This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tough Times Ahead In Post-Chavez Venezuela

Jorge Roig, vice president of the Fedecamaras business chamber, said the rules for bidders were late in coming, overly complicated and discouraged small and medium-size firms from participating. At least $1 billion more is needed to keep companies rolling, Roig told Caracas' Union Radio on Wednesday.

The Venezuelan Association of Medical, Dental and Laboratory Equipment says its members collectively owe $300 million for past imports, which were suspended in November because they couldn't pay.

"There are no test tubes to collect blood samples. There are no colostomy bags. No electrocardiogram paper. No X-ray plates," said Anerlin Garcia, the group's executive director.

Simon Nobile, president of the Venezuelan Association of Pasta Foods, says more dollars alone won't help. The government also must raise its official prices on hundreds of products because they don't reflect the effects of inflation, he said.

Eleven manufacturers in Nobile's association employ 5,000 people but are close to shutting down because the price of pasta has been frozen for two years. The official selling price of 68 U.S. cents per kilogram (2.2 pounds) makes up only half the production cost, Nobile said. He said firings could happen at his company as early as April.

"If the government doesn't make a decision," he said, "this is the end."


AP writers James Anderson and Christopher Toothaker contributed to this report.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.75 -1.10%
FB $117.53 0.69%
GOOG $693.00 0.29%
TSLA $240.76 -2.81%
YHOO $36.61 0.06%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs