• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Mixing Equipment Directory

    The Wood Coatings Market

    Antimicrobial Coatings Market

    Additives Update

    Pigment Supplier Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Video Bites
    Raw Materials & Equipment
    Suppliers News
    Live From Shows
    Top News
    Nippon Paint Marine Wins Korea Export Award

    Universal Display Corporation, PPG Expand Global Production of UniversalPHOLED Materials

    PPG Introduces Premium Iso-free Primer Surfacer, Catalyst

    ECOS Paints Launches Lisa Tharp Colors

    OQ Chemicals Increases Carboxylic Acids, Esters Prices
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Nippon Paint Marine Wins Korea Export Award

    ECOS Paints Launches Lisa Tharp Colors

    BYK-Gardner Launches VMA-Getzmann TORUSMILL

    Sensory Analytics Announces Issuance of Broad New Patent Covering Coating Thickness Measurement

    Union Process Develops Attritor for Inks, Coatings Supplier
    Additives
    Binders
    Pigments
    Solvents

    OQ Chemicals Increases Carboxylic Acids, Esters Prices

    Arkema Reports Full-year 2020 Results

    New Increase in Kynar Fluoropolymer Capacities at Arkema's Chinese Site

    Emerald Kalama Chemical Acquired by LANXESS

    Raw Material Suppliers, Distributors Part of Recent M&A Activity
    Buyers Guide
    Company Capabilities
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    Keim Additec Surface USA LLC

    Eagle Specialty Products

    Shepherd Color Company, The

    Clariant Additives
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Surface Finishing Mexico 2021

    Cleveland Coatings Society Zoom Meeting

    Cleveland Coatings Society Zoom Meeting

    PCI Powder Coating Week

    Southern Society for Coatings Technology Annual Meeting and Technical Conference
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Shepherd Color Company, The

    Clariant Additives

    Keim Additec Surface USA LLC

    Eagle Specialty Products

    Siltech Corporation
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Latin America Reports

    Venezuela Reissues Bolivar to Fight Inflation

    ...

    Venezuela Reissues Bolivar to Fight Inflation
    Related CONTENT
    • Sherwin-Williams Protective & Marine Coatings Shares Solutions at WEFTEC 2018
    • Sherwin-Williams Seeks Paint Jobs for 2019 Aerospace Coatings Calendar 
    • Axalta Invests in Color Targeting Program to Capture 2019 Model Year Vehicle Colors
    • Axalta Makes Two Senior Appointments
    • Axalta Unveils New Paint Scheme on No. 88 Chevrolet Camaro ZL1
    Charles W. Thurston, Latin America Correspondent09.01.18
    Venezuela has revalued its inflation-heavy currency with a hope of containing runaway inflation, which has led to an imploding economic situation. The new bolivar Soberano or sovereign bolívar, slated for immanent issue under President Nicolás Maduro, will be five zeros slimmer than the preceding bolivar. This hopefully may prevent inflation from hitting an International Monetary Fund projection of 1,000,000 percent by year’s end. Prior to the move, the bolivar was reported to be trading at 3.5 million per U.S. dollar.

    The government announced that the new sovereign bolivar will be backed by the petro, a cryptocurrency that in turn, is backed by Venezuela’s oil reserves. This and other economic recovery measures apparently have not satiated those whom are calling for Maduro’s replacement: on August 4, two drones exploded in the air above a military parade attended in which Maduro was present.

    The chaotic situation has led Axalta to write off its Venezuelan assets. On July 25, Axalta released earnings with the disclosure that “in conjunction with the deconsolidation of our Venezuelan subsidiary during the three and six months ended June 30, 2017, we recorded a loss on deconsolidation of $70.9 million. During the (same months) we recorded non-cash impairment charges related to a manufacturing facility previously announced for closure of $3.2 million. We do not consider these to be indicative of our ongoing operating performance.”

    Venezuela’s economy is reliant on oil exports, but production has declined radically from a high of 3.4 billion BOPD in 1999 to close to 1.4 billion BOPD today. The United States is the largest importer of Venezuelan oil, but those exports have decreased by approximately 30 percent this year.

    As oil revenues decline, Venezuela has defaulted on its foreign debt obligations, leading it to cut oil futures deals with Russia’s Rosneft oil giant and with Chinese state entities. At the same time, U.S. relations have deteriorated, since the Trump administration imposed sanctions in August 2017 that restrict the Venezuelan government access to new international debt issuance. Last year, Trump went so far as to suggest a U.S. invasion of Venezuela, but that idea has faded, according to Washington press reports.

    The drama does not stop there. Several Venezuelan officials and businessmen were charged in Miami federal court with operating a $1.2 billion international money-laundering racket, funded with stolen government money that was invested in South Florida real estate and other assets, the Miami Herald reported in late July.

    The newspaper cited a Homeland Security affidavit that said, “Venezuela’s state of social, political and economic crisis, in which multibillion-dollar corrupt and criminal ecosystems thrive, drives rivers of criminal proceeds through South Florida.”

    Venezuela should be a strong market for consumer goods including paint and coatings. The country of 32 million has a GDP of $540 billion, corresponding to a $17,700 per capita GDP level. This is higher than the $16,000 level in Brazil or the $15,600 average in the region, suggesting that consumption of architectural lines should be high in a stable economic situation.

    The close relations between Venezuela and Colombia also could point to a contrarian opportunity for paint companies active in Colombia – like Lanco, Pintuco, Sherwin-Williams, and others – to strengthen investments or prepare strategic options in Venezuela while the exchange rate is still low. Grupo Orbis, the parent company of Pintuco, announced plans in April to invest $45 million in new capacity in Cartagena. 
    Related Searches
    • led
    • paint
    • washington
    • sherwin-williams
    Suggested For You
    Sherwin-Williams Protective & Marine Coatings Shares Solutions at WEFTEC 2018 Sherwin-Williams Protective & Marine Coatings Shares Solutions at WEFTEC 2018
    Sherwin-Williams Seeks Paint Jobs for 2019 Aerospace Coatings Calendar  Sherwin-Williams Seeks Paint Jobs for 2019 Aerospace Coatings Calendar 
    Axalta Invests in Color Targeting Program to Capture 2019 Model Year Vehicle Colors Axalta Invests in Color Targeting Program to Capture 2019 Model Year Vehicle Colors
    Axalta Makes Two Senior Appointments Axalta Makes Two Senior Appointments
    Axalta Unveils New Paint Scheme on No. 88 Chevrolet Camaro ZL1 Axalta Unveils New Paint Scheme on No. 88 Chevrolet Camaro ZL1
    Axalta Releases Second Quarter 2018 Results Axalta Releases Second Quarter 2018 Results
    Chemicals - Analyst Looks at Pension Funding on 10-K Releases Chemicals - Analyst Looks at Pension Funding on 10-K Releases
    NSF International Sustainability Series: Sustainability & Economic Opportunity Drive Waste Reduction NSF International Sustainability Series: Sustainability & Economic Opportunity Drive Waste Reduction
    46. Pintuco 46. Pintuco
    Axalta Publishes Sustainability Report Axalta Publishes Sustainability Report
    Sherwin-Williams Announces 2019 Colormix Color Forecast Sherwin-Williams Announces 2019 Colormix Color Forecast
    Axalta Coating Systems Receives EcoVadis Gold Star Award Axalta Coating Systems Receives EcoVadis Gold Star Award
    Sherwin-Williams Launches Color Express Powder Program Sherwin-Williams Launches Color Express Powder Program
    Belgian Axalta Employees Bike 1,000 km for Cancer Charity Awareness Belgian Axalta Employees Bike 1,000 km for Cancer Charity Awareness
    Sherwin-Williams Introduces Assured Applicator Certification Sherwin-Williams Introduces Assured Applicator Certification

    Related Latin America Reports

    • Mexico Recovery: Debate Among Optimists

      Mexico Recovery: Debate Among Optimists

      ...
      Charles W. Thurston, Latin America Correspondent 02.12.21

    • Latin America Construction Restart in Key Markets

      Latin America Construction Restart in Key Markets

      ...
      Charles W. Thurston , Latin America Correspondent 01.11.21

    • Update: COVID-19 Impact on Latin America

      Update: COVID-19 Impact on Latin America

      ...
      Charles W. Thurston, Latin America Correspondent 12.07.20


    • Mexican Auto Industry Begins Recovery

      Mexican Auto Industry Begins Recovery

      ...
      Charles W. Thurston, Latin America Correspondent 09.07.20

    • Puerto Rico Focuses on Tourism for Recovery

      Puerto Rico Focuses on Tourism for Recovery

      ...
      Charles W. Thurston, Latin America Correspondent 08.10.20

    • Peru Investment Plan to Boost Demand

      Peru Investment Plan to Boost Demand

      As government debts grows smaller, revenues will rise, and a broad new spending plan should boost further growth.
      Charles W. Thurston , Latin America Correspondent 04.15.20


    • Brazil Emerges as Regional R&D Center

      A host of international manufacturers in the market have opened or expanded R&D operations over the past year.
      Charles W. Thurston, Latin America Correspondent 03.13.20

    • Lanxess Continues Latin America  Investment Drive

      Lanxess Continues Latin America Investment Drive

      ...
      Charles W. Thurston, Latin America Correspondent 01.20.20

    • Brenntag Expands Assets, Sales in Latin America Network

      ...
      Charles W. Thurston, Latin America Correspondent 12.11.19


    • Brazil’s Abrafati Breaks Records with 2019 Show

      Abrafati logged a 40 percent increase in exhibitors this year – up to more than 10,000 – in Sao Paulo, of which about 40 percent were international.
      Charles W. Thurston, Latin America Correspondent 11.11.19

    • Mexico Boosts Oil & Gas CapEx  and Maintenance Spending

      Mexico Boosts Oil & Gas CapEx and Maintenance Spending

      The demand for new industrial coatings, as well as corrosion-control and other maintenance coatings, is expected to rise with the increased spending.
      Charles W. Thurston, Latin America Correspondent 09.30.19

    • Cuba Market Expands with Hotel Development

      Cuba Market Expands with Hotel Development

      ...
      Charles W. Thurston, Latin America Correspondent 09.03.19


    • Eastman Bullish on Latin America, its Environment, the Arts

      In Latin America, Eastman sales were up 14 percent to $588 million, leading all other geographies in percentage growth.
      Charles W. Thurston, Latin America Correspondent 08.09.19

    • Peru Market Strengthens on Private Investment

      Peru Market Strengthens on Private Investment

      ...
      Charles W. Thurston, Latin America Correspondent 07.03.19

    • Latin America Market to Continue Slow Recovery

      Latin America Market to Continue Slow Recovery

      ...
      Charles W. Thurston, Latin America Correspondent 05.31.19

    Trending
    • Hempel Announces Global Price Increase
    • Raw Material Price Increases Pile Pressure On Paint Manufacturers
    • Arkema Reports Full-year 2020 Results
    • OQ Chemicals Increases Carboxylic Acids, Esters Prices
    • Universal Display Corporation, PPG Expand Global Production Of UniversalPHOLED Materials
    Breaking News
    • Nippon Paint Marine Wins Korea Export Award
    • ECOS Paints Launches Lisa Tharp Colors
    • PPG Introduces Premium Iso-free Primer Surfacer, Catalyst
    • Universal Display Corporation, PPG Expand Global Production of UniversalPHOLED Materials
    • OQ Chemicals Increases Carboxylic Acids, Esters Prices
    View Breaking News >
    CURRENT ISSUE

    February 2021

    • Mixing Equipment Directory
    • The Wood Coatings Market
    • Antimicrobial Coatings Market
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    Preliminary Study Links Markers of Impaired Bone Health to Vegan Diet
    Refined Grains Linked to Heart Attack Risk, Early Death
    Kappa Bioscience Extends Research Partnership For COVID-19 Research
    Coatings World

    Latest Breaking News From Coatings World

    Nippon Paint Marine Wins Korea Export Award
    Universal Display Corporation, PPG Expand Global Production of UniversalPHOLED Materials
    PPG Introduces Premium Iso-free Primer Surfacer, Catalyst
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    January AI Raises $8.8 Million in New Funding
    FDA Clears Ava Fertility Tracking Wearable Device
    First Patient in Europe Treated With Diamondback 360 Coronary Orbital Atherectomy System
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Spark Therapeutics Appoints CTO
    Cryoport Launches ESG Program
    U.S. Govt. Purchases 100k Doses of Lilly's COVID-19 Antibody Cocktail
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    The Top Beauty Products of 2021, According to HelloGiggles
    Estée Lauder Taps Ana de Armas as Global Brand Ambassador
    Sephora Announces Significant Expansion
    Happi

    Latest Breaking News From Happi

    What You're Reading on Happi.com
    Cosmetic Chemical Sales To Post CAGR 5.8% To 2025
    ACI Urges Senate to Approve Regan as EPA Administrator
    Ink World

    Latest Breaking News From Ink World

    Etiflex Enters New Markets with Nilpeter FA-22 Installation
    Hydrocarbon Solvents Market to Surpass $8.1 Billion by 2030
    Marshall & Bruce Adds Koenig & Bauer Rapida 106 41-Inch Seven-Color Press
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    FTA converts Forum & INFOFLEX to virtual events
    Xeikon launches two new digital label printing presses
    UFlex adds capacity in packaging films
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Texas Medical Technology Partners with My Protect Kit
    Mexico City Single-Use Plastics Ban Leads to Tampon Shortage
    Believe Diapers Launch in U.S.
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Fusion Robotics Receives FDA Clearance for Spinal Navigation and Robotics System
    Kaia Health Unveils Next-Gen Complete MSK Care Solutions
    First Implantation of CTL Amedica's Minimally Invasive Flex Tower
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Comercial Kywi Improves Customer Service, Front-Store Operations with Zebra Mobile Solution
    Global Printed Circuit Board Market Projected to Reach $69.32 Billion by 2027
    Global Smart Glass Market to Register 6.8% CAGR Between 2021-28: Grand View Research

    Copyright © 2021 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login