Tag: VENEZUELA

  • U-20 World Cup final: StarTimes to showcase Venezuela, England clash

    U-20 World Cup final: StarTimes to showcase Venezuela, England clash

    The stage is set for the final showdown in the ongoing FIFA U-20 World Cup in South Korea as South American Venezuela takes on England in what many believed will be the clash of two continents. As usual, Pay TV Company, StarTimes, has concluded plans to beam live actions of these matches from Suwon World Cup Stadium to Nigerian subscribers.

    Also, the third place play off between Uruguay and Italy will come up at the same Suwon stadium before the closing ceremony and final match of the tournament.

    England which beat Italy on Thursday’s semi-final has now gone unbeaten in 12 matches, of which they’ve won ten. Earlier, England defeated Croatia 2-1 in round of 16 and piped Mexico 1-0 to secure the semifinals. Venezuela on the other hand defeated Japan 1-0 in the round of 16 and sent USA packing with a 2-1 defeat in the quarter finals before sending Uruguay packing in the semifinal on Thursday.

    StarTimes has assured football viewers can enjoy the best of the World Cup and other thrilling sporting actions on its ST World Football Channels 244 and 254.

    Speaking on these coming World Cup sporting actions, Acting Brands and Marketing Director, StarTimes, Mr. Qasim Elegbede, said StarTimes remains committed to delivering quality sporting contents to its subscribers.

    “Quality sporting content was the reason behind the exclusive acquisitions of sporting rights like the FIFA World Cup in over 48 territories in Africa and other sporting event such as the Serie A, Bundesliga, French Ligue 1, Chinese Super League, Eredivisie.

    He said StarTimes will be showcasing the best of these football actions live from the various match centres to the subscribers with the final matches involving the four countries.

  • Venezuela eyes $70 oil price

    Venezuela President Nicolas Maduro Maduro, has expresed optimism that the output cuts agreed upon by members and non-members countries of the Organisation of Petroleum Exporting Countries (OPEC) would help raise Venezuela’s crude basket to $60 in the first half and $70 later in 2017.

    Maduro who spoke in Caracas during a second meeting of OPEC in two months, expressed the optimism against the bakkdrop of Secretary-General Mohammed Barkindo forecast that stability would return to oil markets this year while price hawk.

    Barkindo lauded Maduro whom he lavishly praised for an “inspirational” role in the producers’ pact to cut output.

    “We remain optimistic Mr. President that with the full and timely implementation of this historic decision between us and non-OPEC, in 2017 the situation of our economies will improve tremendously.

    “And stability to the oil market that has eluded us for nearly three years will be restored on a sustainable basis in the interest of producers, consumers and the global economy,” Barkindo said at a news conference with Maduro.

    Under the accord reached in late last year  OPEC, Russia and other non-members of the producer group will curtail oil output by nearly 1.8 million bpd, initially for six months.

    Maduro, who sent officials round the world over the last two years to lobby for output cuts, said he hoped the pact would help raise Venezuela’s crude basket to $60 in the first half and $70 later in 2017.

  • Venezuelan leader to tour OPEC nations

    Venezuelan leader to tour OPEC nations

    Venezuelan President Nicolas Maduro said on Monday he would soon embark on a tour of oil-producing nations to support the Organisation of the Petroleum Exporting Countries’ (OPEC) recent agreement to shore up prices with output cut.

    “We reached a historic accord,” Maduro said late on Sunday. “In the next few days, I will go to the oil nations and leave everything ready for a consensus formula for market stability and the fixing of prices for the next 10 years,” Maduro said.

    Maduro, whose nation is a price hawk and has been one of the worst affected by the fall in crude revenue since mid-2014, gave no further details of his agenda or plans.

    OPEC, of which Venezuela is a member, last month finalised a plan to cut output by about 1.20 million barrels per day from Jan. 1 to 32.50 million bpd.

  • Venezuela: What lessons for Nigeria?

    SIR: Describing the stark reality of economic challenges presently facing Venezuela – the once richest nation in Latin America, the governor of Miranda state, Henrique Capriles told TIME magazine published in its August 22, edition “It is like there had been a natural disaster, like a hurricane which swept things away…, I fear there will be an explosion in Venezuela, and it will finish collapsing.”

    Venezuela is sitting on 18% of the world’s proven oil reserves which translates to 25% of OPEC share, adding up to nearly 300 billion barrels while Nigeria has 37 billion barrels (3% of OPEC share). According to the recent OPEC data in the second quarter of 2016, Nigeria crude oil production was 1,539,000 b/d for a population of  182 million ( 2015 World Bank data)  while Venezuela produced 2,166, 000 b/d for 31 million people.

    The situation in Venezuela is so pathetic that in Carcass, the nation’s capital, citizens are queuing up for miles waiting for food and other basic personal needs like shampoo which will be rationalized by the designated stores based on their stocks.

    Naira has fallen from N197/$1 to about N400/$1 but bolivar, Venezuela’s currency has practically collapsed. Though its official base rate is 10 bolivars to the dollar, the bolivar now trades on the street at more than 1,000. Paying for a dinner now requires a gym bag or at least a backpack full of cash. Inflation rate in Nigeria is presently 16.48% while in Venezuela it ended at 180.9% in 2015 and projected by IMF to reach about 500% by the end of 2016.

    But why do we need to compare Nigeria and Venezuela? There are some commonalities between the two nations.  One, for many years both Nigeria and Venezuela have remained mono-product economies almost exclusively relying on the export of oil. Two, the two nations are among the most corrupt nations in the world according to the corruption perceptions index 2015 of the Transparency International in which 168 countries and territories were evaluated. Nigeria ranked 136 scoring 26 of 100 points while Venezuela got 150th position with a score of just 17.

    If Venezuela, a country of higher ratio of oil production to population relative to Nigeria can find itself in such an economic mess, then Nigeria should know that a mono-product economy is not sustainable. Nigeria has 84 million hectares arable land out of which only 32 million hectares is cultivated. This is a big advantage over major oil producers like Saudi Arabia which has 1.4 million hectares, Iran 46 million hectares and Angola 59 million hectares. A huge investment in agriculture would be a strategic government stimulus to the nation’s economy.

    To my countrymen in the oil producing states of the Niger Delta,  militancy and other accompanying criminalities cannot in reality bring solutions to the problems of the region. After successful diversification and oil exploration from other parts of the country (which has already commenced in Lagos and also hope to start before the end of 2016 in the North), the nation’s reliance on oil from Niger Delta will reduce. But unfortunately the effects of the environmental degradation and pollution as a result of pipeline vandalism occasioned by the militancy will persist for many more years.

     

    • Sa’eed Abdus-Salam,

    saheedalade14@gmail.com

  • IATA urges Nigeria, Venezuela to release $5b airlines cash

    IATA urges Nigeria, Venezuela to release $5b airlines cash

    The International Air Transport Association (IATA) called yesterday for countries with tight currency exchange rate controls, including Venezuela and Nigeria, to release $5 billion worth of local ticket sales revenues owed to foreign airlines or risk losing their services.

    Two airlines, Lufthansa and LATAM Airlines, said they were halting flights to Venezuela, with the German carrier saying the South American country owed it more than $100 million in local ticket sales.

    IATA said that airline revenues worth $5 billion were being blocked by countries, with Venezuela and Nigeria the biggest culprits, withholding $3.78 billion and $591 million respectively. Sudan, Egypt and Angola are also blocking the repatriation of airlines’ revenues.

    “The efficient repatriation of revenues is critical for airlines to be able to play their role as a catalyst for economic activity,” IATA’s Director General Tony Tyler in a statement at the airline group’s annual meeting in Dublin said.

    Currency controls in Venezuela have caused airlines difficulties for some time, with IATA saying the situation became critical in 2015, while in Nigeria, repatriation issues began in the second half of last year.

    Lufthansa is unable to access $20 million of ticket revenues in Nigeria because of foreign exchange controls and could cut capacity if that amount grows, sources have said. IATA said that the Nigerian authorities were in talks with the airlines to seek possible measures to make the funds available.

    Meanwhile, a meeting between the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and local currency traders has failed to dispel uncertainty over the implementation of plans to abandon the naira peg and adopt a flexible currency, bankers said on Thursday.

    The Financial Market Dealers Association (FMDA), an association made up of local currency dealers, initiated the meeting with Emefiele on Wednesday to discuss the policy, they said.

    The central bank announced last week plans to abandon the naira’s 15-month peg to the dollar, which has overvalued the Nigerian currency, harmed investments and caused the economy to contract.

    However, the bank has yet to clarify how the new policy would work, spooking foreign investors, long worried about getting caught in the middle of a currency devaluation.

    “We are unlikely to get anything in the next two to three weeks. I don’t think the guidelines are ready. The reality is that he (the governor) does not understand the meaning of signals,” said one senior banker, speaking on condition of anonymity.

    “By not coming out (with details) the governor has shown he doesn’t believe the policy. There is the risk the policy could be reversed,” the senior banker added. The central bank declined to comment on the meeting.

    Dollar deals dried up on the interbank market on Thursday as investors stayed on the sidelines, dealers said, in a sign of the continued uncertainty created by the new policy. The stock market posted its biggest daily decline in 16 months this week as investors waiting for clarity sold shares. The main index gained 1.02 percent on Thursday, clawing back some losses.

    Emefiele has said it will adopt a flexible policy on the interbank market from a de facto peg of around 197 and retain a window for funding critical transactions, creating a dual exchange rate.

    Prior to the pegged rate, the interbank traded as a two-way quote market and banks could place buy and sell orders. But the central bank has since banned banks from re-selling dollars purchased from it among themselves in order to curb speculation.

    Analysts at DaMina Advisors told Reuters the delay could cause the central bank to backtrack as it tries to reconcile the new policy with the president’s vow not to devalue the naira.

    President Muhammadu Buhari for months rejected calls to devalue the naira. During his Democracy Day speech on Sunday he backed the central bank’s flexible policy on the currency but said he was still against devaluation.

    “The bank is internally deadlocked and likely to backtrack on its promised commitment to adopt a flexible regime and will simply tweak the current illiquid managed fixed peg regime in an attempt to narrow the divergence between the official currency rate and the black market currency rate which is over 40 percent and growing,” said Sebastian Spio-Garbrah, chief Africa frontier markets analyst at DaMina Advisors.

     

  • Venezuela to apply for BRICS membership

    Venezuelan President, Nicolas Maduro, said Thrudady that he has requested the foreign ministry to prepare ground for the country to join BRICS.

    The group is made up of emerging countries, namely Brazil, Russia, India, China and South Africa.

    “As we have seen in the past few years the BRICS has motivated many developing nations like Venezuela.

    “That is why I have asked Foreign Minister, Delcy Rodriguez, to advance conversations to join them in the near future,” said Maduro in an interview granted a local broadcaster.

    He said he would propose to the member nations of the left leaning Bolivarian Alliance for the People of Our Americas (ALBA) to become part of the BRICS New Development Bank (NDB).

    The bank has an initial capital of 100 billion dollars.

    Maduro highlighted the quickness of economic decisions taken by the BRICS member nations and the political will of its leaders to advance toward a new world order based on equality and social development.

    The BRICS has become an important platform for exchanges and cooperation among the world’s major emerging economies.

  • Venezuela gets $5b lifeline from China

    Venezuela has received $5billion (£3.4billion) in financing from China, Venezuelan President Nicolas Maduro says.

    The money was for “development”, he said, but gave no details.

    The announcement comes three months after Mr Maduro travelled to China – a major investor in the region.

    Venezuela is suffering from an acute economic crisis, as the price of its main export, oil, has almost halved over a year. The opposition accuses the government of mismanagement.

    Maduro, who visited Beijing in January, said then that China would invest more than $20billion in Venezuela.

    He did not make clear in Sunday’s announcement if these latest $5bn were part of that larger sum.

    China’s influence

    Loans by China’s state-owned banks to Latin American countries rose by 71% to $22billion (£14billion) last year, according to estimates published by the China-Latin America Finance Database.

    The Chinese loans exceed the combined worth of those by the World Bank and the Inter-American Development Bank, according to the database.

    The $5billion will be a boost to Venezuela, which has been hit hard by falling oil price. According to reports, 96% of its export revenues come from oil.

    Figures from Venezuela’s oil ministry suggest the price of Venezuelan oil has dropped from $97 in April 2014 to $50 this month.

    Inflation in 2014 stood at more than 60% and there are widespread shortages of basic staples such a flour, cooking oil and milk.

  • Fourth person dies in Venezuela unrest

    A Student protester died in eastern Venezuela after being hit by a vehicle. This is the fourth fatality during political unrest over the past week, Reuters reported.

    Residents and opposition activists said on Tuesday that the 17-year-old student was struck by a vehicle during a demonstration late on Monday in the coastal town of Carupano in Sucre state.

  • Maduro wins Venezuela’s presidential election

    Maduro wins Venezuela’s presidential election

    Socialist Nicolas Maduro, hand-picked successor of the late leader Hugo Chavez, has won a narrow victory in Venezuela’s presidential poll.

    Mr. Maduro won 50.7 per cent of the vote against 49.1 per cent for opposition candidate Henrique Capriles, BBC reports.

    Mr. Capriles has demanded a recount, saying Mr. Maduro was now “even more loaded with illegitimacy.”

    He said there were more than 300,000 incidents from Sunday’s poll that would need to be examined.

    Announcing the results late on Sunday night, the National Electoral Council said they were “irreversible.”

    As the news emerged, celebrations erupted in the capital, Caracas, where Mr. Maduro’s jubilant supporters set off fireworks and blasted car horns. Opposition voters banged pots and pans in protest.

    In a victory speech outside the presidential palace, Mr. Maduro, wearing the colours of the Venezuelan flag, told crowds that the result was “just, legal and constitutional.”

    He said his election showed Hugo Chavez “continues to be invincible, that he continues to win battles.”

    Mr. Maduro said he had spoken to Mr. Capriles on the phone, and that he would allow an audit of the election result.

     

  • The colonel in  heavenly cockpit

    The colonel in heavenly cockpit

    With the passing this past week at the age of fifty eight of Hugo Chavez, the late Venezuelan leader, Latin America has lost one of its most colourful leaders and potent force against global imperialism. The iconic colonel was in every material respect an original in the true sense of that word. An unreconstructed military putchist, he had twice tried to seize power in bloody military uprisings only to be eventually swept into the Venezuela Presidential Palace in a popular and democratic uprising against the ancient regime.

    Thereafter and for the next 14 years, the son of impoverished middle class teachers unleashed his strange and utterly quixotic brand of socialism on the Venezuelan populace, winning unprecedented popular approval in the process. By the time he died of cancer-related complications in a military hospital in the capital city of Caracas last Tuesday, Chavez has become an authentic hero of the teeming masses of the Venezuelan people and the nearest thing to a secular saint.

    The unprecedented outpouring of grief on the streets, the hysterical wailings and chants of “Chavez to the pantheon”—a heartrending reference for the late leader to take his place beside the legendary Simon Bolivar, a.k.a the Liberator—only confirm Chavez status as one of the most illustrious sons of Latin America of all time. The pantheon of great Latin American leaders who lived and died at the behest of their people would be smiling indeed .

    In order to better appreciate the global odds Chavez faced, it is appropriate to situate his career and anti-imperialist and anti-American jingoism within the context of the turbulent template that threw him up , particularly the end of the cold war and a resurgent and rampart American mega-power. Unlike the morally and ethically compromised Manuel Noriega who screamed at “Gringo piranhas” even while cutting a deal under the table, Hugo Chavez was as straight as a primitive arrow. He was a genuine article and a real man of the people.

    Almost 30 years after President George Bush, the Elder called for a kinder and gentler world as an antidote to the neo-conservative cruelties of the Reagan years, the world is neither a kinder nor a gentler place. If anything, the modern world is increasingly marked by arbitrariness, by a brutal and random contingency, and by the sure and sheer certainty of uncertainty. The only thing predictable is what is unpredictable.

    Perhaps it is foolish and delusionary in the extreme to expect human society to escape the more sinister anomalies of human nature itself. Even the so-called idyllic and harmonious communities of the past are nothing but ideological mirages; fictional constructs through which we vent our frustrations and disappointment with the present. As somebody famously quipped, if there is anything sure about the organic communities, it is that they are always gone.

    Still, there can be no denying the fact that militarily, economically, politically and spiritually the world might have gone to the dogs in the last 30 years. Thanks to the principles of globalisation which made it possible for capital and labour to be switched round the globe and for the constraints of time and space to be summarily abolished, western countries, particularly the USA, have been able to exponentially increase their wealth.

    But this new-found prosperity has also led to a widening of the gap between the filthy rich and absolute poor, thus fuelling social disaffection within countries and among countries. The great political irony here is that it is the social inequity arising from economic inequality of staggering and idiotic proportions that has brought an African American to the White House for the very first time in the history of the United States.

    It is only the politically incurious who will be taken by surprise that the most potent forces against Barack Obama’s ascendancy comprise of the rump of the old Reaganite redoubt in alliance with the new missionary right with its bible-thumping fundamentalists. This is America’s contribution to the New Crusade. They brook no intellectual opposition, and with their wild-eyed fanaticism and the zealotry of their unipolar vision of human civilization and modernity, they represent a danger to both America and an increasingly multi-polar world.

    Militarily, the USA has extended its unrivalled dominion over the rest of the world. Perhaps, not since the Roman Empire has the world seen such awesome power and might. It has been suggested by military experts that after America, the next 25 countries combined do not possess the martial superiority of Uncle Tom. Grappling with America is like wrestling with a 500 pound gorilla in the jungle.

    Yet the tense stalemate of Afghanistan, Somalia and Iraq suggests that in the evolving world, military might is not enough to prevail. Discretion may still be the better part of military valour in matters of political and ideological contestation, particularly if the ideological conflict comes with a religious and spiritual coloration. It is easy to militarily subjugate a territory, but it has proved not so easy to coerce a people into surrendering their religious beliefs. It is always a duel unto death.

    The tragic events of September 11, 2001 have shown the world how globalisation can work both ways. Switching men and material round the globe in a ceaseless manner, using electronic transfer of funds to thwart financial surveillance and deploying modern communication gadgets to abolish the constraints of time and space, the religious adversaries of the west were thus able to use the very principles of globalisation against the masters of globalisation

    This is the turbulent trajectory that has defined the life and times of the late Venezuelan leader. Yet despite Hugo Chavez’ sterling patriotism, there are a sizeable number of his country people who would frown at this posthumous apotheosis and near deification of a man they consider to be a mortally flawed demagogue. To a few of his fellow Venezuelans, Chavez remains a divisive and controversial figure who exacerbated the economic and ethnic fault lines of his nation.

    To them, his economic doctrine was barmy and simply did not make much sense, based on socialist emotionalism rather than a sound attempt to use god-given resources for truly transformative purposes. By dipping his hands freely and joyously into the petroleum reservoirs of his nation like some oilman of Caracas, Chavez has shown himself to be nothing but a vagabond potentate who would have led his country eventually into economic ruination.

    This may make economic sense, but it is a politically worthless argument. There can be little doubt about the salutary and telling effect of Chavez largesse to his people. By his emancipatory policies, Chavez has freed the most wretched of the Venezuelan earth from the clutches of the most desperate of poverty, disease and illiteracy.

    But more importantly by allowing the Venezuelan people to enjoy their god-given bounty, Chavez has returned us to the first principles of sovereignty: that power and national resources belong first and foremost to the people and not to a thieving political elite and their mealy-mouthed equivocations about a mythical transformation. This is a signal lesson to the ruling classes of other Third World countries, particularly Nigeria.

    In the end, what is important is what a leader means to his people and not what the homogenising citadels of political and economic correctness feel. In the age of western-induced globalisation, the reaffirmation and reassertion of national destiny has returned to the front burner. The nation-state paradigm may be frayed and frazzled at the edges but it still remains the most dominant instrument of territorial mapping.

    In death, Hugo Chavez has joined the illustrious pantheon of Latin America leaders who lived for their people and fought with them. Simon Bolivar, Che Guevara, Salvador Allende, Fidel Castro, etc. Together with a stellar galleria of equally iconic writers, poets, novelists, essayists and philosophers they have succeeded in forging a unique identity for the Latin American continent and as the counter-hegemonic lodestar against late imperialism.

    It was often said that the right may win all the major political battles in Latin America, but it will never produce great leftwing writers of the global stature of Pablo Neruda, Louis Borges and the incomparable fabulist, Gabriel Marcia Marquez. Yet the rise and ascendancy of a series of leftwing, anti-imperialist governments committed to a more humane and equitable vision of human society in contemporary Latin America may no longer be a historical fluke but the final working out of some momentous historical contradictions.

    The world and humanity at large may yet have the Latin Americans to thank for providing us with a way out of the six hundred year epistemological cul de sac of western modernity. As they have done with their Liberation Theology, their concept of no-capitalism, the stellar challenges of their original and groundbreaking scholars to the grandiose claims of Metropolitan modernity, the contributions of their institutions to a new global knowledge order and the vast array of different developmental models emanating from their governments, they have shown us that it is possible to envision a more humane and redemptive world order. May the great soul of Hugo Chavez rest in peace.