March 12, 2013

Economics & Finance

Tougher exchange controls are on the way, according to Oil and Mining Minister Rafael Ramírez, who has announced acting President Maduro and Finance Minister Giordani will unveil new steps to fight speculation and "attacks on the Bolivar" More in Spanish: (El Mundo, 03-12-2013; http://www.elmundo.com.ve/Noticias/Economia/Politicas-Publicas/El-Gobierno-prepara-duras-medidas-para-atacar-dola.aspx)

CITI forecasts more price controls, lower oil prices, weakened economy

A CITI report estimated the price of Venezuela's oil basket will drop to U$D 85 per barrel, which is far less than necessary to keep national accounts in balance and bring the country closer to bankruptcy. In addition, growing inflation and scarcities will lead the Government to far more radical steps, such as price controls and new takeovers. It adds that Chavez's successor will initially continue to fund social programs generously, and there will be short term increases in the minimum wage, but these steps will do little to meet the country's economic problems. More in Spanish: (El Nacional, 03-12-2013; http://www.el-nacional.com/)

Maduro promises long term economic policies

Speaking to a meeting of the Communist Party, acting President Nicolás Maduro announced the creation of a new "mission" aimed at "industrializing". He said this "mission" does not now exist and will be inserted into government plans. The program was part of President Chavez's campaign platform last year. More in Spanish: (El Universal, 03-12-2013; http://www.eluniversal.com/economia/130312/maduro-promete-medidas-economicas-de-largo-plazo)

Maduro says PETROCARIBE and ALBA will stay their course following death of President Chavez. He said Venezuela will seek to turn PETROCARIBE into an "economic region" for industry and investments. He also said "the road to ALBA is confirmed".  Officials from nations benefitted by PETROCARIBE had voiced their concerns about the system - which allows them to pay their oil bills over 25 years. More in Spanish: (El Mundo, 03-12-2013; http://www.elmundo.com.ve/Noticias/Economia/Politicas-Publicas/Maduro-ratifica-continuidad-de-Petrocaribe-y-la-Al.aspx; El Nacional; http://www.el-nacional.com/)

Markets on standby due to the political situation

Economist Victor Silva, director of KAPITAL Consultants, has recommended that anyone interested in investing in bonds wait a couple of months while the political situation becomes clearer. He says that while bonds may rise they may also drop at any moment, "risk / performance is not beneficial to an investor at this time," he said. More in Spanish: (El Mundo, 03-11-2013; http://www.elmundo.com.ve/Noticias/Economia/Politicas-Publicas/Mercados-a-la-expectativa-por-situacion-politica-e.aspx)

Business stretches inventories due to FOREX scarcity, and those who have not shut down operations are seeking protection by raising prices in some cases over 100%. More in Spanish: (El Mundo, 03-12-2013; http://www.elmundo.com.ve/Noticias/Economia/Empresas/Empresas--estiran--inventarios-por-la-falta-de-div.aspx) 

Commodities

PDVSA policies to remain unaltered, says its President, Rafael Ramírez, who is also Oil and Mining Minister. Ramirez called this policy "one of the most important legacies" of the late President Chavez, and added "it was one of the most successful parts" of his administration. He says taxation of oil incomes has been completely successful: "Adjustments in this area raised tax income from oil from 45% to 96% of income per barrel." More in Spanish: (Ultimas Noticias, 03-12-2013; http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/politica-petrolera-de-pdvsa-seguira-firme-dice-ram.aspx)

Venezuela's oil basket down 2.23%; stands at U$D 101.57

Venezuela's oil basket plunged U$D 2.32 and ended last week at U$D 101.57 per barrel, according to the Petroleum and Mining Ministry. This is a 2.23% setback from results a week earlier, when the oil basket averaged U$D 103.89 per barrel. The oil price has slipped U$D 7.18 per barrel in the last three weeks. (El Universal, 03-11-2013; http://www.eluniversal.com/economia/130311/venezuelas-oil-basket-down-223-stands-at-usd-10157)

SIDOR liquid steel production was up 30% in February, says company president Rafael Gil, who compared the month's output to the same time last year. More in Spanish: (AVN, 03-12-2013; http://www.avn.info.ve/contenido/producci%C3%B3n-acero-l%C3%ADquido-sidor-aument%C3%B3-30-durante-febrero; El Universal, http://www.eluniversal.com/economia/130312/sidor-incremento-la-produccion-de-acero-liquido-este-ano) 

International Trade

Trade with Colombia expected to remain fluid, according to members of the Venezuela-Colombia Economic Integration Chamber (CAVECOL). CEO Luis Alberto Russián hopes that "relations continue fluidly and reconstruction. Step by step". More in Spanish: (El Universal, 03-11-2013; http://www.eluniversal.com/nacional-y-politica/130311/esperan-que-comercio-con-colombia-continue-fluido)

Nicaraguan opposition leaders ask for FTA with Caracas

Nicaragua's opposition leaders insisted on demanding the government of President Daniel Ortega signed a Free Trade Agreement (FTA) with Venezuela to "institutionalize" trade relations between the two countries, which have grown steadily since 2007. Eliseo Nunez, an opposition lawmaker, insisted that after the death of President Hugo Chavez an FTA should be a priority for the Sandinista government to ensure the continuation of trade relations, DPA reported. More in Spanish: (El Universal, 03-11-2013 http://www.eluniversal.com/nacional-y-politica/130311/diputados-nicaraguenses-piden-firmar-tlc-con-caracas) 

Logistics & Transport

Puerto Cabello port administration is operating during the mourning period, according to General Henry Montilla, who manages the facility. He also said 22 vessels were processed during this period, and there are 15 ships at bay, More in Spanish: (Bolipuertos, http://www.bolipuertos.gob.ve/noticia.aspx?id=6931; Notitarde, http://www.notitarde.com/La-Costa/Bolipuertos-ha-atendido-un-total-de-22-buques/2013/03/11/170809)

Politics

Henrique Capriles decides to run for president in April vote

Opposition leader and governor of Miranda state Henrique Capriles addressed the nation to announce that he will be the presidential candidate of the opposition coalition. "Clinging to God, I will fight along with all of you. Nicolás (Maduro) I am not going to clear the way for you. We will defend our ballots, whatever it costs."
Capriles added that he will tour the country. "Let us seize this opportunity to unite. People with evil plans seek division, as they think they can keep power that way." (El Universal, 03-11-2013; http://www.eluniversal.com/nacional-y-politica/130310/henrique-capriles-decides-to-run-for-president-in-april-vote; Fox News, http://www.foxnews.com/world/2013/03/10/all-eyes-on-opposition-leader-henrique-capriles-as-election-set-to-replace-hugo/)

Capriles, Maduro at each other's throats in Venezuela election

Presidential candidates Nicolás Maduro and Henrique Capriles have begun Venezuela's election race with scathing personal attacks even as mourners still file past the late Hugo Chavez's corpse. Maduro, who was sworn in as acting president after Chavez succumbed to cancer last week, is seen as the favorite to win the April 14 election, bolstered by an oil-financed state apparatus and a wave of public sympathy over Chavez's death. (Reuters, 03-11-2013; http://www.reuters.com/article/2013/03/11/venezuela-election-idUSL1N0C34J420130311; http://www.reuters.com/article/2013/03/11/venezuela-election-idUSL1N0C20N120130311)

Pro-Maduro mob blocks Capriles from reaching Elections Board

Democratic Unity presidential candidate Henrique Capriles Radonski was unable to enter the Elections Board headquarters, despite National Police efforts, as threatening pro-Maduro goon squads blocked all entrances after a Maduro rally earlier in the day. A representative was authorized to present the formal nomination. More in Spanish: (Tal Cual, 03-12-2013; http://www.talcualdigital.com/index.html)

Chávez's remains to be taken to a museum and then to the National Pantheon

Nicolás Maduro, acting President, says the remains of President Hugo Chávez will be taken next Friday to the Museum of the Mountain, in west Caracas. He also said a proposal will soon be made to amend the Constitution in order to bury Chávez at the National. (El Universal, 03-11-2013; http://www.eluniversal.com/nacional-y-politica/130311/chavezs-remains-to-be-taken-to-a-museum-and-then-to-the-national-panth)

Cuban president confident about continuity of Chavezism in Venezuela

Cuban President Raúl Castro told Cuban local press he is confident that Venezuela's president in charge Nicolás Maduro and the rest of the country's ruling party leaders will succeed in bringing forward the "great work" of late President Hugo Chávez. "We came back satisfied to see how Chávez's great work is taking hold and the great support of the people," Castro asserted after returning from Venezuela, where he attended Chávez's state funeral, EFE informed. (El Universal, 03-11-2013; http://www.eluniversal.com/nacional-y-politica/130311/cuban-president-confident-about-continuity-of-chavezism-in-venezuela; Reuters, http://www.reuters.com/article/2013/03/11/us-venezuela-chavez-castro-idUSBRE92A0FU20130311; The Washington Post, http://www.washingtonpost.com/world/the_americas/fidel-castro-says-cuba-has-lost-its-best-friend-with-passing-of-venezuelas-hugo-chavez/2013/03/11/67e9b904-8a5a-11e2-a88e-461ffa2e34e4_story.html)

GLOBOVISIÓN majority stock (80%) to be sold to Juan Domingo Cordero, an insurance businessman with ties to the government. Guillermo Zuloaga, who holds 80% shared in the station, confirmed through his attorney that there is an offer to buy and a "compelled" sale underway due to sustained government political, economic and legal harassment. Zuloaga says the non negotiable condition is that the sale takes place after the April 14th Presidential elections. Attorney Asdrúbal Aguiar speaking for minority shareholder Nelson Mezerhane says he “won’t sell (his minor stake (20%)) to those who have persecuted him.” Mezerhane’s shares were confiscated by the regime three years ago. (Veneconomy, 03-11-2013; http://www.veneconomy.com/site/index.asp?ids=44&idt=33989&idc=3, and more in Spanish: Tal Cual; http://www.talcualdigital.com/index.html)

Analysis: After Chavez, Latin America's ideological battle may ease

Hugo Chavez's exit from the world stage may take the sting out of an ideological battle that has enveloped Latin America since a new batch of leftists started taking power about 15 years ago to challenge U.S. "imperialism".

Fans say Chavez's hyperkinetic energy is irreplaceable, and even before his death last Tuesday the appeal of his boisterous, hard line approach to economic and foreign policy had faded. (Reuters, 03-11-2013; http://www.reuters.com/article/2013/03/11/us-venezuela-chavez-region-idUSBRE92A0WW20130311)

US expel 2 Venezuelan diplomats, in reciprocity for the Venezuelan Government's ousting of two military attachés last week, following the death of President Chavez. Orlando José Montañez, a second secretary at the Embassy in Washington, and Víctor Camacaro Mata, a consular official, left the country last Sunday. (El Universal, 03-12-2013; http://www.eluniversal.com/nacional-y-politica/130312/eeuu-expulsa-a-dos-diplomaticos-venezolanos; AVN; http://www.avn.info.ve/contenido/gobierno-estados-unidos-expulsa-diplom%C3%A1ticos-venezolanos)

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 14th, 2012

Economics & Finance

Central Bank changes gold valuation method

The Central Bank has decided to change the method used to value gold reserves, and lessened the impact of internationally diminished gold prices. Gold accounts for 68% of Venezuela's total reserves, and beginning May this year its price will be measured by an six month average of prices in the London market and not - as before - on an average for the previous two months. This change should lessen the impact of dropping gold prices. More in Spanish: (El Universal, 08-14-2012; http://www.eluniversal.com/economia/120814/banco-central-modifica-metodo-para-valorar-las-reservas-en-oro)

Larger companies have begun using "sucres" for international transactions

Central Bank Vice President Eudomar Tovar announced that large companies such as MAZDA, KIA, and POLAR subsidiaries have begun using the Unified Regional Payment Compensation System (SUCRE), a currency system established by several nations that are part of the ALBA system (Cuba, Ecuador, Nicaragua, Bolivia and Venezuela). Tovar says the SUCRE provides an interesting niche for spare parts and assembled products. More in Spanish: (El Mundo, 08-14-2012; http://www.elmundo.com.ve/noticias/economia/politicas-publicas/empresas-venezolanas-privadas-comenzaron-a-transar.aspx)

Tax revision proposed due to Venezuelan's entry into MERCOSUR

Roberta Nuñez, an attorney with KPMG, says the local private sector requires a deep revision of the tax system in order to "preserve the purchasing power of investors and individuals", and match regulations and other conditions in MERCOSUR nations. Current conditions create a number of surcharges that have become a major concern in recent years. (El Universal, 08-13-2012; http://www.eluniversal.com/economia/120813/tax-revision-suggested-upon-venezuelan-entry-into-mercosur)

Central government spending slows down in July

Spending by the central government slowed down, falling by 20% in real terms in July, three months ahead of the presidential elections. Data released by the Ministry of Finance reveals that public expenditure was U$D USD 7.2 billion, which is less than last year during the same period. According to ECOANALÍTICA think tank director Asdrúbal Oliveros, this reveals that the government began spending the annual budget early. However he foresees renewed acceleration of expenses in August, due to the number of additional credits recently approved to cover the deficit budget in public agencies. (El Universal, 08-13-2012; http://www.eluniversal.com/economia/120813/venezuela-central-government-spending-loses-momentum-in-july)

Food sales drop to lowest level in 3 years

According to a report by the national Food Industry Chamber, food sales dropped 4.3% in June, which is the lowest level in three years. It shows tonnage has been falling steadily since March 2011, largely due to price controls and higher production costs. More in Spanish: (El Nacional, 08-14-2012; http://www.el-nacional.com/)

Commodities

Venezuela officially confirmed holding largest oil reserves in the world

The OPEC annual report has confirmed that Venezuela has larger proven oil reserves than Saudi Arabia. Proven reserves are estimated at 297.6 billion barrels, which is 0.4% more than measured in 2010 and triple the amount certified in 2007. Saudi Arabia comes in second at 265.4 billion barrels. The difference is that Venezuela has heavier crudes which sell at a lower price than Saudi light oil. Venezuela is also seventh globally in national gas, at 5.5 billion cubic feet. More in Spanish: (Ultimas Noticias, 08-14-2012; http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/venezuela-es-primera-en-reservas-petroleras.aspx)

China shows it gets 320,900 barrels per day from Venezuela, at the cheapest price

Data from the Chinese Customs Authority show Venezuela as their sixth largest supplier of oil by the close of the first semester 2012, and also shows Venezuela sells China it´s oil at the lowest price: U$D 99.67 per barrel, which is 7.14% less than the average cost for Venezuelan oil, which was U$D 107.34 per barrel during the same time frame. Saudi Arabia is China's largest provider, holding 22.6% of total imported volume, at U$D 109.72 per barrel; Angola comes in second, at U$D 115 per barrel; and Iran is third at U$D 108 per barrel. Russia takes fourth place, and received U$D 112,63 per barrel; followed by Omán, which gets U$D 117.4 per barrel. More in Spanish: (El Nacional, 08-14-2012; http://www.el-nacional.com/; Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/venezuela-sube-exportaciones-a-china-a-640-000-bar.aspx)

Oil Minister Rafael Ramírez claims oil is exported at international prices. More in Spanish: (AVN, 08-14-2012; http://www.avn.info.ve/contenido/rafael-ramírez-petróleo-venezolano-se-exporta-precios-internacionales)

OPEC: Venezuelan oil production down 2.4%

The Organization of Petroleum Exporting Countries (OPEC) reports that Venezuelan oil production dropped in July.

Its data indicates Venezuelan oil output stood at 2.3 million barrels per day (bpd), that is to say 2.4% down if compared with figures recorded in July (2.4 million bpd). (El Universal, 08-13-2012; http://www.eluniversal.com/economia/120813/opec-venezuelan-oil-production-down-24)

ONGC sees start of Venezuelan project delayed by election

India’s Oil & Natural Gas Corp. (ONGC) expects the start of production at the Carabobo 1 block in Venezuela to be delayed until early next year as the country prepares for presidential elections in October. The project, previously slated to begin output in December, will probably start producing about 10,000 barrels of heavy crude a day in February or March, an executive at ONGC, as the New Delhi-based state-owned company is known, said in a conference call. (Bloomberg, 08-13-2012; http://www.bloomberg.com/news/2012-08-13/ongc-sees-start-of-venezuelan-project-delayed-by-election.html)

PDVSA says it repaired ruptured pipe carrying crude oil

Petróleos de Venezuela SA, the state oil company, said it repaired a ruptured pipe carrying crude oil from the Orinoco Belt to the company’s refineries in Puerto La Cruz, Anzoátegui state. PDVSA, as the company is known, ceased pumping oil after a 26-inch pipe fractured at around 8 a.m. local time, the company said in a statement. It didn’t say when it resumed extraction. (Bloomberg, 08-12-2012; http://www.bloomberg.com/news/2012-08-13/pdvsa-says-it-repaired-ruptured-pipe-carrying-crude-oil.html)

Venezuela gets good sign from REPSOL on YPF dispute, Chavez says

Venezuela has received a “positive” letter from REPSOL SA about its efforts to resolve a dispute with Argentina over the nationalization of its YPF unit, President Hugo Chavez says. Venezuela is “friends” with REPSOL and maintains good relations with the company, Chavez said on state television, adding that he received a letter from REPSOL Chairman Antonio Brufau that contained a “good signal.” (Bloomberg, 08-10-2012; http://www.bloomberg.com/news/2012-08-10/venezuela-gets-good-sign-from-repsol-on-ypf-dispute-chavez-says.html)

Labor leader reports SIDOR thermoelectric plants paralyzed, no gas available for steel production

Both thermoelectric plants ordered by the government for installment at the SIDOR steel plant are paralyzed: one due to fuel supplies logistics and the other because its construction was never finished. The report comes by SIDOR labor leader Junis Hernández, who explains poor road conditions between the Anaco filling facility in Anzoátegui and the SIDOR plant at Matanzas, in Bolivar state, make it difficult to bring some 30 daily tank trunks to the plant. He also said PDVSA does not send gas supplies with regularity. More in Spanish: (El Nacional, 08-14-2012; http://www.el-nacional.com/)

International Trade

Puerto Cabello holds 26 vessels at bay, some for up to 44 days

The port of Puerto Cabello still reports 26 ships at bay, and vessels such as grain carrier “Nai Chang Hai”, have been waiting to dock with yellow corn for 44 days.  Yesterday there were 12 grain ships undertaking offloading operations. More in Spanish: (El Carabobeño, 08-14-2012; http://www.el-carabobeno.com/impreso/articulo/27783/baha-portea-cierra-el-lunes-con-26-buques-en-fondeo)

Logistics & Transport

Trade between Venezuela and Colombia increased by 32% over last year according to the Venezuela-Colombia Integration Chamber President Luis Alberto Russian, who added volume could be higher if the pending trade agreement is signed. More in Spanish: (El Mundo, 08-14-2012, http://www.elmundo.com.ve/noticias/economia/internacional/intercambio-comercial-entre-venezuela-y-colombia-c.aspx)

Imports from Brazil increased 30%

During the first seven months of the year, the value of Brazilian exports to Venezuela rose 30.2% over the same period of 2011 and exceeded U$D 2.758 billion. By the end of the year, purchases from Brazil should total trade last year, when averaged U$D 4.591 billion. More in Spanish: (El Mundo, 08-13-2012, http://www.elmundo.com.ve/noticias/economia/politicas-publicas/valor-de-importaciones-brasilenas-aumento-30-.aspx)

Politics

Government party says it will defend Chavez victory using all means

Less than two months away from presidential elections, the United Socialist Party of Venezuela is saying that it will defend a victory by President Chavez, "wherever and however". The statement was made by party Vice President Diosdado Cabello, who said votes must be sought in order to avoid any intention on the part of the opposition of not conceding results on October 7th. More in Spanish: (El Universal, 08-14-2012; http://www.eluniversal.com/nacional-y-politica/120814/psuv-el-triunfo-de-chavez-lo-defenderemos-como-sea)

June 05th, 2012

Economics & Finance

Gold and oil slump batters Venezuelan reserves

The global financial crisis is undermining oil and gold prices, and Venezuela depends on these two columns to sustain rising imports at their highest peak in over 16 years. Gold bullion accounts for 73% of international reserves and are part of the foreign currency pool available for the Central Bank (BCV) to meet demands for foreign currency at the official exchange rate. The pool, however, is running out. Last May, gold prices averaged U$D 1,585 per troy ounce, a 9% drop from U$D 1,743 in February and the lowest since July 2011. (El Universal, 06-04-2012; http://www.eluniversal.com/economia/120604/gold-and-oil-slump-batters-venezuelan-reserves)

Currency allocations to the private sector up 4.67%

According to figures from the Currency Board (CADIVI) and the Foreign Currency Transaction System (SITME), approvals for private sector foreign currency transactions rose 4.67% to U$D 9.2 billion during the first quarter of 2012. Although CADIVI approvals dropped 3% against 1Q 2011, SITME transactions through the Central Bank rose 35%. More in Spanish: (El Nacional, 06-05-2012; http://www.el-nacional.com/)

Speculation on possible Chavez departure spurs markets

According to New York broker Auerback Grayson the price of sovereign debt has taken off and the Caracas Stock Exchange has doubled its value, making it the best performing exchange in the world. The JP Morgan index shows Venezuelan dollar bonds up 9.5% since December, which is twice the JP Morgan 3.67% average for emerging market bonds. More in Spanish: (El Nacional06-05-2012; http://www.el-nacional.com/)

Commodities

OPEC oil down 3.58% to U$D 97.44, SHELL predicts prices will trend down this year

The price of a barrel of crude oil from the Organization of Petroleum Exporting Countries (OPEC) dropped U$D 3.62 (3.58%) from U$D 101.06 to U$D 97.44, which is the first time this year it has been under U$D 100 per barrel.... and Peter Voser, Executive President of Royal Dutch Shell prices will continue down this year due to lower demand, but will pull back in 2012. More in Spanish: (AVN, 06-05-2012; http://www.avn.info.ve/contenido/precio-cesta-opep-bajó-358-y-se-ubicó-9744-dólares-barril, El Mundo,

http://www.elmundo.com.ve/noticias/petroleo/industria/shell--precios-del-crudo-seguiran-bajando-en-lo-qu.aspx)

Guyana confirms oil exploration in maritime areas claimed by Venezuela

The Guyanese government has confirmed that it is planning on a "2D seismic data acquisition" in Exxon Mobil's Stabroek concession, which is located in the Orinoco Delta maritime area within an area claimed by Venezuela. More in Spanish: (El Universal, 06-05-2012; http://www.eluniversal.com/nacional-y-politica/120605/guyana-confirma-estudios-en-bloque-que-protesto-venezuela)

SIDOR steel production down to 2010 levels at 1.8 million tons

Statistics from SIDOR reflect a dramatic downturn in operations and results, and rule out any possibility of reaching the 3.5 ton liquid steel ton goal set for the close of this year. Monthly production ranging between 133,000 and 188,000 tons add up to a total year's production of no more than 1.8 million tons. More in Spanish: (El Mundo, 06-05-2012; http://www.elmundo.com.ve/noticias/economia/politicas-publicas/produccion-de-sidor-retrocede-a-niveles-de-2010-co.aspx)

International Trade

Turkey Preparing Housing-for-Oil Deal With Venezuela, Vatan Says

Turkey is negotiating to build low- cost housing in Venezuela in exchange for oil, Vatan newspaper said citing Bulent Gedikli, chief of economic affairs for the ruling Justice and Development Party. Venezuela may pay 650 barrels of oil for every 100 square meters of housing built, the Istanbul-based paper cited Gedikli as saying. Venezuelan President Hugo Chavez has said the country needs to build around 2 million homes, Vatan said. (Bloomberg, 06-04-2012; http://www.bloomberg.com/news/2012-06-04/turkey-preparing-housing-for-oil-deal-with-venezuela-vatan-says.html)

Logistics and Transport

Unplanned imports clog local ports, food reported stored in military installations

The increase in imports is reflected in port activity. At Puerto Cabello the amount of cargo is such that efforts to speed up offloading and processing are insufficient. Last Friday 29 ships were at port - 14 of them bearing bulk foodstuff - and Carabobo State Fedecámaras business federation Chairman Antonio Landaeta says "this shows we are producing nothing and imports are unplanned". Local sources in Puerto Cabello say that a significant number of vans - an overflow from the state owned storage companies - have been stored in the Central Region's Division for Storing and Controlling Chemicals and Explosives. More in Spanish: (El Universal, 06-05-2012; http://www.eluniversal.com/economia/120605/importaciones-no-planificadas-congestionan-los-puertos-locales, El Carabobeño; http://www.el-carabobeno.com/impreso/articulo/19563/gobierno-almacenara-carga-alimenticia-en-instalaciones-militares-del-puerto)

Politics

ABC: Chávez takes an opiate stronger than morphine

President Hugo Chávez withstands the pain out of his cancer extended to his bones with an opiate "one hundred-fold stronger than morphine," Spanish daily newspaper ABC reported on Sunday. The article signed by ABC correspondent in Washington Emili J. Blasco claims that Chávez "is taking fentanyl to ease the heavy pain caused by the persistent progression of bone cancer." (El Universal, 06-04-2012; http://www.eluniversal.com/nacional-y-politica/120604/abc-chavez-takes-an-opiate-stronger-than-morphine; Bloomberg, 06-02-2012; http://www.bloomberg.com/news/2012-06-02/cancer-stricken-chavez-makes-brief-public-appearance-in-caracas.html; CNN, 06-03-2012; http://edition.cnn.com/2012/06/03/world/americas/venezuela-chavez-health/index.html?iref=allsearch)

President calls for making the "revolution irreversible" in the October 7 elections, in a telephone call to the state television station. More in Spanish: (El Universal, 06-05-2012; http://www.eluniversal.com/nacional-y-politica/120605/presidente-exige-hacer-irreversible-a-la-revolucion)

Santos thanks Chávez for nabbing drug lord

Colombian President Juan Manuel Santos has thanked President Chávez, for capturing Diego Pérez, a Colombian citizen accused of leading a paramilitary gang, on Venezuelan soil. Santos said Chavez told him the criminal would be sent back to Colombia in the coming days. More in Spanish: (El Universal, 06-05-2012; http://www.eluniversal.com/nacional-y-politica/120605/santos-agradece-a-chavez-captura-de-narcotraficante)

155.788 murders reported in Venezuela since 1999

The war in Iraq war has 162.000 dead since 2003; Venezuela reported 76% casualties in the same period. Despite having announced at least 20 security plans in this period, homicides increased 223% over the past 14 years. Fermín Mármol García, a specialist in crime prevention, warns that it is not enough to position the military at certain points. More in Spanish: (El Universal, 06-03-2012; http://www.eluniversal.com/nacional-y-politica/120603/155788-asesinatos-desde-1999-se-han-registrado-en-venezuela)

Venezuela, oil and Chavismo without Chavez: column

Hugo Chavez's picture is everywhere in Venezuela and may remain ubiquitous for some time, despite the president's serious illness. But soon the image may only be a Mao-like symbol of regime continuity. Chavismo, Hugo Chavez's unique and malleable blend of militarism, historical revisionism, command economics, and knee-jerk anti-Americanism, is a movement intimately tied to the leader and his almost messianic bond with Venezuela's poor.

But Chavez's cancer, which, by all accounts seems to have taken a turn for the worse, poses a dilemma for the movement. Column by Reuters market analyst Robert Campbell. (Reuters, 06-04-2012; http://uk.reuters.com/article/2012/06/04/column-oil-idUKL1E8H428G20120604)





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