Venezuela to give local Kellogg unit to workers after company halts operations

Venezuela to give local Kellogg unit to workers after company halts operations

The Kellogg Company says it's closing operations in Venezuela at a time of widespread hunger in the crisis-wracked South American nation.

Workers were apparently prevented from entering the plant in the central city of Maracay on Tuesday (15 May).

"I've chose to hand the company over to the workers so that they can continue producing for the people", Maduro said at a campaign rally ahead of Sunday's presidential election.

"The current economic and social deterioration in the country has prompted the company to discontinue operations".

Kellogg cited strict currency controls amid a plunge in the bolivar, a lack of raw materials and soaring inflation for its decision to exit the country, the BBC reported. Socialist President Nicolas Maduro's government also stops companies from raising prices to keep up with hyperinflation, denting profits and sometimes rendering operations unsustainable.

Star Bulk Carriers (NASDAQ:SBLK) Boosted at Stifel Nicolaus
On Wednesday, February 28 the stock has "Buy" rating by Seaport Global. (NASDAQ:SBLK) earned "Buy" rating by Drewry Financial. Duff Phelps Invest Management Co has invested 0.01% of its portfolio in Danaher Corporation (NYSE:DHR).

Manchester United and Liverpool set for new Federation Internationale de Football Association club cup worth £100m
As a result, the competition is expected to take away the existing tournaments: the Club World Cup and the Confederations Cup. Liverpool could be set for a £100m boost after the new Club World Cup deal was put on the table.

Neymar 'scared' ahead of return to the field
Brazil has been formed in Group-E with Costa Rica, Serbia and Switzerland. Brazil are aiming to add a sixth star on their shirts.

Maduro is blaming everyone for his mess, mostly the USA, but "accusing America of creating Venezuela's crisis is about as fair as accusing O.J. Simpson of murdering Princess Diana - I'm not saying it would be completely out of character, it just happens to not be true in this particular instance", Oliver said.

Kellogg's joins multinationals including Tokyo-based Bridgestone Corp., Irving, Texas-based Kimberly-Clark Corp. and Minneapolis-based General Mills Inc. that have closed or reduced operations in Venezuela amid hyperinflation, shortages and a recession deeper than the Great Depression of the 1930s.

In the past, his government has taken over the factories of some companies that have left the country.

"This reminds me of the Clorox case", opposition lawmaker Jose Guerra tweeted about Kellogg. "So that means Corn Flakes are over".

"No Kellogg products or brands should be commercialized in the country without the expressed authorization of the Kellogg Company", Kellogg said in its statement, adding it would like to return to Venezuela in the future.

Related:

Comments

Latest news

DirecTV Now cloud DVR goes live for all customers
The new version of the DirecTV Now app will be available for Android, Amazon Fire TV , and Roku devices in the next few weeks. And users will be able to access their local channels, like ABC, CBS, FOX and NBC, when they're away from their home market.

Messi and FC Barcelona heavy-weights in SA
He died in December 2013 at 95, and Barcelona wore black armbands during a Copa del Rey game against Cartagena in his memory. Mandela, who was born on July 18, 1918, served as president of South Africa from 1994 to 1999.

Al Ahly coach resigns after defeat to Uganda's KCCA FC
Swallows have four points, former champions Etoile Sahel of Tunisia three and Zesco United of Zambia and Primeiro one each. In the other Group A match, Tunisian giants Esperance walloped Rollers 4-1 in Rades, inspired by a brace from Anice Badri .

US Dollar Surges, Boosted By Sales Data And Rising Bond Yields
The U.S. dollar rallied against a basket of major currencies on Tuesday to its highest since December, helped by a rise in U.S. Contracts for the S&P 500, Dow Jones and Nasdaq were all directionless as the Stoxx Europe 600 Index drifted.

Frances Bean Cobain forced to give up dad Kurt's guitar in divorce
Lee even filmed himself chasing a limousine for several miles that he thought I was a passenger in. Frances Bean's ex husband has been allowed to keep Kurt Cobain's MTV Unplugged guitar.

Gold little changed; firm dollar, USA rate outlook weighs
Higher interest rates in the United States and a rising dollar would continue to add downward pressure on gold, Lau said.

Pope calls for end to Holy Land violence (3)
During the cathechesis, the pope explained the significance of the white garment worn when receiving the sacrament. Israel claims that Hamas is spurring the violence and using it for cover for attacks.

Will Barclay appointed to panel selecting NY attorney general; interviews start today
Schneiderman resigned last week following a report by The New Yorker magazine that he physically abused four women he had dated. Schneiderman himself won over the office in 2010 only when Andrew Cuomo left to run for governor.

Ronda Rousey Says She Will Be Pregnant 'Someday Soon'
The two wrestlers will be facing each other in a singles match for the Raw's Women's Championship on June 17 Rosemont, Illinois. The 31-year-old WWE superstar has been talking about babies for a while - first bringing up the topic on "Ellen" back in 2016.

Ajax Cape Town relegated after being found guilty in Ndoro saga
"They lose all three matches 3-0 & fined R50 000 on each offence", SAFA stated on their official Twitter account at the time. Platinum Stars now have 27 points and will be taking part in the PSL/National First Division promotion-relegation play-offs.

BSNL rolls out Rs 118 prepaid plan to take on Reliance Jio
Telecom operators in the country have kept on refreshing their prepaid plans since the entry of Reliance Jio to the Indian market. The state-run telecom operator, BSNL, recently launched Rs 39 prepaid plan that offers unlimited voice calls to the subscribers.

Spike Lee blasts Trump for not condemning the Klan and Alt-Right
He continued: "The United States of America was built upon a genocide of native people, and slavery". I think I count seven "motherfuckers". "This film, to me, is a wake-up call", he concluded.

How Home-based Business Can Benefit from Coworking Spaces
More so, it can encourage productivity by being able to lessen boredom since you will be surrounded by people you can talk to. It Fits the Bill According to statistics, self-employment is on the rise, increasing by as much as 40% in the U.S . by 2020.

The Essentials of Being an Eco-Friendly Hotel
Conserve Energy Lights, water heaters, and air conditioning units, among other things, consume the most electricity in hotels. Through these actions, the hotel can build a better name by showing its clients how it values environmental sustainability.

Money Saving Tips for Business Owners
JJBender.com is a trustworthy and reputable source of used office equipment that offers a wide variety of products. And in today’s economy, every small business owner is looking for ways to save money and reduce expenses.

Other news