Miguel Octavio's Posts

venezuela | by Miguel Octavio | 03 Mar, 2004 at 07:10 AM | comments (0) | trackback (0)
The Venezuelan Comision Nacional Electoral announced yesterday that more than 1.5 million signatures had been rejected and the opposition had not collected the required 2.4 million signatures to hold a recall against President Hugo Chavez. Some 1.1 million citizens that signed may be able to "repair" their signature by confirming...
venezuela | by Miguel Octavio | 29 Feb, 2004 at 06:36 PM | comments (1) | trackback (0)
After the decision by the Consejo Nacional Electoral (CNE) on Wednesday to question 1.4 million signatures of the petition for Hugo Chavez' recall on a technicality, the political tension has increased to new levels in Venezuela. On Friday, the Government used excessive force in repressing an opposition march that wanted to hand in a document to the G-15 summit meeting in Caracas.
politics | by Miguel Octavio | 12 Feb, 2004 at 08:53 PM | comments (5) | trackback (0)
The saga of the recall petition against President Hugo Chavez continued this week as tensions rose in Venezuela. In theory, the Consjeo Nacional Electoral (CNE) had until tomorrow to decide whether the opposition had or not gathered the required signatures. Instead, the CNE announced late Wednesday that it was sending...
| by Miguel Octavio | 09 Feb, 2004 at 10:42 PM | comments (32) | trackback (0)
The Venezuelan Government devalued the official exchange rate today from Bs. 1600 per US$ to Bs. 1920 per US$. The move had been rumored for quite a while, since the 2004 budget used the new rate to calculate the Government's oil income for the year. However, there were doubts whether...
Electoral authority at the center of controversy
politics | by Miguel Octavio | 25 Jan, 2004 at 09:41 PM | comments (25) | trackback (0)
As Venezuelans look for a solution to their political crisis via elections, the referee in the process is being questioned by all sides and even from within. After a week in which pro-Government and opposition groups continued questioning the Electoral Board known as the CNE (Comision Nacioanl Electoral), the two...
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economics | by Miguel Octavio | 10 Jan, 2004 at 07:16 PM | comments (24) | trackback (0)
In one of the most bizarre economic discussions to take place in Venezuela, news has been dominated during the last week by the request by President Hugo Chavez that the Venezuelan Central Bank "give him" US$ 1 billion (He actually asked for "un millardito", a little billion translated literally) of...
venezuela | by Miguel Octavio | 04 Jan, 2004 at 05:40 PM | comments (34) | trackback (0)
The Venezuelan economy is truly full of surprises. The effect of the oil income and Government controls is remarkable, introducing a number of artificialities that make the country a laboratory for economic concepts like no other one. I understand that the Japanese Government even has a full time economist just...
economics | by Miguel Octavio | 02 Jan, 2004 at 05:44 PM | comments (37) | trackback (0)
I skipped two Thursday updates for a very simple reason: There is nothing to report! Life in Caracas came to a standstill the weekend befoere Christmas and activity has yet to pick up. In fact, I would say that the level of activity continues to go down. This lack of...
Venezuela's Opposition Reafirmazo a huge succes
venezuela | by Miguel Octavio | 28 Nov, 2003 at 08:18 PM | comments (22) | trackback (0)
The opposition began today gathering the signatures in the event called the "Reafirmazo" to have a recall referendum against President Hugo Chavez. From early in the morning huge lines have formed in all areas of Caracas and the country. In contrast to last week's petition drive by the pro-Chavez forces,...
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Only recalls matter
venezuela | by Miguel Octavio | 27 Nov, 2003 at 08:21 PM | comments (23) | trackback (0)
Recall elections were the only game in town last week and this week. Last week supporters of Hugo Chavez had their chance at recalling opposition Deputies to the National Assembly. The results were not very good fo Chavez' MVR, turnout was low, despite the huge resources spent by Chavez and...
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Petition drive to recall opposition Deputies to the National Assembly
venezuela | by Miguel Octavio | 22 Nov, 2003 at 08:23 PM | comments (20) | trackback (0)
Chavez supporters began yesterday to gather signatures requesting the recall of opposition Deputies to the National Assembly. While leaders from Chavez' MVR party are calling it a success, the truth is that very few people are seeing in the polling stations. Some sporadic lines formed yesterday when some polling places...
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economics | by Miguel Octavio | 21 Nov, 2003 at 08:24 PM | comments (27) | trackback (0)
The Venezuelan Central Bank (BCV) reported that the Venezuelan economy shrank by 7.1% in the third quarter 2003. For the year the Venezuelan economy has shrank by a total of 14.7%. Quarter to quarter there was a slight improvement from -9.4% in the second quarter. The report by the central...
economics | by Miguel Octavio | 16 Nov, 2003 at 08:28 PM | comments (30) | trackback (0)
Interesting how in the space of one month three different publications: The Wall Street Journal, The Economist and Spain' El Pais (unfortunately, all by subscription only), devote articles to the family that created Kola Real. Kola Real was created by the Anano family in Peru during the worst times of...
economics | by Miguel Octavio | 12 Nov, 2003 at 08:31 PM | comments (26) | trackback (0)
The Venezuelan Government will sell US$1 billion in a fifteen year bond in the next couple of weeks. The issue will have a coupon of between 7 and 8% will be sold only to local investors, but will be denominated in US$. Thus, in effect, it becomes a mechanism for...
economics | by Miguel Octavio | 09 Nov, 2003 at 08:36 PM | comments (24) | trackback (0)
According to local newspaper El Universal, Cuba has converted more than one million hectares of sugar growing land to other crops and the country is no longer producing sufficient sugar for its own consumption. A total of 70 sugar concerns were sutdown as production, which in 2001 and 2002 reached...
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