United States

Finance minister chides Venezuela's dollar "nymphomaniacs"


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A worker arranges Colgate products on a shelf at a supermarket in Caracas February 12, 2013. Venezuela's latest currency devaluation will hurt a range of U.S. and European companies that sell to consumers in the country, as state-imposed price controls make it more difficult for those companies to protect their profits. On Friday Venezuela devalued the bolivar by 32 percent, its fifth such move in a decade. For U.S. companies that do substantial business in the country, such as Colgate-Palmolive Co, Avon Products Inc, Procter & Gamble Co and Kimberly-Clark Corp , that means their earnings in bolivars are now worth less when converted back to dollars. REUTERS/Jorge Silva