Tag Archives: Latin America

Jul
8
2011
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In Case You Missed It… Articles Roundup Week of 7/8/11

In this week’s round up…In the midst of the veil of secrecy around President Chavez’s condition, reports point to colon cancer. Venezuelan presidential contender Henrique Capriles still hopes he will face Chávez in the 2012 presidential elections. As speculations loom over Chavez’s cancer, the military might play a key role in the country’s future, Venezuela becomes the only oil producing country that has increased its debt, the nationwide consumer price index has jumped 2.5% in the month of June and Venezuela’s telecommunications agency began a new investigation of the TV channel Globovision for its coverage of violence in the Rodeo II riots.

Chávez Is Believed to Have Colon Cancer, Wall Street Journal

President Hugo Chávez appears to be suffering from colon cancer, according to two people with direct knowledge of the president’s condition. Mr. Chávez admitted he had cancer last week, but hasn’t disclosed what type.

Challenger for Venezuela Presidency Still Hopes to Face Chávez, Wall Street Journal

A state governor who is a leading contender to challenge the re-election bid of Venezuelan President Hugo Chávez said Wednesday that he hopes the incumbent will remain in the race despite questions about his health.

Venezuela’s military a key player amid uncertainty, AP via Newsday

As Chavez fights cancer, military could be key player in Venezuela’s political future

Venezuela’s military took center stage in the country’s bicentennial celebrations Tuesday, and it likely would be a key player in the country’s political future if Hugo Chavez were to be forced out of the presidency by cancer.

Venezuela is the only oil producer that increases debt, El Universal

Average debt-to-GDP ratio in the Middle East will drop 14.1 percent this year, according to the IMF

After eight years of high oil prices, it has become clear that oil exporters, except for Venezuela, have a consistent policy to save a part of revenues and reduce debt.

Data and projections from the International Monetary Fund (IMF) show that the Middle East and Central Asia petro-states have realized that oil does not escape the law of gravity. Therefore, they avoid the lack of fiscal control during times of booming oil prices.

UPDATE: Venezuela June Consumer Prices Up 2.5% On Month, Dow Jones Newswires via WSJ

Venezuela’s nationwide consumer price index jumped 2.5% in June, the central bank said Thursday, maintaining a quicker pace of inflation after three months of tamer increases.

Government officials have said they were making progress at slowing the country’s inflation rate, which is perpetually among the highest in the world. But many analysts believe consumer prices will likely increase even faster amid the uncertainty surrounding President Hugo Chavez’s illness.

Venezuela launches probe of TV channel’s coverage, Associated Press

Venezuela’s telecommunications agency began a new investigation of the TV channel Globovision on Thursday, this time for its coverage of violence at two prisons where inmates have battled troops.

Globovision takes a strident stance against President Hugo Chavez’s government. It has been the subject of six prior probes, including allegations of tax evasion and investigations of its coverage of protests, an earthquake and on-air remarks about Chavez.

 
Jun
24
2011
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Chávez Moves Forward with Expropriation of Argentina’s Matesi

Venezuelan President Hugo Chávez issued this week an Executive Decree authorizing the expropriation of Matesi, an Argentine steel company. As it is the case with other government expropriations in Venezuela, Matesi’s takeover has been a long and convoluted process which started in May of 2009, when the Chávez Administration first expressed an interest in nationalizing the company. In August 2009, the Ministry of Primary Industries and Mining took over the facility, seizing its equipment.

The Matesi plant is a subsidiary of Tenaris, a leading global supplier of steel tubes and related energy services, which is part of Argentina’s Techint conglomerate. While negotiating the terms of the transfer of assets, the company did not rule out taking legal action against Venezuela to seek prompt compensation for its entire interest in Matesi.

“While we reserve all our rights under international treaties and current laws in Venezuela, Tenaris is prepared to begin negotiations with the Venezuelan authorities to achieve the fair and adequate term and conditions for the transfer of Matesi to the Venezuelan government,” said the company.

The expropriation of Matesi coincided with the release of a new study that shows that companies expropriated by Chávez are unproductive, inefficient, and a bad deal for Venezuelan workers, especially as compared to their counterparts in the private sector.

 
Jun
17
2011
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In Case You Missed It… Articles Roundup Week of 6/17/11

In this week’s roundup…the Venezuelan President’s stint in Cuba stirs up questions and conflict back home regarding the constitutionality of enacting laws and governing Venezuela while abroad for an extended period of time.  Meanwhile, the ministers of the Chávez government begin to institute electricity rationing across the country as a way to address the power outages across the country.  Over consumption of energy is but the latest justification by the government for the power outages after previously blaming droughts, business consumption and sabotage by opposition activists.

Post-op Chavez runs government from Cuba, Reuters via Toronto Sun

Venezuelan President Hugo Chavez said he has his “full faculties” after surgery in Cuba and was still managing government affairs despite being ordered to rest for several more days. Chávez, 56, had a pelvic abscess successfully removed on Friday during a scheduled visit to Cuba, forcing him to postpone his return to Venezuela.

Venezuelan Congress Blocks Temporary Hand-Off Of Chavez’s Duties¸ Dow Jones Newswire

Supporters of Venezuelan President Hugo Chávez rejected a proposal late Tuesday in the national congress that called for a temporary hand-off of presidential duties during the leader’s recovery in Cuba from unplanned surgery.

Chavez’s medical absence in Cuba angers opposition, Reuters via The Gazette

President Hugo Chávez’s continued absence in Cuba after surgery has laid bare his one-man dominance of Venezuelan politics and infuriated opponents hoping to dethrone him in next year’s vote.

Lawmaker to file a complaint against Chávez and his ministers, El Universal

According to opposition deputy Alfonso Marquina (Un Nuevo Tiempo, UNT, state of Miranda), President Hugo Chávez and his Cabinet violated the Constitution and Venezuelan laws after because they enacted the Special Debt Law while Chavez was outside Venezuela and without convening a Council of Ministers.

Venezuela to Restrict Electricity Use for Second Straight Year on Blackout, Bloomberg

Venezuela, the largest oil producer in South America, will announce measures to curb electricity consumption for a second-consecutive year, prompted by a blackout in the country’s most-populous state, Zulia.

Venezuela Charges State Electricity Co Worker With Sabotage, The Wall Street Journal

Venezuelan authorities Tuesday charged an employee of state-run electricity company Corpoelec with sabotage, saying the act led to a major electricity failure across several states in May. In a statement, the attorney general’s office said it charged Luis Alfonzo Pena Nañez for his role in the power outage. The ministry also said it would charge another worker, Hugo Alberto Aguilar Caceres, on Friday. Under state law, the accused could face four to eight years in prison.