Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Kerry holds all-night talks with Afghan presidential rivals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

Americas

Chavez orders two more banks to be nationalised

©

Text by News Wires

Latest update : 2009-12-04

Venezuela's leftist President Hugo Chavez said on Thursday that he had ordered two more banks to be nationalised amid an inquiry into their alleged accounting irregularities. Chavez earlier this week dissolved two other private banks.

AFP - Venezuela's leftist President Hugo Chavez said Thursday he had ordered the nationalization of two more banks shut down by his government to investigate alleged accounting irregularities.
   
News that the two privately owned banks, Confederado and Bolivar, were the latest targets of Chavez's efforts to remake the economy prompted Venezuela's currency and bonds to plunge in open trading.
   
"Once they have been rehabilitated the Bolivar and Confederado banks will become part of the public financial system," Chavez told a televised meeting of economic ministers.
   
Chavez earlier this week dissolved two other private banks -- Banco Canarias and BanPro -- after a series of nationalizations in other sectors.
   
Since taking office in 2007, Chavez has moved to control firms in the electricity production, cement, steel, oil services and banking industries.
   
More than 70 percent of the Venezuelan banking sector is privately owned, but the state has become the main financial actor, having nationalized in May Banco de Venezuela, the country's third-largest bank and previously under the ownership of Spanish group Santander.
   
Chavez has indicated he may target more private banks, which he accused of having forsaken their lending "mission" in order to specialize in "financial speculation."
   
This comes against the backdrop of a slowing Venezuelan economy.
   
According to JP Morgan, a US-based financial services firm, gross domestic product will shrink 2.5 percent this year, as foreign investment and the current account balance also worsen.

Date created : 2009-12-04

Comments

COMMENT(S)