September 16th, 2011

Economics & Finance

Government considers denouncing investment protection treaties

A recently disclosed Venezuelan Foreign Ministry paper reveals that several meetings have been held to assess the possibility of denouncing several investment protection treaties signed with other nations; as well as a possible denunciation of the Convention on the Settlement of Investment Disputes between States and National of other States (ICSID Convention) in order to withdraw from the International Center for Settlement of Investment Disputes (Icsid). (El Universal, 09-14-2011; http://www.eluniversal.com/2011/09/14/venezuela-reviews-investment-protection-agreements.shtml)

Venezuelan bonds reach lowest level YTD on worsened risk perception

Despite a surge in the international bond market due to the agreement between Germany and France to aid Greece, The Venezuelan Global 27 closed at 66.75%, and the PDVSA 2022 at 76.5% of value, down from 86.5% in March. Brokers say the official announcements about gold repatriation and revising investment treaties have increased risk perception. More in Spanish at: (El Universal, 09-15-2011; http://www.eluniversal.com/2011/09/15/bono-marcador-venezolano-cae-al-nivel-mas-bajo-del-ao.shtml)

Central bank ponders keeping some gold reserves abroad

The board of directors of the Central Bank of Venezuela (BCV) is considering the possibility of keeping some of the gold reserves in foreign banks, so that they can be readily cashable, if necessary. BCV sources said that the number of gold ingots that will be brought to Venezuela and the gold bars that will remain in foreign financial institutions has not yet been determined. (El Universal, 09-14-2011; http://www.eluniversal.com/2011/09/14/central-bank-ponders-keeping-some-gold-reserves-abroad.shtml)

China has injected over U$D 30 billion into Venezuelan economy, U$D 4 billion more sought

Foreign Minister Nicolás Maduro has said agreements with China have brought over U$D 30 billion into the Venezuelan economy though two special funds. Venezuela has recently signed a long term agreement (2013-2030) with the China Development Bank to cover large investments in construction, telecommunications, health, technology and agriculture, among others. After a meeting between President Chavez and the President of the China Development Bank it was announced the Bank is currently financing 137 development projects locally. Maduro said there is a plan to install 3 refineries in China over the next 10-15 years to process heavy oil from the Orinoci Oil Belt. Chavez met this week with the Bank president to negotiate a new U$D 4 billion tranche. More in Spanish: (AVN, 09-14-2011; http://www.avn.info.ve/node/77403; http://www.avn.info.ve/node/77381 and http://www.avn.info.ve/node/77555; El Universal, 09-16-2011; http://www.eluniversal.com/2011/09/16/venezuela-negocia-nuevo-tramo-de-endeudamiento-con-china.shtml)

PDVSA has provided Treasury 61% of its annual fiscal contribution over first five months of 2011

According to the Central Bank. Petróleos de Venezuela (PDVSA) made a fiscal contribution of U$D 6.39 billion in five months. By the end of May, the state-owned oil company had transferred 61% of its expected fiscal contribution for 2011, which is projected at U$D 10.51 billion. (El Universal, 09-14-2011; http://www.eluniversal.com/2011/09/14/pdvsa-transfers-61-of-2011-contribution-to-the-treasury.shtml)

International reserves down slightly to U$D 31.113 billion

The Central Bank says international reserves remain over U$D 31 billion, although slightly down from U$D 31.223 billion last Monday. More information in Spanish: (El Mundo, 09-14-2011; http://www.elmundo.com.ve/noticias/economia/politicas-publicas/reservas-internacionales-bajan-a-$31-113-millones.aspx)

Commodities

PETROBRAS-PDVSA talks on refinery hit snags

Brazilian federal oil company Petroleo Brasileiro (PBR, PETR4.BR) confirmed it is still talking to Petroleos de Venezuela SA (PDVSA) over a joint-venture deal to build a refinery in Brazil's Pernambuco state. PDVSA still faces several hurdles to officially take its expected 40% stake in the Abreu e Lima refinery currently under construction, and assume 40% of already contracted loans for the project and meet loan guarantee demands from the Brazilian National Development Bank, or BNDES. Petrobras has pledged to build the nearly U$D15 billion refinery with or without the participation of PDVSA, and would be able to save some cash by not needing to install specialized equipment to process heavy crude from Venezuela's Carabobo field should PDVSA not participate. (Fox Business, 09-13-2011; http://www.foxbusiness.com/industries/2011/09/13/brazil-petrobras-in-talks-with-venezuelas-pdvsa-on-refinery-jv/#ixzz1XvcBLRQT)

Venezuela's PDVSA says upgrader to halt on Sept 21

Venezuela's state-run oil company PDVSA announced that its 130,000-barrels-per-day Petroanzoategui heavy crude upgrader will shut down for planned maintenance on Sept. 21. The company announced the suspension of operations in a statement that did not mention how long the upgrader was expected to be closed. In February the local oil workers' union said the scheduled shutdown would last 40 days. (Reuters, 09-14-2011; http://www.reuters.com/article/2011/09/14/venezuela-upgrader-idUSS1E78D1WQ20110914)

Venezuelan oilmen find opportunities in Colombia

Oil workers banished by President Hugo Chavez have taken their experience drilling for Venezuela’s tar-like oil to countries as varied as Iraq, Nigeria and Canada. But the presence of Venezuelan petro-scientists has been most vital here in Colombia, where they have helped oil companies sharply increase the production of crude, much of which is exported to the United States. Colombia is now on the verge of achieving what just a few years ago were unthinkable: pumping 1 million barrels of oil a day, up from 540,000 barrels daily in 2005. (Washington Post, 09-12-2011; http://www.washingtonpost.com/world/americas/venezuelan-oilmen-find-opportunities-in-colombia/2011/09/12/gIQAiOcjTK_story.html)

Politics

Presidential elections in Venezuela scheduled for October 7, 2012

The National Electoral Council (CNE) has announced presidential elections for the 2013-2019 term will be held on October 7, 2012. It was decided unanimously that the presidential, governors and municipal elections would be carried out at different dates. Elections for governors will be held in December 2012 and municipal elections in April 2013. (AVN, 09-13-2011; http://www.avn.info.ve/node/77081)

Chavez to undergo fourth and last chemotherapy round, will skip UN General Assembly

President Chávez has announced he will soon begin the fourth and last round of chemotherapy. He explained he will undergo a comprehensive evaluation in October to “verify there are no malignant cells. Once that is done, we would enter a new stage.” However, he expects not to attend a United Nations General Assembly meeting this month in New York because of cancer treatment. (Veneconomy, 09-13-2011; http://www.veneconomy.com/site/index.asp?ids=44&idt=27579&idc=1 and Bloomberg, 09-15-2011; http://www.bloomberg.com/news/2011-09-15/chavez-says-he-will-likely-start-new-round-of-chemo-on-sept-19.html)

Chávez avoids comment on China's recognition of Libyan rebels

President Hugo Chávez refrained from giving an opinion on a decision of the Chinese government to recognize the National Transitional Council (NTC) as Libya's official government. He reckoned that the Beijing had his reasons to do so. He says: “Beijing will certainly have reasons to do so. I am not going to question that decision". (El Universal, 09-13-2011; http://www.eluniversal.com/2011/09/13/chavez-avoids-assessing-chinas-recognition-of-the-ntc.shtml)

Chavez aims for 2012 re-election, says he will seek additional enabling powers after victory

Venezuela's 2012 presidential election race has kicked off with President Hugo Chavez confident of victory in South America's biggest oil exporter next year. The socialist leader has won three presidential votes during 12 years in power and has vowed to emerge triumphant again -- despite undergoing chemotherapy treatment for cancer. He recently said: “Once we achieve a ‘bolivarian’ victory on October 7th I may ask for a Special Enabling Law from October to February, for a transition from my Third Government to my Fourth Government” (Reuters, 09-14-2011; http://www.reuters.com/article/2011/09/14/us-venezuela-chavez-fb-idUSTRE78D45N20110914 and more in Spanish: El Universal, 09-15-2011; http://www.eluniversal.com/2011/09/15/chavez-pedira-ley-habilitante-si-gana-las-elecciones-de-2012.shtml)

Trade with Argentina rose 23% over the first semester 2011

Trade between Argentina and Venezuela totaled U$D 749,2 million over the first semester of 2011, an increase of 23% over the same period in 2010.Argentina sold U$D 742,6 million – mainly in food and beverages - and bought only U$D 6,6 million from Venezuela. More in Spanish: (El Nacional, 09-15-2011; http://www.el-nacional.com/)

Billionaire Cisneros seeking to buy Spanish assets amid crisis

Venezuelan billionaire Gustavo Cisneros is looking to buy Spanish companies as the European debt crisis drives down asset valuations. Cisneros says he has decided to “look at Spain again. It’s a natural market for us. These are good companies, especially companies that export to Latin America.”  He added: “Media obviously in Spain for us would be a natural, but I don’t discard manufacturing companies. I’m not interested in banking.” Cisneros is also setting up joint ventures with Chinese banks to carry out investment in Latin American commodities industries. (Business Week, 09-15-2011; http://www.businessweek.com/news/2011-09-15/billionaire-cisneros-seeking-to-buy-spanish-assets-amid-crisis.html)

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 06th, 2011

Economics & Finance

Country risk peaked in August

During August  country risk for Venezuela reached its highest point this year, due to market volatility caused by degradation of US debt from AAA to AA + by Standard and Poor's (S & P). By August 23 the risk Venezuelan risk reached 1,241 points, up from just over 1,000 earlier in the month. A director of ECONOMÉTRICA, Henkel Garcia, says this behavior is due to prospects for slow global growth, or worse, that the world slip into recession. If this happens the demand for commodities such as oil, would fall and in turn bring down prices. More in Spanish: (Tal Cual, 09-05-2011; http://www.talcualdigital.com/index.html)

Industry barely using 51.77% of installed capacity

The industrial sector continues stagnant and is using as little as 52.77% of the installed capacity, according to a survey of the second quarter 2011 prepared by the Venezuelan Confederation of Industries (CONINDUSTRIA).

Despite growth of domestic economy for three consecutive quarters, corporate used capacity remains virtually the same as in the second quarter of 2010, during a recession. At that time, Conindustria data pointed to 52.08% for the installed capacity. "No significant changes are noteworthy with regard to the same term last year," the survey disclosed. (El Universal, 09-03-2011; http://www.eluniversal.com/2011/09/03/industrial-used-capacity-barely-reaches-5177.shtml)

Opposition says 90% of the expropriated land produces nothing “which reflects such an utter failure” says the Opposition Democratic Unity Table (MUD). It explained “much of the land ‘recovered’ by the government has been used to house squatters who had previously taken them arbitrarily.” (Veneconomy, 09-05-2011; http://www.veneconomy.com/site/index.asp?ids=44&idt=27454&idc=3)

Colombians seek to do business with the Venezuelan Government

According to Magdalena Pardo, Executive President of the Colombian-Venezuelan Chamber in Bogotá, affiliated businessmen have expressed interest in direct negotiations with the various ministries of the Venezuelan government. "The government is one of the leading producers and distributors of the Venezuelan economy, and it imports a third of what the country buys. We want to be providers of what the State buys because there are fewer restrictions on this trade," says Pardo. More in Spanish: (El Mundo, 09-05-2011; http://www.elmundo.com.ve/noticias/economia/empresas/colombianos-quieren-hacer-negocios-con-el-gobierno.aspx)

Chavez complains of stolen gold

President Chávez has said that of 23 million tons of gold that left the country last year, only 6 million were reported for taxes. "What is that?" he queried. "Mafia, smuggling, we have to get rid of them." However, in the El Callao region, they point out that all of the malfeasance goes under the government's nose. Workers at the La Isidora mine warn of theft, loss or evaporation of more than 30,000 tons of auriferous material, the raw material of gold. "They were swallowed by the earth," says Edward López. "They steal the half from us and the State," he added. (El Universal, 09-03-2011; http://www.eluniversal.com/2011/09/03/who-stole-my-gold.shtml)

Commodities

Agreements signed with China to boost iron production

Venezuela has signed three cooperation agreements with Chinese companies for a total of U$D 470 million, in order to boost production and transportation of iron at the Ferrominera del Orinoco Socialist Company in Bolivar State.

One agreement was with WISCO International Resources Development s for the purchase of machinery worth U$D 200 million in order to promote the technological adaptation Ferrominera del Orinoco. A second agreement, for U$D 161 million, was with the railway company responsible for the expansion of the Port of Palua; as well as improving the maintenance of rails, chutes and elevators. A third agreement calls for an U$D 161 million investment by the China Communications Construction Company Company (CCC) to dredge the Orinoco River navigation channel in order to improve navigation and improve transportation of iron produced. More in Spanish: (AVN, 09-06-2011; http://www.avn.info.ve/node/75867)

Wikileaks releases Venezuela-China special oil discounts

US diplomatic information, filtered by Wikileaks, reveals further details on the alleged financial and operating activities of Venezuelan state-run oil company PDVSA. A 2007 statement by a senior PDVSA anonymous source and quoted by the US Embassy in Caracas revealed that the Venezuelan oil company stopped shipping oil to China at some point that year due to significant losses arising from special discounts. (El Universal, 09-05-2011; http://www.eluniversal.com/2011/09/05/wikileaks-releases-venezuela-china-special-oil-discounts.shtml)

Ministry says Venezuelan oil breaks U$D 100 barrier

Venezuelan oil basket spiked to U$D 101.89 per barrel and broke the U$D 100 barrier after gaining U$D 4.60 during the week from August 29 to September 2, according to the Ministry of Energy and Petroleum. The Venezuelan oil showed an upward trend during the past week. The average price of the Venezuelan crude oil and byproducts so far this year stands at $SD 99.29 per barrel, well above U$D 40 per barrel estimated by the Venezuelan government in the 2011 official budget. (El Universal, 09-02-2011; http://www.eluniversal.com/2011/09/02/venezuelan-oil-breaks-usd-100-barrier.shtml)

Government has a 5,400,000 ton food storage capacity to guarantee supplies to the population, said Food Minister Carlos Osorio on Friday during his inspection of a pre-cooked corn processing plant in La Veguita in Barinas. (Veneconomy, 09-02-2011; http://www.veneconomy.com/site/index.asp?ids=44&idt=27442&idc=3)

Politics

Venezuela's Chavez finishes third chemo session

President Hugo Chavez ended a third round of chemotherapy on Friday, saying he "couldn't feel better". Chavez had checked into the Military Hospital instead of traveling to Cuba. The decision to stay at home could be a sign he is growing more optimistic about the pace of his recovery before a presidential election next year. Chavez has not said what kind of cancer he has, meaning assessments of his condition, and the possibility of remission, remain mostly speculation. (Reuters, 09-03-2011; http://www.reuters.com/article/2011/09/03/us-venezuela-chavez-idUSTRE78200920110903)

Chávez admits disregarding the energy issue

President Hugo Chávez has acknowledged that his government was not careful enough to deal with problems in the national electric grid, saying: "We have done all that is possible to solve the problem with the national electric system. The scale of the problem was overwhelming. We have to admit it. It was out of control for reasons we have already explained". (El Universal, 09-06-2011; http://www.eluniversal.com/2011/09/05/chavez-we-disregarded-the-energy-issue.shtml)

Meanwhile, Venezuela donates U$D 22 million for Gambia's power grid

Venezuela has donated U$D 22 million to Gambia in order to finance revamping of its power grid and improve its energy supply service, according to Lang Sabally, the project leader; who adds that the funds should pay for "revamping, overhauling, and extending the power grid in the capital Banjul and its surroundings". The donation will also allow Gambian authorities to install streetlights in some sectors of the capital. (El Universal, 09-06-2011; http://www.eluniversal.com/2011/09/05/venezuela-donates-usd-22-million-for-gambias-power-grid.shtml)

Wikileaks: Venezuelan meddling raised concerns in Curacao

In 2007 Netherlands Antilles Prime Minister Emily de Jongh Elhage, told US chief of Mission Robert Sorenson they were "very concerned about Chavez's actions in Curacao and the region”; because of "suspicions of political financing from Venezuela to oppose a constitutional reform agreement with the Kingdom of the Netherlands”, as negotiations were under way for future investments in the PDVSA owned refinery on the island. More in Spanish: (El Nacional, 09-06-2011; http://www.el-nacional.com/www/site/p_contenido.php)

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.

January 24th, 2011

Economics & Finance

Deadline for Venezuela's withdrawal from CAN is looming

Time is running out. Venezuela's obligations to the Andean Community of Nations (CAN) will end on April 22 and it is unknown whether the South American country will return to the multilateral organization or if Venezuela will reach an agreement with Colombia and the other CAN members. Local businessmen face a risky future due to this lack of definition, because they do not know the framework that will govern Venezuela's trade relations with countries such as Peru, Bolivia, Ecuador and, specially Colombia. Experts warn that a framework for trade agreements with the Andean nations should be established. (El Universal, 01-24-2011; http://english.eluniversal.com/2011/01/24/en_eco_esp_deadline-for-venezue_24A5036211.shtml)

Government will condone farmers’ debts

President Chávez said yesterday his government would soon announce all debts of farmers who lost their crops as a result of the heavy rains of November and December 2010 will be condoned via a decree-law within his Special Powers. (Veneconomy, 01-24-2011; http://www.veneconomy.com/site/index.asp?ids=44&idt=24608&idc=2)

Bad news for the Venezuelan economy

The economic slowdown, which has hit Venezuela for two consecutive years, had a direct effect on households. The impact hit hardest the lowest social strata of the population, not only because the number of families in this social level soared, but also because they are consuming less staple products. (El Universal, 01-21-2011; http://english.eluniversal.com/2011/01/21/en_ing_esp_bad-news-for-venezue_21A5022771.shtml)

VenEconomy: Ratifying the Central Bank’s Destruction

In March 2006, the economists José Guerra, Orlando Ochoa P., Jesús Rojas D., and Oscar García Mendoza filed an appeal for annulment of the amendments to the Central Bank of Venezuela Act published in Gaceta Oficial Nº 38,232 of July 20, 2005, before the Constitutional Chamber of the Supreme Tribunal of Justice on the grounds that they were unconstitutional.

Now, nearly five years after the petition was filed and after $38.8 billion have already been transferred to Fonden and frittered away, the highest court in the land, accompanied by Justice Luisa Estela Morales, the judge reporting the case, has declared the petition for annulment to be without merit. This decision ratifies the destruction of the Central Bank. (Veneconomy, 01-24-2011; http://www.veneconomy.com/site/modulos/m_visor.asp?pub=2939)

Chávez announces monitoring and ceiling on private earnings

In his annual report recently submitted to the National Assembly (AN), Venezuela's President Hugo Chávez reported on regulation of earnings and increasing surveillance of businesses to keep on "fighting against speculation." "Everything has a limit," he said and then disclosed the establishment of the Superintendence of Costs and Prices. President Chávez also reported on a 1.9-percent drop of the economy in 2010 and inflation rate at 27.2 percent. (El Universal, 01-21-2011; http://english.eluniversal.com/2011/01/21/en_ing_esp_chavez-announces-mon_21A5008691.shtml)

Alpla calls for end to strikes at Coca-Cola plant in Venezuela

Alpla de Venezuela S.A., a manufacturer of plastic bottles, called for an end to labor strife at the Venezuelan unit of Coca-Cola Femsa SAB. The worker strikes endanger Alpla’s productivity and “financial” stability, Alpla General Manager Bernard Baader said. Alpla is the main supplier of plastic bottles to Coca-Cola Femsa and employs 513 workers in Venezuela, the statement said. (Bloomberg, 01-22-2011; http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aXCaDfZAkjiA)

Commodities

Venezuelan oil basket climbs to USD 86.79 per barrel

The Ministry of Energy and Petroleum reported on Friday that the Venezuelan oil basket of crude oil and products ended the week at USD 86.79 per barrel. Therefore, Venezuelan oil price increased by USD 0.92 compared to the previous week. As a result, the average price of the Venezuelan oil barrel stands at USD 85.87 so far this year. (El Universal, 01-21-2011; http://english.eluniversal.com/2011/01/21/en_eco_art_venezuelan-oil-baske_21A5022291.shtml)

Venezuelan oil exports to the US fall in January

Total crude oil and products exports from the state-run oil company Petróleos de Venezuela (PDVSA) to the United States have shown a downward trend since mid 2010, in an erratic course characterized by dramatic ups and downs that have led to a 20 percent decrease in average oil exports between August and December 2010. According to data provided by the US Department of Energy, during the week ending on January 14, 2011 Venezuela only exported 549,000 barrels of crude oil and products to the United States. The previous week (January 3 to January 7, 2011), oil exports amounted to 1.02 million bpd, while in the period between December 27 and December 31, 2010 PDVSA had exported 650,000 bpd to the United States. (El Universal, 01-24-2011; http://english.eluniversal.com/2011/01/24/en_eco_esp_venezuelan-oil-expor_24A5034853.shtml)

Turkey could invest USD 2.4 billion in Venezuela

Minister of Energy and Natural Resources Taner Yildiz said on Monday that if the offer from state-run oil company Petróleos de Venezuela (PDVSA) to the Turkish government to engage in two oilfields at the Orinoco Oil Belt and in the construction of housing units in Venezuela materializes, Turkey could invest up to USD 2.4 billion. Yildiz did not provide further details about the funds that would be allocated to both the oil and construction projects. (El Universal, 01-24-2011; http://english.eluniversal.com/2011/01/24/en_eco_esp_turkey-could-invest_24A5035655.shtml)

Alange Energy Provides Update on Internal Review Process Including Recapitalization and Restructuring of the Company and Announces a C$50 Million Bought Deal Equity Financing

The Company announced today that Mr. Luis Giusti Sr. has stepped down as Chief Executive Officer and will remain on the board to provide his support to this process. The board will also ensure it has the resources available to oversee the execution of the strategic plan that is being implemented under new leadership and a new management team. (Marketwirw, 01-19-2011; http://www.marketwire.com/press-release/Alange-Energy-Provides-Update-on-Internal-Review-Process-Including-Recapitalization-TSX-VENTURE-ALE-1382645.htm)

The truth of PDVAL

That at least 130,000 tons of food were spoiled in government hands is no news. Venezuela entered a new year and the PDVAL case reopened. The Supreme Tribunal of Justice (TSJ) declared null and void charges against the three defendants. "Total approved funds amounted to USD 2,200,000.00," the Public Prosecutor Office stated in the paper published by the TSJ in December. That amount of money would be good to buy 4,400,000 liters of milk. (El Universal, 01-21-2011; http://english.eluniversal.com/2011/01/21/en_ing_esp_the-truth-of-pdval_21A5015053.shtml)

Politics

Friends, foes of Venezuela's Chavez stage rival marches to mark 53rd democracy anniversary

Allies and adversaries of President Hugo Chavez took to the streets of the capital by the thousands Sunday, staging rival demonstrations to commemorate the 53rd anniversary of Venezuela's democracy. Opposition supporters gathered along an avenue in eastern Caracas and chanted anti-government slogans while waving red-yellow-and-blue Venezuelan flags and banners labeling Chavez a despot. Many of the president's critics expressed concerns that Chavez is amassing power and cracking down on dissent. (Chicago Tribune, 01-23-2011; http://www.chicagotribune.com/news/nationworld/sns-ap-lt-venezuela-democracy-anniversary,0,4980107.story?track=rss)

Venezuelan residents abroad welcome call to protest against Chávez

The rallies called by President Hugo Chávez’s foes in about 25 cities, were finally carried out in seven cities: Miami, Madrid, Barcelona, Panama, San Juan, Paris and Amsterdam. Some demonstrators held banners labeling Venezuelan president as "a dictator." Dozens of Venezuelans gathered in Miami to protest against the political system championed by President Chávez. In the meantime, a rally in Madrid gathered Spaniards and Venezuelans who used the slogan: "Stop the dictatorship in Venezuela."The move was apropos the commemoration of the 53rd anniversary of the overthrow of General Marcos Pérez Jiménez. (El Universal, 01-24-2011; http://english.eluniversal.com/2011/01/24/en_pol_esp_venezuelan-residents_24A5035531.shtml)

Legislation over industrial zones

President Chávez suggested the creation of laws to regulate industrial zones during his tour of the El Algodonal lots confiscated to Empresas Polar. He said there should be legislation on what constitutes an industrial zone because the warehouses of private or State companies should be outside cities. (Veneconomy, 01-21-2011; www.veneconomy.com/site/index.asp?ids=44&idt=24591&idc=3)

Chávez and Correa will meet in Salinas on Jan. 27

After three previous meetings were suspended at the last minute, the 9th Presidential Meeting between Ecuador and Venezuela will be finally held in the Ecuadorian city of Salinas on January 27. (Veneconomy, 01-21-2011; http://www.veneconomy.com/site/index.asp?idt=24594&idc=1&NPag=1, 2&Start=0, 15&aaD=2011&ids=44&Var_Send=1&mmD=01&ddD=21&mmH=01&ddH=24&aaH=2011&Send=Buscar)

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.