Monday Memo: Venezuela Protests – Haiti Elections – Caribbean Energy – AT&T – Brazil Olympics
This week's likely top stories: Venezuelan opposition leaders halt protests in Caracas; Haiti swears in its nine-member Provisional Electoral Council; the U.S. hosts the first-ever Caribbean Energy Security Summit; AT&T acquires Nextel Mexico; Rio’s environment secretary announces that Guanabara Bay will not be clean in time for the 2016 Olympic Games.
Opposition Curbs Protests in Caracas: Protests in Caracas—against Venezuelan President Nicolás Maduro, chronic consumer staple shortages and a 64 percent increase in consumer prices—were called to an abrupt end by student opposition leaders over the weekend. Coming nearly a year after the violent demonstrations that led to 40 deaths and the incarceration of opposition leader Leopoldo López, the protests were quickly disbanded after several protestors clashed with police. Former opposition presidential candidate Henrique Capriles canceled his speech and organizers emphasized safety, encouraging protestors to go home. A day earlier, in a nationally televised addressed, Maduro held his opponents responsible for Venezuela’s economic troubles, accusing them of organizing an “economic coup,” and criticizing an attempt by former presidents Felipe Calderón of Mexico, Andrés Pastrana of Colombia and Sebastián Piñera of Chile to visit López in prison.
Election Council Selected in Haiti: Haiti swore in a nine-member Provisional Electoral Council on Friday, in a step towards holding legislative and local elections that had been scheduled for 2011. Haitian parliament was dissolved and President Michel Martelly has been ruing by decree since January 12 due to the stalled elections. The electoral council was sworn in shortly before a United Nations Security Council arrived in Haiti, coming after nearly eight weeks of violent protests calling for Martelly’s resignation. Presidential elections are expected this year.
U.S. Hosts Summit to Discuss Alternatives to PetroCaribe: Caribbean leaders are gathering in Washington today—with the exception of Cuba—for the first-ever Caribbean Energy Security Summit to brainstorm regional alternatives to the Venezuelan PetroCaribe oil subsidy program. The program has kept cash-strapped Caribbean governments afloat with $28 billion worth of oil on favorable financing terms since 2005. Although this perennial petroleum pipeline has been a lifeline in the region, its members owe a combined $12 billion to Venezuela. As the economic situation in Venezuela continues to deteriorate with the declining price of oil, PetroCaribe’s 17 members are now seeking alternative energy sources. Capitalizing on this opportunity to wrest back regional energy influence, U.S. Vice President Joe Biden is hosting today’s summit—along with the Council of the Americas and representatives from the EU, UN, World Bank, Inter-American Development Bank, and other organizations—to advise Caribbean leaders on financing opportunities and regulatory changes that would allow them to incorporate natural gas and renewable sources into their national energy grids.
AT&T Acquires Nextel Mexico for $1.9 Billion: AT&T Inc., the second-largest U.S. mobile phone carrier, purchased NII Holdings Inc.’s (Nextel) Mexican wireless assets today for $1.9 billion. The acquisition of Nextel Mexico’s network of 76 million people, its license and its high-paying monthly subscribers will strengthen AT&T’s strategic initiative of providing its first cross-border service between the U.S. and Mexico. This is the Dallas-based company’s third major expansion south of the border in the past year, after its takeover of DirecTV Mexico and Grupo Iusacell SA.
Rio Opts for Damage Control Over Sewage Treatment: The latest chapter in Brazil’s water troubles is Rio de Janeiro’s notoriously polluted Guanabara Bay, the site of the 2016 Olympic Games’ sailing and windsurfing competitions. With just over one and a half years to go before the opening ceremony, the new state environment secretary, Andre Correa, announced on Friday that the city will not be able to deliver on its pledge to cut the flow of raw sewage and garbage into Guanabara Bay by 80 percent. Correa estimated that diverting sewage from the bay and extending it to the entire metropolitan area would require an investment overhaul of $3.8 billion, and there is no known financing timetable in place. Cleaning Guanabara Bay by cutting the flow of pollutants to the trash-lined bay was supposed to be one of the game’s enduring civic legacies. The cleanup failure could potentially endanger the health of Olympic athletes, but the real losers are the residents of the surrounding favelas.
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