InfoAnda - Nervous Venezuelans buy TVs after devaluation |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Revolt mars German presidential victory for Merkel | | 1 July 2010
MP3 headphones can hamper defibrillators, pacemakers | 9 November 2008
Thai army threatens new crackdown on protesters | 22 April 2010

Hacker mounts second attack on Israeli credit cards | | 6 January 2012

Forum Views () Forum Replies ()

Read more with google mobile : Nervous Venezuelans buy TVs after devaluation |

Edition: U.S. Article Comments (1) Slideshow Save Email Print Reprints Most Popular Most Shared Senate's Reid tells Obama he regrets racial remarks 12:02am EST UPDATE 1-Devaluation ups stakes in Venezuela election year 09 Jan 2010 CBS chief: Failed Leno/NBC experiment boosted CBS 09 Jan 2010 For some, 3D movies a pain in the head 09 Jan 2010 Convent school, fifth church attacked in Malaysia | Video 09 Jan 2010 UPDATE 1-Devaluation ups stakes in Venezuela election year 09 Jan 2010 Senate's Reid tells Obama he regrets racial remarks 12:02am EST Fed's Rosengren sees mortgage rate rise in spring 09 Jan 2010 Convent school, fifth church attacked in Malaysia | Video 09 Jan 2010 For some, 3D movies a pain in the head 09 Jan 2010 Nervous Venezuelans buy TVs after devaluation Eyanir Chinea CARACAS Sat Jan 9, 2010 6:07pm EST Related News Venezuela's Chavez devalues currency Fri, Jan 8 2010 < 1 / 3 > View Full Size CARACAS (Reuters) - Shouting "buy, buy, the world is going to die," Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices. World President Hugo Chavez announced a dual system for the fixed rate bolivar Friday night while much of the country was watching a baseball game. But Saturday, word spread quickly as people read the morning papers and listened to the radio in Caracas cafes. Shoppers crammed into electronics stores, eager to snap up imported televisions and computers ahead of the anticipated price hikes. "I've been lining up for two hours outside to buy a television and two speakers because by Monday everything is bound to be double the current price," said Miguel Gonzalez, a 56-year-old engineer standing in the tropical sun outside a popular store. Opposition politicians seized the opportunity to criticize Chavez's economic management, with Caracas Mayor Antonio Ledezma saying standards of living would drop. "If you need to buy a refrigerator for your house tomorrow, it's going to cost you twice as much as it did up till Friday, Ledezma said. The government acknowledges prices will rise after the devaluation, but say the upward trend will be more gradual. State run television and radio stations avoided using the word "devaluation," preferring the word "adjustment." One pro-Chavez radio station responded to critics of the measure by playing a popular Argentine song called "Imbecile." With oil crowding out other sectors of the economy, Venezuela heavily relies on imports for consumer goods, leaving it subject to big price swings depending on the exchange rate. Older Venezuelans are accustomed to sharp losses in the value of their money, with numerous devaluations and currency regimes over the last three decades of economic turmoil. Inflation, the highest in the Americas, at 25 percent last year, reached 103 percent in 1996 after a previous president lifted exchange and price controls. Chavez's high-spending policies during an oil bonanza fueled a massive consumer boom and fast growth that shuddered to a halt when oil prices plunged a year ago. The sharp drop in oil revenues also undermined the bolivar and made a devaluation inevitable at some point. (Additional reporting by Ana Isabel Martinez; Writing by Frank Jack Daniel; Editing by Xavier Briand) World Comments See All Comments (1) | Post Comment Jan 10, 2010 Just wanted to point out that as good as any country is dependent on imports for consumer goods except Taiwan and Korea if we will speak of TVs. But they are still dependent on imports of energy and raw materials. Many also has huge trade deficits and imbalances, US has had a trade deficit for more then 30 years every year. The dollar is overvalued and because of the petrodollar and other raw materials traded in dollar has been able to support and hold the inflated value. UK also has large deficits. They can do this because they have large economic presence in the world. Small countries do follow the business cycle in some regard and are more vulnerable to it, but it can also be a stabilizing force. If Venezuela would have a free floating currency (that is reasonable stable) it would sway up and down all the time and go down during international downs like this one. It’s not something evil to tie the currency to the state of trade and the economy, however it becomes a shock when a fix exchange rate system like this needs to be adjusted for the imbalances. Consumer goods is always something that strains a countries economy in the regard that it’s imported goods that need to be offset by exporting other goods. Something countries like US have giving up trying. It’s basically just consumers spending on stuff like building and renovating their homes that gives a real economic impact or help the economy. When it comes to consumers spending. US becomes poorer every time someone buys consumer goods from the retailing sector. If the dollar would adjust to market price and be disconnected from the pricing and raw materials trade the same thing would happen in the US. The yuan/RMB would become like 40% more expensive if it were not tied while you now whine that it’s overvalued against the dollar. The world would buy more of your stuff, but you would still have to buy less from the world for the trade to balance out. I know I have a mercantalistic view, but there’s not many countries that is actually healthy with these imbalances. Thus if the currency exchange rate helps counter the impact it can help maintaining a stable economy that will come out of the business cycle strong and with a currency that regains it’s value. No country is driven by consumer demand in the sense of buying consumer products. Imports are not a right it’s a privilege we gain through trade. Consumer booms if they are unsustainable will always meet the bust. If the economy is unhealthy you will effect you eventually. Making sure the essentials like food are available is always a priority over consumer goods. However a free none fixed exchange rate is always preferable in todays world. Sweden was struck with devaluation before too, but now it’s not noticeable for the consumer with the free flowing exchange rate. Also as the dollar also lost value goods priced in dollars didn’t dramatically changed. They were even cheaper a wile. We would have been more vulnerable if it where tied to the dollar. The alternative is debt. Petter Report As Abusive See All Comments (1) Add a Comment More from Reuters Zazi associate charged in New York bomb plot NEW YORK (Reuters) - A former high school classmate of a man accused of plotting an al Qaeda-inspired bomb attack in New York pleaded not guilty on Saturday to charges of murder conspiracy and receiving training by a terrorist organization. JAL to decline financial aid from Delta, AA: report Fed's Rosengren sees mortgage rate rise in spring China vows to keep "hot money" out of property market Obama launches new push for healthcare overhaul CIA bomber video calls for attacks on U.S. | Video » More Top News Travel & Leisure: Off the beaten track Travel website Jetsetter offers its list of the top 10 islands to find peace and solitude. Full Article Travel Postcard: 48 hours in Helsinki Uluru climbing ban ruled out - for now Slideshow: Happiest countries Lifestyle "Crack" for retailers? The all-important holiday shopping frenzy might actually be bad for business. Full Article Small business job growth stalls Video: Should VCs get tax breaks? Michigan hungry for startups small business © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal ECVJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Sunday, 10 January 2010
GIs return to their war zone and find it peaceful
Germany needs 'big spending cuts' to reduce deficit
Google becoming "giant monopoly"
NATO, Afghanistan agree Bagram prison handover
Tablets and slates take center stage at trade show
Iraq confiscates arms in private security crackdown
CIA attack 'revenge' for Taliban death: video
Muslims, Christians set homes ablaze in Egypt
Snow, freezing weather hit Europe, disrupt travel |
U.S. warns of attack threat to Sudan-Uganda flights |
Iran Supreme Leader urges firm action over riots
Blast outside Greek parliament, no one hurt |
France urges U.N. action on Congo refugees |
Report: 15 injured in latest Hong Kong acid attack
Warnings about accused Del. pediatrician surface
NYC man charged with getting al-Qaida training
Afghans losing hope after 8 years of war
Report: Slight cost increase in Senate health bill
Suspected US missile strike kills 2 in Pakistan
Police: Ex NYPD commissioner hit woman, drove off
CIA director: suicide bomber was almost searched
Chinese man arrested over US security scare: report
Palestinians demand full settlement freeze
Sri Lankan ex-rebels reunited with family members
Biographical information on EPA's Lisa Jackson
Google becoming giant monopoly
British FM says aid to Afghanistan conditional
US denies any plane entered Venezuelan airspace
Taiwan opposition scores fresh election win
Fourth church attacked in Malaysia as Allah row deepens
US warns of 'potential threat' to Uganda-Sudan flights
China port faces worst ice threat in 30 years
Afghanistan's second list of Cabinet nominees
Ruhr inaugurated as European Capital of Culture
CBS says business as usual with Charlie Sheen |
CIA director defends agency against criticism
Italians evacuate migrants, bring in police after clashes
Convent school, fifth church attacked in Malaysia |
Shoot video on the ski slopes with camera goggles
Argentina appeals court ruling on Central Bank chief
Israel: Palestinians to blame for impasse in talks
Oil talks fail between Russia, Belarus: news agencies
Europeans stock up as no end to cold snap forecast
Lego expands its universe with online game
Government hopes to cash in on devaluation in Venezuela
Nervous Venezuelans buy TVs after devaluation |
Dozens join Sudan drumming protest in London
Nicaraguan election tribunal stands for now: Ortega |
Japan tech needs M&A but patent war more likely
Roxxxy the sex robot makes her world debut
Croats start voting for new president |
Nokia urges mobile developers to focus on poor nations
Deadly ambush weighs on top Africa soccer event |
Nokia urges mobile developers to focus on poor nations
Japan tech needs M&A but patent war more likely |
LG confirms LCD TV sales target, eyes more market |
Taiwan lawmakers blame president for poll setback
Police say Anchorage officer shot several times
Grenade hurled at cathedral in southern Philippines
Cold stuns Floridians, causes deaths elsewhere
Suspect arrested over Hong Kong acid attack: police
In Foreclosureville, USA, so much change
Two more Malaysian churches attacked in "Allah" row
2 more churches attacked in Malaysia in Allah feud
US lawmakers to tackle airport security
Powerful quake hits off California coast: USGS
Convent school, fifth church attacked in Malaysia
6.5 quake shakes buildings on California coast
Weather forecast for the Asia-Pacific region
Family doesn't know what led to plant shooting
China urges US to halt arms sales to Taiwan
Schwarzenegger says health care bill a 'rip-off'
Fifth church attacked in Malaysia in Allah feud
Gumby animator Art Clokey dies at 88 in California
CBS chief: Prime-time Leno great for us
China cements export lead with December surge
Report: JAL to decline offers from Delta, American
Indian firms set to report rising profits
JAL will not forge capital tie-up with US carrier: report
Friends star Matt LeBlanc back to TV
Nevada brothel seeking a few good men in US first
Foreign actresses move centre-stage in Bollywood
Winter of discontent for Berlin commuters
"Friends" star Matt LeBlanc back to TV
Adopted girl's fantasy life becomes series
CBS chief: Prime-time Leno great for us
Fashion show with Olympic themes opens in Rio
Picasso's 'Absinthe Drinker' to stay with British foundation
Mexico transfers inmates for reported Gibson film
CBS says business as usual with Charlie Sheen
Israel vows "powerful response" to Gaza attacks
Russia kills 'militant chief' in Dagestan: reports
Togo team to return from Africa soccer cup: captain |
Google apologises to Chinese writers over book flap
Laser projector, set-top box win gadget awards
UAE ruling family member acquitted in torture trial |
Israel vows powerful response to Gaza attacks |
Iran MPs criticize treatment of post-vote detainees |
Algerian security forces kill 10 militants: report |
Israel razes Palestinian structures in West Bank |
No secret as U.S. Marines plan for Afghan assault |
Russia says kills two Dagestan rebel leaders |
Iran frees Syrian journalist held during protests |
China writers say Google ready to settle book row
Bombing targets provincial lawmaker in NW Pakistan
Texas teen says he didn't hire friend to kill mom
China will likely spend full amount of stimulus
China evacuates 5,400 after heavy snow in NW
China overtakes Germany as biggest exporter
S.Korean dies over 200 days after life support cut
3 more churches attacked in Malaysia in Allah feud
Second Thai minister quits over graft scandal
Australian WWII wreck seen for first time in 66 years
New Zealand house prices rise in December
China will likely spend full amount of stimulus
China overtakes Germany as biggest exporter
Food prices soaring in N. Korea: group
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01