Category Archives: Venezuelan News

The Life and Career of David Osio

As the CEO and founder of Davos Financial Group, David Osio is responsible over the global and domestic strategy firm. In addition to this, Osio also oversees the operational matters, helps to ensure effective practices in management, and is part of the development of the the financial services firms portfolio. After he had established the first asset management company with the needs in the Latin American market, especially for Venezuela, Osio spent almost 20 years in transforming DFG into a global company that has offices within the major financial centers like New York, Geneva, Panama, Miami, and Lisbon. In his early career, from 1989 to 1993, Osio served as the vice president of Banco Latino International, a commercial banking company in Miami. As the manager in departments for private and corporate banking, he has been
responsible for defining department strategies. While at Banco Latino International, Osio would reach increases for the bank’s international portfolio, this included counterbalancing of the relative instability for the Venezuela’s banking industry at that time. Before starting at Banco Latino International in 1989, David Osio graduated from Catholic University Andres Bello, located in Caracas, as a lawyer and graduated with honors. It was then that he would begin his career in Venezuela, working at Legal Desk MGO as the Director, his responsibilities in this position was to provide legal advice for multinational clients such as Consolidated and Ferro Bank. And almost a decade later, David Osio has completed his specialization at Higher Administration Studies,
an institute located in Caracas, completing this between 1996 and 1998. And as of 2010, he has gained advanced professional credentials, while at the New York Institute of Finance, where he is studying Management Investment Portfolios.

In February of 2016, falling oil prices had threatened the payment of an external debt in Venezuela. After a sharp drop for oil prices, there were some countries within Latin America that had managed better in comparison to others. In Mexico and Colombia, who are more free-market oriented areas, the collapse of oil prices did not
experience any large-scale crises, this being because of flexibility in their economic policies. For these countries, thanks to the floating currency market system, it allows an adjust to their economies before any external shocks that are currently affecting other parts of the world. However, in the countries like Venezuela, the
economic and political system does not allow for flexibility in adjusting, and the evaporation of revenue from oil industries has caused a liquidity crisis dollars, according to David Osio. Also, according to Osio, this results in creating a negative spiral that will directly affect the domestic production, and will put the economics
at risk in the future, and without an investment there is no guarantee of it.

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Venezuela Time Changes in Hope to Save Power

In 2007, President Hugo Chávez changed Venezuela time to jump backward half an hour, so the kids can wake up for school in daylight. He died of cancer and Nicolás Maduro became his successor in 2013. According to The Guardian, in April, Maduro decided it was best to jump forward so people come home from work in daylight when usage peaks. The Guri reservoir according to Open Corporates provides two-thirds of Venezuela power is at a low point, because of severe drought. Leaving Venezuela to experience frequent water and power outages.

The time jump went into affect May 1st.
This measure was accompanied by other power-saving ideas from Jose Velasquez, such as three day weekends for public sector employees, rationing at malls, and encouraging women to use hair dryers less.
These decisions were mocked by some on social media and even comedians, like Jean Mary Curro.
Maduro blames El Niño, while critics claim the state is at fault for inadequate investment, preparation, and diversification of resources, to avoid over dependence on the Guri dam.