Re: Chavez’s 3-Tiered Currency System May Spur Inflation

Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Reply New Message

Prev Message Back To Forum Threaded View Next Message

mineonmoney

Rank: President [?]

Points: 20356 [?]

Votes: 156 Score: 3.4 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Re: Chavez’s 3-Tiered Currency System May Spur Inflation

in response to

Chavez’s 3-Tiered Currency System May Spur Inflation

mineonmoney

posted on Jan 11, 2010 10:13AM

By Daniel Cancel

Jan. 11 (Bloomberg) -- BMO Capital Markets cut its earnings target for Avon Products Inc. because the cosmetics maker was one of many U.S. consumer companies “ill prepared” for Venezuela’s currency devaluation, said BMO analyst Connie Maneaty.

New York-based Avon had as much as $135 million in local currency in Venezuela at the end of the third quarter, Maneaty said. Venezuela devalued the official exchange rate by as much as 50 percent on Jan. 8.

To contact the reporter on this story: Daniel Cancel in New York at dcancel@bloomberg.net

1 Recommendations

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Please to post a reply