Asdrubal Oliveros News
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Venezuelan President Nicolas Maduro named his cabinet yesterday after this month’s election victory, appointing Nelson Merentes finance minister of the South American country.
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Telefonica SA plans to increase spending in Venezuela this year to hedge against a further decline in the value of cash it can’t repatriate to Spain, according to a company presentation seen by Bloomberg News.
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The retired Venezuelan teacher says he was so desperate for dollars that he wired his life savings to a front company posing as a Margarita Island inn. Almost four months later, all he has to show for it is a menacing e-mail.
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In his last year as president, Hugo Chavez ordered Coca-Cola Femsa SAB and other beverage makers to cut prices, seized a local steel company’s assets and tightened currency controls that may cost Procter & Gamble Co. $275 million. Doing business in Venezuela isn’t likely to get easier under his successor.
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Venezuela’s Finance Ministry sold $200 million on a new secondary exchange system without disclosing the exchange rate for winning bids.
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Venezuela will establish a new parallel exchange rate as it seeks to crack down on a black market in which the dollar is worth about four times more than the official rate, Oil Minister Rafael Ramirez said.
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Venezuela will create an alternative currency market to crack down on a black market in which the dollar is worth about four times more than the official rate, interim President Nicolas Maduro said.
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Venezuela’s cancer-stricken President Hugo Chavez, who still has breathing problems, approved from Cuba an economic plan to boost exports that will be announced this weekend, said Vice President Nicolas Maduro.
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Venezuela is weighing changes to a central bank system used to control the foreign-exchange rate after the bolivar fell to a record in black-market trading, fueling speculation the currency will be devalued.
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Venezuelan consumer prices rose less than expected last month as a devaluation of the bolivar in February failed to have the immediate impact on prices that many analysts had anticipated.
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