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Old 06-17-2003, 12:50   #1 (permalink)
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S.A.:Ford Latin America chief worried about Venezuela business

Reuters / June 17, 2003

SAO PAULO, Brazil -- The head of Ford Motor Co.'s Latin American business on Tuesday said the automaker may have to close its Venezuelan operations for a week every month to offset the impact of foreign exchange controls on production.

The currency controls have made it difficult for Ford to import car parts from Brazil into Venezuela, where the vehicles are assembled, said Richard Canny, president of Ford of South America.

"We are very worried about our ability to continue building in Venezuela," he said at a breakfast with reporters celebrating Ford's 84th anniversary in Brazil.

All foreign-owned vehicle assemblers in Venezuela have faced difficulties importing essential parts since President Hugo Chavez halted foreign currency trading in January.

Those difficulties have only worsened an already bleak sales outlook for the industry in the oil-rich country after a year of political turmoil that has pushed the economy further into recession.
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Old 06-18-2003, 04:47   #2 (permalink)
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BRAZIL: Foreign exchange clamps hit Ford car building in Venezuela

The head of Ford's Latin American business on Tuesday said the car maker may have to close its Venezuelan operations for a week every month to offset the impact of foreign exchange controls on production, Reuters said.

The currency controls have made it difficult for Ford to import car parts from Brazil into Venezuela, where the vehicles are assembled, Ford of South America president Richard Canny told the news agency.

"We are very worried about our ability to continue building in Venezuela," he reportedly said at a breakfast with reporters celebrating Ford's 84th anniversary in Brazil.

All foreign-owned vehicle assemblers in Venezuela have faced difficulties importing essential parts since President Hugo Chavez halted foreign currency trading in January, Reuters noted. Those difficulties have only worsened an already bleak sales outlook for the industry in the oil-rich country following a year of political turmoil that has pushed the economy further into recession.
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