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Nike Zoom Pegasus 31 Cheap Sale - Venezuela's currency woes an increasing threat to U.S. corporate profitsByReuters Published: 17:23 GMT, 24 January 2015 | Updated: 17:23 GMT, 24 January 2015 By Tim McLaughlin and Svea Herbst-BaylissJan 24 (Reuters) - Venezuela's deepening economic troubles,and in particular the weakness of the bolivar and restrictivecurrency controls, have hurt U.S. corporate profits for Nike Zoom Pegasus 31 Cheap Sale thefourth quarter of 2014 and are set to inflict further pain thisyear.In a likely sign of things to come from a number ofcompanies this results reporting season, Ford Motor Co onFriday said it was taking a pre-tax charge of $800 million forits Venezuela business. It blamed Venezuelan exchange controlregulations that have restricted Nike Zoom Pegasus 31 Cheap Sale the ability of its operationsin the country to pay dividends and obligations in U.S. dollars.Ford also said that it was unable to maintain normal productionin Venezuela with the availability of vehicle parts constrained.Also on Friday, diaper and tissue maker Kimberly-Clark Corp said it took a fourth-quarter charge of $462 million forits Venezuelan Nike Zoom Pegasus 31 Cheap Sale business. That was after it concluded that theappropriate rate at which it should be measuring itsbolivar-denominated monetary assets should be a Venezuelangovernment floating exchange rate - currently at around 50bolivars to the dollar - rather than a fixed official rate of6.3 to the dollar that it had previously been using.Kimberly-Clark blamed increased Nike Zoom Pegasus 31 Cheap Sale uncertainty and lack ofliquidity in Venezuela for the move.Venezuela President Nicolas Maduro said on Wednesday he wasshaking up the complex currency controls in the socialist-runcountry, where dollars are sold on the black market for about184 bolivars to the U.S. dollar instead of the country'sthree-tiered exchange rate system that has ranged from the Nike Zoom Pegasus 31 Cheap Sale 6.3official rate to two other rates, currently at about 12 and theone at around 50.Those latter two tiers of the system would be merged, hesaid, though it is not immediately known at what rate that wouldhappen. Maduro also announced that another new rate would beintroduced into the system to offer dollars via Nike Zoom Pegasus 31 Cheap Sale private brokersto vie with the black market rate.The latest moves may catch some companies flat-footed -particularly regarding the size of the hit they may have to taketo their earnings as they revalue assets at a much weakerbolivar exchange rate. They may be surprised by the magnitude of the move but notby the Nike Zoom Pegasus 31 Cheap Sale direction, said Marc Chandler, global head of marketstrategy at Brown Brothers Harriman & Co. But many shied awayfrom hedging in the past because it is very expensive. ISOLATING VENEZUELAN BUSINESSCompanies often need approval from Caracas to raise pricesamid soaring inflation. Sometimes that approval is delayed orthe price hikes don't keep pace with Nike Zoom Pegasus 31 Cheap Sale a 12-month inflation ratecurrently at nearly 64 percent, threatening losses because of amismatch between costs and revenue.Before the move by Maduro, some well known U.S. companies,including Procter & Gamble, General Motors, BakerHughes Inc and Brink's had already reportedfinancial hits related to the bolivar over the past year. A wide swath of multinational Nike Zoom Pegasus 31 Cheap Sale companies with largeoperations in Venezuela will suffer from having to hold currencythat is stuck in the country and depreciating in value, saidErik Gordon, professor of law and business at the University ofMichigan.For Ford, conditions are so tough in the South Americancountry that it also announced on Friday that it will make anaccounting Nike Zoom Pegasus 31 Cheap Sale change that will allow it to isolate the rest of thecompany from its Venezuela operations. In future periods, ourfinancial results will not include the operating results of ourVenezuelan operations, it said in a corporate filing.Bob Willens, a veteran accounting expert on Wall Street,said other companies might follow Ford's lead. Who wouldn'twant to Nike Zoom Pegasus 31 Cheap Sale deconsolidate a Venezuelan subsidiary? he asked.Cleaning and household products maker Clorox lastyear decided to exit Venezuela altogether. CEO Don Knauss toldanalysts in October that Venezuela's government was slow toapprove price increases and when it did they were not as high aspromised. We saw no hope that we could create a sustaining businessin Nike Zoom Pegasus 31 Cheap Sale that country, Knauss said during an October conference call.Overall, foreign companies have an estimated $16 billion inoutstanding dividends listed on their balance sheets that theyhave not been able to return to headquarters, according toCaracas-based research firm Ecoanalitica. The actual value ofthose assets could, though, be considerably less, depending onthe exchange rates.At the Nike Zoom Pegasus 31 Cheap Sale end of the third quarter, for example, AmericanAirlines Group Inc, had $721 million held in theVenezuelan currency, at a weighted average exchange rate of 6.41bolivars to the dollar.Theoretically, if the airline tried to repatriate all ofthat money into dollars at the current black market rate of 184bolivars per U.S. dollar as quoted Nike Zoom Pegasus 31 Cheap Sale by the websitedolartoday.com, it would only receive about $25 million. For a business like American Airlines, they have a bankaccount full of worthless monopoly money, and the only way it isworth something is if they can get an exchange, said RussDallen, head of Caracas Capital Markets in Miami. But thegovernment doesn't have Nike Zoom Pegasus 31 Cheap Sale any dollars to exchange, in size. Theycan't pull out because not only will they not get the dollar atthe original rate promised but the Venezuelan government saidthey would take the travel routes and never let them back intothe country if they did. A spokeswoman for American Airlines said the company willhave guidance Nike Zoom Pegasus 31 Cheap Sale on its Venezuela operations with itsfourth-quarter results, which are expected next week.(Writing by Tim McLaughlin; Additional reporting by SveaHerbst, Daniel Bases, Bernie Woodall, Brian Ellsworth andGertrude Chavez-Dreyfuss; Editing by Martin Howell) .

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