August 03rd, 2012

Economics & Finance

Big Mac index: Venezuelan currency overvalued by 83%

The Big Mac index computed by The Economist showed that the Venezuelan Bolívar is the most overvalued currency worldwide with respect to the US dollar, reflecting the imbalance of the Venezuelan economy.

The Big Mac index is based on the purchasing-power parity theory that provides that the exchange rate between two currencies is balanced when the price of a single product is the same in both countries. For such reference, a Big Mac burger is commonly used. According to the index, overvaluation of the Venezuelan currency stood at 83% by the end of July. (El Universal, 08-02-2012; http://www.eluniversal.com/economia/120802/big-mac-index-shows-overvalued-venezuelan-currency)

S&P sustains PDVSA's B+ credit rating

Petróleos de Venezuela received a credit rating of B+ from Standard & Poor's (S&P), which considers that the prospects for the Venezuelan oil conglomerate will remain stable. S&P explained that the B+ rating on Pdvsa reflects its opinion that "PDVSA's relationship with the government will not change significantly over the next few years." (El Universal, 08-01-2012; http://www.eluniversal.com/economia/120801/sampp-affirms-pdvsas-credit-rating)

PDVSA to allocate up to U$D 7 billion a year to repay debt

State-run oil firm Petróleos de Venezuela, S.A. (PDVSA) will need to earmark between U$D 4 billion and U$D 7 billion a year through 2017 to repay the heavy commitments it has contracted after five years of rapid indebtedness. This would force the oil holding to refinance its debt amid sluggish oil prices. The oil firm has resorted to issuing dollar-denominated bonds to finance current expenditure. PDVSA has also contracted several private loans in recent years, in the light of skyrocketing fund transfers to the government and stagnant oil production. (El Universal, 08-01-2012; http://www.eluniversal.com/economia/120801/pdvsa-to-allocate-up-to-usd-7-billion-a-year-to-pay-debt)

Chavez says domestic production to increase through MERCOSUR

President Hugo Chavez says the country's accession as full member of the Common Market of the South (MERCOSUR) is an opening for "a new horizon which will allow increasing domestic production", and will favor the establishment of complementary productive chains in the areas of manufacturing, industry, science and technology. (AVN, 08-02-2012; http://www.avn.info.ve/contenido/chavez-domestic-production-increase-through-mercosur)

Industry says entry into MERCOSUR requires a change in economic policy

Venezuela´s entry into the Common Market of the South (MERCOSUR) will force the government to "fully revise its economic policies", says the Venezuelan Industry Confederation (CONINDUSTRIA). Businessmen say that policies adopted over the recent years hit competitiveness, "investment, development and employment within industry." (El Universal, 08-02-2012; http://www.eluniversal.com/economia/120802/venezuelas-entry-into-mercosur-requires-a-review-of-economic-policy)

Commodities

PDVSA to have oil fields in Argentina, will develop shale oil

State oil company PDVSA will have oil fields in Argentinean waters, says President Hugo Chavez. Venezuela and Argentina signed an agreement for a strategic alliance between state oil companies PDVSA and YPF, after a meeting between presidents Hugo Chavez and Cristina Fernandez in Brazil. The agreement will lead PDVSA to develop shale gas and oil gas in Argentina, which has the largest reserves of shale gas in South America, approximately 774 TCF billion cubic feet. (AVN, 08-02-2012; http://www.avn.info.ve/contenido/venezuela039s-pdvsa-have-oil-fields-argentina)

Oil and byproducts sales to the US down 12.8% in May

Oil exports to the United States are on a clear downward trend. Consolidated data from the US Department of Energy indicate that during the period from January to May 2012, Venezuelan exports of oil and oil byproducts to the United States dropped 12.8% compared to the same period last year. During the first five months of 2012, oil exports averaged 866,000 bpd, down from 1.01 million barrels in the same period last year. In May, oil exports to the US totaled 861,000 barrels per day, down 13.8% compared to 999,000 barrels in May 2011, according to the US Energy Department. (El Universal, 08-01-2012; http://www.eluniversal.com/economia/120801/venezuelan-oil-and-byproducts-sales-to-the-us-down-128-in-may)

SIDOR President fired by Chavez

Carlos D'Oliveira, who had been ratified in his position as President of SIDOR on July 19, has been fired by Chavez due to protests by some 1600 employees for an outsourcing firm whose relationship with PDVSA was terminated on July 31. D'Oliveira's discharge took place "over the telephone and without much protocol". Basic Industries Vice Minister Carlos Faría, the brother of Jesus Faría, Chairman of the Basic Industries Special Committee at the National Assembly, has been temporarily been named in his place. More in Spanish: (El Mundo, 08-03-2012, http://www.elmundo.com.ve/noticias/petroleo/industria/presidente-de-sidor-fue-sustituido-debido-a-las-ac.aspx)

Agribusiness hopes urea exports do not hurt internal supply, after Chavez announces the possibility of exporting the product to Brazil in a "very, very short term". More in Spanish: (El Universal, 08-03-2012; http://www.eluniversal.com/economia/120803/esperan-que-plan-de-exportar-urea-no-afecte-oferta-interna)

International Trade

Chavez agrees to talk to automotive industry

President Hugo Chavez has ordered the Ministry of Industry to listen to the proposals by the Venezuelan automotive industry about the country's entry into the Common Market of the South (MERCOSUR), after the sector asked to be excluded from the agreement. "We have to listen to them. (Minister of Industry Ricardo) Menéndez, there should be a meeting with them," said Chávez during a press conference with local and foreign journalists. (El Universal, 08-02-2012; http://www.eluniversal.com/economia/120802/chavez-agrees-to-engage-in-dialogue-with-car-industry)

Venezuela paid U$D 1 billion in old debt for Colombian exports

According to Colombian President Juan Manuel Santos, Venezuela has paid U$D 1 billion in debts with Colombian exporters, and Colombian exports to Venezuela are likely to rise to U$D 3 billion by the end of the year. He also said U$D 200 million payments are still pending "as it has not been proven that Venezuela actually owned such amount of money; we have found fake exports in our records". (El Universal, 08-02-2012; http://www.eluniversal.com/economia/120801/venezuela-pays-usd-1-billion-in-debt-related-to-colombian-exports)

PDVSA exported 275,000 tons of coke in July

Petroleos de Venezuela (PDVSA) announced that during July it has dispatched 275,000 tons of coke to markets in Europe, the Middle East and South America. More in Spanish: (AVN, 08-03-2012; http://www.avn.info.ve/contenido/pdvsa-despachó-275-mil-toneladas-coque-durante-julio; El Universal, http://www.eluniversal.com/economia/120803/se-elevo-tasa-de-despacho-de-coque-a-traves-del-terminal-de-jose)

Uruguay's President Mujica says Venezuela's entry into MERCOSUR gives a vigorous impulse to the region

"Venezuela will be our third trading partner," said Mujica after expressing his wish for Uruguayan dairy products to secure successful positioning in Venezuela's market. (AVN, 08-02-2012; http://www.avn.info.ve/contenido/mujica-venezuela039s-inclusion-mercosur-gives-vigorous-impulse-region)

Politics

Chávez says that the IACHR Court and Commission ought to vanish

President Hugo Chavez says that both the Inter-American Commission on Human Rights (IACHR) and the Inter-American Human Rights Court should vanish. He says the IACHR Court is "abominable, rotten and disgraceful," and added that both institutions shall cease to exist as they are not up to the challenges of the new world. (El Universal, 08-02-2012; http://www.eluniversal.com/nacional-y-politica/120802/chavez-says-that-the-iachr-and-iachr-court-ought-to-vanish)

Legislator charges Chavez brother tried to "buy" Paraguayan votes

Jorge Oviedo, President of the Paraguayan Congress, has charged that a brother of President Chavez offered Paraguayan Senator Zulma Gomez U$D 100,000 to promote Venezuela's entry into MERCOSUR. Senator Gomez made her accusation in October 2011. President Chavez has charged that a group of Paraguayan senators were demanding "millions of dollars" to approve Venezuela's entry into the MERCOSUR Common Market. More in Spanish: (El Universal, 08-03-2012; http://www.eluniversal.com/nacional-y-politica/120803/senalan-que-chavez-intento-comprar-el-voto-de-paraguay)

July 20th, 2012

Economics & Finance

Venezuelan economy to contract 3.5% after elections in 2013, after expansion during elections

Guest economists attending the FEDECÁMARAS Annual Meeting estimate that after the October 7 presidential elections spending dynamics “obviously driven by the elections” will post a significant reduction. They warn this drop will continue in 2013 and will result in an important deceleration of the economy. The Ministry for Planning and Finance projects annual expansion of 7% this year, closing around 7% for this quarter, led by construction, trade, manufacturing and finance. (Veneconomy, 07-18-2012; http://www.veneconomy.com/site/index.asp?ids=44&idt=31347&idc=2; more in Spanish: El Mundo, 07-19-2012, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/cifras-preliminares--muestran-un-alto-crecimiento-.aspx)

Government has used up 90% of authorized credit for this year, according to a report by the Ministry of Planning and Finance which shows 90% of the originally authorized indebtedness, VEB 56.3 billion out of VEB 62.9 billion had been used by July 13th. More in Spanish: (El Universal, 07-20-2012; http://www.eluniversal.com/economia/120720/gobierno-ha-colocado-90-de-la-deuda-prevista-para-este-ano)

Non-oil exports hit 60-year low

Non-oil private exports this year will end at a record low, according to Francisco Mendoza, a former president of the Venezuelan Association of Exporters (AVEX), who says: "This year we will go under the floor of less than U$D 1 billion in exports, which had not happened in Venezuela since the 1960's". The activity continues to decline due to serious obstacles faced by Venezuelan domestic manufacturers. "The outlook is pretty gloomy; competitiveness is becoming increasingly complex due to recently enacted laws, the situation (of delays) in ports, and the shortage of foreign exchange." (El Universal, 07-18-2012; http://www.eluniversal.com/economia/120718/venezuelan-non-oil-exports-hit-60-year-low)

Private investment-to-GDP-ratio may be boosted to 20%

Jorge Botti, President of the Federation of Trade and Industry Chambers (FEDECÁMARAS), says it is possible to raise the private investment-to-GDP-ratio to 20%. He says that since the 1970's private investment in Venezuela has fallen steadily. "Private investment in Peru and Colombia exceeds 20%. Under similar circumstances, we could raise the production capacity of industries," Botti said during the 68th General Assembly of Fedecámaras. (El Universal, 07-18-2012; http://www.eluniversal.com/economia/120717/businesspeople-private-investment-to-gdp-ratio-may-be-boosted-to-20)

Venezuela has the least transparent budget in Latin America, according to the Latin American Index for Budgetary Transparency (ILTP). Costa Rica, Ecuador and Mexico have the most transparent budgets in the region. More in Spanish: (Notitarde, 07-20-2012; http://www.notitarde.com/notitarde/plantillas/notitarde/inota.aspx?idart=1699736&idcat=9845&tipo=2)

Commodities

PDVSA, CHEVRON reach U$D 2 billion financing deal

State oil company PDVSA says it has reached an agreement with CHEVRON to secure U$D 2 billion in financing to boost oil production at PETROBOSCAN, a joint venture between the two companies. Since the end of 2010, the Energy Ministry has been pressuring some 20 joint ventures between PDVSA and foreign energy partners to find extra funding to raise output. The socialist administration of President Hugo Chavez has threatened to cancel the ventures' permits if they fail to hike production. PDVSA said CHEVRON would provide the funds to PETROBOSCAN at a rate of Libor plus 4.5%, and the last payment would be made in 2025. The agreement includes preliminary accords to make outstanding payments to PETROBOSCAN, PDVSA said. (Reuters, http://www.reuters.com/article/2012/07/18/us-venezuela-chevron-idUSBRE86H1MT20120718; The Washington Post, http://www.washingtonpost.com/business/industries/venezuelas-oil-company-says-chevron-corp-plans-to-invest-2-billion-in-boscan-oil-field/2012/07/18/gJQAD2wduW_story.html; Fox Business, http://www.foxbusiness.com/news/2012/07/18/venezuela-pdvsa-terms-finalized-with-chevron-for-2-billion-financing-deal/)

RUSORO adds another action against Venezuela at the ICSID

Russian-Canadian mining company RUSORO has filed a request for arbitration against the Bolivarian Republic of Venezuela following the nationalization of RUSORO's assets in the country, a move that has resulted in significant loss, according to the firm. The company commenced the arbitration at the International Centre for Settlement of Investment Disputes (ICSID), despite Venezuela's withdrawal from the organization, where the country faces a dozen lawsuits for up to U$D 45 billion. According to workers at RUSORO, production there has dropped since the government´s takeover. (El Universal, 07-18-2012; http://www.eluniversal.com/economia/120718/rusoro-adds-another-action-against-venezuela-at-the-icsid; Reuters; http://www.reuters.com/article/2012/07/18/venezuela-rusoro-idUSL2E8II1SA20120718; and more in Spanish: El Universal, 07-20-2012; http://www.eluniversal.com/economia/120720/tras-nacionalizacion-decayo-produccion-aurifera-de-rusoro)

The coke is still there: According to Víctor Hernández, from Anzoátegui’s Engineers’ Association (CIANZ), coordination to withdraw the coke from the Jose premises has been a total “disaster.” Displaying evidence, he said that in May 2012, PDVSA ended the contracts signed with Cuferca and TYC to handle and export the residues from the yards of the José Antonio Anzoátegui Industrial Complex and reassigned it to Energy Coal, which has also done nothing. (Veneconomy, 07-18-2012; http://www.veneconomy.com/site/index.asp?ids=44&idt=31346&idc=4)

PDVSA sells more to Latin America than the U.S.

The yearly statistical report by the Organization of Petroleum Exporting Countries (OPEC) released this week said that Venezuela's oil exports to Latin America exceeded shipments to the United States last year. The data provided by OPEC, based on information provided by the Ministry of Petroleum and Mining indicate that exports in 2011 were on average 2.3 million barrels per day and the volume (just over 1 million barrels per day) were sent to Latin American countries. More in Spanish: (El Nacional, 07-19-2012; http://www.el-nacional.com/)

Agricultural product imports rose 105.4% in 5 months for a total over U$D 2.14 billion, according to official statistics from the Institute for National Statistics. This is double the amount imported for these products during the same time frame last year. Rice imports rose by 435.8%, for 423,493.67 tons. More in Spanish: (El Nacional, 07-20-2012; http://www.el-nacional.com/)

Logistics & Transport

Minister Elsa Gutierrez announced a new dock at the Port of Guanta

The Minister for Air and Water Transport, and President of National Port Authority (BOLIPUERTOS), CA. Elsa Gutierrez, announced the construction of a seventh pier at the marine terminal, for PDVSA machinery. She said:

"The pier will be 34 meters wide and will work primarily to facilitate the import of machinery for the growth of the oil industry in the east". More in Spanish: (Bolipuertos, 07-19-2012, http://www.bolipuertos.gob.ve/noticia.aspx?id=5712)

Politics

Chávez leads most polls, PREDIGMÁTICA gives Capriles a 4% lead

Two and a half months into the presidential elections, incumbent candidate Hugo Chávez leads the polls, according to Datanálisis (15.3 points ahead) and Hinterlaces (17 points ahead) but his health evolution, the elevated number of undecided voters or opposition candidate Henrique Capriles’ campaign could alter this situation, according to analysts. The PREDIGMATICA polling firm says results of a more recent June study of 1,600 polled reflects support for Henrique Capriles at 47.7% and President Chavez at 43.7%. (Veneconomy, 07-18-2012; http://www.veneconomy.com/site/index.asp?ids=44&idt=31360&idc=1 and more in Spanish: Últimas Noticias, 07-20-2012; http://www.ultimasnoticias.com.ve/noticias/tuvoto/noticiaselectorales/predigmatica-pone-a-capriles-radonski-4-puntos-por.aspx)

Venezuela condemns Syria bombing, warns against intervention

Venezuela condemned the bombing in Damascus that killed the Syrian defense minister and President Bashar al-Assad's brother-in-law, urging foreign powers against military intervention. Socialist President Hugo Chavez has helped undermine sanctions against Syria by shipping diesel fuel to the embattled country, and has described the conflict there as an international conspiracy backed by Western powers. (Reuters, 07-18-2012; http://www.reuters.com/article/2012/07/19/syria-bombing-venezuela-idUSL2E8IJ0YB20120719)

July 13th, 2012

Economics & Finance

Central Bank claims reserves are adequate

Eudomar Tovar, first Vice President of the Central Bank claims international reserves are holding at a level adequate to the nation's needs. He says total reserves are currently at U$D 27.772 billion, and operating reserves available for imports and debt service are over U$D 4 billion. (El Universal, 07-13-2012; http://www.eluniversal.com/economia/120713/bcv-afirma-que-las-reservas-mantienen-un-nivel-adecuado)

Rise in debt increases risk of devaluation

Despite a prolonged boom in oil prices, internal government debt rose 262% over the past six years. It is now starting to increase massively. The Annual Debt Law had authorized the government to generate new debt up to VEB 64.3 billion, and it has done so at such a speed that the National Assembly is about to authorize an extra VEB 30 billion for bonds and treasury bills. More in Spanish: (El Universal, 07-13-2012; http://www.eluniversal.com/economia/120713/alza-de-la-deuda-en-bolivares-eleva-riesgo-de-devaluacion;  El Nacional; http://www.el-nacional.com/)

Government claims Chavez government has created 4 million jobs.

Speaking to the official news agency, Elias Eljuri, head of the government's National Statistics Institute claims that over the past 11 years some 4 million jobs have been created. More in Spanish: (AVN, 07-13-2012; http://www.avn.info.ve/contenido/se-han-creado-4-millones-empleos-durante-gobierno-chávez)

Commodities

Venezuela spent U$D 288 million importing gasoline from the US

The decay in domestic refining within Venezuela, plus increasing internal consumption have led Venezuela to import not only ingredients for producing oil byproducts, but also gasoline and liquid gas, according to statistics from the US Commerce Department which show Venezuela as importing 15,800 barrels per day in gasoline from December 2011 through April 2012. Using the average price of U$D 122 per gasoline barrel, it is estimated that around U$D 288 million has been spend on importing gasoline within those months. More in Spanish: (El Universal, 07-13-2012; http://www.eluniversal.com/economia/120713/el-pais-gasto-unos-288-millones-en-importar-gasolina-en-5-meses)

India state oil firms plan to boost Venezuela investments

Indian state-run oil companies plan to boost investments in Venezuela and source higher volumes of crude oil from the South American country, India's junior industry minister said on Wednesday. An Indian consortium led by ONGC Videsh, the overseas investment arm of oil explorer ONGC, plans to invest U$D 2.2 billion in the Carabobo oil fiaeld project, and another U$D 500 million in the San Cristobel oil field, Jyotiraditya Scindia said in a statement. (Reuters, 07-11-2012; http://www.reuters.com/article/2012/07/11/india-venezuela-energy-idUSL3E8IB2XN20120711; El Universal; http://www.eluniversal.com/economia/120711/indian-oil-companies-plan-to-invest-more-in-venezuela; Fox Business, http://www.foxbusiness.com/news/2012/07/11/india-state-oil-companies-to-invest-nearly-3-billion-in-venezuela/)

Government does not want others to export coke

Science and Technology Minister Jorge Arreaza says that the mountains of coke accumulating around the Jose refining plant in Anzoátegui state is due to the fact that the government "does not want others to take coke away". He acknowledged environmental concerns over the very large accumulation of coke in the area. Arreaza is President Chavez's son-in-law. More in Spanish: (El Universal, 07-13-2012; http://www.eluniversal.com/economia/120713/el-gobierno-no-quiere-que-otros-se-lleven-el-coque)

FORTUNE ranks PDVSA among the 40 largest companies in the world

The state-run Petroleos de Venezuela is ranked 36 of the largest companies in the world, according to annual rankings compiled by FORTUNE magazine. PDVSA came in two steps under Mexico's PEMEX, with revenues at U$D 124.754 billion. More in Spanish: (Ultimas Noticias, 07-12-2012; http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/pdvsa-entre-las-40-mayores-empresas-del-mundo.aspx)

International Trade

Brazilian FM defends Venezuela's entry into Mercosur

Brazilian Foreign Minister Antonio Patriota on Wednesday once again advocated the entry of Venezuela into the Common Market of the South and the suspension of Paraguay from the bloc. He added that such move is intended to send a "clear" message against "anti-democratic adventures." Patriota appeared before the Foreign Relations Committee, Brazilian Senate, and replied to criticism from some opposition legislators who rejected the decisions made by Argentina, Brazil and Uruguay to suspend Paraguay and allow Venezuela to join the bloc, Efe said. (El Universal, 07-11-2012; http://www.eluniversal.com/economia/120711/brazilian-fm-defends-venezuelas-entry-into-mercosur)

VENAMCHAM reports 42% increase in imports from the USA

Carlos Tejera, General Manager of the Venezuelan American Chamber of Commerce and Industry (VENAMCHAM) reports that while Venezuelan exports to the US dropped by 8%, imports from the US rose 42% during the first five months of the year. It is outstanding that oil imports rose 457% from 2011 to 2012. More in Spanish: (El Universal, 07-13-2012; http://www.eluniversal.com/economia/120713/venamcham-reporta-alza-de-42-en-compras-a-eeuu)

Imports from China increased 49% in one year

Imports from China increased 49% in a year for a total of U$D 1.7 billion between January and April 2012. This amounts to 13.4% of all imports, and places the Asian nation as a second source of the Venezuelan economy, according to data released by the National Institute of Statistics. More in Spanish: (El Nacional, 07-12-2012; http://www.el-nacional.com/)

Logistics & Transport

19 vessels remain at bay in Puerto Cabello, and La Guaira is unable to receive vessels

A total of 19 food-bearing vessels remain at bay in Puerto Cabello, waiting to dock. The ships are carrying bulk cargo such as yellow corn, malt, rice, soybeans, and livestock, and six are bearing containers. The option of diverting vessels from Puerto Cabello to the port of La Guaira is not available as the latter port is not operating at 100% capacity, according to Neidy Rosal, a member of the Carabobo State Legislative Council, who called for an improvement in offloading conditions at Puerto Cabello. More in Spanish: (El Carabobeño, 07-12-2012; http://www.el-carabobeno.com/impreso/articulo/23839/puerto-de-la-guaira-no-est-apto-para-recibir-buques-)

Politics

Chavez hits campaign trail in bid to prove he’s cancer-free

President Hugo Chavez is hitting the campaign trail in an attempt to persuade voters his battle with cancer hasn’t diminished his vitality ahead of what’s shaping up to be his toughest election. Mounted on a float-like truck, he attended a rally in the oil producing state of Anzoátegui on the northeastern coast and plans to hold a similar event in Barquisimeto in central Lara state July 14. The rallies are the first since the former tank commander marked the official start of campaigning July 1 with a caravan and speech in Maracay, 50 miles west of Caracas. (Bloomberg, 07-12-2012; http://www.bloomberg.com/news/2012-07-12/chavez-hits-campaign-trail-in-bid-to-prove-he-s-cancer-free.html)

Romney slams Obama for playing down threat of Hugo Chavez

Republican Mitt Romney chided President Barack Obama on Wednesday for playing down "the threat" posed by Hugo Chavez as he sought to portray the Democrat as soft on national security, an issue that may resonate with Latino voters in November's election. Romney was reacting to remarks Obama made to a Spanish language television station that Chavez's actions over recent years had "not had a serious national security impact" on America. (Reuters, 07-12-2012; http://www.reuters.com/article/2012/07/12/us-obama-romney-chavez-idUSBRE86A1HY20120712; El Universal, 07-11-2012; http://www.eluniversal.com/nacional-y-politica/120711/obama-hopes-that-venezuela-has-free-elections; The Washington Post, http://www.washingtonpost.com/politics/romney-obama-assertion-that-chavez-not-a-threat-to-us-is-stunning-and-shocking/2012/07/11/gJQAR49WdW_story.html; CNN, http://politicalticker.blogs.cnn.com/2012/07/11/romney-criticizes-obama-over-venezuela-comments/?iref=allsearch; Fox News, http://www.foxnews.com/politics/2012/07/11/romney-slams-obama-over-tunning-comment-on-chavez/; The Wall Street Journal, http://blogs.wsj.com/washwire/2012/07/11/gop-attacks-obama-for-downplaying-chavez-threat/?KEYWORDS=Venezuela)

Chavez says he seeks friendly relations with Catholic Church leaders

President Hugo Chavez says he’s seeking friendly relations with representatives of the Roman Catholic Church.

Their dealings have been tense in the past. Church representatives have accused the socialist leader of becoming increasingly authoritarian and Chavez has strongly criticized Cardinal Jorge Urosa, saying he has misled the Vatican with warnings that Venezuela is drifting toward dictatorship. (The Washington Post, 07-11-2012; http://www.washingtonpost.com/world/the_americas/venezuelas-chavez-says-he-seeks-friendly-relations-with-catholic-church-leaders/2012/07/11/gJQABJbQdW_story.html; Fox News, http://www.foxnews.com/world/2012/07/11/chavez-seeks-friendly-ties-with-catholic-church/)

National Elections Board proposes pact on election rules, Chavez quickly says he will sign

The pro-government majority National Elections Board has set forth an agreement for presidential candidates to respect election results, and avoid violence. President Hugo Chavez was quick to say he would sign immediately, while opposition leaders - and the only independent Elections Board member - say the agreement failed to include provisions on the use of government funds and resources, and the abuse of media time by the government in favor of Mr. Chavez. More in Spanish: (AVN, 07-13-2012; http://www.avn.info.ve/contenido/cne-aprueba-acuerdo-compromiso-candidatos-presidenciales-para-respetar-resultados; http://www.avn.info.ve/contenido/chávez-anuncia-que-firmará-acuerdo-electoral-propuesto-cne)