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May
17
2013
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In Case You Missed It…Articles Roundup Week of 5/13/13

This week: Shortages prevent Venezuelans from buying basic foodstuffs, from milk to flour to cooking oil. Foreign direct investment plummets The widespread shortages caused by Maduro’s socialist policies have now choked off the supply of a new household item: toilet paper; To address rampant crime, Maduro sends Venezuela’s military into high-violence areas. Analysts worry that Venezuela, entirely dependent on oil revenues, may turn into a failed state when oil prices inevitably drop. Desperate for a scapegoat on which to blame Venezuela’s economic woes, Maduro accuses Venezuela’s largest food company, Polar, of hoarding.  Polar’s CEO convincingly rebuts these allegations and offers advice on how the government might work with the private sector to combat shortages. A conciliatory Maduro begins to show signs of extending an olive branch to the private sector.

 

Eclac reports 15% drop in foreign investment in Venezuela in 2012, El Universal

Foreign investment in Venezuela fell 15% in 2012, said the Economic Commission for Latin America and the Caribbean (Eclac) of the United Nations in its report “Foreign Direct Investment in Latin America,” released on Tuesday. The regional agency report highlighted that in 2012, Venezuela received USD 3.21 billion versus 3.77 billion a year earlier. In this way, Ecuador joined Venezuela, Nicaragua, Mexico, Bahamas, Granada, Saint Kitts and Saint Lucia as the only countries in the region where foreign investment has dropped. Thanks to the positive performance of other countries, on average, Latin America and the Caribbean in 2012 hit a new record amount of direct foreign investment of  USD 173.36 billion (6.7% higher than in 2011), despite the external context of declining capital flows, Eclac reported in a press release.

How food shortages are dividing Venezuela, BBC News

Some 30 people are queuing outside a state-run supermarket in the 23 de Enero neighbourhood in Caracas. A woman walks out with a bag in her hands. “There is milk!” she says enthusiastically, much to the delight of the other customers. Milk is one of the products that are not easily available in Venezuela. Others include toilet paper, sugar, cooking oil and the cornflour used to make arepas, Venezuela’s national dish. According to data from Venezuela’s Central Bank, the scarcity index rose to 21% last month, the highest since the bank started tracking the measure in 2009. This means that out of 100 goods, 21 are not available.

Roiled over rolls: No toilet paper has Venezuelans fuming, USA Today

Gil, a 43-year-old Venezuelan housewife, spent two days looking for toilet paper in this city of 150,000 in the central state of Aragua. She found paper towels and napkins but no toilet paper. Gil, a 43-year-old Venezuelan housewife, spent two days looking for toilet paper in this city of 150,000 in the central state of Aragua. She found paper towels and napkins but no toilet paper.”Call me a counterrevolutionary but there are certain things that are essential and toilet paper is one of them,” she says, staring at the bare shelves where toilet tissue used to be stocked at the Morichal supermarket, one of the city’s largest. “What do they expect us to use? Banana leaves?”

 

Venezuela’s military enters high-crime slums, Miami Herald

Stern-looking soldiers clutching assault rifles wave down the beat-up Chevy Caprice entering this sprawling slum on the outskirts of Caracas. Flashlights in his face, the driver steps out and places his hands on the roof while the soldiers frisk him for drugs and weapons. He’s clean, and a hand gesture from the commanding officer sends him off into the maze of ramshackle homes that is Petare, one of the most dangerous parts of Venezuela’s notoriously crime-infested capital.

The People of Venezuela Are in Dire Need of Toilet Paper, New York

The AP brings us news that Venezuela is having a serious humanitarian crisis, one with which anyone who’s ever made a frantic late-night run to the corner bodega can sympathize. Namely, the entire country is running out of toilet paper. Venezuela’s socialist government has promised to import 50 million rolls of toilet paper (or maybe 25 million double-rolls?) and 760,000 pounds of food to make sure all citizens can eat and poop in comfort once more. “The revolution will bring the country the equivalent of 50 million rolls of toilet paper,” the country’s commerce minister said. “We are going to

Venezuela remains mired in a political and economic crisis that shows no signs of letting up. But while street protests, soaring inflation, scarcity, and skyrocketing crime are massive headaches, the government can count on still-high oil prices to soothe the pain a bit. The question that begs asking is: How will Venezuela maintain stability if oil prices drop?

Venezuelan food firm tells Maduro government to boost output, Reuters

Venezuela’s top food producer, Empresas Polar, on Monday challenged the country’s socialist government to boost output of basic staples and ease nagging product shortages, rejecting accusations it is hoarding products to destabilize the economy. Food supplies have become increasingly unsteady since late last year. Shoppers struggle to find corn, wheat flour and basic medicines – a constant complaint that could become a political liability for President Nicolas Maduro. The president over the weekend said Polar, which makes products from beer to detergent, was intentionally cutting output to leave supermarket shelves bare and weaken his government through “economic war.” Polar President Lorenzo Mendoza, in a combative press conference, said the product shortages have been partly spurred by inefficiency of state-run companies nationalized during the 14-year-rule of late socialist leader Hugo Chavez.

Caracas Offers Peace to Private Sector, Wall Street Journal

New President Nicolás Maduro, trying to shore up Venezuela’s economy amid growing shortages of everything from corn flour to toilet paper, has extended an olive branch to the country’s private sector, in particular the country’s largest food maker. It is a surprising turnaround given the antics of his predecessor, the late populist Hugo Chávez, who regularly threatened to nationalize the food maker, Empresas Polar SA, and accused it of hoarding products in order to sabotage his self-styled revolution.

 
Oct
26
2012
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In Case You Missed It… Articles Roundup Week of 10/26/12

gold In Case You Missed It… Articles Roundup Week of 10/26/12

Courtesy of: El Universal

Last Sunday, former Venezuelan Vice President Elias Jaua visited Fidel Castro in Cuba, stating he “is doing very well” amidst speculation over his health. Despite Venezuela’s withdrawal from the Inter-American Court on Human Rights, it continues to hear human rights cases against the government; now that the Venezuelan presidential race is over, the pace of housing construction has slowed remarkably in Caracas. Meanwhile, Venezuela’s crime rate soars as Caracas has become one of the hemisphere’s most violent cities amid declining poverty; NGOs call for a debate on the government’s proposed cable TV regulation, which would restrict content and limit government criticism on cable networks in Venezuela. Recently, the World Bank’s “Doing Business” report ranked Venezuela 180 out of 185 countries among those most difficult for investment; the IMF confirms gold sales made by Venezuela’s central bank in August, leaving bullion reserves at 362.05 tons; the opposition criticized electoral authorities for allowing pro-Chávez candidates to switch voting districts to run in different states in the December gubernatorial elections. Lastly, a resolution by the Venezuelan Ministry of Education establishes education councils charged with bringing up “a new citizenship” in Venezuela’s youth. The councils have been criticized as being used by representatives of Chávez’s party to deepen his socialist revolution within the educational system.

Castro ‘doing very well,’ Venezuelan politician says, CNN

Havana (CNN) — Fidel Castro “is doing very well,” Venezuela’s former vice president said Sunday, showing reporters a snapshot of the former Cuban leader that he said was taken the day before. Speculation has surged over Castro’s health in recent weeks.

Despite Venezuela’s withdrawal, IACHR still hears cases against it, El Universal

If the government was under the impression that by initiating its withdrawal from the Inter-American Court on Human Rights that organization would cease their probes into cases involving Venezuela, it was wrong, as evidenced by the fifteenth ruling against the nation.

Sluggishness of housing works, El Universal

The frenzied pace of most government works is now in the past after the presidential election, as verified in a tour by El Universal. The construction pace plunged in a complex of more than one thousand dwellings on the Los Leones bridge, La Paz, west Caracas.

Venezuela crime soars amid declining poverty, Al Jazeera

Caracas, Venezuela – With some 19,336 murders last year, Caracas has become one of the western hemisphere’s most violent cities and one particular criminology expert had a front row seat the other day, experiencing the overwhelming insecurity first-hand when robbers stuck a gun in his face as he rode home on the bus.

NGO calls for debate on cable TV regulation in Venezuela, El Universal

Representatives from several organizations belonging to the NGO Monitor Legislativo (Legislative Monitor) discussed the upcoming Venezuelan legislative agenda.

Spending Jumps 33% in Venezuela’s 2013 Budget Proposal, Fox Business

Mr. Giordani presented to Venezuela’s national parliament the annual budget proposal, which set expenditures at VEF396.4 billion bolivars, or just over $92 billion at the official exchange rate.

Venezuela among the countries with more obstacles to investments, El Universal

Venezuela is among the countries featuring more obstacles for opening a business, according to a study prepared by the World Bank entitled “Doing Business 2013.”

IMF confirms gold sales made by Venezuela’s central bank in August, El Universal

Venezuela sold 3.73 tons of gold bars in August, thus leaving its bullion reserves at 362.05 tons, according to figures disclosed by the International Monetary Fund (IMF), Reuters reported on Thursday.

Venezuela opposition criticizes movement of pro-Chavez candidates between voting districts, Fox News

CARACAS, Venezuela – Venezuelan opposition leaders complained Thursday that electoral authorities allowed some candidates allied with President Hugo Chavez to switch voting districts and run in different states in December’s gubernatorial elections.

Minister: education councils aim to bring up “the new citizen” in Venezuela, El Universal

Resolution 058 of the Venezuelan Ministry of Education provides for the establishment of education councils in the basic education subsystem. Such councils intend to bring up “a new citizenship,” which involves providing “integral education for the new man and woman, for the new republican,” according to Venezuelan Minister of Education Maryann Hanson.

 
Oct
11
2012
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After Sunday, What’s Next?

514473580 After Sunday, Whats Next?

Courtesy of: Luis Acosta / AFP / Getty Images

In the aftermath of Sunday’s vote, which saw Hugo Chávez elected to his fourth term as president, several things have become clear. Henrique Capriles, leading a unified and energized opposition, was the toughest challenger Mr. Chávez has ever faced. The Chávez government wielded its control of Venezuela’s media relentlessly, preventing Capriles’ message of unity to find pragmatic solutions to everyday problems from gaining any traction on the airwaves. Others have rightly pointed out the bias in Venezuela’s electoral authority, the CNE. Despite the unlevel playing field, Capriles, who doggedly marched through more than 250 towns, succeeded in turning nearly half the country to his cause.

Even though one’s initial impression of Sunday’s vote may yield a dreary sense of “more of the same,” the coming years promise to be crucial for Venezuela. Chávez’s victory brings with it none of the certainty of past triumphs. For one, the president’s cancer still looms over Venezuela’s future: despite his repeated denials, many believe that Chávez remains terminally ill. Given that Venezuela’s constitution stipulates that a new election be held if a president dies in the first four years of his term, the country’s rejuvenated opposition may have another chance to make its case before Venezuelans. Regardless of the president’s health, December’s gubernatorial and April’s mayoral elections give the opposition an opportunity to make further gains against Chávez’s socialist project.

And that opposition still has much to fight for. Chávez, ever the ideologue, is poised to direct his government to take over more of the private economy. The 2012 campaign has weakened Chávez’s political support, but it is unlikely to have shaken his commitment to his socialist project. After a few quiet months in the run-up to the election, we may see the pace of expropriations tick up again. In fact, just two days after Chavez’s election victory, Vice President Elias Jaua confirmed that the expropriation policy will indeed continue.

Venezuela’s stagnating economy may be in for a crushing blow, meanwhile, as Chávez’s election-year borrowing-and-spending may well lead to a currency devaluation. This borrowing, along with high global oil prices, has thus far papered over the cracks in Venezuela’s anemic economy. As Chávez poured millions into his populist reelection effort, he failed to address the fundamental weaknesses in the nation’s economy: food shortages, electrical outages and a crumbling public infrastructure.

But what goes up must come down: the poorly-managed state oil company PDVSA has continually operated under capacity; as prices fall, Venezuela’s leaders’ failure to plan for the future will redound upon the nation’s people. The fatal refinery explosion in Amuay is but a recent illustration of the consequences of PDVSA’s mismanagement.

Meanwhile, a fresh six-year term will shield Chávez from political consequences of the corruption within his government. Former judge Aponte Aponte shocked Venezuelans and, indeed, the hemisphere with his revelation that the government fed instructions to the nation’s judiciary. With Chávez no longer facing the public scrutiny of a campaign, the incentives for such corruption will only increase.

For those in the U.S. policy community, engagement in the future of Venezuela remains essential. Chávez, to be sure, is unlikely to curb Venezuela’s relationship with allies like China, Russia or Iran, or to liberalize Venezuela’s trade policy toward the United States. But the twin pressures of a possibly-fatal illness and a collapsing economy mean that, for Chávez’s Venezuela, the reckoning has yet to come.