Bridgestone, Lufthansa the Latest Companies to End Venezuela Business Interests
Tire company Bridgestone, removes its operations from Venezuela after more than six decades working in the country. Bridgestone had already written off its investments in Venezuela. Meanwhile, German airline Lufthansa suspends flights to Venezuela, due to difficulties converting local currency into US dollars. During the past eight weeks, 35 companies in the Standard & Poor's 500, including nutrition supplement company Mead Johnson Nutrition, MasterCard, Marathon Petroleum and Coca-Cola, have specifically called out concerns they have in Venezuela.
In further evidence of economic crisis, Venezuela’s gold reserves have plunged to their lowest level on record after it sold $1.7billion of the precious metal in the first quarter of the year to repay debts. Meanwhile, Reuters reports that state-owned oil company PDVSA is preparing to issue $2.5 billion in promissory notes to settle unpaid bills to services companies.