Venezuelan President Hugo Chavez AP PHOTO

"We're moving toward a socialist republic of Venezuela, and that requires a deep reform of our national constitution," Chavez said in a televised address after swearing in his new Cabinet.

Chavez, who was sworn in Jan. 10 to a third term that runs until 2013, said he wanted a constitutional amendment to eliminate the autonomy of the Central Bank and would soon ask the National Assembly, solidly controlled by his allies, to give him greater powers to legislate by presidential decree.

The nationalization appeared likely to affect Electricidad de Caracas, owned by Arlington, Virginia-based AES Corp., and C.A. Nacional Telefonos de Venezuela, known as CANTV, the country's largest publicly traded company.

The Japan Times Weekly: Jan. 13, 2007
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