The Venezuelan government has taken control of a chain of foreign owned supermarkets that it is seeking to nationalise.
Officials and employees have taken over the running of six Exito stores of which French company Casino is the majority stakeholder.
The move comes after President Hugo Chavez threatened to expropriate any company found to have raised prices unfairly.
Trade Minister Eduardo Saman said from inside one of the supermarkets:
bg. We are carrying out a temporary occupation of this establishment and later we will start the expropriation procedure. We are doing this because this establishment violated Venezuelan law by raising prices without explanation and speculating.
Venezuela devalued its Bolivar currency earlier this month and Chavez has accused companies of taking advantage by putting prices up.
But not everyone agrees with the confiscation of private firms. One Exito customer said:
To me it doesn’t seem a good thing what the president has done. What he’s doing is, because he’s not building anything, when he sees something that is already built, he takes it. It’s easy, he just expropriates it. And everything he has expropriated ends in disaster.
Venezuela also ordered the state takeover of three small banks, citing risky irregularities. The government has seized 11 banks in recent weeks and now owns a quarter of the banking sector. It has also seized oil, energy and telecoms firms.
Copyright © 2015 euronewsMore about:
- 1International concern grows after fighting in Ukraine escalates
- 2Six French skiers perish in deadly Alpine avalanche
- 3Greek elections: SYRIZA on course to win, but may fall short of majority
- 4Soaring Swiss franc may leave EU mortgage holders homeless
- 5Tsipras pledges end to ‘vicious cycle of austerity’ at victory speech in Greece
- 1Greek elections: SYRIZA on course to win, but may fall short of majority
- 2No word on Japanese hostages after ISIL deadline passes
- 3‘Russia needs to return Crimea to Ukraine,’ says Kyiv official
- 4Japan outrage at ISIL claims it has executed hostage Haruna Yukawa
- 5US and EU officials condemn deadly rocket attacks in Mariupol
- 1Where do YOU rank on the world’s wealth scale?
- 2Pope Francis says Catholics don’t need to breed ‘like rabbits’
- 3Pupil power shames police in Nairobi as Kenyan school protest goes global
- 4Greek elections: SYRIZA on course to win, but may fall short of majority
- 5German men ‘can use toilet while standing’, judge rules
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2The power of the pen: Cartoonists worldwide react to the Charlie Hebdo attack | euronews, world news
- 3Immigration, racism in sport and the rise of extremism – Cantona shares his views | euronews, interview
- 4[LIVE] 12 dead after gun attack at French satirical weekly Charlie Hebdo | euronews, world news
- 5[LIVE NOW] Massive unity rally in Paris, with similar marches in other French cities | euronews, world news
- 6Muslim groups fear backlash after terrorist attacks in Paris | euronews, news
- 7[LIVE] Confusion over reports two killed in Paris shootout, as police close in on Charlie Hebdo suspects | euronews, world news
- 8“ISIL is the baby of George W Bush” | euronews, news
- 9Medieval Bruges is to get its own underground beer pipeline | euronews, world news
- 10Almost four million turn out for unity rallies across France | euronews, world news
- 11International breaking news | euronews online world breaking news in video
- 12NewsWires : euronews : the latest international news as video on demand
- 13A defiant Charlie Hebdo: it’s not the front page the terrorists would’ve wanted | euronews, world news
- 14Key questions around the Charlie Hebdo killings go unanswered | euronews, world news
- 15France: Angouleme council takes down anti-homeless cages around benches after outcry | euronews, world news
- 16HarperCollins wipes Israel off the map | euronews, world news
- 17euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 18eurovibes - a selection of Europe’s best music talent
- 19Grim task of retrieving bodies after wreckage of missing AirAsia plane found | euronews, world news
- 20Charlie Hebdo: Israeli paper deletes women from Paris march | euronews, world news
Wires > News
- 13:21 CET Seven Ukrainian soldiers killed in intensified rebel attacks -…
- 13:02 CET U.S. sees role for India in battle against Islamic State
- 12:59 CET Greek leftists ally with right against bailout after huge election…
- 12:05 CET Philippines says deadly clash a mistake, hopeful peace not derailed
- 11:06 CET Al Qaeda militants kill Yemeni soldier in southern Yemen – official
- 11:00 CET Assad seeks agreement over U.S. air strikes in Syria
- 10:54 CET Yemen crisis is first big test for Saudi Arabia’s King Salman
- 10:50 CET Chinese academic bemoans ‘narrow-minded … repressive’ attacks