Chavez to nationalize telecoms and electrical companies
Rushlimbo
Posts: 832
This is a great idea. Power to the people. Chavez is a much better leader than Bush.
Chavez: Will nationalize telecoms, power
By IAN JAMES, Associated Press Writer
Venezuelan President Hugo Chavez announced plans Monday to nationalize the country's electrical and telecommunications companies, his boldest move yet to transform Venezuela into a socialist state.
"All of those sectors that in an area so important and strategic for all of us as is electricity — all of that which was privatized, let it be nationalized," Chavez said in a televised speech after swearing in a new Cabinet.
"C.A. Nacional Telefonos de Venezuela (CANTV), let it be nationalized," Chavez said. "The nation should recover its property of strategic sectors."
When Chavez was re-elected by a wide margin last month, he promised to take a more radical turn toward socialism. Monday's announcement appeared likely to affect Electricidad de Caracas, owned by AES Corp., and CANTV, which is the country's largest publicly traded company.
CANTV's American Depositary Receipts plunged 14.2 percent to $16.84 (12.95 euros) before the New York Stock Exchange halted trading. The ADRs had been moderately higher before the announcement.
An NYSE spokesman said it was unknown when trading in the ADRs might resume and that CANTV is the only Venezuelan company listed on the stock exchange.
Chavez also said he would soon ask the National Assembly, which is solidly controlled by his allies, to approve a special law giving him powers to approve such changes by decree and without further approval.
Chavez also said that lucrative oil projects in the Orinoco River basin involving foreign oil companies should be under national ownership, though he did not spell out if that meant a complete nationalization, or under what terms for companies that have been viewed as investing partners by his government.
He said a period known as the "oil opening" that preceded his government should be reversed. "I'm referring to how international companies have control and power over all those processes of improving the heavy crudes of the Orinoco belt — no — that should become the property of the nation," Chavez said.
Since last year, Chavez's government has been in talks with foreign companies involved in four heavy crude upgrading projects in the Orinoco on the formation of so-called "mixed companies" in which the state holds a majority stake.
http://news.yahoo.com/s/ap/20070108/ap_on_re_la_am_ca/venezuela_chavez
Chavez: Will nationalize telecoms, power
By IAN JAMES, Associated Press Writer
Venezuelan President Hugo Chavez announced plans Monday to nationalize the country's electrical and telecommunications companies, his boldest move yet to transform Venezuela into a socialist state.
"All of those sectors that in an area so important and strategic for all of us as is electricity — all of that which was privatized, let it be nationalized," Chavez said in a televised speech after swearing in a new Cabinet.
"C.A. Nacional Telefonos de Venezuela (CANTV), let it be nationalized," Chavez said. "The nation should recover its property of strategic sectors."
When Chavez was re-elected by a wide margin last month, he promised to take a more radical turn toward socialism. Monday's announcement appeared likely to affect Electricidad de Caracas, owned by AES Corp., and CANTV, which is the country's largest publicly traded company.
CANTV's American Depositary Receipts plunged 14.2 percent to $16.84 (12.95 euros) before the New York Stock Exchange halted trading. The ADRs had been moderately higher before the announcement.
An NYSE spokesman said it was unknown when trading in the ADRs might resume and that CANTV is the only Venezuelan company listed on the stock exchange.
Chavez also said he would soon ask the National Assembly, which is solidly controlled by his allies, to approve a special law giving him powers to approve such changes by decree and without further approval.
Chavez also said that lucrative oil projects in the Orinoco River basin involving foreign oil companies should be under national ownership, though he did not spell out if that meant a complete nationalization, or under what terms for companies that have been viewed as investing partners by his government.
He said a period known as the "oil opening" that preceded his government should be reversed. "I'm referring to how international companies have control and power over all those processes of improving the heavy crudes of the Orinoco belt — no — that should become the property of the nation," Chavez said.
Since last year, Chavez's government has been in talks with foreign companies involved in four heavy crude upgrading projects in the Orinoco on the formation of so-called "mixed companies" in which the state holds a majority stake.
http://news.yahoo.com/s/ap/20070108/ap_on_re_la_am_ca/venezuela_chavez
War is Peace
Freedom is Slavery
Ignorance is Strength
Freedom is Slavery
Ignorance is Strength
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Comments
This change to the law will only give ammunition to those critical of Chavez. I think it would be a very bad move.
I'm not a Bush fan, but to praise a looter and a thief for looting is strange.
Take a place like Canada. On the telecomminications side we are nowhere near ready for HD tv due to it being somewhat nationalized. On the phone side our prices dropped and innovation only started to happen when it was denationalized.
Electrical companies are a mess in Canada due to being nationalized. What happens is that your price for electricuty becomes a political issue rather being based on cost to produce. So when for political reasons the cost is subsidized you pay higher income and sales tax and lower electricity cost. But this lower electricity cost means that the electrical company doesn't have the cash flow to invest in new infrastructure and the government is usually very unwilling to take on the debt to fund the infrastructure. This results in a power shortage and the continued usage of dirty sources of power such as coal generation and natural gas.
when it hits you, you feel to pain.
So brutalize me with music.”
~ Bob Marley
How about a change in the law will be a disadvantage to the people of venezuela. I think it will do a little more then give ammo to Chavez's detractors. How anyone could think he is a better leader then Bush is mind boggling.
Whoever was talking about not having HD tv in Canada. I hope they figure that out soon, because it really makes TV a lot cooler. I can't wait to watch the Buckeyes kick the shit out of Florida tonight on 1080i.
Chavez loves his people. Bush looks at his citizens as cattle to make war and profits.
http://membres.lycos.fr/yanngermain/images/chavez.jpg
Freedom is Slavery
Ignorance is Strength
How'd you get your picture taken with Hugo? Thanks great! The two of you look so happy.
Yeah because he personally is becoming rich from the War in Iraq. You have a strange take on the idea of love, if you think that is what Chavez is doing.
That's a cute picture, The socialist Christmas card, I'm sure you and your friends enjoyed spreading that around.
It's more like saying, "Ashlee Simpson is a better singer than Paris Hilton".
Hail, Hail!!!
But she is.
How is this power to the people? It gives more power to the government. Think, man, think!
Yeah... if you like crappy singers. George W. Bush is the Ashlee Simpson of world leaders.
Hail, Hail!!!
Freedom is Slavery
Ignorance is Strength
And by that you mean smoken hot.
http://www.huffingtonpost.com/2007/01/08/the-missing-photograph_n_38145.html
Freedom is Slavery
Ignorance is Strength
If you want to bang George W. Bush... I guess. I'm all for lifestyle choices... even if they ain't for me.
Hail, Hail!!!
http://www.amazon.com/Atlas-Shrugged-Ayn-Rand/dp/0451191145
I would say he is a better leader... I don't think how chavez's governs is better than bush's way (not too far behind), but as far as leading his people, at least they support him. Bush's own party does what it can to distance themselves from him. I wouldn't call that a good leader by any means.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
-Hugo Chavez
Doesn't Hugo realize he just rendered the term "ownership" completely meaningless?
It's easy to gain support in a system where negative public statements lead to arrest and nationalization of a citizen's business.