Daily Comment 19JUL2017

July 19, 2017gquiroga

Venezuela -The National Assembly (AN in Spanish) approved the final reports on the popular consultation of 16 July and the candidates for magistrates of the Supreme Court (TSJ in Spanish). The latter is part of the process of one of

Daily Comment 18JUL2017

July 18, 2017gquiroga

Venezuela – Following the results of the public consultation election on Sunday, the Democratic Unity Roundtable (MUD in Spanish) called for a 24-hour national strike on Thursday in protest against the National Constituent Assembly (ANC in Spanish) proposed by the

Daily Comment 13JUL2017

July 13, 2017gquiroga

Venezuela – S&P Global Ratings, following its Tuesday action of downgrading Venezuela’s rating, yesterday decided also to downgrade the corporate credit of Corporacion Electrica Nacional, better known as CORPOELEC (former ELECAR). The action resulted in a downgrade from “CCC” to

Daily Comment 12JUL2017

July 12, 2017gquiroga

Venezuela – A US appeals court blocked Exxon Mobil Corp from enforcing a USD1.6bn award against Venezuela for an asset seizure back in 2007. The court ruled that the judge made a mistake in excusing Exxon from complying with procedural

Daily Comment 11JUL2017

July 11, 2017gquiroga

Venezuela – The news agency Reuters reported that PDVSA issued a communique where they claim that they fully guarantee to their investors and associates – in the JV’s – the legal security on their contracts. This communique comes as concerns

Daily Comment 10JUL2017

July 10, 2017gquiroga

Venezuela – From this week and until the end of this month the political agenda from both the opposition and the government is already full. This Sunday in a press conference the opposition party stated that they have already enabled

Daily Comment 07JUL2017

July 7, 2017gquiroga

Venezuela – The sixth auction of the DICOM system was, once again, adjudicated through the contingency method, reason why the FX rate for this week stood unchanged at VEF/USD2,640. In detail, a total of USD30.7mn were adjudicated, from which USD5.07mn

Daily Comment 06JUL2017

July 6, 2017gquiroga

Venezuela – The National Assembly (AN in Spanish) approved yesterday a plebiscite to take place on 16 July. In detail, three questions proposed by the Democratic Roundtable of Unity (MUD in Spanish) will be part of the popular consultation: Do

Daily Comment 05JUL2017

July 5, 2017gquiroga

Venezuela – Yesterday, the President of the Supreme Court, Maikel Moreno, said that the final results on the hearing for the case of the Attorney General (AG) Luisa Ortega Diaz will be release in five days. In this regard and

  • Wednesday, July 19 2017
    Venezuela

    -The National Assembly (AN in Spanish) approved the final reports on the popular consultation of 16 July and the candidates for magistrates of the Supreme Court (TSJ in Spanish). The latter is part of the process of one of the main items of the current agenda of “zero hour” established by the opposition party Democratic Unity Roundtable (MUD in Spanish), as the legislators expect to exercise their constitutional ability to name – on Friday 21 July – new magistrates and thus actively repudiate the current Supreme Court and i

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  • Tuesday, July 18 2017
    Venezuela

    - Following the results of the public consultation election on Sunday, the Democratic Unity Roundtable (MUD in Spanish) called for a 24-hour national strike on Thursday in protest against the National Constituent Assembly (ANC in Spanish) proposed by the administration of Nicolas Maduro. Furthermore, Freddy Guevara, deputy President of the Congress, said they expect to name the new magistrates of the Supreme Court on Friday. We can anticipate this move will not be acknowledge by both the government and the Supreme Court, but will u

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  • Thursday, July 13 2017
    Venezuela

    - S&P Global Ratings, following its Tuesday action of downgrading Venezuela’s rating, yesterday decided also to downgrade the corporate credit of Corporacion Electrica Nacional, better known as CORPOELEC (former ELECAR). The action resulted in a downgrade from “CCC” to “CCC -“while also maintaining the negative outlook. In detail, the rating agency argued that they are taking this action against the corporate as a result of the sovereign’s downgrade, as it reflects that this is a “government-related entity” (GRE

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  • Wednesday, July 12 2017
    Venezuela

    - A US appeals court blocked Exxon Mobil Corp from enforcing a USD1.6bn award against Venezuela for an asset seizure back in 2007. The court ruled that the judge made a mistake in excusing Exxon from complying with procedural requirements to enforce the October 2014 ruling. In this way, the court supported Venezuela’s point that Exxon should have tried to enforce the award under the federal Foreign Sovereign Immunities Act (FSIA), instead of streamlined procedures. All-in, Exxon's petition was dismissed without prejudice, meaning

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