Ford to Take $800 Million Charge on Venezuela Operations

Ford says it will take an $800 million charge in the fourth quarter because of exchange rate problems between the Venezuelan bolivar and the U.S. dollar. The company says the charge will cut fourth-quarter net income by $700 million, after deferred tax benefits. But the automaker still expects a full-year pretax profit of $6 billion when it reports 2014 earnings Thursday. In September, Ford cut its full-year pretax profit forecast to $6 billion. That's down from $8.6 billion in 2013. The charge is the second related to Venezuela for 2014 and brings the total impact to more than $1 billion for the year. Ford shares slipped slightly Friday.