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DJ Chavez: To Nationalize Elec Indus, CANTV Telecom
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(This article was originally published Monday.)
CARACAS (Dow Jones)--Venezuelan President Hugo Chavez on Monday said his government will nationalize the electricity industry and the CA Nacional Telefonos de Venezuela, the country's largest telecom company.
In a string of surprise announcements that will change the face of the economy, the president said congress is set to give him special powers so he can write a number of laws, taking a similar path as he did in 2001.
The leftist leader also noted his government will throw out the standing commerce code, the basic framework of business laws, and will replace with with something more appropriate for his socialist revolution.
"All those strategic sectors like electricity - all those things that were privatized, nationalize them," Chavez said during his first televised speech of 2007.
"The CA Nacional Telefonos de Venezuela, nationalize it...the nation must recover those strategic means," he said.
His announcement came just minutes after he said that congress should soon give him special powers to pass a host of new laws that will advance his socialist goals.
One of the key changes would be to rework the commerce code that underpins how companies and associations are created, giving way to a set of laws with a decidedly socialist outlook.
The president also noted that foreign oil companies can no longer have control over the oil upgraders located along the Orinoco river belt. "Those must pass on to government hands," he said. It was unclear if he was referring to a decision to increase the government's take to 51% of those upgrading projects.
Chavez's latest moves appear to lend credence to critics who have often feared the president's economic policies would soon take a more radical bent.
In 2001, members of congress gave the president special powers allowing him to pass a series of laws that included a controversial land reform, among others.
"Trade What Is Happening...Not What You Think Is Gonna Happen"
I'm sorta taking it easy this week...going on vacation next week and don't want to buy anything to hold thru next week...I did holdover ATHR today but I will sell this week.
Trades today:
2 losers lists trades:
ESCL -.17
TX +.31
Also PACT -.05
Sold GMKT from yesterday +1.08
And heldover ATHR from 23.60's.
"Trade What Is Happening...Not What You Think Is Gonna Happen"
Had several limit orders in on CRNT...no fills on the gap.
2 loser's List trades: MLS +.20 JCOM +.29...but both kept going
Active day...Also, sold ATHR from yesterday only +.16, traded INAP +.20 (The last to crossover on this week's MACD Crossover Before They Crossover List) MPEL +.33, OBCI +.24, OBCI again +.21 and lastly
CBLI -.23
"Trade What Is Happening...Not What You Think Is Gonna Happen"
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