17 December 2011

VENEZUELA : With Shortages...Chavez Walks Back Some Foreign Corp Restrictions.


     With many products scarce...like powdered milk, coffee and cooking oils...President Hugo Chavez has rolled back previous policies that gave him total economic control...and he has been forced again to work with foreign companies he once accused of price-gouging...to produce food staples.
     “Even my friends who work at supermarkets sometimes can’t get hold of products,” said one housewife.
      The government has agreed to joint ventures to produce more corn flour, rice, pasta and oatmeal.
      Chavez has seized assets of 1,045 companies since 1999...costing at least $9.9bn for compensation...with disputed claims for $20bn remaining.