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Venezuela's Maduro vows stricter business inspections

Venezuela’s President Nicolas Maduro said a stricter wave of inspections for suspected price-gouging would begin on Saturday in an aggressive pre-election "economic offensive" aimed at taming the highest inflation in the Americas. "We’re not joking, we’re defending the rights of the majority, their economic freedom," Maduro said on Friday, alleging price irregularities were found in nearly 99 percent of 1,705 businesses inspected so far this month. Maduro, who has staked his presidency on preserving the legacy of late socialist leader Hugo Chavez, launched a theatrical – and often televised – wave of inspections this month to force companies to reduce prices. He says "capitalist parasites" are trying to wreck Venezuela’s economy and force him from office. Opponents scoff at the measures as cheap and short-term populism that is hiding the failure of Venezuela’s socialist economic model and intended to win votes at an upcoming poll. Economic […]

Posted On : Published By : Tom Whipple
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Venezuela’s Maduro vows stricter business inspections

Venezuela’s President Nicolas Maduro said a stricter wave of inspections for suspected price-gouging would begin on Saturday in an aggressive pre-election "economic offensive" aimed at taming the highest inflation in the Americas. "We’re not joking, we’re defending the rights of the majority, their economic freedom," Maduro said on Friday, alleging price irregularities were found in nearly 99 percent of 1,705 businesses inspected so far this month. Maduro, who has staked his presidency on preserving the legacy of late socialist leader Hugo Chavez, launched a theatrical – and often televised – wave of inspections this month to force companies to reduce prices. He says "capitalist parasites" are trying to wreck Venezuela’s economy and force him from office. Opponents scoff at the measures as cheap and short-term populism that is hiding the failure of Venezuela’s socialist economic model and intended to win votes at an upcoming poll. Economic […]

Posted On : Published By : Tom Whipple
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Venezuela Says OPEC Must Accommodate Iran Supply, Maintain Output Cap

Members of the Organization of Petroleum Exporting Countries will have to accommodate any additional oil supply into the market in light of the recent easing of economic sanctions on Iran without changes to the cartel’s overall production ceiling, Venezuela Oil Minister Rafael Ramirez said Thursday. Mr. Ramirez said how Iranian crude is absorbed into the market will feature highly in discussions next week when OPEC members gather. Venezuela will push to maintain the group’s 30-million-barrels-a-day quota, the minister said. The U.S. and five other world powers reached an agreement on Sunday in Geneva to relieve some penalties on Iran in exchange for moves to cap the Islamic government’s nuclear program. “If this permits Iran to reach its maximum oil production, perfect. Then its production quota is guaranteed in OPEC, which must be respected, and we are going to back that [Iran’s] normalization is respected,” Mr. Ramirez […]

Posted On : Published By : Tom Whipple
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Venezuela's congress grants Maduro decree powers

CARACAS, Venezuela (AP) — The Venezuelan congress granted President Nicolas Maduro emergency decree powers Tuesday that will strengthen the embattled leader’s hand as he goes after businesses the government accuses of sabotaging Latin America’s biggest oil economy. With the National Assembly’s vote, widely expected since Maduro requested expanded powers a month ago, the president will be able to enact laws without consulting congress for up to a year. The same tactic was employed four times by Maduro’s mentor and predecessor, the late Hugo Chavez, to promulgate dozens of laws that dramatically boosted state control over the economy. But unlike the charismatic Chavez, who had near-absolute command over his party, doubts about Maduro’s leadership have risen since he defeated opposition leader Henrique Capriles by a razor-thin margin in April’s presidential election and as worsening shortages of basic goods and galloping inflation have eroded popular support for his rule In what […]

Posted On : Published By : Tom Whipple
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Venezuela’s congress grants Maduro decree powers

CARACAS, Venezuela (AP) — The Venezuelan congress granted President Nicolas Maduro emergency decree powers Tuesday that will strengthen the embattled leader’s hand as he goes after businesses the government accuses of sabotaging Latin America’s biggest oil economy. With the National Assembly’s vote, widely expected since Maduro requested expanded powers a month ago, the president will be able to enact laws without consulting congress for up to a year. The same tactic was employed four times by Maduro’s mentor and predecessor, the late Hugo Chavez, to promulgate dozens of laws that dramatically boosted state control over the economy. But unlike the charismatic Chavez, who had near-absolute command over his party, doubts about Maduro’s leadership have risen since he defeated opposition leader Henrique Capriles by a razor-thin margin in April’s presidential election and as worsening shortages of basic goods and galloping inflation have eroded popular support for his rule In what […]

Posted On : Published By : Tom Whipple
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In Venezuela, Campaign Takes the Form of a Fire Sale

CARACAS, Venezuela — The transportation minister appeared on live television from an auto-parts store, trumpeting prices that had been slashed in half, at least. A top regional official, broadcasting from another shop, boasted that prices of toys and other goods had been cut to the bone. From an appliance store, the commerce minister called on shoppers to buy washers and dryers at new, low-low prices. This week, the entire cabinet of President Nicolás Maduro of Venezuela has been waging a battle against soaring inflation like a socialist version of Crazy Eddie, the onetime electronics chain store famous in New York for its goofy 1980s ads that trumpeted its “insane” prices. It is all part of a fever-pitch campaign to quell frustration with the economy by forcing retailers to slash prices, giving a much-needed shot of adrenaline to Mr. Maduro’s government just weeks before municipal elections that opponents want to […]

Posted On : Published By : Tom Whipple
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PDVSA to Sell $4.5 Billion in Bonds Amid Pre-Election Shortages

Petroleos de Venezuela SA will sell $4.5 billion in bonds this week in the first issuance by a state entity since May 2012 as the government seeks to bolster shrinking reserves and curb the world’s fastest inflation. PDVSA, as the state oil company is known, will sell debt privately to selected state and private buyers to pay off debts and boost output, company President Rafael Ramirez told reporters in Caracas today. The securities will have several maturity dates, he said, without providing more details. The government is seeking to boost dollar supply to pay for imports and offset a shortage of locally produced goods that has helped spur 54 percent annual inflation. President Nicolas Maduro dispatched the military to take over a retail chain last weekend and warned other businesses to cut prices to “fair” levels as the country gears up for municipal elections next month and the Christmas […]

Posted On : Published By : Tom Whipple
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Venezuela's Maduro poised to get decree powers

AP Photo CARACAS, Venezuela (AP) — Venezuela’s National Assembly on Tuesday stripped an opposition lawmaker of her immunity from prosecution in a case of alleged corruption, clearing the way for the legislature to grant the president special power to enact laws by decree. President Nicolas Maduro has said he will use the extra authority to intensify actions against opponents and businesses that he says are waging “economic war” trying to destabilize the South American country. As a result of the assembly’s vote, which was widely expected, lawmaker Maria Aranguren will have to step down while she faces prosecution on what she says are trumped up embezzlement charges. Aranguren, who broke with the late President Hugo Chavez’s government in 2012, will be replaced by a lawmaker more in line with the government’s wishes, likely giving the president the crucial 99th vote he needs to ensure passage of the decree powers. […]

Posted On : Published By : Tom Whipple
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Venezuela’s Maduro poised to get decree powers

AP Photo CARACAS, Venezuela (AP) — Venezuela’s National Assembly on Tuesday stripped an opposition lawmaker of her immunity from prosecution in a case of alleged corruption, clearing the way for the legislature to grant the president special power to enact laws by decree. President Nicolas Maduro has said he will use the extra authority to intensify actions against opponents and businesses that he says are waging “economic war” trying to destabilize the South American country. As a result of the assembly’s vote, which was widely expected, lawmaker Maria Aranguren will have to step down while she faces prosecution on what she says are trumped up embezzlement charges. Aranguren, who broke with the late President Hugo Chavez’s government in 2012, will be replaced by a lawmaker more in line with the government’s wishes, likely giving the president the crucial 99th vote he needs to ensure passage of the decree powers. […]

Posted On : Published By : Tom Whipple