June 13, 2019

International Trade

Miranda Governor announces Venezuela exported 10 tons of avocadoes and mangoes to Spain

Miranda State governor Hector Rodriguez has announced that Venezuela has exported 10 tons of avocadoes and mangoes to Spain, as a part of his state’s export drive. He made the announcement flanked by La Guaira Mayor José Alejandro Terán, and Hector Silva, President of the Miranda State Export Corporation. More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/economia/venezuela-exporto-10-toneladas-de-aguacates-y-mango-a-espana/)

 

Oil & Energy

S&P withdraws ratings on Venezuela state oil company PDVSA

Standard and Poor’s withdrew its ratings On Venezuela's state oil company Petroleos de Venezuela S.A. after multiple events of default and the company repeatedly failed to submit its audited financials since 2017. “S&P Global Ratings withdrew its 'SD' issuer credit rating on Venezuela-based oil and gas company Petroleos de Venezuela S.A. (PDVSA). At the same time, we withdrew our 'D' issue-level rating on the company's debt.
The withdrawal of our ratings on PDVSA follows our repeated attempts to obtain timely information of satisfactory quality from the company in order to maintain our ratings in accordance with our criteria and policies. PDVSA has been unable to meet the coupon payments on its 2017, 2021, 2024, 2026, 2027, and 2037 notes since November 2017 (or we have been unable to obtain a confirmation that the bondholders had received the funds by that date). This constitutes an event of default under our methodology.” (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2479770&CategoryId=10717)

 

Venezuela’s massive blackout sparks boom in generator sales

As Venezuela's crisis deepens, the sale of electric generators is one of the few growth industries in the once-wealthy oil nation, whose residents struggle to get through each day as public services crumble. Millions of poor live at the mercy of Venezuela's unstable power grid, but middle- and upper-class residents able to scrape together enough dollars are buying backup generators to regain a normal life. Even this solution isn't foolproof. Gasoline shortages are creeping across the country, imperiling access to fuel for newly bought generators. A catastrophic power failure has led to a scramble for generators by residents and small businesses fearing another big outage could hit without warning, plunging their lives once again into chaos. Some have opted for small units costing a few hundred dollars that can pump out enough power to run a few appliances at a time, such as using the lights and water heater for a shower. A household living with all the amenities requires a large generator that can cost upward of US$ 1,000 — a small fortune in a country where the typical worker earns US$ 6.50 a month. The situation is especially dire in Maracaibo, once known as Venezuela's Saudi Arabia for being at the hub of the country's now-decaying oil industry. Power plants put out a fraction of their potential, and the lights have flickered on and off since late-2017, when a major transmission line burned up. The nationwide blackout in March took the lights out for eight days in Maracaibo and sparked massive looting that shuttered many businesses. Lines to fill up a car with gasoline stretch a mile and often require a two-day wait. (The Miami Herald: https://www.miamiherald.com/news/business/article231504798.html)

 

Shell stays course on Trinidad, Venezuela gas

Shell was asked by Trinidad and Tobago to study development options for an offshore natural gas field that straddles the maritime border with Venezuela, while it continues work on Venezuelan offshore gas, the European major told Argus. The cross-border Loran-Manatee field, estimated to hold about 10 trillion cf of gas, has long been seen by Trinidad as a key source of feedstock for its extensive gas-based industries, led by the 14.8mn t/yr Atlantic liquefaction complex. Trinidad's domestic gas production has been recovering since late 2017, but demand still outstrips supply, forcing costly curtailments. Loran-Manatee covers block 6 on Trinidad's side of the border, and block 2 on Venezuela's side. Shell acquired a 50% operating stake in Manatee, on Trinidad's side, from fellow major Chevron in June 2017. Chevron still holds the remaining 50%. Trinidad needs the gas to supply its industries, while Venezuela needs export revenue and has no infrastructure to monetize the gas on its own. Shell, like Chevron, has been careful to reiterate that its "activities relating to Venezuela are in strict adherence to all applicable laws, regulations, trade controls and sanctions." PDVSA has long neglected its abundant gas reserves in favor of oil, despite enormous suppressed demand from domestic refineries, power stations and petrochemical plants. Little is expected to change in the near term. Venezuela's oil-based economy is nearly paralyzed against the backdrop of a power struggle between the Maduro regime and the US-backed opposition. Under a transition government that National Assembly leader Juan Guaidó is campaigning to establish, legislative reforms would open the door for foreign oil companies to quickly tap dormant Venezuelan hydrocarbon deposits. (ARGUS: https://www.argusmedia.com/en/news/1920237-shell-stays-course-on-trinidad-venezuela-gas)

 

Commodities

Gas shortages, sky-high food prices plague Venezuelans amid economic crisis

Dozens of cars lined up alongside a gas station just after dawn on a highway in the Venezuelan city of Maracay, in the central state of Aragua. The drivers had been waiting for hours to buy gas, partaking in an all too common ritual in the hopes that when it was their turn, there would be enough gas left to fuel up. The wasted trips used up what little was left in his gas tank, and last Tuesday three men had to push his truck from the highway down a long hill to a pump, where he was finally able to fuel up. Venezuelans described lost days of work, anxiety at being unable to feed their families, and endless hours waiting in lines because of a gas shortage that's hitting the country with the world’s largest producible oil reserves. For Venezuelans who make it to a gas pump with fuel, filling a tank is basically free. Drivers tip gas station workers a small amount, but there is no real fixed price to fill your tank with the government keeping gas prices low but with the shortages it's a major problem. Hours-long lines for gas have become more and more common, especially in states within the interior of Venezuela, but the shortages have increasingly crept closer to Venezuela’s capital, hitting cities like Maracay. While Caracas has been largely spared the long lines thus far, Venezuelans in other states are in such desperate need of gas they'll sleep overnight outside gas stations. The gas shortages also meant disruptions to the once-reliable public transportation system in Caracas, lengthening commutes and exposing Venezuelans to more dangerous situations. They are also delaying food traveling from different states in the Venezuelan interior, leading to rising costs. Even when there is food available, the problem for many families is being unable to afford it with hyperinflation and low wages. Many Venezuelan families rely on government subsidized food-aid program, known in Spanish by its initials, CLAP. (NBC News: https://www.nbcnews.com/news/latino/gas-shortages-sky-high-food-prices-plague-venezuelans-amid-economic-n1016496)

 

Economy & Finance

Venezuela: hyperinflation leads to new banknotes for second time in a year

Venezuela is releasing new banknotes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash. The Maduro regime last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms. Banknotes of 10,000, 20,000 and 50,000 bolivar denominations will begin circulating on Thursday to “make the payment system more efficient and facilitate commercial transactions”, the central bank said in statement. The largest of those bank notes, equivalent to about US$8, is more than the minimum wage of 40,000 bolivars a month. Following the 2018 overhaul, the highest denomination notes were 500 bolivars, which now would not be enough to buy a piece of candy. Inflation in May reached 815,000% after peaking earlier this year above 1.7m%, according to the opposition-run congress. (The Guardian: https://www.theguardian.com/world/2019/jun/12/venezuela-releases-new-bank-notes-bolivars-hyperinflation; Reuters, https://www.reuters.com/article/venezuela-economy/venezuela-adds-bigger-bank-notes-due-to-hyperinflation-idUSL2N23J167; Bloomberg, https://www.bloomberg.com/news/articles/2019-06-12/hyperinflation-forces-venezuela-to-roll-out-three-new-bills)

 

3M to take about US$ 160 million charge as it deconsolidates Venezuelan operations

3M Co said on Tuesday it would incur a pretax charge of about US$ 160 million, or 27 cents per share, in the second quarter, as the company suspended local operations in Venezuela. The maker of Post-it notes, and Scotch tape said in a regulatory filing that it deconsolidated its Venezuelan subsidiary as of May 31. (Reuters, https://www.reuters.com/article/us-3m-venezuela/3m-to-take-about-160-million-charge-as-it-deconsolidates-venezuelan-operations-idUSKCN1TC2AW)

 

Venezuela hit with default in Saint-Gobain's US$42 million award row

A Delaware court clerk entered a default against Venezuela and state-owned oil company Petróleos De Venezuela SA considering their silence in the French plastics company’s litigation aimed at registering and enforcing a 2017 arbitral award. (Law360: https://www.law360.com/articles/1168575/venezuela-hit-with-default-in-saint-gobain-s-42m-award-row)

 

Convicted Venezuelan official’s Palm Beach mansion goes for US$ 11 million in auction

For just US$ 11 million, a little piece of corrupt Venezuelan history was sold to the highest bidder last month, courtesy of the United States government. On May 30, a Palm Beach mansion forfeited by convicted money launderer and former national treasurer of Venezuela Alejandro Andrade was quietly auctioned off by Customs and Border Protection (CBP) agents. The 4,600 square-foot estate is a 5-bedroom, 4.5-bath beach getaway, complete with a spa and pool. Andrade bought the property, located at 1290 N. Ocean Blvd., for $8 million in 2013 and apparently let the place fall into disrepair. In 2016, neighbors complained that renovations of the home were disruptive and had been drawn out for too long. The home — the latest of Andrade's illegitimate riches to be auctioned off — is markedly more luxurious than the ex-treasurer's current digs in federal prison. In November, Andrade received a maximum ten-year sentence in a West Palm Beach federal court after pleading guilty to accepting a stunning $1 billion in bribes as part of an illicit foreign currency scheme. Andrade began his prison sentence in February. He is reportedly being kept in a low- to medium-security prison in Loretto, Pennsylvania, about 80 miles outside of Pittsburgh. (Miami New Times: https://www.miaminewtimes.com/news/government-auctions-off-palm-beach-mansion-owned-by-former-venezuelan-treasurer-alejandro-andrade-11195909)

 

Politics and International Affairs

Trump on disputed claim of Russian withdrawal from Venezuela: 'Ultimately I'm always right'

President Trump on Wednesday stood by his claim that Russia had withdrawn its forces from Venezuela despite the Kremlin's denials, asserting that he would be proven right in the end. Trump was asked during an Oval Office meeting with Polish President Andrzej Duda what he knows about Russia's involvement in Venezuela given the conflicting statements. "Well, let's just see who's right. You know what you're going to do? You're going to see in the end who's right," Trump said. "You just watch it, OK?" he added. "And we'll see who's right. Ultimately, I'm always right." Trump tweeted earlier this month that Russia had informed the U.S. that it had removed "most of their people from Venezuela." He offered no further information, and officials did not elaborate on Trump's announcement. The next day, a Kremlin spokesman told reporters that most of Russia's military specialists were still working in Venezuela. Trump on Wednesday described the situation in Venezuela as "in flux," and blamed the country's leaders for its descent into a worsening economic and humanitarian crisis. "It's a very sad thing," he said. "We're watching Venezuela very closely." (The Hill: https://thehill.com/homenews/administration/448247-trump-on-disputed-claim-of-russian-withdrawal-from-venezuela)

 

Secretary Pompeo urges world leaders to find solutions to Venezuela’s hunger crisis

Secretary of State Mike Pompeo implored world leaders to continue to stand against Venezuela’s Maduro’s regime amid the country’s ongoing economic and humanitarian crisis. At a World Food Prize event Monday, Pompeo highlighted the need for progress in agriculture to help hungry nations. He pointed to starvation in Venezuela as evidence. “More than 60% of the country goes to bed hungry each and every night, and many have resorted to rummaging through garbage bins to feed themselves and their children,” he explained. “Malnourishment is so widespread that Venezuelans refer to it as the Maduro diet.” Hunger in Venezuela is such problems that soup kitchens have rapidly cut down on food donations due to Maduro cutting off humanitarian aid. The Trump administration has sent aid to neighboring Colombia to get food to Venezuelans after aid being sent to Venezuela was blocked because Maduro claimed it was sent to embarrass his regime. Pompeo believes the U.S. government alone can’t solve the issue. “We all have an obligation to work each of these problems, it isn’t just a human tragedy when we see hunger,” he stated. “When it takes hold of a country, it can perpetuate a destructive cycle of crime and violence and instability.” (OAN: https://www.oann.com/secretary-pompeo-urges-world-leaders-to-find-solutions-to-venezuelas-hunger-crisis/)

 

Moldova's parallel leader warns incumbent against new Venezuela

Moldova’s newly declared Prime Minister Maia Sandu said her decision to form a parallel government in the former Soviet Republic is perilous and urged the former ruling party still claiming power not to turn the country into a second Venezuela. Speaking in a phone interview from Chisinau, the 47-year-old former World Bank adviser insisted that her administration -- assuming it survives -- will be wholly pro-European even though it depends on the support of pro-Russia Socialist Party. (Bloomberg, https://www.bloomberg.com/news/articles/2019-06-11/moldova-s-parallel-leader-warns-incumbent-against-new-venezuela)

 

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.

August 06, 2015

International Trade

 

Venezuela is working with China on a development plan for 2025 by strengthening productive chains, claims Planning and Knowledge Minister Ricardo Menéndez. Reported representatives from 11 Chinese companies are seeking for business opportunities in Venezuela, as part of said plan to reactivate domestic production and are holding meetings with public officials this week. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44919&idc=3; El Universal, http://www.eluniversal.com/economia/150804/venezuelan-govt-strikes-up-alliances-with-11-chinese-companies)

 

 

Oil & Energy

 

PDVSA has received at least six offers from foreign oil firms

Royal Dutch SHELL, STATOIL, CHEVRON, Reliance Industries, ESSAR Oil and PETROCHINA are interested in supplying light crude oils to dilute its extra-heavy crude oil, sources from the companies involved told Reuters. Last month, PDVSA asked oil suppliers to present offers to sell it some 70,000 bpd of light crude oil, via up to five year long contracts. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44927&idc=4)

 

 

Economy & Finance

 

Conindustria suggests securitizing Venezuela's debt to foreign providers

The Venezuelan Confederation of Industries (CONINDUSTRIA) proposed on Tuesday "five actions" that could help substituting imports, apropos the government's initiative to set up a High Level Committee for the Substitution of Imports. Juan Pablo Olalquiaga, President of CONINDUSTRIA, pointed out that that initiative should have concrete results. In that regard, he suggested some changes in public policies aimed at "increasing domestic production" in the short term, including securitizing debt incurred with international providers, which roughly amounts to some US$ 9.92 billion. (El Universal, http://www.eluniversal.com/economia/150805/conindustria-suggests-securitizing-venezuelas-debt-to-foreign-provider; http://www.eluniversal.com/economia/150804/conindustria-proposes-five-actions-to-substitute-imports-in-venezuela)

 

Empresas Polar’s workers will be meeting with government authorities in Caracas to determine on a new location for the distribution center that was expropriated in La Yaguara. They will also go over the situation at the brewery plants and their conditions in view of the shut-down and loss of benefits due to production drops. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=44922&idc=3)

 

Headhunters woo low-cost Venezuela talent amid crisis

Headhunters across Latin America are tapping Venezuela for low-cost professionals as a deepening economic crisis has left many skilled workers earning less money than taxi drivers and waiters. Highly-trained Venezuelans are seeking to escape a decaying socialist economy in which they often have to work second jobs and spend hours in line to buy basic goods such as milk or diapers. (Reuters, http://www.reuters.com/article/2015/08/05/us-venezuela-headhunters-idUSKCN0QA1X720150805)

 

 

Politics and International Affairs

 

STRATFOR: Russia, Venezuela hold anarchy at bay

Two countries stand out as high-risk targets for significant social unrest in the coming months. Not surprisingly, both are oil producers terrified at the sight of Brent crude falling below US$50 per barrel. The first is Venezuela, where even the most optimistic of government-manufactured statistics should give observers a feeling of deep foreboding. Venezuela burns through its oil reserves at a dizzying rate of roughly US$ 1 billion per month. Not only that, but the country is actually down to about US$ 16.9 billion in total reserves, with only a fraction of that amount — estimated at less than US$ 1 billion — held in liquid reserves. Given the country's heavy dependence on oil revenue, it hardly takes an expert statistician to see that Venezuela is in an untenable financial situation. The lack of foreign exchange to finance imports has led to severe food shortages. And the Dec. 6 legislative election only complicates matters, as an already hamstrung government is going to be all the more resistant to imposing structural economic reforms that are as unpopular among voters as they are necessary to the country's financial viability. Exacerbating Venezuela's economic difficulties is widespread corruption. Government-affiliated mafias with powerful military links rely on Venezuela's overvalued exchange rates and capital controls to profit from arbitrage. So far, Venezuelan President Nicolas Maduro has shown neither the inclination nor the ability to crack down on these corrosive elements. Nor is Maduro willing to take the politically precarious step of cutting fuel subsidies in the lead-up to an election where his party is already at risk of losing significant support. The threat of spontaneous unrest is still very much alive. On July 31, hundreds of people in San Felix, Bolivar state, angered by high food prices, shortages and a recent fivefold increase in local bus fares, started looting supermarkets. One of the rioters was killed in the melee.  We can expect the Venezuelan government to rely largely on the National Guard and the national police to put down such riots, followed by less disciplined colectivos should the situation warrant reinforcements. And should economic difficulties breed divisions within the government, a weaker government will be even less able to cleanly and effectively contain widespread social unrest. (STRATFOR, https://www.stratfor.com/geopolitical-diary/russia-venezuela-hold-anarchy-bay)

 

Venezuela is close to a humanitarian crisis

It has become usual in Venezuela for pregnant women to go to up to 5 hospitals before finding one able to take them in, amid a general collapse of the economy and public institutions nationwide. And the situation threatens to become much worse, according to NGO Crisis Group, which warns the nation is headed for a humanitarian crisis due to the implosion of the "chavista" economic model. One of the most alarming consequences is the sharp decay of medical care here.  FOREX restrictions are directly hitting health conditions since most medicines sold in Venezuela are either imported or have imported components. Human Rights Watch says "we seldom have seen as rapid a deterioration in access to medicine as we have in Venezuela, except for war zones". For thousands of Venezuelans suffering from cancer, AIDS or chronic disease such as diabetes or high blood pressure, lack of medication translates into a death sentence. Hunger also looms as a possibility after agriculture and agribusiness have been destroyed and the regime now lacks funds to continue importing food. More in Spanish: (El Nuevo Herald, http://www.elnuevoherald.com/noticias/mundo/america-latina/venezuela-es/article29988456.html#storylink=cpy)

 

Pulling Venezuela back from the brink

In just the past few weeks, President Obama has opened official ties with Cuba and clinched a nuclear deal with Iran. Now Venezuela, another longtime US adversary, might be next in line for a bit of reconciliation with Washington. Secretive negotiations between the two countries have picked up in recent months, perhaps reversing years of belligerency and estrangement. The talks have come none too soon. Venezuela’s economy is faltering fast, even more so than Greece’s, with mobs looting supermarkets, inflation reaching triple digits, and opposition figures like Leopoldo López being thrown in jail by President Nicolás Maduro. The country has experienced an average of 14 protests a day. A collapse of the Venezuelan economy or its government is in no one’s interest, especially its neighbors. The US has been rightly cautious in seeking rapprochement with the Maduro regime. It should not undercut the efforts of the country’s political opposition. It must welcome actions from others in Latin America. And it must first emphasize universal concerns, such as human rights violations and a humanitarian concern for the growing food crisis. But the most urgent step is for the regime to allow the international community to monitor the elections without hindrance. A credible vote would begin to restore confidence in the country while contested elections might worsen it. (The Christian Science Monitor, http://news.yahoo.com/pulling-venezuela-back-brink-204403840--politics.html)

 

Paintings of Chavez and Maduro burned as food seeking protesters attack Sinamaica municipality

Enraged inhabitants of Venezuela's Goajira peninsula on the northern border with Colombia, mostly populated by Wayuu tribes, attacked and burned the Sinamaica municipality during a protest over scarcity and food rationing. The area has endured weeks without receiving supplies, and the protest broke out when four lorries filled with food tried to go through the Colombian frontier. It was reported that during the protest, paintings of the late President Chavez and President Maduro were taken out and burned by the population. Pro government authorities promptly blamed Colombian smugglers for the event. More in Spanish: (El Nacional, http://www.el-nacional.com/regiones/Zulianos-quemaron-Chavez-Maduro-Sinamaica_0_677932300.html)

 

Regime uses military to control desperate food queues

Thousands of people who line up for many hours to receive food at subsidized prices - an average family needs 8 minimum salaries to pay for one food basket - are now being controlled by armed military officials, amid charged of brutality against those who protest and corruption by officers who privilege their friends and neighbors. More in Spanish:  (Correo del Caroní, http://www.correodelcaroni.com/index.php/cdad/item/35436-gobierno-recurre-a-militarizacion-de-las-colas-para-contener-el-desespero-por-la-grave-escasez)

 

Venezuela’s electoral "remix" 

The electoral subject is back on the table as December 6 nears, a date belatedly set by the National Electoral Council (CNE) on purpose for an election in which Venezuela’s two only political rivals will square off for a majority of seats in the Parliament. The Government and its public powers find themselves fine-tuning every little detail so they can tilt the balance in their favor when the time comes, knowing that popular support has never been weaker. Sixteen years of outdated policies that have proved a failure are felt in every corner of the country, while its populist speech doesn’t convince the staunchest supporters of chavismo anymore. (Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=2393789&CategoryId=10717)

 

Foreign Ministry here rejects U.S. call to Venezuela to scrap ban on opposition political candidates

The United States has called on Venezuela to reverse a ban on opposition members from holding office and participating in the Dec. 6 parliamentary elections. Washington made the request after opposition leader Maria Machado said she had tried to register as a candidate but her application was rejected. The State Department said in a statement that the decisions by Venezuelan electoral officials "clearly have the intention of complicating the ability of the opposition" to contest the poll and to limit the field of candidates. Venezuela's Foreign Ministry immediately issued a statement rejecting the call and asked the US to respect international law "in order to continue friendly talks that lead to normalizing bilateral relations". (Reuters, http://www.reuters.com/article/2015/08/04/us-usa-venezuela-idUSKCN0Q92CJ20150804; El Universal, http://www.eluniversal.com/nacional-y-politica/150805/venezuelan-foreign-office-rejects-us-statement-on-disqualifications; and more in Spanish: El Universal, http://www.eluniversal.com/nacional-y-politica/150805/cancilleria-rechazo-declaraciones-de-eeuu-sobre-inhabilitaciones)

 

Brazilian corruption boss had business dealings with Chávez, Maduro

José Dirceu, who is at the center of the PETROBRAS corruption scandal that is shaking the base of Brazil's governing Workers Party, spoke on behalf of former President Luiz Inácio “Lula” da Silva in a number of mystery projects that involved the Brazilian leader, the late Hugo Chavez and Cuba's Castro brothers, according to documents published by Miami's El Nuevo Herald include reports by Maximilian Arbeláez, then Venezuelan ambassador to Brazil, detailing meetings by Lula and Dirceu meeting with Venezuelan officials on behalf of Brazilian businessmen. In one of them, written by Arbeláez himself, Lula himself asked the ambassador directly to meet with his own lawyer and with "a businessman of his entire trust" who wanted to import iron rods and petroleum coke from Venezuela. Dirceu travelled to Venezuela several times and met with Chavez and then Foreign Minister Maduro, as a Lula representative. Dirceu, Lula's chief cabinet chief from 2003 to 2005, was recently arrested at his home in Brasilia where he was under house arrest on an 11 year sentence for taking part in a mass vote buyout in the Brazilian Congress. He is being accused of being the mastermind of the PETROBRAS corruption network. More in Spanish: (El Nuevo Herald, http://www.elnuevoherald.com/noticias/mundo/america-latina/venezuela-es/article30180861.html#storylink=cpy)

 

The Carter Center is pulling out of Venezuela

The Carter Center has decided to pull out of Venezuela in order to "focus limited resources on other countries that have sought it's support". It will continue monitoring current elections from its Atlanta offices after 13 years of working within the country. Center Director Jennifer McCoy left the organization earlier this year to become director of the Global Studies Institute at the University of Georgia. More in Spanish: (El Universal, http://www.eluniversal.com/nacional-y-politica/150805/centro-carter-se-retira-de-venezuela)

 

 

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.