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Article: Chavez plan signals loss for Verizon.
- Article from:
- Australasian Business Intelligence
- Article date:
- January 10, 2007
CopyrightCOPYRIGHT 2007 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jan 10, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Investors throughout the US and Latin America have reacted with alarm to threats from Venezuelan President, Hugo Chavez. In early January 2007, Chavez suggested that Venezuela could nationalise its main telephone and electricity companies. Past nationalisations in nations such as Cuba helped reduce the main index of the Caracas stock exchange by about 19 per cent. There is concern that Verizon Communications could potentially lose several hundreds of millions of dollars if Venezuela proceeds with a push toward nationalisation. Venezuelan steel, cement, banking and hotel operations would also be ...