International Trade
Incoming cargo at Puerto Cabello
- Over 11,800 tons of foodstuff (chicken,
beef cattle and solid tuna in oil) for CASA
- Freezers from Kingston
- 5,000 tons of Central power
equipment from China Machinery Engineering Corporation, Shanghai, China
for Corporación Electrica Nacional (CORPOELEC)
Eleven (11) vessels remain at bay, 1 of
containerized cargo, 1 of general cargo, 4 vessels of solid bulk (One with corn
and one with soy), one ship carries self-propelled cargo and four ballast
situations. More in Spanish: (Notitarde;
http://www.notitarde.com/La-Costa/Llegaron-mas-de-11-mil-toneladas-de-alimentos-2168365/2014/05/29/330038)
BOLIPUERTOS increases service
rates by 693 %
Venezuela's port authority (BOLIPUERTOS) advised
shipping lines that "the exchange
rate to be used in FOREX by individuals or owners of foreign-registry ships,
for services, such as the right of arrival, wharfage, loading or unloading,
vessel movements and right to deposit registration of foreign ships must be
calculated at the exchange rate reference SICAD II ". This means an
increase of 693 %, since the SICAD II exchange rate is around VEB 50/U$D and rates
up through May 19 services were based on the exchange rate of VEB 6.30/U$D.
More in Spanish: (El Universal; http://www.eluniversal.com/economia/140529/bolipuertos-incrementa-sus-tarifas-693)
Logistics
& Transport
Venezuelan government signs deal with airlines,
AVIANCA paid 4% of past due debt
The government has signed an agreement with
international carriers to convert turnover generated by their services in the
country into FOREX over a two year period. General Hebert García Plaza, Minister
for Air and Aquatic Transport, Tourism Minister Andres Izarra and the president
of the National Foreign Trade Center, Alejandro Fleming explained that the
recently announced government's decision to consider the airline tickets in the
country under the rate of Supplementary System for Foreign Currency
Administration (SICAD 2) aims to achieve economic balance. The government
agreed to release U$D 12 million to Colombian airline AVIANCA, which is 4% of its
revenue trapped in Venezuela because of currency controls, the company said on
Wednesday. AVIANCA has accumulated the equivalent of more than $300 million in
ticket sales in Venezuela that it has been unable to convert into dollars (AVN,
http://www.avn.info.ve/contenido/venezuelan-government-signs-deal-airlines;
El Universal, http://www.eluniversal.com/economia/140529/venezuelan-govt-requests-airlines-adjustment-of-airfares; Reuters, http://www.reuters.com/article/2014/05/28/venezuela-airlines-idUSL1N0OE0XM20140528)
Oil &
Energy
PDVSA stands to lose U$3D billion in 2014 if it
continues subsidizing gasoline, says economist Luis Oliveros. He adds out
having the greatest world oil reserves should not be linked to having such a low
price for fuel. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=39525&idc=4)
Phillips 66 Says court
supports 2009 takeover from PDVSA
Phillips 66 says an international tribunal
ruling supports its right to acquire a 50% stake in facilities at its Sweeny
Refinery in Texas from Petroleos
de Venezuela S.A. The International Chamber of Commerce’s Court of
Arbitration last month upheld Phillips 66’s right to exercise a call option in 2009 and assume
PDVSA’s interest in Merey Sweeny LP, Rich Johnson, a spokesman for the Houston-based refiner, said in
an e-mail yesterday. The partnership owns a 70,000-barrel-per-day delayed coker
and related facilities at the refinery. “Certain
defaults by PDVSA with respect to supply of crude oil to the Sweeny refinery
triggered the right to acquire PDVSA’s 50% ownership interest,” Johnson
wrote. (Bloomberg, http://www.bloomberg.com/news/2014-05-28/phillips-66-says-court-supports-2009-takeover-from-pdvsa.html)
CNPC eyes additional oil bloc in Venezuela
State owned CNPC, China's largest energy
company, is holding talks with the Venezuelan government to acquire a large oil
bloc, according tp Gong Bencai, the company's vice-president for the Americas.
The specific bloc wasn't named. (El Universal; http://www.eluniversal.com/economia/140528/cnpc-negocia-ingreso-a-otro-bloque-petrolero-en-venezuela; El Mundo, http://www.elmundo.com.ve/noticias/petroleo/pdvsa/petrolera-china-cnpc-negocia-explotacion-de-bloque.aspx)
New electricity rates plan will be announced in
June, according to
Electric Energy Minister Jesse Chacón. He explained they have studied the
demand and average temperatures by regions to define “rational and efficient use” in each. (Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=39533&idc=3)
Economy
& Finance
Inflation in Venezuela
soars to highest level in 18 years
Statistics from the Central Bank of Venezuela
(BCV) indicate that Venezuelans are undergoing the worst inflation in 18 years,
although the Maduro regime continues to impose price and FOREX controls. During
Q1 2014, inflation rose by 10.1%, the highest jump for the first quarter since
1996. April data does not reflect any change in this trend. A report from the Central
Bank's technical department to the Board, not yet authorized for publication,
shows April inflation rose by 5.7%. (El Universal, http://www.eluniversal.com/economia/140529/inflation-in-venezuela-soars-to-highest-level-in-18-years)
Purchasing power and consumption
hit by inflation
Research firm ECOANALITICA estimated prices are
likely to jump 76% in 2014, and the average wage will suffer a 14% loss in
purchasing power, the highest since the strike held by the oil industry in
2003. Additionally, it estimated the minimum wage will suffer a 10% setback. (El
Universal, http://www.eluniversal.com/economia/140528/consumption-hit-by-inflation-and-loss-of-purchasing-power)
Bogus imports were
around U$D 69 billion over the past 10 years
Last week, the president of the National
Assembly's Finance Committee said some U$D 20 billion went to shell companies during
2011-2013 since an investigation showed that the amount of FOREX allocated
during such period does not match the goods imported. However, bogus imports have
been a common practice since the implementation of FOREX controls. Economic
research firm ECOANALÍTICA estimates that over-billing in non-oil imports was
around U$D 69.5 billion in 2003-2012. (El Universal, http://www.eluniversal.com/economia/140529/fake-imports-in-venezuela-hit-usd-69-billion-in-10-years)
Politics
Regime accuses
opposition leaders of 'coup' plot,
opposition calls the charges a "farce"
Venezuelan officials on have accused opposition
leader Maria Corina Machado and other members of the opposition of leading
plots to topple President Nicolas Maduro in league with U.S. officials. The
allegations are the latest in a torrent from the government, which says three
months of protests this year were a veneer for a U.S.-backed conspiracy to
unseat the successor to late socialist leader Hugo Chavez. Maduro's top
officials lined up for a much-touted news conference, which all local
broadcasters were required to carry live, to denounce Machado and other opposition
figures for "assassination"
and "coup" plots against
the president. They also accused U.S. envoy to Colombia, Kevin Whitaker, of
being involved and in touch with Machado. A spokeswoman for the U.S. Embassy in
Colombia did not immediately respond to requests for comment. Machado, 46, who
was instrumental in calling Venezuelans onto the streets for three months of
demonstrations against Maduro this year, scoffed at the accusations as "infamy" and said "all I want from Mr. Maduro is for him to
resign". Ramón Guillermo Aveledo, Secretary General of the Democratic
Unity Conference (MUD) called the charges a "farce", and the US government labeled the accusations as
"false and unfounded". Three generals and an army captain were
imprisoned in March, also on charges of "coup" plots. This year to
date Nicolás Maduro has made 13 charges about plots by opponents who allegedly want
to murder him. (El Universal, http://www.eluniversal.com/nacional-y-politica/140529/washington-rejects-venezuelan-accusations-against-us-ambassador-to-bog;
Veneconomy, http://www.veneconomy.com/site/index.asp?ids=44&idt=39536&idc=1; Fox News, http://www.foxnews.com/world/2014/05/28/venezuela-implicated-us-ambassador-to-colombia-in-opposition-plan-to/;
Reuters: http://www.reuters.com/article/2014/05/28/us-venezuela-plot-idUSKBN0E828U20140528?utm_source=Sailthru&utm_medium=email&utm_term=%2AMorning%20Brief&utm_campaign=2014_MorningBrief%205.29.14;
and more in Spanish: El Universal, http://www.eluniversal.com/nacional-y-politica/140529/del-senor-maduro-solo-quiero-la-renuncia;
http://www.eluniversal.com/nacional-y-politica/140530/aveledo-tacha-de-farsa-denuncia-de-golpe-y-magnicidio;
CNN Español, http://cnnespanol.cnn.com/2014/05/28/venezuela-acusa-a-corina-machado-y-al-embajador-de-ee-uu-en-colombia-de-conspiracion/?iref=allsearch;
Tal Cual: http://www.noticiasaldiayalahora.co/index.php/politica/5156-nicolas-maduro-me-han-querido-asesinar-13-veces.html)
US House of
Representatives unanimously approves Venezuela sanctions, White House answers:
Not yet
The US House of Representatives has unanimously
approved a bill to introduce sanctions against Venezuelan officials involved in
human rights abuses. The legislation calls for a travel ban on some members of
the Venezuelan government and for their assets in US banks to be frozen. The US
Senate Foreign Relations Committee advanced a similar bill last week. The White
House opposes sanctions against Maduro's government. It says such measures
could undermine efforts to find a political solution to the crisis. US
Assistant Secretary of State for Latin America Roberta Jacobson says it is not
yet the right time to do so, called sanctions "a tool, not an end" and added that the law allows President
Obama to impose sanctions at any time, without the need for Congressional
action. (BBC;
Bloomberg, http://www.bloomberg.com/news/2014-05-29/u-s-house-votes-for-venezuela-sanctions-to-punish-maduro.html; Fox News: http://www.foxnews.com/politics/2014/05/28/house-adopts-new-sanctions-against-venezuela/;
More in Spanish: CNN Español, http://cnnespanol.cnn.com/2014/05/28/camara-de-representantes-de-ee-uu-vota-a-favor-de-imponer-sanciones-a-violadores-dd-hh-en-venezuela/?iref=allsearch;
El Universal, http://www.eluniversal.com/nacional-y-politica/140530/washington-dice-que-aun-no-es-momento-de-aplicar-sanciones;
El Mundo, http://www.elmundo.com.ve/noticias/actualidad/noticias/eeuu-considera-inadecuado-imponer-sanciones-a-vene.aspx#ixzz33C6U4oYQ)
Maduro seeks to avoid
poor relations with the US
President Nicolás Maduro says alleged assassination
plans against him came from a "crazy
ultra right wing" and announced he seeks to improve relations with the
US. He named Maximilian Sánchez Arveláez as "chargé d'affaires" in
Washington and praised statements by Roberta Jacobson opposing immediate
sanctions. He said Sánchez Arbeláez will try to open "ways for communications and respect with the Government and Congress of
the United States". More in Spanish: (Ultimas Noticias, http://www.ultimasnoticias.com.ve/noticias/actualidad/politica/maduro-quiere-evitar-malas-relaciones-con-eeuu-y-e.aspx#ixzz33C3q8KtO;
El Universal, http://www.eluniversal.com/nacional-y-politica/140530/designan-a-sanchez-arvelaez-encargado-de-negocios-en-eeuu)
Russia opposes
sanctions on Venezuela
Russia opposes any foreign interference in the
affairs of Venezuela, including the imposition of sanctions, Foreign Minister
Sergei Lavrov said in Moscow at a joint press conference with his Venezuelan
counterpart. "All problems should be
solved on the constitutional basis, without external interference, as well as
without sanctions or threats to impose them," Lavrov said following
talks with Venezuela's Elias Jaua. Moscow supports Venezuelan President Nicolas
Maduro's efforts, in collaboration with the Vatican and the Union of South
American Nations, to establish a negotiating process between the government and
"a constructive opposition,"
Russia's top diplomat said. Jaua compared the anti-government movement in his
country to the events that led in February to the toppling of Ukrainian
President Viktor Yanukovych. The foreign ministers of the two oil-rich
countries said they had high hopes for the 10th meeting of the Russia-Venezuela
High Level Commission, set to get under way Friday in Moscow. "I am sure that tomorrow after the work of
this commission, new accords that promote our economic association will be
announced," Lavrov said. (Fox News Latino: http://latino.foxnews.com/latino/politics/2014/05/29/russia-opposes-sanctions-on-venezuela/;
El Universal, http://www.eluniversal.com/nacional-y-politica/140529/russia-takes-issue-with-us-because-of-sanctions-on-venezuela)
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