Independent Liberal Party leader Jack Warner last night called on Legal Affairs Minister Prakash Ramadhar to tell the public whether he owns a US$125,000 condo in Miami which was purchased on June...
You are here
GM to take US$400m charge for bolivars
DETROIT—General Motors Co says it will take a charge of US$400 million pretax in the first quarter because of a change in the way it values Venezuela’s currency. GM will no longer use the official exchange rate of 6.3 bolivars to the US dollar. It is shifting to a rate of 10.7 bolivars to the dollar. GM announced the change in a government filing. The move came a day after Ford Motor Co said it will take a US$350 million charge in the first quarter because of a similar devaluation of Venezuela’s currency.
Both companies will now using another government rate that is determined by periodic auctions. Ford and GM both have manufacturing plants in Venezuela.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff.
Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments.
Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.