hugo chavez

Venezuela is moving ahead with the nationalization of foreign-owned cement companies, President Hugo Chavez said Sunday, a day before the expiration of a 60-day period for negotiating compensation.

Venezuela has sent 70 million liters (18.5 million gallons) of diesel fuel to support Paraguay's incoming president.

President Hugo Chavez is aiming to set up neighborhood-based militias, move toward a socialist economy in Venezuela and increase state control over agriculture under a package of laws enacted by presidential decree.

President Hugo Chavez said Thursday he intends to nationalize the Bank of Venezuela, which is owned by the Santander banking group of Spain.

Sales of new cars in Venezuela fell 27.4 percent in the first half of the year, reversing a recent upward trend as economic growth slowed and President Hugo Chavez capped foreign car imports in a bid to boost domestic production.

President Hugo Chavez on Sunday threatened to expropriate Venezuela's largest steel maker unless the soon-to-be-nationalized company revises what he called excessive compensation demands.

Chavez dismissed a request made by Sidor's parent company, Luxembourg-based Ternium SA, for US$4 billion (euro2.6 billion) in exchange for its 60 percent stake in the steel maker.

President Hugo Chavez on Thursday ordered the nationalization of Venezuela's cement industry, saying his government cannot allow businesses to continue exporting raw materials needed to help tackle a domestic housing shortage.