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Global Markets: Venezuela creates new currency

By Dave Sims, Commodity News Service Canada

WINNIPEG, Aug 20 (CNS) – Venezuela is launching a new
currency in a bid to tackle the country’s soaring inflation
rate. President Nicolas Maduro says the new “sovereign bolivar”
will stabilize the country’s economy and help it move towards a
single floating exchange rate. However, critics say the move
will make conditions worse where inflation rates have soared as
much as 40,000 percent.
PepsiCo has announced a US3.2 billion purchase of
SodaStream. The cola giant has taken steps in recent years to
acquire more healthy options for its customers. SodaStream
produces machines that allow customers to make their own fizzy
drinks with the option of no sugar or caffeine.
Air Canada is looking to create its own life insurance
company. The company wants to address the rising pension payouts
it is forced to pay. Air Canada says the current system won’t
work for the long-term, which is why it needs to form its own
entity. A spokesman for Air Canada says it will soon start
buying annuities from domestic insurers.

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