Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Bangladesh: Textile workers' lives still at risk?

Read more

TALKING EUROPE

José Bové, Candidate for the EU Commission presidency, Group of the Greens

Read more

WEB NEWS

NYPD's online campaign backfires

Read more

ENCORE!

Celebrating the Bard's birthday in Britain

Read more

THE INTERVIEW

Yuki Tatsumi, Senior Associate of the East Asia Program, Stimson Center

Read more

INSIDE THE AMERICAS

USA: Executions halted over drugs secrecy

Read more

IN THE PAPERS

An overly optimistic plan?

Read more

IN THE PAPERS

#NYPD Fail

Read more

BUSINESS DAILY

Soaring iPhone sales in China boost Apple earnings

Read more

  • Russia orders military drills as Ukraine moves on separatists

    Read more

  • Israel halts Middle East peace talks over Hamas deal

    Read more

  • Afghan guard kills US doctors in Kabul hospital attack

    Read more

  • Platini: PSG in danger over Financial Fair Play rules

    Read more

  • Ségolène Royal denies banning cleavage at French ministry

    Read more

  • Palestinian unity deal stirs anger in Israel

    Read more

  • Video: Mayor in east Ukraine ready ‘to turn Slaviansk into battlefield’

    Read more

  • US would defend Japan in islands dispute, Obama says

    Read more

  • New far-right mayor moves to quash Paris region mosque

    Read more

  • US soldiers arrive in Poland as Ukraine crisis continues

    Read more

  • Fatah, Hamas agree to form Palestinian unity government

    Read more

  • Millions of Syrians desperately need aid, says UN

    Read more

  • Muslims in CAR pray for an escape route

    Read more

  • Madrid beat Bayern 1-0 in first leg of Champions League semis

    Read more

  • Britain's ex-PM Blair warns against spread of radical Islam

    Read more

  • Turkish PM offers condolences to descendants of Armenians killed in 1915

    Read more

  • Gay marriage, one year on: ‘French civilisation did not crumble’

    Read more

  • Colombian president reinstates firebrand Bogota mayor

    Read more

  • NYPD public relations campaign on Twitter goes awry

    Read more

  • In pictures: Violent protests erupt in Rio

    Read more

Americas

Franco-Colombian supermarket chain to be nationalised

©

Text by News Wires

Latest update : 2010-01-18

Venezuelan President Hugo Chavez announced on Sunday that his government would expropriate the Franco-Colombian supermarket chain Exito ahead of the official devaluation of the bolivar currency on Monday.

AFP - President Hugo Chavez on Sunday said the government would expropriate the Franco-Colombian supermarket chain Exito for price speculation, in the wake of the devaluation of the national currency, the bolivar, last week.

"The Exito chain, on grounds of numerous violations of Venezuelan laws, will belong to the Republic," Chavez said on his weekly, radio and television show "Alo Presidente."

He said he had ordered Congress to quickly pass a new law for the nationalization of Exito, which he hoped would become a "sword" against any retailer who raises his prices to "speculative" levels.

The Exito chain is majority owned by French group Casino and has branches in several Venezuelan cities. It sells everything from food to home appliances.

Chavez a week ago announced a crackdown on price gouging a day ahead of an official devaluation of the bolivar, which on Monday began trading at 4.30 to the US dollar for "non-essential" goods -- double the previous rate -- and at 2.60 for basic goods.

By Thursday, he made good on his threat by temporarily shuttering more than 600 retail stores, some of which he accused of hiking prices by 80 percent.

In addition to being shuttered, the shops accused of speculation must also pay a fine.

The bolivar devaluation was the first since 2005, and was designed in part to bolster public finances that have withered amid dwindling oil revenues and a rapidly contracting economy.

Critics said the move would allow Chavez to boost public spending ahead of elections in September but could severely damage the health of the economy.
 

Date created : 2010-01-18

Comments

COMMENT(S)