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Wifezilla
Low-Carb Queen - RIP: 1963-2021
Wasn't it??
Apparently things are getting fun in Venezuela these days too!
"Venezuelan President Hugo Chavez said he may nationalize two coffee companies after taking temporary control of their processing plants yesterday and vowed to keep seizing monopolies as he works to construct a socialist economy.
Weve intervened in these big companies, Chavez said today on state television. Now we are conducting a study to expropriate them. They will become property of the nation.
Chavez is expanding state control over what he calls strategic industries, including metals, energy and basic materials. Earlier this year he ordered the government to occupy a rice plant owned by the countrys biggest food producer Empresas Polar SA, and he expropriated a plant owned by food giant Cargill Inc., the largest privately held U.S. company.
Yesterday, government workers took control of plants owned by Fama de America SA and Marcelo & Rivero CA, which have a combined 80 percent share of Venezuelas coffee market. The government will operate the factories for at least three months in a bid to reduce coffee shortages as an investigation is conducted into possible hoarding and price speculation.
Chavez blames manipulation by private companies for the surge in Venezuelan consumer prices, resulting in the highest inflation rate in 78 economies tracked by Bloomberg. He has increased regulation to enforce price controls, which companies say cause them to operate at a loss.
Venezuelas inflation rate was 27.4 percent in June.
Coffee Smuggling
Chavez said the coffee companies buy Venezuelan beans at a low price, sell them to Colombian processors for four times as much, and resell them in Venezuela as Colombian coffee.
Fama de America and Marcelo & Rivera ran separate newspaper advertisements today denying any wrongdoing.
Coffee smuggling is a practice we condemn and energetically combat, Fama de America said. All purchases and sales are audited by the government, Marcelo & Rivera said.
Chavez, who often drinks as many as 10 small cups of coffee during his lengthy speeches, said that Venezuelan coffee is the best in the world.
Yesterday, Trade Minister Eduardo Saman said that private companies exploit the populations consumption of coffee by hoarding the product.
Arabica-coffee futures for September delivery fell 0.05 cent to $1.33 a pound on ICE Futures U.S. in New York. The price has gained 19 percent this year amid tight supplies from Central America and Colombia.
Chavez said today that hell accelerate the countrys move toward socialism.
Were going to keep nationalizing monopolies to convert them into productive companies in the hands of the people, Chavez said. Its the only way to create a truly democratic economy.
Media Relations
Since winning a referendum in February that abolished presidential term limits, Chavez, a 55-year-old former paratrooper, has nationalized the petrochemical industry and metals companies. He has also threatened to close the countrys most critical television channel, Globovision.
The government shut 32 radio stations and two television channels on July 31 as part of a review of some 285 broadcasting licenses that may be revoked.
Venezuela is democratizing the media by transferring broadcasting licenses from wealthy families to communities, Chavez said today.
Chavezs nationalization drive may become easier as higher oil prices bolster government revenue. Venezuela, Latin Americas biggest oil exporter, depends on oil for more than 90 percent of export revenue and about half of government spending.
Oil prices have climbed 60 percent this year, settling today at $71.42 a barrel on the New York Mercantile Exchange.
The Venezuelan government has open arbitration cases for investment disputes with U.S. oil companies Exxon Mobil Corp., and ConocoPhillips as well as Mexican cement company Cemex SAB for nationalized assets.
This year Chavez agreed to pay Luxembourg-based steel company Ternium SA $1.97 billion for its stake in a local steel mill and $1.05 billion to Spains largest bank, Banco Santander SA, for its local unit."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=au4MaqXw2Mk4
Apparently things are getting fun in Venezuela these days too!
"Venezuelan President Hugo Chavez said he may nationalize two coffee companies after taking temporary control of their processing plants yesterday and vowed to keep seizing monopolies as he works to construct a socialist economy.
Weve intervened in these big companies, Chavez said today on state television. Now we are conducting a study to expropriate them. They will become property of the nation.
Chavez is expanding state control over what he calls strategic industries, including metals, energy and basic materials. Earlier this year he ordered the government to occupy a rice plant owned by the countrys biggest food producer Empresas Polar SA, and he expropriated a plant owned by food giant Cargill Inc., the largest privately held U.S. company.
Yesterday, government workers took control of plants owned by Fama de America SA and Marcelo & Rivero CA, which have a combined 80 percent share of Venezuelas coffee market. The government will operate the factories for at least three months in a bid to reduce coffee shortages as an investigation is conducted into possible hoarding and price speculation.
Chavez blames manipulation by private companies for the surge in Venezuelan consumer prices, resulting in the highest inflation rate in 78 economies tracked by Bloomberg. He has increased regulation to enforce price controls, which companies say cause them to operate at a loss.
Venezuelas inflation rate was 27.4 percent in June.
Coffee Smuggling
Chavez said the coffee companies buy Venezuelan beans at a low price, sell them to Colombian processors for four times as much, and resell them in Venezuela as Colombian coffee.
Fama de America and Marcelo & Rivera ran separate newspaper advertisements today denying any wrongdoing.
Coffee smuggling is a practice we condemn and energetically combat, Fama de America said. All purchases and sales are audited by the government, Marcelo & Rivera said.
Chavez, who often drinks as many as 10 small cups of coffee during his lengthy speeches, said that Venezuelan coffee is the best in the world.
Yesterday, Trade Minister Eduardo Saman said that private companies exploit the populations consumption of coffee by hoarding the product.
Arabica-coffee futures for September delivery fell 0.05 cent to $1.33 a pound on ICE Futures U.S. in New York. The price has gained 19 percent this year amid tight supplies from Central America and Colombia.
Chavez said today that hell accelerate the countrys move toward socialism.
Were going to keep nationalizing monopolies to convert them into productive companies in the hands of the people, Chavez said. Its the only way to create a truly democratic economy.
Media Relations
Since winning a referendum in February that abolished presidential term limits, Chavez, a 55-year-old former paratrooper, has nationalized the petrochemical industry and metals companies. He has also threatened to close the countrys most critical television channel, Globovision.
The government shut 32 radio stations and two television channels on July 31 as part of a review of some 285 broadcasting licenses that may be revoked.
Venezuela is democratizing the media by transferring broadcasting licenses from wealthy families to communities, Chavez said today.
Chavezs nationalization drive may become easier as higher oil prices bolster government revenue. Venezuela, Latin Americas biggest oil exporter, depends on oil for more than 90 percent of export revenue and about half of government spending.
Oil prices have climbed 60 percent this year, settling today at $71.42 a barrel on the New York Mercantile Exchange.
The Venezuelan government has open arbitration cases for investment disputes with U.S. oil companies Exxon Mobil Corp., and ConocoPhillips as well as Mexican cement company Cemex SAB for nationalized assets.
This year Chavez agreed to pay Luxembourg-based steel company Ternium SA $1.97 billion for its stake in a local steel mill and $1.05 billion to Spains largest bank, Banco Santander SA, for its local unit."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=au4MaqXw2Mk4
