Post by account_disabled on Mar 4, 2024 1:14:33 GMT -5
BBVA has 369 million profits blocked in Venezuela César Alierta reveals Telefónica's bets for pay television and fiber optics Telefónica debuts this Thursday as a television content producer César Telefónica. César Alierta, president of Telefónica. Telefónica increases its investment in Venezuela by almost 100% to take advantage of the more than million profits that Nicolas Maduro prevents from being repatriated to Spain. It seeks to avoid a considerable decrease in its blocked income with the continuous devaluations of the bolivar. Digital has learned from sources in the sector, the company chaired by César Alierta plans to invest more than 1,000 million in Venezuela this year , which represents a growth of 95% compared to last year, when it allocated around 520 million . In , the operator surpassed the barrier of 4 million smartphones , increased 3G data traffic by 54% with an effectiveness of 97.7% and closed the year with 11.7 million accesses .
2,000 million profits blocked Sector sources estimate that Telefónica's subsidiary in Venezuela cannot take out of the country the profits it has earned since 2008: more than 2,000 million euros , according to market analysts of what the company earns in Spain in a year. anus. Venezuela contributes 7% of the group's operating Middle East Mobile Number List profit before amortization. It is the third country in revenue for Movistar in Latin America, after Brazil and very close to Argentina. The significant profits obtained in Venezuela is what worries the company's leadership due to the impossibility of repatriating the money to Spain, which is also exposed to the devaluation of the currency by decision of Nicolas Maduro that could cause a good part of the company to evaporate. retained profits . Devaluation of the Venezuelan currency Exchange regulations in Venezuela are constantly evolving and a new alternative currency market with exchange rate bands has already been announced.
However, with the strong investments in the country, sources from the sector explain to ECD that Telefónica also seeks to avoid a significant decrease in its profits that it cannot repatriate and consolidate into the group's accounts in the face of the unexpected devaluations of the bolivar applied by the regime. It must be remembered that on January Exchange Agreement No. 25 came into force , which regulates currency sales operations in Venezuela for certain sectors and concepts. This new rule from the Government of Nicolás Maduro does not generally modify the exchange rate of 6.30 strong bolivars per US dollar , but it does, among others, for “payments corresponding to the telecommunications sector” and for “international investments.” , royalty payments, use of patents, trademarks and licenses, as well as import of technology and technical assistance.” Telefónica is the Spanish company most affected.
2,000 million profits blocked Sector sources estimate that Telefónica's subsidiary in Venezuela cannot take out of the country the profits it has earned since 2008: more than 2,000 million euros , according to market analysts of what the company earns in Spain in a year. anus. Venezuela contributes 7% of the group's operating Middle East Mobile Number List profit before amortization. It is the third country in revenue for Movistar in Latin America, after Brazil and very close to Argentina. The significant profits obtained in Venezuela is what worries the company's leadership due to the impossibility of repatriating the money to Spain, which is also exposed to the devaluation of the currency by decision of Nicolas Maduro that could cause a good part of the company to evaporate. retained profits . Devaluation of the Venezuelan currency Exchange regulations in Venezuela are constantly evolving and a new alternative currency market with exchange rate bands has already been announced.
However, with the strong investments in the country, sources from the sector explain to ECD that Telefónica also seeks to avoid a significant decrease in its profits that it cannot repatriate and consolidate into the group's accounts in the face of the unexpected devaluations of the bolivar applied by the regime. It must be remembered that on January Exchange Agreement No. 25 came into force , which regulates currency sales operations in Venezuela for certain sectors and concepts. This new rule from the Government of Nicolás Maduro does not generally modify the exchange rate of 6.30 strong bolivars per US dollar , but it does, among others, for “payments corresponding to the telecommunications sector” and for “international investments.” , royalty payments, use of patents, trademarks and licenses, as well as import of technology and technical assistance.” Telefónica is the Spanish company most affected.
