Telefónica SA said it was reducing the
value of its assets in Venezuela to reflect the sharp devaluation of the
country's currency, hitting the Spanish telecommunication giant's profits and
balance sheet. In a regulatory filing, Telefónica said Monday it would value
its assets and income from Venezuela at 50 bolívares to the dollar, down from
12 bolívares to the dollar previously. Multinationals including Ford Motor Co.
and Coca-Cola Co. have taken similar losses on their operations in the
hyperinflated Latin American economy. More… 
Tuesday, February 17, 2015
Telefónica lowers value of Venezuelan assets
Telefónica SA said it was reducing the
value of its assets in Venezuela to reflect the sharp devaluation of the
country's currency, hitting the Spanish telecommunication giant's profits and
balance sheet. In a regulatory filing, Telefónica said Monday it would value
its assets and income from Venezuela at 50 bolívares to the dollar, down from
12 bolívares to the dollar previously. Multinationals including Ford Motor Co.
and Coca-Cola Co. have taken similar losses on their operations in the
hyperinflated Latin American economy. More… 
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