Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Police guard a polling station in Caracas, where turnout was notably low. Photo: Roman Camacho/SOPA Images/LightRocket via Getty Images

Venezuelan president Nicolas Maduro is declaring victory in Sunday's sham election — and the U.S. is responding with new sanctions.

Between the lines: Turnout plummeted to 46% from about 80% in previous elections despite the fact that Maduro offered cash and boxes of food to those who cast ballots. That's remarkable in a country struggling through one of the world's worst economic crises. Dwindling support, a collapse in oil production and signs of dissent within the military mean Maduro could struggle to see out his new six-year term.

  • Five years after the death of Hugo Chavez, both the Socialist Party and the weakened opposition are struggling to mobilize supporters. A viral video of Maduro waving enthusiastically to an empty square underscores the fact that the emperor is increasingly short on clothes.

Harold Trinkunas, a Latin America expert at Stanford and Brookings, notes that the armed forces were tasked with election security, and ultimately "sat there looking at empty polling places all day." The rate of soldiers detained for disloyalty already has already spiked this year, Trinkunas says.

Military support is crucial, as Eurasia Group's GZERO Media noted in the most recent Signal newsletter:

  • "Elections aren’t really what keeps a fellow like Maduro in power. What keeps him in power — as in other failing, deeply corrupted, or profoundly undemocratic systems — is the loyalty of economic and military elites."
  • "If the Venezuelan elections don’t matter, what happens afterwards most certainly does. The critical question is: Can Maduro hold together a collapsing country while keeping the carousel of money and privilege turning for the shrinking elite core of the Chavista regime?"

But, but, but: The Venezuelan opposition remains hopelessly fractured, and didn't even seem sufficiently organized to capitalize on the low turnout, Trinkunas says.

What to watch:

  • For the time being, Maduro seems well insulated from internal challenges, Trinkunas says, but oil production has fallen off a cliff and Venezuela's creditors like ConocoPhillips are being increasingly assertive.
  • One remaining lifeline is Russia, which as Reuters reports, is offering "the cash and credit the regime needs to survive" in exchange for valuable Venezuelan assets.
  • The U.S. is intent on ratcheting up the pressure on Maduro's regime, announcing new sanctions today banning Americans from buying Venezuelan debt and making it harder for Venezuelan officials to "sell off public assets in return for kickbacks."

The bigger picture: Faced with hyperinflation, crippling food and medicine shortages, limited electricity and an oppressive dictatorship, around 5,000 Venezuelans a day are fleeing to surrounding countries. Upwards of 1.5 million left between 2014 and 2017.

Go deeper: The new global migrant crisis is in the Americas.

Go deeper

Pipeline hack spotlights cyber risks to energy systems

Illustration: Aïda Amer/Axios

The ransomware attack against the Colonial Pipeline — the massive East Coast gasoline artery — is a stunning real-world example of the increasing risks that the energy sector faces from a cyberattack.

Why it matters: Different parts of the vast American energy system are vulnerable — from pipelines to power grids to individual power plants and plenty in between.

1 hour ago - Technology

Scoop: TikTok launching jobs service for Gen Z

Illustration: Aïda Amer/Axios

TikTok is testing a tool for brands to recruit employees, sources tell Axios.

Details: The pilot program is designed to help people find jobs on TikTok and connect with companies looking to find candidates. It's also meant to help brands use TikTok as a recruitment channel.

Crypto media boom

Data: SimilarWeb; Chart: Axios Visuals

A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.

Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!