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Venezuela’s state bank announces partial share sale

AFP

Venezuela’s state bank said on Wednesday it would sell up to 10 percent of its shares as part of the government’s plan to inject capital into public companies struggling due to a lack of investment.

Two weeks ago, Venezuela President Nicolas Maduro announced a plan to sell off parts of public companies.

The Bank of Venezuela is the only state firm so far to have declared a share sale, although it gave no details as to when that would be.

It said in a statement shared on social media that it would “begin the public offer of 5 percent progressively up to 10 percent of its social capital.”

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“It is the first step by Venezuelan public companies to offer on the stock market the possibility for citizens, and national and international private economic actors, to take part in the country’s development through instruments of economic democratization.”

The first share sale was supposed to take place on May 16 with the CANTV telephone company, but it never happened and no explanation was ever given.

The Bank of Venezuela is the largest in the country with 15 million customers and was nationalized under the presidency of the late Hugo Chavez (1999-2013.)

It was under the control of the Spanish Santander Group from 1994 until the transfer of its shares to the state in 2009.

Since last year, several NGOs such as Transparency Venezuela have claimed that the government has been negotiating with the private sector with regards to state companies in fields such as farming, tourism and manufacturing.

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With the collapse of Venezuela’s vital oil industry and the punishing effects of US sanctions aimed at forcing Maduro from power, the government has been forced to relax various state controls imposed under Chavez.

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International

Paraguay summons Brazilian ambassador over Itaipú espionage scandal

Paraguay summoned the Brazilian ambassador in Asunción on Tuesday to demand “explanations” and called its own representative in Brasília for consultations following Brazil’s acknowledgment of an espionage operation. The Brazilian government, led by President Luiz Inácio Lula da Silva, attributed the operation to the previous administration.

The surveillance effort aimed to uncover Paraguay’s position in now-suspended negotiations with Brazil regarding the pricing of electricity from the binational Itaipú hydroelectric plant, according to reports in the Brazilian press.

The Brazilian government “categorically denied any involvement in the intelligence operation,” stating in a Foreign Ministry communiqué on Monday that the espionage was carried out under former President Jair Bolsonaro’s administration (2019-2023).

“The operation was authorized by the previous government in June 2022 and was annulled by the interim director of the (state intelligence agency) ABIN on March 27, 2023, as soon as the current administration became aware of it,” Brazil’s government asserted.

Paraguay’s Foreign Minister Rubén Ramírez announced that Brazilian Ambassador José Antonio Marcondes de Carvalho was summoned “to provide detailed explanations” regarding the operation. Additionally, Paraguay recalled its diplomatic representative in Brasília “to report on aspects related to the intelligence activity conducted by Brazil regarding Paraguay’s government affairs.”

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International

Elon Musk to step down as government advisor, per Trump insiders

President Donald Trump has informed his inner circle that Elon Musk will be stepping down from his role as a government advisor, according to a report by Politico today.

Citing three individuals close to Trump, Politico states that the president is pleased with Musk’s leadership at the Department of Government Efficiency (DOGE), where he has implemented significant budget cuts. However, both have agreed that it is time for Musk to return to his businesses and support Trump from a different position outside the government.

A senior administration official told Politico that Musk will likely maintain an informal advisory role and continue to be an occasional visitor to the White House. Another source warned that anyone thinking Musk will completely disappear from Trump’s circle is “deluding themselves.”

According to the sources, this transition is expected to coincide with the end of Musk’s tenure as a “special government employee,” a temporary status that exempts him from certain ethics and conflict-of-interest regulations. This 130-day period is set to expire in late May or early June.

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International

Milei vows to make Argentina so strong that Falkland Islanders “choose” to join

Argentine President Javier Milei reaffirmed his country’s claim over the Falkland Islands (known as the Islas Malvinas in Argentina) and praised the role of the nation’s armed forces during a ceremony marking the “Veterans and Fallen Soldiers of the Malvinas War Day,” commemorating 43 years since the 1982 conflict with the United Kingdom.

Argentina continues to assert sovereignty over the islands, arguing that Britain unlawfully seized them in 1833.

“If sovereignty over the Malvinas is the issue, we have always made it clear that the most important vote is the one cast with one’s feet. We hope that one day, the Malvinas residents will choose to vote with their feet and join us,” Milei stated.

“That is why we aim to become a global power—so much so that they would prefer to be Argentine, making deterrence or persuasion unnecessary. This is why we have embarked on a path of liberation, working to make Argentina the freest country in the world and once again the nation with the highest GDP per capita on the planet,” he added.

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