Suppliers Count Devaluation Loss

Following the devaluation of the bolivar from VEB2.15/US$ to VEB4.30/US$ from January 8 2010, Venezuelan autos suppliers have begun to evaluate the possible impact of the ruling on their finances. The local subsidiary of US tyre maker Goodyear Tire & Rubber Company has calculated that although the ruling is unlikely to affect its 2009 financial position, it could cost it nearly US$150mn in Q110.

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