november 21, 2014

International Trade

 

Cargo that has arrived at Puerto Cabello:

• Over 776 tons of live cattle from Brazil for Frigorífico Industrial Los Andes, Asociación Cooperativa Hoyo de la Puerta and Carnes El Pozo, C.A.
• Over 1,160 tons of milk and coffee for state companies.

More in Spanish: (Notitarde; http://www.notitarde.com/La-Costa/Mas-de-tres-mil-reses-llegaron-al-puerto-carabobeno-desde-Brasil-2286379/2014/11/18/395054/)

 

 

Logistics & Transport

 

Air ticket sales down 50% from 2013

Humberto Figuera, president of the Airlines Association of Venezuela (ALAV), reports the number of airplane seats has decreased by 50% in January-October 2014, compared to the same period last year.
Figuera said air tickets sold in 2013 were 3,133,144, and only 1,450,000 tickets have been sold in January-October this year, "that is, half the number sold in 2013". (El Universal, http://www.eluniversal.com/economia/141120/airlines-association-air-ticket-sales-down-50-compared-to-2013)

 

Oil & Energy

 

Venezuela willing to cut oil output along with OPEC

Venezuela would be willing to cut its own oil production if OPEC decides to limit output when it meets on Nov. 27, says Foreign Minister Rafael Ramirez. Ramirez, who was until recently oil minister and president of state oil company PDVSA, declined to say what specific proposal Venezuela planned to take to the Organization of the Petroleum Exporting Countries meeting in Vienna. Asked which OPEC members would support that proposal, Ramirez said: "I hope all of them." Chances have risen that OPEC will agree to reduce production, according to oil industry analysts, citing delegates with the producer group. (Reuters, http://www.reuters.com/article/2014/11/20/us-venezuela-oil-idUSKCN0J424X20141120; El Universal, http://www.eluniversal.com/economia/141120/venezuelas-pdvsa-ready-to-cut-oil-output-to-stop-oil-fall)

 

Paraguaná’s Refining Complex (CRP) is processing crude oil at nearly half its capacity after several power outages, reports union leader Iván Freites on Wednesday. The CRP is processing some 500,000 barrels per day (bpd), compared to its total capacity of 955,000 bpd, with Amuay processing some 240,000 bpd and Cardón, processing 255,000 bpd. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41944&idc=4)

 

Although PDVSA guaranteed fuel supplies to Aragua and Carabobo states on Tuesday, long lines have persisted at the few gas stations selling gasoline. In Carabobo, public transportation has stopped running in some areas as units have been unable to get gasoline. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41936&idc=4)

 

Foreign Minister says Venezuela to continue promoting PETROCARIBE

Foreign Minister Rafael Ramírez says that despite the drop in oil prices Venezuela will continue to meet oil supply agreements in the Caribbean and Central America through PETROCARIBE. He reports 301 million barrels have been supplied over the past nine years, billed at US$ 28 billion, and that Venezuela has received US$ 14 billion in payment, and US$ 3 billion in kind. More in Spanish: (PDVSA, http://www.pdvsa.com/; El Mundo, http://www.elmundo.com.ve/noticias/economia/internacional/venezuela-ha-suministrado-301-millones-de-barriles.aspx; AVN; http://www.avn.info.ve/contenido/unión-del-caribe-y-seguridad-energética-son-principal-reto-petrocaribe, http://www.avn.info.ve/contenido/venezuela-garantiza-continuidad-del-intercambio-energético-petrocaribe, http://www.avn.info.ve/contenido/rafael-ramírez-petrocaibe-aminoró-efectos-crisis-del-capitalismo-países-más-pobres; El Nacional; http://www.el-nacional.com/)

 

 

Commodities

 

Economic Affairs VP and automotive industry representatives monitor agreements

Economic Affairs Vice President General Rodolfo Marco Torres has met with representatives of the automotive and spare parts sector to monitor their agreements with the Government aimed at boosting production. GOODYEAR resumed a plan to export tires made in Venezuela amid part of the agreements, says, Marco Torres. He also noted that he held a meeting with representatives of TOYOTA Motor Corporation, also for the follow-up of agreements. "Toyota reaffirms commitment to continue manufacturing vehicles and expresses confidence in Venezuela," he said. (AVN, http://www.avn.info.ve/contenido/vice-president-economy-automotive-representatives-monitor-agreements)

 

 

Economy & Finance

 

Maduro raises taxes, reserves to help growth

President Nicolas Maduro raised taxes on goods ranging from yachts to rum and increased international reserves as the government responds to the lowest oil prices in four years. Bonds rallied by the most in almost six years. The president said that the 28 laws he signed using decree powers will restore growth in an economy suffering the world’s fastest inflation and shortages of basic goods. He ordered that a US$ 4 billion loan from China be added to international reserves. “Maduro is at last recognizing there’s a need for a fiscal adjustment and stronger reserves,” says Orlando Ochoa, economics professor at Andres Bello Catholic University in Caracas. “The measures in themselves are a drop in the ocean given the magnitude of the problem. Rather, this is a signal of bigger steps to come.” (Bloomberg, http://www.bloomberg.com/news/2014-11-19/venezuela-s-maduro-raises-taxes-reserves-to-help-growth.html)

 

Venezuela’s US$ 4 billion reserves boost wins investor approval

Investors in Venezuelan bonds are welcoming steps by President Nicolas Maduro to bolster transparency in government accounts after concern mounted that the country is running out of cash to service its debt. Venezuelan notes posted the biggest rally in three weeks yesterday after Maduro ordered that US$ 4 billion from Chinese loans be added to foreign reserves, which had dwindled to an 11-year low. By transferring the Chinese funds it has increased international reserves to US$ 23.550 billion, according to the Central Bank of Venezuela (BCV). At US$ 21.4 billion, including gold assets, the central bank’s holdings only covered about 60% of debt due by the end of 2017. Venezuela’s borrowing costs are the highest in emerging markets at 20.44%. While the loans are intended to pay for specific projects and aren’t supposed to be used to pay debt, the transfer from off-budget funds to central bank accounts may allay concerns that the country is teetering toward default, according to Goldman Sachs Group Inc. The move is a departure from the opacity that often surrounds cash from Chinese loans, which mostly remains in off-budget funds excluded from parliamentary oversight, Caracas-based researcher ODH Grupo Consultor said. Maduro said Marco will travel to China and some OPEC and non-OPEC countries in the next few days to fine-tune four financing modalities. (Bloomberg, http://www.bloomberg.com/news/2014-11-20/venezuela-s-4-billion-boost-to-reserves-wins-investor-approval.html; Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41931&idc=2; http://www.veneconomy.com/site/index.asp?ids=44&idt=41942&idc=2; and more in Spanish: Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/marco-torres-realizara-gira-para-pactar-financiami.aspx#ixzz3JVXJ1yhz; http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/se-cumplio-traspaso-de-4-000-millones-al-bcv.aspx; El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/marco-torres-realizara-gira-para-pactar-prestamos-.aspx; http://www.elmundo.com.ve/noticias/economia/politicas-publicas/gobierno-culmino-traspaso-de--4-000-millones-a-las.aspx#ixzz3JhMk6jK7)

 

Regime seeks additional revenue through tax reform

The government has reformed five tax laws to increase income and bridge the gap in public accounts.
President Nicolás Maduro, in the last days of the expiring enabling law, has made changes to the income tax law, the law on value added tax (VAT), the tax law on alcoholic beverages, the tax law on cigarettes and the organic tax code (COT). Following such move, Economy Vice-President and Finance Minister General Rodolfo Marco Torres said the reform of the legal framework would "optimize tax collection and provide additional income."
Such adjustments, he said, "will benefit all sectors. They will not affect the larger tax base. They are progressive tax reforms. Therefore, those who earn more will pay more." (El Universal, http://www.eluniversal.com/economia/141120/venezuelan-government-seeks-additional-revenue-through-tax-reform)

 

Government debt estimated at 27-30% of GDP for 2015

The Economic Affairs and Finance Ministry estimates that projected indebtedness for 2015 will bring total government debt to around 27-30% of GDP, as reported by Beatriz Bolívar, head of the National Public Credit Office to the National Assembly's Finance Committee. Officials did not reveal current government debt, which stood at US$ 127.7 billion during the first semester this year. More in Spanish: (El Universal, http://www.eluniversal.com/economia/141121/calculan-que-deuda-del-gobierno-en-2015-sera-30-del-pib)

 

Analysts say that Venezuela meets all requirements for hyperinflation

Economic analysts say Venezuela is sunk in a number of economic distortions that will lead the nation into hyperinflation during 2015, if necessary steps aren't taken, particularly in foreign exchange policy. They indicate prices will continue to shoot up along with the parallel exchange rate, and scarcity will worsen by March next due to the drop in inventories. They say the newly enacted fiscal reform will cause demand to shrink further. More in Spanish: (El Mundo, http://www.elmundo.com.ve/noticias/economia/mercados/venezuela-tiene-todas-las-condiciones-para-ir-a-un.aspx#ixzz3JhLsLZan; El Universal, http://www.eluniversal.com/economia/141121/plantean-necesidad-de-una-revision-macroeconomica; El Nacional; http://www.el-nacional.com/)

 

BOFA estimates unified exchange rate should be VEB 35/US$1, subsidy now around US$ 50 billion

Francisco Rodríguez, Chief Economist for the Andean Region at Bank of America Merrill Lynch says a

Venezuela's unified exchange rate should be VEB 35/US$ 1, which is the average of current operations. He says the cost to the government of keeping the subsidized three tiered system is around US$ 50 billion yearly, and advises unifying rates and raising gasoline prices in order to finance subsidies for the neediest. Rodriguez says that by delivering cheap FOREX, Venezuela is "at this time (Venezuela) is paying the greatest tax there is: inflation. Deteriorating buying power is what supports the exchange rate subsidy." More in Spanish: (El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/rodriguez--tipo-de-cambio-para-la-unificacion-podr.aspx#ixzz3JbTElYwQ, and El Nacional; http://www.el-nacional.com/)

 

The overhaul of the Income Act (ISLR), signed by Nicolás Maduro, eliminates tax waivers for cooperatives and foundations. It also eliminates the “inflation adjustment” used by companies. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41934&idc=2)

 

 

Politics and International Affairs

 

 

Obama administration would back sanctions against Venezuela

The Obama administration would like to work with the U.S. Congress to impose sanctions on Venezuela in response to a crackdown on anti-government protests, President Barack Obama's deputy national security adviser told lawmakers on Wednesday. Tony Blinken, who is Obama's choice to be deputy secretary of state, said Washington had refrained from pushing for sanctions in the past few months to allow diplomatic efforts by some Latin American countries to secure the release of opposition leaders from jail and nudge Caracas toward electoral reform. But those efforts have failed, Blinken told the Senate Foreign Relations Committee at his nomination hearing. "We would not oppose moving forward with additional sanctions," he said. (Reuters, http://www.reuters.com/article/2014/11/20/us-usa-venezuela-sanctions-idUSKCN0J400X20141120; El Universal, http://www.eluniversal.com/nacional-y-politica/141120/us-govt-seeks-sanctions-on-venezuela-for-repression-during-protests)

 

Brazilian Foreign Affairs Minister slams visit by Venezuela's Jaua

Brazilian Foreign Minister Luis Alberto Figueiredo told his nation's Lower House’s Foreign Affairs Committee that Brazil forcefully demanded an explanation from Venezuelan authorities since a visit by Venezuelan Communes Minister Elías Jaua was never notified. Jaua used the visit to sign an agreement with a Brazilian rural movement in Sao Paulo, an agreement Brazil does not consider valid. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41943&idc=1; El Universal, http://www.eluniversal.com/nacional-y-politica/141120/brazil-in-disagreement-with-venezuela-over-unreported-agreement; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2361545&CategoryId=10717)

 

Bruised Venezuelan opposition may make headway in 2015

National conditions may be slowly turning in favor of the opposition. A sharp economic decline in the OPEC nation, made worse by falling oil prices, means they could make significant gains at legislative elections in 2015. A strong result would encourage the opposition to then seek a recall referendum in 2016 to try and end Maduro's presidency half-way through. It could also embolden factions within the ruling Socialist Party disillusioned with Maduro. He is currently taking a battering in the polls. DATANALISIS, perhaps the country's most respected pollster, said 80% of Venezuelans now view the state of the nation negatively and disapprove of the socialist economic model. Maduro's rating is off from about 50% when he came to power to 30% now, according to the survey in September, while remarkably 68% think he will be out by 2016. "If the elections were today, the government couldn't win," DATANALISIS head Luis Vicente Leon said, predicting the opposition would win with a 20-point margin. Though the next elections for the 165-seat assembly have to be held by the end of 2015, and are traditionally in the last quarter, there is speculation the government might bring them forward to reduce fallout from a deteriorating economy. The opposition coalition's new executive secretary, Jesus Torrealba, insists that change is coming. "The glacier that was 'Chavismo' is starting to melt," he says. (Reuters, http://www.reuters.com/article/2014/11/20/us-venezuela-opposition-idUSKCN0J41E220141120)

 

Leopoldo López says he will not attend any more hearings until a decision is reached on a motion filed by his defense over Judge Susana Barreiros’ dismissal of the UN’s resolution before the Appeals Court. López’ attorneys claim the Venezuelan State has no option but to comply with the UN’s recommendation. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41935&idc=1)

 

Venezuelan appointed UN’s Economic Development Deputy Secretary General

Lenni Montiel, is replacing Pakistani Shamshad Akhtar. Montiel was Economic, Social and Development Affairs Director in the Executive Office of the UN’s Secretary General. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41932&idc=2)

 

 

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.

September 26, 2014

International Trade

 

New cargo arrivals reported at Puerto Cabello

• Over 2,434 tons of beef, milk and beans from Centrolac S.A., Eskimo S.A., Albalinisa, Matadero Nuevo Carnic, Industria Comercial San Martín and Matadero Central for Corporación de Abastecimiento y Servicios Agrícolas (CASA)
• Over 1,000 tons of personal care products (shampoo, conditioner, soap and sanitary towels) from Mexico for Procter & Gamble
• Also shoes, clothing and auto parts

23 ships remain at bay awaiting dock assignment, 3 of them with white and yellow corn and other wheat, sugar and rice. More in Spanish: (Notitarde; http://www.notitarde.com/La-Costa/Llegaron-mas-de-mil-toneladas-de-articulos-de-aseo-personal-2239720/2014/09/25/356239)

 

 

Logistics & Transport

 

Flight frequency is down 50% from last year

According to a report by the Venezuelan Airline Association (ALAV) international airlines are providing 50% fewer flights than in 2013 to travelers here to flight reductions and downsized equipment. More in Spanish: (El Mundo, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/aerolineas-con-50--menos-frecuencias-entre-2013-y-.aspx#ixzz3EPtXIDXK; El Universal, http://www.eluniversal.com/economia/140925/torres-lufthansa-ratifico-compromiso-de-normalizar-operaciones)

 

 

Oil & Energy

 

Fuel smuggling costs PDVSA around US$ 3 billion a year

PDVSA President Eulogio del Pino says around 50 to 100,000 barrels per day are smuggled out of the country, at a yearly cost of U$ 3 billion to PDVSA. He said they are investigating whether there are "points" within PDVSA causing such a volume of smuggling. More in Spanish: (PDVSA, http://www.pdvsa.com/)

 

Venezuela suffers another blackout

Another blackout hit various states across Venezuela on Thursday in an irritation for locals and embarrassment for President Nicolas Maduro's government which runs the electricity sector. The nation has been suffering increasing power cuts in recent years which critics jump on as evidence of mismanagement by the socialist authorities. The government has in the past often blamed saboteurs for the cuts, but Electricity Minister Jesse Chacon was quick to attribute the latest blackout to problems at generating plants in the western Andean region of Venezuela. (Reuters, http://www.reuters.com/article/2014/09/25/venezuela-blackout-idUSL2N0RQ25Y20140925)

 

PDVSA asset sales may shield Venezuela from possible seizures

State-run oil company PDVSA's move to sell units raises questions whether Venezuela wants to reduce international exposure to avoid potential asset grabs in the event companies win arbitration cases against the country. Latin America's leading crude producer is seeking to sell its major U.S refining unit CITGO Petroleum Corp, as well as stakes in the HOVENSA refinery in the U.S. Virgin Islands, the Chalmette refinery in Louisiana, and a network of refineries in Sweden, England and Scotland. The socialist government has shrouded the potential deals in secrecy, leaving analysts and industry players scrambling to piece together a rationale for the surprise divestment. (Reuters, http://www.reuters.com/article/2014/09/24/venezuela-pdvsa-idUSL1N0RK1BQ20140924)

 

Paraguaná refining complex operates at 75% of its capacity

The Paraguaná Refining Complex is currently processing 713,000 crude oil barrels per day (bpd), and operates at 75% of its installed capacity, according to an internal document of state-run oil holding PDVSA. The CRP operation rate is higher than that recorded in May, when it processed 590,000 bpd, or 62% of its capacity. The CRP is slowly recovering its regular production levels, after being heavily hit by a serious event in 2012, which caused a plunge in its production. (El Universal, http://www.eluniversal.com/economia/140925/paraguana-refining-complex-operates-at-75-of-its-capacity)

 

Economy & Finance

 

Central Bank adjusts FOREX policy - analysts see implicit devaluation, more inflation

State oil company PDVSA will be allowed to sell dollars for local currency at the most advantageous of the country's three official exchange rates, the Central Bank said on Thursday, a move that could help ease the company's cash-flow problems. PDVSA can now tap the SICAD II rate of around 50 bolivars per dollar when it sells to state development fund FONDEN, removing a previous regulation that gave it access to that rate only when it sold dollars for oilfield investments. That would help liquidity on the SICAD II market, according to economist Asdrubal Oliveros of local consultancy ECOANALITICA. Analysts believe the government has discarded FOREX unification and has decided to make some adjustments that will help it increase income, as well as FOREX supply within the SICAD 2 system. Although the decision could reduce pressure on the FOREX market it implies devaluation and more inflation if the Central Bank decides to place FONDEN funds into SICAD 2. (Reuters, http://www.reuters.com/article/2014/09/25/venezuela-forex-idUSL2N0RQ1J120140925; and more in Spanish: El Mundo, http://www.elmundo.com.ve/noticias/economia/banca/gobierno-nacional-ajusta-su-estrategia-cambiaria.aspx#ixzz3EPt4XmIL)

 

Venezuela bonds rally as three PDVSA exchange rates permitted

Venezuelan bonds rose to one-week high after the government said it would let state-owned oil company Petroleos de Venezuela, S.A. sell dollars at a more attractive level. The nation’s benchmark dollar bonds due in 2027 increased 0.92 cent to 73.25 cents on the dollar today at 3:04 p.m. in New York, the highest level on a closing basis since Sept. 15. The extra yield investors demand to own Venezuelan bonds over U.S. Treasuries narrowed 0.24 percentage point to 12.87 percentage points, according to JPMorgan Chase & Co indexes.  (Bloomberg, http://www.bloomberg.com/news/2014-09-25/venezuela-bonds-rally-as-three-pdvsa-exchange-rates-permitted.html)

 

Hedge funds circling Venezuela as yields top 15%

Hedge funds are stepping in to fill a vacuum in Venezuela’s bonds as deepening concern the nation will default triggers an investor exodus. The debt, which suffered the worst selloff in emerging markets as Standard & Poor’s cut the country’s rating to CCC+ and predicted at least a 50% chance of non-payment in two years, has become increasingly attractive to firms including Greylock Capital Management LLC and Callaway Capital Management LLC. The government notes now yield 15.7% on average, the most in developing nations, while bonds from the state-owned oil producer are also among the cheapest dollar-denominated corporate securities in the world. (Bloomberg, http://www.bloomberg.com/news/2014-09-23/hedge-funds-circling-venezuela-as-yields-top-15-andes-credit.html)

 

Government adjusts FOREX rate to VEB 12 per US$ at SICAD 1

The foreign exchange rate of the Ancillary Foreign Currency Administration System (SICAD 1) has been adjusted by the government from VEB 11.70 - 12 per US$. For several weeks the National Foreign Trade Center (CENCOEX) had not made any change to the FOREX rate quoted at VEB 11 per US$. However, in the last three sale auctions the rate has been sliding, which means the Executive Office has been making several moderate adjustments. Some firms estimate that SICAD 1 FOREX rate is likely to hit VEB 15 per US$. Although this would translate into more bolivars to bridge the fiscal gap, analysts believe the move would have little impact. (El Universal, http://www.eluniversal.com/economia/140924/venezuelan-govt-adjusts-forex-rate-to-veb-12-per-usd-at-sicad-1)

 

Venezuela-EXXON arbitration ruling due in days

A World Bank arbitration tribunal could rule in days that Venezuela must pay between US$ 700 million and US$ 1.2 billion to EXXON MOBIL Corp to compensate for a 2007 nationalization. The International Center for Settlement of Investment Disputes (ICSID), which is deciding the case, must issue a final ruling by the end of October to meet a 90-day deadline following the close of proceedings on July 28. The court can also request an extension of 90 days, which would leave the final decision for the end of January. (Reuters, http://www.reuters.com/article/2014/09/25/venezuela-exxon-mobil-idUSL2N0RQ19420140925; Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41208&idc=4)

 

Venezuela opens gold vault for BOFA analyst to count bars

Francisco Rodriguez, a Venezuelan-born economist with Bank of America, was at a routine meeting with Venezuelan central bank officials last week when he sprung an unusual question on them: Can you show me your gold? With the government’s bonds sinking toward prices that indicate investors are bracing for the possibility of default, the country’s US$ 15 billion of gold bars are crucial to ensuring debt payments are met. His first impression once inside the vaults? Those bars don’t take up a lot of room. He said he started counting frantically in his head, summing up figures scrawled out on signs near each pile of the metal. By his quick math, the gold was all there. Gold accounts for about 71% of Venezuela’s US$ 21.4 billion of foreign reserves, according to the World Gold Council. About US$ 13 billion of the gold is held at the central bank in downtown Caracas, with another US$ 2 billion at the Bank of England, according to Rodriguez. Those gold assets have grown in importance as Venezuela’s overall foreign reserves plunged 34% percent in the past five years, the result largely of a drain of its more liquid assets. In a Sept. 23 note to clients, Rodriguez said the “rare” look at the gold was “largely symbolic yet reassuring.” “It’s not that the majority of the people doubt that the gold is there,” he says. “But it’s one of these things that linger, something that’s nagging you and makes you wonder: What if it’s not?”  (Bloomberg: http://www.bloomberg.com/news/2014-09-24/bofa-peeks-inside-venezuela-s-gold-valut-for-closer-look.html)

 

Venezuela to enforce Fair Prices Law with military-civic force, threatens 10-12 prison for hoarding, speculation

Price Superintendent Andrés Eloy Méndez says the government will apply the Fair Price Law - which bans profits above 30% - "with civilian-military force" and "people's inspectors in the streets". He also said: "I have decided 10-12 years prison for whoever hoards or speculates". More in Spanish: (Infolatam; and more in Spanish: El Universal, http://www.eluniversal.com/economia/140925/mendez-insiste-en-penas-de-10-a-12-anos-por-acaparamiento-o-especulaci)

 

Controversial fingerprinting machines rolled out in some Venezuelan stores

The Venezuelan government has started to fingerprint shoppers at some state-run supermarkets, in a plan to combat food scarcity which has been derided by some consumers weary of shortages. Long queues are a ubiquitous sight in shops, while Venezuelans often have to visit several stores to find what they are looking for or settle for substitutes, and friends share tips about where scarce products can be found. (Reuters, http://www.reuters.com/article/2014/09/25/venezuela-food-idUSL2N0RQ1U620140925)

 

 

Politics

 

Inter-Parliamentary Union to travel to Venezuela to address "flagrant" HR violations

A delegation of the Inter-Parliamentary Union (IPU) will travel to Venezuela in October to talk with Venezuelan authorities about alleged violation of democratic rights and harassment of dissenting parliamentarians. The President of the Human Rights Committee of the IPU, Chilean senator Juan Pablo Letelier, explained that the arrival of the mission was conditioned by Venezuelan authorities, who have not approved the visit yet. He also said that Human Rights violations in Venezuela were "flagrant". (El Universal, http://www.eluniversal.com/nacional-y-politica/140925/inter-parliamentary-union-to-travel-to-venezuela-to-address-hr-violati)

 

International Criminal Court in "preliminary examination" of human rights accusations against regime

Bolivian legislator Adrián Oliva says the Prosecutor of the International Criminal Court in The Hague is conducting a "preliminary examination" of reports presented to the Court by over 300 legislators from Latin America and Spain on human rights abuses by the regime of Nicolás Maduro in Venezuela. The Court will determine whether the facts reported come under its jurisdiction. In addition to a report on the events of February here, the accusers are preparing two more reports on "informal armed groups in Venezuela", and "the absence of due process and judicial independence". More in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/140925/fiscal-de-corte-internacional-vera-hechos-de-venezuela)

 

Obama signals Leopoldo López in plea for release of political prisoners, government rep terms it "aggression"

During his speech at the UN’s Clinton Global Initiative, US President Barack Obama asked for the release of all political prisoners globally and specifically mentioned Venezuela’s Leopoldo López. “They deserve to be free. They must be released,” he said. Roy Daza, a pro regime Venezuelan delegate to the Latin American Parliament (PARLATINO) retorted that the request by Obama, is a part of his Administration's aggressions of that Administration against the Venezuelan people. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41191&idc=1; El Universal, http://www.eluniversal.com/nacional-y-politica/140923/obama-calls-for-release-of-venezuelan-dissenter-lopez; and AVN, http://www.avn.info.ve/contenido/daza-estimates-aggression-obama039s-request-release-lopez)

 

Maduro claims Venezuela has met almost all UN goals for the Millennium, pledges US$ 5 million to fight Ebola

Speaking for the first time at the 69th UN General Assembly, President Nicolás Maduro claimed Venezuela has met almost all of the UN's goals for the Millennium, called for the end to US sanctions on Cuba, for "decolonizing" Puerto Rico, and releasing a jailed Puerto Rican independence activist, supported Argentina's attack on speculative funds, said the UN has permanently betrayed its own principles, and called for reorganizing the institution in order to give emerging nations a larger voice. He also announced that Venezuela would provide US$ 5 million to the funds created to support the fight against the Ebola virus in Africa. (El Universal, http://www.eluniversal.com/nacional-y-politica/140925/president-maduro-calls-for-un-democratic-reform; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2353750&CategoryId=10717; and more in Spanish: Infolatam)

 

Maduro pledges support to fuel subsidies for Bronx poor, meets with World Jewish Council

During his stay in New York, President Nicolás Maduro has said he will strengthen support for the Citizens Energy Corporation, headed by Joseph Kennedy II, which provides subsidized fuel for the poor in the Puerto Rican neighborhood of the Bronx. Kennedy said almost a million families have benefitted from subsidies provided by PDVSA through CITGO, for 10 years. He also met with the Presidents of Iran, Colombia and the Dominican Republic; as well as with leaders of the World Jewish Council. (Reuters, http://www.reuters.com/article/2014/09/24/venezuela-citgo-idUSL2N0RP0ME20140924; El Universal, http://www.eluniversal.com/economia/140925/not-selling-citgo-could-bring-political-benefits-analysts-reckon; http://www.eluniversal.com/economia/140924/president-maduro-venezuela-is-to-keep-citgo; and more in Spanish: PDVSA, http://www.pdvsa.com/; Noticias Venezuela, http://noticiasvenezuela.info/2014/09/pdvsa-incrementara-programa-de-calefaccion-en-comunidades-del-bronx/; Notitarde, http://www.notitarde.com/Economia/Maduro-descarta-la-venta-de-Citgo/2014/09/23/355938; AVN; http://www.avn.info.ve/contenido/joseph-kennedy-agradece-venezuela-continuación-ayuda-para-calefacción-más-pobres-eeuu; Agencia Venezolana de Noticias; http://www.avn.info.ve/contenido/presidente-nicolás-maduro-se-reunió-congreso-mundial-judío-nueva-york)

 

Torrealba elected Executive Secretary of the opposition Democratic Unity Conference, seeks renewed dialogue

Jesús "Chuo" Torrealba, a popular educator, journalist and TV personality, who created a group called "Radar of the Barrios", which focuses on the problems of Venezuela's extensive slums, has been unanimously elected Executive Secretary of the Democratic Unity Conference, which includes almost all of Venezuela's opposition. He said the united opposition is interested in renewed talks with the government. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=41207&idc=1; Reuters, http://www.reuters.com/article/2014/09/24/us-venezuela-opposition-idUSKCN0HJ20820140924; El Universal, http://www.eluniversal.com/nacional-y-politica/140924/torrealba-alliances-between-political-community-leaderships-are-requir; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2353704&CategoryId=10717; and more in Spanish: El Universal, http://www.eluniversal.com/nacional-y-politica/140925/torrealba-en-la-unidad-nos-interesa-revivir-el-dialogo)

 

Killers of Venezuelan beauty queen Monica Spear jailed

A court in Venezuela has sentenced three men to lengthy jail sentences for the killing of Venezuelan beauty queen Monica Spear in January. The three had pleaded guilty. Spear, 29, and her British partner, Thomas Berry, were shot dead in January in front of their five-year-old daughter during a roadside robbery. Prosecutors said the three men were part of a larger gang which targeted motorists along a highway leading from Valencia to Puerto Cabello. The sentences for the three men range between 24 and 26 years in jail. The murder of the popular beauty queen, who was crowned Miss Venezuela in 2004, prompted demonstrations against the country's high crime rate. (BBC)

 

 
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.