Business News

CCTV Script 07/03/13

This is the script of CNBC's news report for China's CCTV on March 6, Wednesday.

"Welcome to CNBC business daily.

Venezuelan President Hugo Chavez has died, after his 2 year battle with cancer.

The socialist leader was 58 years old. It ends his 14 year rule that was as much loved as it was hated. Elections for a new leader must be held within 30 days.

And it's likely to pit vice president Nicolas Maduro - Chavez's preferred successor - against centrist opposition leader Henrique Capriles who contested Chavez in the October elections.

So can the socialist regime survive another election?

[Sound on tape by Jim Rickards, Senior Managing Director, Tangent Capital Partners: There won't be much change. There are plenty of opponents to Chavez, and the Chavista party, but they're not well organized, they haven't coalesced. So I think Maduro will in all likelihood win and continue Chavez's policies in the short run.]

Oil markets will be firmly focused on developments in the South American nation, especially its future energy policies.

Venezuela is one of the world's biggest oil exporters, and one of the top five suppliers to the U.S. Analysts say that any drastic change to the polices could roil oil markets.

[Sound on tape by Jonathan Barratt, Founder, Barratt's Bulletin: I think that if we doget a little bit of of political unrest, because people try to get to the new presidency, that might create a little bit of geopolitical concern in the price.]

[Sound on tape by Wellian Wiranto, Investment Strategist, Barclays: Over the longer term, obviously the big question is how soon and how sustainably can Venezuela bring its oil reserves to the table, to the pipeline, and that remains a very much open question]

Venezuela's election will also be watched closely by its neighbors, as any political upheaval in Caracas could harm economic growth throughout the region.

[Sound on tape by Karen Hooper, Director of Analysis for Latin America, Stratfor: Venezuela's neighbors are looking to Venezuela to see how this is carried out. The stability of the transition will be very important for everyone involved. There are potential flash points for street violence, potential friction points between members of the Chavista inner circle, but for the most part, I think everyone is watching and waiting to see how the Maduro interim government carries out the transition. ]

Li Sixuan, from CNBC's Asia headquarters."