Likely top stories this week: Venezuela’s National Assembly is increasing presidential powers for President Nicolás Maduro; Demand for U.S. oil grows in Latin America; Michelle Bachelet enters second round of presidential elections in Chile; Arrest warrants are issued for bankers and politicians involved in Brazil’s biggest corruption trial; Cristina Fernández de Kirchner returns to office.
Presidential Powers in Venezuela: Venezuela’s National Assembly gave initial approval to a bill last week that would grant President Nicolás Maduro decree powers for 12 months. Maduro says he plans to use the new authorities to combat corruption and the country’s ongoing economic crisis, yet critics fear it will be used to suppress the opposition. The bill still requires final approval from a special commission, but is unlikely to undergo substantial changes.
Demand for U.S. oil grows in Latin America: Demand for U.S. fuels has doubled in Latin America during the past five years and continues to grow. The increased demand is due to economic growth and outdated Latin American refineries that have been unable to sustain production at levels comparable with market demands.
Bachelet Enters Second Round Presidential Elections in Chile: Michelle Bachelet won nearly twice as many votes as her second-place opponent, Evelyn Matthei, in the first round presidential elections in Chile. Bachelet won 47 percent of votes and Matthei won 25 percent, leading the two into a final and second round which will be Chile’s first in which both candidates were women. Bachelet’s center-left Nueva Mayoría (New Majority) coalition failed to win a super-majority in Congress, posing a challenge to the candidate’s proposed social and economic reforms.
Supreme Court Issues Arrest Warrants in Brazil Corruption Trial: Brazil’s Supremo Tribunal Federal (Supreme Federal Tribunal—STF) issued arrest warrants on Friday for 12 of the 25 convicted politicians, businessmen and bankers involved in the country’s Mensalão (monthly allowance) corruption scandal. Several prominent politicians—including José Genoino, the former president of the Partido dos Trabalhadores (Workers’ Party—PT), and José Dirceu, former chief-of-staff to President Luiz Inácio Lula da Silva—immediately turned themselves into federal authorities.
Cristina Fernández de Kirchner Returns to Office: Argentine President Cristina Fernández de Kirchner returned to office Monday after taking a six-week medical leave and undergoing surgery to stop internal bleeding caused by head trauma. Following her doctors’ recommendation, Kirchner remained on leave for a week longer than she had originally planned.