Chavez Extends Socialist Rule With Venezuelan Election Win - Businessweek [dayinformations.blogspot.com]

Chavez Extends Socialist Rule With Venezuelan Election Win - Businessweek [dayinformations.blogspot.com]

Question by Ellie: what is the "additional information" section of the common application for? Is it bad to leave it blank? So you mean, if you did somethng extremely fabulous/were recognized but couldn't put it anywhere else? because in that case it wouldn't apply to me But should I add why I want to pursue the major I've chosen, or something like that? Best answer for what is the "additional information" section of the common application for?:

Answer by ooooo
No, there's nothing wrong with leaving it blank. The only time you would write anything there is if there's some important information related to your application that isn't covered by any of the other questions, or that you didn't have enough space to fully answer in an earlier question. Edited to add: Yes, you could use it to add on extra awards or accomplishments that didn't fit or didn't apply to earlier questions. Other things that could go there might be to explain something that could look bad but that you have a good explanation for (poor grades one semester due to a severe illness, etc.). Or practical information, such as if your family will be moving and you will need to be reached at a different address after a certain date. Or simply a footnote to something you talked about elsewhere, but the box was too small, in which case you'd put: (see "additional information" for details). As for why you want to pursue the major you've chosen, that sounds more like something you'd include in your essay/personal statement. If it's appropriate to what you've written. Otherwise, I wouldn't worry about it.

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Venezuelan President Hugo Chavez extended his self-declared socialist revolution for six more years by winning yesterday’s presidential election, overcoming a battle with cancer and his most formidable opponent since he took office 14 years ago.

With 90 percent of the votes counted, the former paratrooper received 54 percent support, the national electoral council said last night. Henrique Capriles Radonski, the former governor of Miranda state, conceded the race after taking 45 percent. Fireworks erupted across Caracas as Chavez supporters partied in the streets downtown.

“It was a perfect battle all the way down the line,” Chavez, 58, told a throng of supporters from a balcony at the presidential palace near midnight. “I congratulate from my heart the more than 8 million Venezuelans who voted for Chavez. More than 8 million compatriots who voted for the revolution, who voted for socialism.”

Chavez solidified his support by tapping the world’s biggest oil reserves to subsidize food, provide low-cost housing and expand health care among the poor. Questions about his health following three cancer-related surgeries mean attention will now shift to who would succeed Chavez if he gets too sick to remain in office, said former Brazilian Foreign Minister Luiz Felipe Lampreia.

“The succession race will begin almost immediately,” said Lampreia, who oversaw ties with Venezuela when Chavez took office in 1999. “It could create a problem of instability in the government because it’s not clear who his preferred successor is.”

Respect the Results

Capriles, who was running neck and neck with Chavez in several pre-election polls and even predicted to win by analysts from Barclays Plc, congratulated his opponent and called on him to govern for all the country’s citizens.

“I’m here to recognize and respect the will of the people,” the 40-year-old Capriles told supporters, some of them in tears, at his campaign headquarters in Caracas. “This is a country that has two visions and a good president is one who works for the union of all Venezuelans.”

Chavez’s victory was his slimmest ever. He won election in 1998, 2000 and 2006 by 16 percentage points, 22 points and 26 points, respectively.

Bonds Decline

Venezuelan bonds declined after the vote. Petroleo de Venezuela SA dollar bonds due 2017 fell at 11:54 a.m. in London, sending yields up 26 basis points to 11.44 percent, Stuttgart Stock Exchange prices show. Bond trading is closed today in the U.S. for Columbus Day, shutting down the main market for Venezuelan dollar debt.

Investors had seized on Chavez’s health scare and Capriles’s strong campaign to buy up Venezuelan bonds, which have returned 30 percent this year through September, more than any country except Ivory Coast, according to JPMorgan Chase & Co.’s EMBI Global index.

Chavez, who has seized more than 1,000 companies or their assets since taking office, will probably pursue more expropriations and extend state control over the economy in his next six-year term, said Eric Farnsworth, vice president of the Council of the Americas in New York.

“Every time he’s won elections he’s tried to use it to claim a mandate and he now has a ticking clock against him in terms of his health,” Farnsworth said in an interview. “It’s quite conceivable that he’ll try to implement his vision even quicker now because he’s not sure how long he’ll be around.”

If Chavez becomes too ill to serve during the first four years of his term, which starts Jan. 10, Vice President Elias Jaua would assume the presidency for 30 days while elections are held. If Chavez is unable serve the final two years, the vice president can finish out the term.

Succession Plan

While Diosdado Cabello, the national assembly president who fought alongside Chavez in a 1992 army rebellion, and Foreign Minister Nicolas Maduro are potential replacements, Chavez has dismissed the need for a succession plan since he claims to be free of cancer.

“Undoubtedly, chavismo without Chavez is in trouble and the question of his successor would challenge his party in ways it hasn’t before,” said Miguel Tinker Salas, a professor of Latin American history at Pomona College in Claremont, California, who wrote a book about Venezuela.

Despite Capriles’s ability to unite Venezuela’s normally fractious opposition, his compatriots failed to rally behind his pledge to open up the economy without sacrificing social programs started by Chavez.

Under Chavez, poverty fell to 31.6 percent at the end of 2011 from about 50 percent when he first took office, according to the national statistics institute. Venezuela has the lowest level of inequality in Latin America and the Caribbean, according to the United Nations.

Economic Challenges

The president was also helped by a recovering economy that grew 5.4 percent in the second quarter, fueled by a 30 percent surge in pre-election spending.

Still, the economic challenges facing Chavez remain immense. While inflation slowed for nine straight months to 18.1 percent in August, it’s still the highest annual rate of 102 economies tracked by Bloomberg after Belarus and Iran. There’s also mounting speculation that the government will devalue the bolivar after the vote.

“He’s inevitably going to have to devalue and it’s going to be immediately,” said Kathryn Rooney Vera, an emerging- markets analyst at Bulltick Capital Markets in Miami. “He has to do it even just for government financing reasons.”

Rooney Vera forecast the bolivar will tumble from a fixed rate of 4.3 bolivars per U.S. dollar to at least 7 per dollar.

Opposition’s Future

Capriles sought to draw a contrast with his rival in an energetic campaign that included stops in almost 300 communities. By unifying a fragile alliance, Capriles may have sealed his role as the leader of the opposition going forward, said Javier Corrales, an associate professor at Amherst College in Massachusetts who wrote a book about Chavez’s government.

“Capriles is starting his career still,” Corrales said in a phone interview.

As pre-election polls showed the race tightening, Chavez apologized for his government’s shortcomings, vowing to eliminate poverty and be a “more efficient” leader.

“I’m committed to being a better president starting on Oct. 8,” he told supporters at an Oct. 2 rally in Lara state.

“Chavez is an icon,” said Lampreia. “As long as he’s alive, most people will vote for him.”

To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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