Courtesy of: AP

Less than a week after winning reelection, Chávez swore in his new Vice President, former Foreign Minister Nicolas Maduro and six other cabinet ministers. On Monday Chávez will submit his fiscal year 2013 budget to the National Assembly, largely based on his socialist model. According to the National Institute of Statistics (INE), Venezuela’s inflation rate will reach almost 20 percent by the end of the year. The country’s international reserves are also far below an optimal level. Recent political polarization is threatening freedom of speech in Venezuela, as a new report reveals “mistreatment, detentions, insults, confiscation of equipment, and fundamental rights violations” against journalists, camerapersons, and others in the press. Meanwhile, Chávez has begun to develop Venezuela’s defense industry with plans to build drones with the help of China, Russia and Iran. Chávez breaks diplomatic ties to Paraguay with his decision to expel their diplomats following the ouster of his ally, former President Fernando Lugo. Simultaneously, Chávez’s ties to former Brazilian President Lula are strained after Lula said in a recent interview that Chávez should prepare for his succession. In most recent news, the Venezuelan National Assembly stirs up controversy as they take steps to regulate cable TV.

Venezuela’s Chavez swears in vice president, 6 other ministers in post-election shake up, The Washington Post

CARACAS, Venezuela — Venezuelan President Hugo Chavez swore in his new vice president and six other Cabinet ministers on Saturday, less than a week after winning a new mandate to extend his self-styled Bolivarian revolution.

Venezuela’s 2013 budget bases on socialist model, El Universal

The Venezuelan Government on Monday will summit to the National Assembly a FY2013 draft budget that will be based on the socialist model.

Venezuela Official Inflation Just Under 20%, Latin American Herald Tribune

CARACAS — According to the government’s National Institute of Statistics (INE), Venezuela’s September inflation came in at 1.6%, above the value in August of 1.1%. Factoring in September’s rate, inflation for the first nine months of the year has been 11.5%. One-year inflation stands at 19.98%.

Venezuela’s international reserves far from optimal level, El Universal

Venezuelan international reserves remain below the optimal level (USD 26.8 billion) established by national authorities.

Polarization threatens freedom of speech in Venezuela, El Universal

The Venezuelan Press Block (BPV) presented a report on Sunday at the 68th Inter-American Press Association (IAPA) General Assembly, held at the city of Sao Paulo, Brazil, denouncing increased aggressions against journalists, due to political polarization in Venezuela.

Venezuela serious about producing drones, UPI.com

CARACAS, Venezuela, Oct. 16 (UPI) — Venezuelan President Hugo Chavez is pursuing plans to develop a home-grown defense industry topped by a drone built reportedly with Chinese, Iranian and Russian help.

Venezuela’s government expelling the last of Paraguay’s diplomats in Caracas, envoy says, Fox News

CARACAS, Venezuela – Venezuela’s government has decided to expel Paraguay’s remaining diplomats from the country, the top envoy at the Paraguayan Embassy said Wednesday. Charge d’affaires Victor Casartelli said that he and three other Paraguayan diplomats in Caracas were told by Venezuela’s Foreign Ministry to leave within three days.

Venezuela’s oil exports to Asia to jump to 2.8 million bdp, El Universal

State-run oil holding Petróleos de Venezuela (Pdvsa) is in negotiations with India’s Reliance Industries and Oil & Natural Gas Corp (ONGC) for investments in the Ayacucho and Boyacá oil fields, informed on Wednesday Pdvsa’s Corporate Planning Executive Director, Fadi Kabboul, at a press conference in India.

Venezuela’s Chavez should prepare for succession: Lula, Chicago Tribune

BUENOS AIRES (Reuters) – Venezuela’s newly re-elected president, Hugo Chavez, should start preparing to hand over power, former two-time Brazilian President Luiz Inacio Lula da Silva said in a newspaper interview published on Thursday.

Venezuela’s National Assembly to regulate cable TV, El Universal

The Venezuelan National Assembly (AN) is to make a law for the regulation of subscription television services, informed the President of the People’s Power and Media Committee of the AN, Darío Vivas, deputy for the ruling party United Socialist Party of Venezuela (PSUV).