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CARACAS (Reuters) – Venezuela’s opposition-run congress on Tuesday issued a resolution calling deals between state-run oil company PDVSA [PDVSA.UL] and U.S. and French companies announced this week illegal, since they had not been sent to lawmakers for approval personalized cufflinks black. The body said the oilfield deals with France’s Maurel & Prom (MAUP.PA) and little-known U.S. company Erepla violated article 150 of Venezuela’s constitution, which requires that contracts signed between the state and foreign companies be approved by the National Assembly, as Venezuela’s congress is known..
“They are giving concessions that violate the law,” said lawmaker Jorge Millan, mentioning the two contracts. Congress, largely stripped of its power since the opposition took it over in 2016, is unlikely to be able block the deals from going forward. But the rejection could create legal complications under a future government. Maduro is set to be inaugurated for his second consecutive term on Thursday following a May vote considered a sham by the domestic opposition and many foreign governments. A regional bloc of Latin American countries last week called on Maduro, a protege of the late Hugo Chavez, not to take office personalized cufflinks black.
The deals are part of Maduro’s effort to reverse a sharp decline in the OPEC nation’s crude output that has crippled its economy. Erepla said it would invest up to $500 million in three fields, while Maurel & Prom said it would invest up to $400 million for a 40 percent stake in an oilfield joint venture personalized cufflinks black. PDVSA did not respond to a request for comment. Maurel & Prom did not immediately respond to a request for comment outside of normal business hours in France. A spokesman for Erepla, registered in Delaware in November and part-owned by a prominent Florida Republican donor and shipping magnate, said Venezuela’s hydrocarbons law “allows PDVSA to contract with companies like Erepla to execute field services without any additional approvals required.”..
SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations personalized cufflinks black. The world’s second-biggest television set maker behind compatriot Samsung Electronics Co Ltd (005930.KS) estimated profit of 75.3 billion won ($67.03 million) for October-December last year. That would compare with the 387 billion won average of 11 analyst estimates in an I/B/E/S Refinitiv poll..
Revenue likely fell 7 percent to 15.8 trillion won, LG said in a regulatory filing, versus analysts’ 16.3 trillion won estimate. LG did not disclose further details of fourth-quarter operations and will announce full results at the end of January. Analysts said likely causes included profit margins for its high-end TVs being thinned by increasing competition, while the firm’s smartphone business continues to lose money personalized cufflinks black. “It’s a surprise,” said analyst Lee Jae-yun at Yuanta Securities. “Home appliance sales were worse in emerging markets and China, while its high-end TV business isn’t making profit as much as before.”..