Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Venezuela stages own concerts in response to Branson's Live Aid show

Published 18/02/2019, 23:22
Updated 18/02/2019, 23:22
© Reuters. Venezuela's Communications and Information Minister Jorge Rodriguez speaks during a news conference at Miraflores Palace in Caracas

CARACAS (Reuters) - Venezuela's government will stage two concerts on the Colombian border this weekend to compete with a "Live Aid"-style show announced by British billionaire Richard Branson to raise funds for food and medicine for the South American country.

Increasingly internationally isolated President Nicolas Maduro, who denies there is a humanitarian crisis in Venezuela, says Western relief efforts coordinated by the opposition are part of a U.S.-orchestrated coup to overthrow him.

Branson said last week he was organising a concert on Feb. 22 to raise funds for aid for Venezuela in the Colombian border city of Cucuta, where donations provided by the United States and others are already being stockpiled.

The move has evoked comparisons to Irish rock star Bob Geldof’s global Live Aid concert to raise money for famine relief in Ethiopia. Branson has said he wants to raise $100 million in 60 days.

Venezuelan Information Minister Jorge Rodriguez said on Monday that the government was also planning concerts on Feb. 22 and 23, on the Simon Bolivar bridge connecting the country with Cucuta, with the slogan "nothing for war, hands off Venezuela".

The government would also hand out food to poor residents of Cucuta this weekend, he said in televised statements - a "cynical" move, according to opposition leader Juan Guaido, given shortages of food in Venezuela.

Guaido last month invoked constitutional provisions to assume the presidency, arguing Maduro was re-elected in a sham election, and has since been recognised as Venezuela's legitimate leader by dozens of nations.

He said on Monday that the government's statements would not alter the opposition's plans to bring in aid from neighbouring countries via land and sea on Saturday with the help of volunteers nationwide.

"This does not in the slightest change our plan to generate pressure, to ensure the arrival of the aid," Guaido said at a news briefing. "If it doesn't enter on the twenty-third, it will enter on the twenty-fourth, it will enter on the twenty-fifth" of February.

The opposition has urged the military, which remains loyal to Maduro, to let the aid in. Analysts say that would seriously undermine Maduro's authority and could lead to his ouster.

© Reuters. Venezuela's Communications and Information Minister Jorge Rodriguez speaks during a news conference at Miraflores Palace in Caracas

In a speech late on Monday, U.S. President Donald Trump warned members of Venezuela's military who are helping Maduro to stay in power that they are risking their future and their lives and urged them to allow humanitarian aid into the country.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.