Sunday, January 17, 2010

Venezuela Nationalizes French-Colombian Retailer Exito -

And why would a company try to business with Venezuela?
UPDATE: Venezuela Nationalizes French-Colombian Retailer Exito -
"President Hugo Chavez ordered Sunday the seizure of a French-owned retail chain on accusations that it raised prices after Venezuela devalued the currency by half....

Separately, Chavez also ordered the nationalization of a large shopping-mall recently built in a downtown district in Caracas. The stores controlled by Exito and the shopping mall will be used to build up Comerso, a new government-run retail chain which seeks to sell its products at "socialist" prices, according to the president.

During his 11 years in power Chavez has nationalized large swaths of the Venezuelan economy, including a Spanish-owned bank and an Argentine-controlled steel-mill"

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