluniversal.com/noticias/venezuela/denuncian-gobierno-jose-mujica-por-negocios-con-venezuela_651224)

 

Dudamel dedicates concert to a slain student in Venezuela

Gustavo Dudamel, the Venezuelan music director of the Los Angeles Philharmonic, walked on stage, looked at the orchestra for a moment and then turned to the audience. He mentioned the killing, two days earlier in an antigovernment protest, of a 17-year-old violist in Venezuela’s El Sistema music education program. Dudamel said the violence in Venezuela is unacceptable, and he dedicated the concert to the slain student and to all the victims of violence. “We play for all our children,” he concluded, “to build a better future for them with peace and love.” The audience rose to give him a standing ovation. A group in the orchestra benches behind the stage unfurled a large Venezuelan flag, and shouts of “viva Venezuela” came from the balcony. Dudamel then proceeded to conduct Schubert’s inconsequential first symphony — written when the composer was a 16-year-old student taking his cues (and stealing themes) from Beethoven — as though every measure mattered momentously. With ferocious attention to detail, and with plain ferocity, he revealed a teen’s potential for greatness. Dudamel’s rise to this occasion, at a time when he is being involuntarily drawn into Venezuela’s current turmoil, is a startling new chapter. After long being constrained by the Venezuelan government’s control of El Sistema, Dudamel has begun to speak out. Much of the violence he condemns is being perpetrated by pro-government forces. But many in Venezuela are not placated, calling Dudamel’s actions too little, too late. Some have gone so far as to accuse the conductor of being complicit in the violence, for not biting the autocratic hand that feeds the hundreds of thousands of El Sistema students for whom Dudamel feels responsibility. (The Los Angeles Times: http://www.latimes.com/entertainment/arts/la-et-cm-gustavo-dudamel-venezuela-schubert-20170507-story.html)

 

Maduro talks to cows during official ceremony

An official act meant to show how Venezuela is working to put an end to the severe food crisis in the country showed instead a side of President Nicolas Maduro that, while not new, doesn’t cease to amaze. In a video shot last week during a visit to an agricultural fair in Caracas, the 54-year-old former bus driver is seen talking to a group of cows … about politics. "I want representatives, leaders and producers of the farming sector to be members of the Constituent Assembly. Are you going to accompany me?" he asks, speaking directly to the animals. "Are you going to support me in the Constituent Assembly or do you want guarimba [a term used by the government to define opposition protests]?” "Do you want violence? Do you want death? Those of us who want peace and life go to the Constituent Assembly," he then says. The video has caused quite a stir in social media, where Maduro has been accused of not being right in the head. But Maduro's main aim may be to get people talking about something besides the five weeks of anti-government protests that have left 38 people dead, including protesters, government sympathizers, bystanders, and security forces. (Fox News: http://www.foxnews.com/world/2017/05/08/venezuelas-maduro-talks-to-cows-during-official-act-will-support-me.html)

 

Venezuela indigenous group flees crisis for Brazil

Around 400 indigenous Warao people from the Orinoco Delta in Venezuela have arrived in the Brazilian city of Manaus in the Amazon. The authorities have declared a social emergency to seek government funds to help with the influx. The Warao say they travelled around 2,000 km (1,250 miles) and are fleeing hunger and Venezuela's worsening economic and political crisis. (BBC News: http://www.bbc.com/news/world-latin-america-39852877)

 

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.

Thursday, January 7, 2016

January 07, 2016


International Trade

 
3,500 tons of food arrived at Maracaibo’s port, for state agency CASA. The shipment was transferred from Puerto Cabello, and started by offloading 143 containers of cooking oil, rice, beef, liquid and powdered milk. More in Spanish: (Bolipuertos, http://www.bolipuertos.gob.ve/noticia.aspx?id=34013)

 

 

Oil & Energy

 
Saudi-Iran split hampers chance of OPEC agreement to cut oil output

The possibility of reaching an agreement within the Organization of Petroleum Exporting Countries (OPEC) on oil production cuts to increase price is now dismissed as Saudi Arabia and Iran cut diplomatic ties.
Several OPEC delegates told Reuters they now saw no chance of any improvement in relations between OPEC members, which have been already very low over the past months.
(El Universal, http://www.eluniversal.com/economia/160106/saudi-iran-split-hampers-chance-of-opec-agreement-to-cut-oil-output)

 

 

Commodities

 
Government declares all petrochemical sector assets of public interest

The government has now included all assets involved in petrochemical projects as public domain, particularly those involved in transforming basic products such as methane, ethanol, propane, butane, and others, into such basic products as ammonia, methanol, ethylene, propylene, and others.  More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/declaran-de-utilidad-publica-bienes-del-sector-pet.aspx#ixzz3wSbmoo5t)

 

 

Economy & Finance

 
US$ 1.5 billion debt payment due in February

Venezuela faces an important debt payment early this year. According to the 2016 payment Schedule, the nation must pay up US$ 1.5 billion when the Sovereign 2016 bond comes due next month. Total debt payments for this year add up to US$ 9.930 billion in capital and interest, More in Spanish: (Notitarde; http://www.notitarde.com/Economia/Venezuela-debera-cancelar-US-1500-millones-en-deuda/2016/01/06/790600/; El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/venezuela-debera-cancelar-en-febrero--1-500-millon.aspx; Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/venezuela-debera-cancelar-en-febrero-1-500-millone.aspx)

 

Investment Banks fear Central Bank will increase government financing

Several investment banks are reporting that recent decrees by President Maduro will lead to increased Central Bank financing of government expenditures by printing more money. The new decrees strip the National Assembly of all power over the Central Bank, particularly the obligation to provide macroeconomic data and naming and approving members of the institution’s board of directors. BARCLAYS Capital says it is probable the regime will continue feeding inflation. Bank of America emphasizes that the new decrees allow the Central Bank to continue financing the government déficit, which is banned by the Constitution. (El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/bancos-de-inversion-temen-que-aumente--el-financia.aspx#ixzz3wYN6ebYq; Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/bancos-de-inversion-temen-que-aumente-el-financiam.aspx; El Nacional, http://www.el-nacional.com/economia/Mercados-internacionales-confian-mejoras-economicas_0_770323036.html)

 

New Parliament to focus on economic matters

The newly-sworn in National Assembly, with the opposition holding the supermajority, will launch a debate on whether the way the economy has been managed since the beginning of the government of late president Hugo Chávez in February 1999 should or should not be turned around. The two latest moves by the President, including a set of economic laws enacted via the enabling law and an announced Decree on Economic Constitutional Emergency, are counter to the legislative agenda suggested by the opposition. Regime opponents have rejected recently enacted laws and other economic legislation currently in force. (El Universal, http://www.eluniversal.com/nacional-y-politica/160106/new-parliament-to-focus-on-economic-matters)

 

Latin America to stagnate due to Venezuela, Brazil, World Bank says

Latin America’s economy will stagnate in 2016 as commodity-dependent countries such as Brazil and Venezuela drag down the entire region, offsetting a positive performance in Mexico, the World Bank forecast. Output in Latin America and the Caribbean will be flat this year, down from a 2.1% growth forecast last June, according to the World Bank’s Global Economic Prospects report released Wednesday. That’s due to a weaker outlook for South America, particularly Brazil and Venezuela. South America is forecast to contract 1.1% in 2016, versus the 1.7% growth the World Bank expected in mid-2015. (Bloomberg, http://www.bloomberg.com/news/articles/2016-01-06/latin-america-to-stagnate-on-venezuela-brazil-world-bank-says)

 

 

Politics and International Affairs

 
Maduro reshuffles Cabinet as Venezuela showdown intensifies

President Nicolas Maduro has named two university academics to major economic posts in a Cabinet reshuffle that was announced as a showdown intensified between his government and a new opposition-led legislature. In a lengthy speech to the nation, the socialist leader named Rodolfo Medina – whom he described as “the Evo Morales of economics” - as finance minister and Luis Salas to head a new ministry for economic productivity. He also ratified Eulogio Del Pino as head of state oil company PDVSA and oil minister. "I have decided to create this team so right now they start a new dynamic of work with the people, of permanent actions to confront the grave situation Venezuelans face," Maduro said. He also replaced Jorge Arreaza, son-in-law of his predecessor, Hugo Chavez, as executive vice president with state governor and Socialist Party stalwart Aristobulo Isturiz. Arreaza was made minister for universities, science and technology, plus a vice-president for social matters. Foreign Minister Delcy Rodriguez was ratified in her post. Miguel Perez Abad was appointed commerce minister, while Jesus Faria was named head of the new foreign trade and investment ministry. Maduro also created ministries for food production and lands, fishing and urban agriculture. (Reuters, http://www.reuters.com/article/us-venezuela-politics-idUSKBN0UK2IS20160107; Bloomberg, http://www.bloomberg.com/news/articles/2016-01-07/venezuela-s-maduro-replaces-economic-team-in-cabinet-reshuffle; More in Spanish: El Universal, http://www.eluniversal.com/nacional-y-politica/160106/maduro-designo-a-aristobulo-isturiz-como-nuevo-vicepresidente)

 

Maduro’s keeps 8 military officers in his Cabinet, names orthodox communists in economic area and creates six additional ministries

Vicepresidents:

Executive Vice President, Aristóbulo Istúriz, former Anzoategui state governor

Vice President for Political Sovereignty, Delcy Rodríguez, who remains as Popular Power Minister of Foreign Affairs

Vice President for Economic Matters, Luis Salas, also Popular Power Minister of Productive Economy, newly created

Vice President for Planning and Knowledge, Ricardo Ménendez, remains as Popular Power Minister of Planning

Vice President for Social Development and Revolution in Missions, Jorge Arreaza, former Executive Vice President, also Popular Power Minister of Higher Education, Science and Technology

Vice President for the Development of Territorial Socialism, Isis Ochoa.

Ministries:

Popular Power Ministry of Agricultural Production and Land (newly created), former Tourism Minister, former Captain Wilmar Castro Soteldo.

Popular Power Minister of Fishing and Aquaculture (newly created), Admiral Ángel Belisario.

Popular Power Minister of Urban Agriculture (newly created), Emma Ortega.

Popular Power Minister of Nutrition, General Rodolfo Marco Torres, formerly Finance Minister.

Popular Power Minister of Communes and Social Movements, Isis Ochoa, remains unchanged

Popular Power Minister of Communication and Information, Luis José Marcano.

Popular Power Minister of Culture, Freddy Ñáñez.

Popular Power Minister of Defense, Chief General Vladimir Padrino López, remains unchanged

Popular Power Minister of Education, Rodulfo Pérez.

Popular Power Minister of Electric Energy and President of CORPOELEC, General Luis Motta Domínguez, remains unchanged

Popular Power Minister of Banking and Finance, Rodolfo Medina

Popular Power Minister of Industry, Miguel Pérez Abad.

Popular Power Minister of Foreign Trade and Investment, Jesús Farías.

Popular Power Minister of Youth and Sports, Melvin Maldonado.

Popular Power Minister of Women and Gender Equality, Gladys Requena, remains unchanged

Popular Power Minister of Oil and Mining and President of PDVSA, Eulogio del Pino, remains unchanged

Popular Power Minister of Indigenous People, Clara Vidal, remains unchanged

Popular Power Minister of the Social Process of Labor, Oswaldo Vera.

Popular Power Minister of Internal Affairs, Justice and Peace, Major General Gustavo González López, remains unchanged

Popular Power Minister of Health, Luisana Melo.

Popular Power Minister of the Penitentiary Service, Iris Varela, remains unchanged

Popular Power Minister of Tourism, Marleny Contreras, remains unchanged

Popular Power Minister of Transport and Public Works (newly created), Luis Sauce.

Popular Power Minister of Housing and Habitat, General Manuel Quevedo, remains unchanged.

Popular Power Minister of Ecosocialism and Water, Ernesto Paiva.

Popular Power Minister of Frontiers, Gerardo Izquierdo Torres, remains unchanged

Popular Power Minister for the Presidential Office, Jesús Salazar

Head of the Capital Government District, Daniel Aponte.


 

National Assembly swears in 3 disputed opposition legislators

The newly inaugurated National Assembly swore in three opposition deputies who had been disqualified by the country’s Supreme Court after elections last month, setting up a confrontation with the socialist government of President Nicolas Maduro. As opposition lawmakers chanted “We’re 112!” in reference to their elected two-thirds legislative majority, pro-government deputies protested the installation and said any laws approved with the votes of the disputed lawmakers would be unconstitutional. “The government won’t recognize or enact any law that this assembly approves,” former National Assembly president and pro-government deputy Diosdado Cabello said in a press conference. “This parliament has become illegal,” he said, adding that the National Assembly would be cut off from all funding. (Bloomberg, http://www.bloomberg.com/news/articles/2016-01-06/venezuela-congress-swears-in-3-disputed-opposition-deputies-ij3d4mvp)

 

New Venezuelan Parliament looks to put an early end to Maduro mandate

The new Venezuelan Parliament, or the National Assembly with opposition majority, plans to put an end to the mandate of President Nicolas Maduro before 2019, said Assembly president Henry Ramos-Allup during the first parliamentary session Tuesday. In an inflamed and noisy session, which opened at a time of complicated political cohabitation in the country, Ramos-Allup swore himself in as the new National Assembly president before stating that in six months the new assembly will decide on the "constitutional, democratic, pacific and electoral way out" of the current government. The options include the official announcement of a presidential recall referendum, which can be brought into effect in July when Maduro completes half his term, constitutional amendment, voluntary resignation of the government and the establishment of a new Constituent Assembly. At the same time, Ramos-Allup called upon the Maduro regime to dialogue “to solve the needs of Venezuelans”, adding that “Venezuelans want dialogue”. He said that “civilized societies either dialogue or kill each other”.  (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2402979&CategoryId=10717); and more in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/160106/henry-ramos-allup-llama-al-dialogo)

 

Venezuela opposition supporters revel in new Congress

Cameras zoomed in on First Lady and lawmaker Cilia Flores as an opposition legislator accused Venezuela's government of handing out diplomatic passports to drug traffickers, an allusion to her two nephews on trial in the United States on cocaine smuggling charges. Another opposition legislator stood up and accused his ruling Socialist Party counterparts of stealing money destined for cancer medicines and food, both of which are running short in the crisis-hit country. For Venezuela's frustrated opposition supporters, the first session of the National Assembly on Tuesday was a delightful spectacle. The Democratic Unity coalition took control of Congress for the first time in 16 years on Tuesday in a rowdy session that included slogan-chanting and heckling. At one point, Socialist Party deputies walked out over the alleged violation of parliamentary rules. While the opposition-led Congress has few powers to overhaul President Nicolas Maduro's suffocating economic controls, it plans to use its new perch to pile pressure on the government. Tuesday's session, the first since Democratic Unity won two-thirds of seats in elections in December, was just a taster of much more significant challenges to come, the dominant bloc says. "Where did they spend Venezuela's money? We're going to question all the ministers. And if we have to dismiss them, we will!" said opposition lawmaker William Barrientos after the session. Venezuela's buzzing social media tracked the sometimes tense session. And for the first time in years, journalists were present. The Socialist Party had banned reporters from accessing the floor to interview lawmakers, a measure the new opposition leadership dropped. (Reuters: http://www.reuters.com/article/us-venezuela-politics-congress-idUSKBN0UK00320160106)

 

President Maduro challenges the new National Assembly to call a referendum to revoke his mandate. After pro-regime legislators walked out of the first session of the new, opposition controlled National Assembly, President Nicolas Maduro challenged the recently elected legislators to call a referendum to revoke his mandate and let Venezuelans decide. More in Spanish: (Infolatam: http://www.infolatam.com/2016/01/06/maduro-reta-al-nuevo-parlamento-a-convocar-un-referendum-para-revocarlo/)

 

Cabello says the National Assembly has become illegitimate by contempt of the Supreme Tribunal in swearing in 3 legislators from Amazonas state. Former National Assembly President Captain Diosdado Cabello said the group would denounce the current National Assembly for contempt and added that “no law they pass will be valid” He added: “We have here a working Supreme Tribunal, what may become paralyzed is the National Assembly because, I believe, they will not receive a penny from now on”.  More in Spanish: (Infolatam: http://www.infolatam.com/2016/01/06/chavismo-afirma-que-el-parlamento-se-ha-deslegitimado-al-desacatar-al-supremo/)

 

Borges set forth opposition legislative agenda

Lawmaker Julio Borges, who heads the opposition legislative caucus within the newly installed National Assembly, has officially set forth the group legislative priorities, as follows: 1.- Amnesty Law on behalf of political prisoners and exiles;

2.- Law to give ownership title to government housing plan beneficiaries; 3.- Law to provide food stamps and medicine for the elderly; 4.- Law to promote Domestic production. More in Spanish: (El Mundo, http://www.elmundo.com.ve/noticias/economia/parlamento/borges-presento-la-agenda-parlamentaria-que-impuls.aspx#ixzz3wSa9qj7v)

 

Regime rejects alleged US meddling in legal action against election result

Minister of Foreign Affairs, Delcy Rodríguez, described a request by the United States to resolve an action admitted by the Venezuelan Judiciary contesting the election of four deputies in a "transparent" manner as "meddling". Following the opening of the new Venezuelan Parliament, John Kirby, spokesperson for the US Department of State, stated that Washington was concerned over the "controversy surrounding the inauguration of some elected representatives," and called for "a resolution of this dispute in a transparent manner that reflects the preferences of the Venezuelan voters." Kirby’s comments were in response to a letter sent by Sen. Robert Menendez to President Barack Obama Monday asking for measures to ensure the government of Nicolas Maduro respects the election results in Venezuela. (El Universal, http://www.eluniversal.com/nacional-y-politica/160106/venezuela-rejects-us-meddling-in-legal-action-against-election-result; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2402914&CategoryId=10717; El Universal, http://www.eluniversal.com/nacional-y-politica/160106/us-asks-for-transparent-decision-on-venezuelan-contested-deputies)

 

Rubio: Maduro does not intend to accept parliament vote outcome

Republican presidential contender Senator Marco Rubio says "there is growing evidence" that Venezuelan President Nicolas Maduro "has no intention of accepting the results of the legislative vote" held last December 6 in Venezuela.
Rubio asked US President Barack Obama to punish those who try to "sabotage" the result of the parliament in Venezuela, which put an end to 17 years of chavezism hegemony in the National Assembly.
(El Universal, http://www.eluniversal.com/nacional-y-politica/160106/rubio-maduro-does-not-intend-to-accept-parliament-vote-outcome)

 

European Union ready to strengthen relations with Venezuela

The European Union says the new National Assembly “will be the key for democracy in Venezuela”, and says it is “important” that the legislature “should be able to comply with all of its constitutional prerogatives, those which respect the vote of the people”. It says it believes the new situation here opens up opportunities for closer relations that can lead to agreements on key matters. More in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/160106/ue-esta-lista-para-reforzar-relaciones-con-venezuela)

 

Brazil calls for dialogue in Venezuela

Brazil’s Foreign Ministry has issued a statement saying it “trusts” that the voting will of the Venezuelan people is “respected” and that “the constitutional functions and prerogatives of the National Assembly are to be preserved and respected”. It also called for both sides to “maintain and perfect dialogue and harmony”. More in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/160106/brasil-llama-al-dialogo)

 

 

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.