Tag Archives: inflation

Oct
14
2011
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In Case You Missed It… Articles Roundup Week of 10/14/11

In this week’s roundup…As Venezuela wonders about its President’s questionable health, Chávez continues his expropriation spree by declaring his intention to seize private properties on the resort islands of Los Roques; after spending $1.5 billion to support Cuba and other allies, Venezuela announces plans to offer $3 billion in bonds in the local market to relieve the country’s growing debt load. Meanwhile, the political landscape for the 2012 election begins to take shape: Henrique Capriles Radonski, the popular Governor of Miranda, announces his candidacy as Chávez circles the wagons, attempting to shore up support among his core political coalition in a boisterous ceremony in Caracas.

Analysis: Chavez cancer saga keeps Venezuela guessing, Reuters

An unexpected phone call interrupts a Venezuelan government ceremony for local athletes broadcast live on state TV. The crowd murmurs in excitement, and ministers smile.

Venezuela’s Caribbean paradise: “expropriate it” says Chávez, Financial Times Blog

In his latest bullish expropriation, Hugo Chávez, Venezuela’s president, has announced his intention to seize properties on the white, unspoiled beaches of Los Roques, a Venezuelan archipelago in the Caribbean popular with high-end tourists from Latin America and the world – who often bring their own yachts.

Chavez opponent launches presidential campaign, The Associated Press

Addressing thousands of supporters in a Caracas stadium, Miranda state Gov. Henrique Capriles vowed to usher in an era of prosperity for Venezuela under the slogan: “There’s a road to the future.”

Silent Treatment: Mimes Enforce Traffic Laws in Venezuela, TIME

A sort of silent shame has cropped up in South American cities, as officials plead with both drivers and pedestrians to obey traffic laws by using the antics of hired mimes. And why not? Nearly everyone looks at a mime, especially when dressed in a brightly colored getup while eagerly making fun of people on the side of a busy street. The latest effort has about 120 mimes on the downtown streets of Venezuela’s capital, Caracas, making a (silent) scene any time a driver or pedestrian disobeys a traffic rule.

Venezuela to Sell $3 Billion of Bonds to Meet Demand for Foreign Currency, Bloomberg

Venezuela will offer $3 billion of bonds in the local market, swelling dollar debt sales this year to $7.2 billion, as the country seeks to finance spending and meet investor demand for foreign currency. The government will sell the 11.75 percent bonds due in 2026 to local investors, who will pay with bolivars at the official foreign-exchange rate of 4.3 bolivars per dollar, according to a statement posted on the Public Credit Office’s website. Credit Suisse Group AG (CSGN) and Evrofinance Mosnarbank SA will manage the sale, the statement said.

Venezuela rejects certain human rights recommendations, CNN International

Venezuela on Tuesday rejected a number of recommendations made by U.N. member countries as part of a human rights evaluation by the world body. Of 148 recommendations made in the Universal Periodic Review by the U.N. Human Rights Council in Geneva, Switzerland, Venezuela accepted 95 of them, and is considering 15 more. But it rejected 38 recommendations that touched on judicial independence, freedom of the press and protection of nongovernmental organizations.

Rapping Chavez Launches Coalition Year Before Vote, Reuters

The 57-year-old socialist leader is convalescing after four rounds of chemotherapy following cancer surgery in June. Yet he managed to dance beside young Venezuelan rappers at the start of a ceremony to launch the “Great Patriotic Pole.”

Venezuela’s Chávez gives $1.5 billion to Cuba and ALBA, Miami Herald

Venezuela spent more than $1.5 billion in three years to finance dozens of projects in Cuba and other allied countries, including airport expansions in Cuba and replacing light bulbs in Bolivia, although the oil producer has amassed massive debt in the last few years to cover its own commitments, according to a Venezuelan government document. Eighty-eight percent of disbursements from January 2007 to May 2010 covered Cuban financial projects, said the document from the Economic Social Development Bank of Venezuela (BANDES), which was obtained by El Nuevo Herald.

 
Oct
11
2011
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Expropriações dão prejuízo a Hugo Chávez

Um estudo realizado por economistas venezuelanos mostra que a política de expropriações do governo do presidente Hugo Chávez só deu prejuízo nos últimos anos. As empresas tomadas para desenvolver o país e acabar com as prateleiras vazias e os preços elevados dos alimentos se tornaram indústrias com baixa produção ou praticamente inativas.

Entre 2007 e 2009 , a Venezuela gastou mais com as expropriações (US$ 23 bilhões) do que os investimentos necessários para manter a produção petrolífera da PDVSA, principal fonte de renda do país (US$ 21 bilhões). A cifra não inclui as empresas expropriadas que não conseguiram acordo para as indenizações e submeteram o caso à arbitragem internacional.

O livro Gestión en Rojo, dos economistas Richard Obuchi, Annabela Abadi e Bárbara Lira, do Instituto de Estudos Superiores de Administração (IESA), analisa 16 grandes empresas compradas entre 2007 e 2009 – período da principal ofensiva contra o setor industrial privado. Em entrevista ao Estado, Obuchi afirmou que hoje as empresas não são autossuficientes financeiramente.

Click here to read more.

 
Sep
2
2011
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In Case You Missed It… Articles Roundup Week of 9/2/11

In this week’s roundup… President Hugo Chávez’s expropriations continue to raise the ire of multinationals, resulting in more international arbitration claims against Venezuela; pro-Chávez officials are reportedly setting up camp in Panama; $29 million goes unaccounted for in the government’s “petty-cash” fund; and Venezuelan authorities are once again pressed by human rights groups to protect freedoms.

Venezuela: when multinationals sue, The Financial Times

There’s nothing Hugo Chávez likes more than to shake his fist at the private sector. Nationalizing businesses is one of his favorite pastimes, with his Queen-of-Hearts-like cry of “expropriate it!” dreaded in boardrooms across Venezuela. But it has its consequences.

Chavez says he’s doing great, but the Venezuelan economy isn’t, Foreign Policy
Venezuelan President Hugo Chávez says he feels “great” after another dose of chemotherapy for his as-yet-unspecified cancer. If only the Venezuelan economy was in as good shape as Chávez says he is in. In fact, his vaunted “21st Century Socialism” bears an uncanny resemblance to the garden-variety 20th century kind: replete with widespread inefficiencies, declining production, and rampant shortages.

Chavez Says Venezuela to Move Against Land Holdings of Ireland’s Smurfit, Bloomberg
Venezuelan President Hugo Chavez orders the removal of Irish cardboard maker Smurfit Kappa Group Plc (SKG) from all its farm land in an agricultural state as he deepens a push to seize large land holdings from private owners. Shares declined.

Are pro-Chávez Venezuelans setting up a ‘Plan B’ in Panama?, Christian Science Monitor

With Hugo Chávez’s status uncertain, some Chávistas are looking to relocate to Panama. It’s another chance for Panama to gain from other countries’ crises, as it has for more than a century.

Is $29 billion missing from Hugo Chavez’s Fonden development fund?, The Christian Science Monitor

An Excel spreadsheet of projects financed by Fonden – the “development” fund that President Hugo Chávez created and uses as his sort of petty cash fund for immediate needs goes public to show a $29 billion discrepancy.

HRW: Venezuela should protect rights activist, The Associated Press

A human rights group demanded Monday that President Hugo Chávez’s government provide protection for an activist who had to flee Venezuela after being threatened for alleging human rights abuses in prisons.

Venezuelan gov’t is urged to respect free media, El Universal
The Special Rapporteur for Freedom of Expression, Inter-American Commission on Human Rights (IACHR), urged Venezuelan authorities to take the relevant actions to ensure free operation of media and respect for critical or dissenting expressions, in accordance with international treaties on human rights, to which Venezuela is a party.