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Venezuela to Review Websites in Speculation Probe, Maduro Says

Venezuelan President Nicolas Maduro said his government will review three websites including MercadoLibre.com as part of government efforts to combat price and currency speculation.

Maduro also named TuCarro.com and TuInmueble.com, which sell cars and real estate, respectively as websites that will be subject to review by the government. Telephone calls made after business hours by Bloomberg News to the three companies seeking comment were unanswered.

“The people that manage these websites in Venezuela will be summoned immediately so they can explain how they set speculative and false prices that rob our Venezuela,” Maduro said in a national address broadcast on radio and television.

Venezuela will reorder its economic policies, mechanisms and agencies to stabilize currency, prices, production and supply of goods, Maduro said earlier, without providing further information. Venezuela will create a National Foreign Trade Center to manage foreign currency and import policies, he said.

Shares of MercadoLibre Inc. (MELI), operates an online trading site for the Latin American markets, fell for a second day, declining 10 percent to $120.48. The company yesterday reported third-quarter earnings per share of 66 cents, below the 72 cent media estimate of analysts surveyed by Bloomberg.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

To contact the editor responsible for this story: Andre Soliani at asoliani@bloomberg.net

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