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.
- 1Italian actor Bud Spencer dies at 86
- 2What will Brexit mean for EU migrants to the UK and British expats?
- 3Lionel Messi retires from international football
- 4Paris and Berlin agree on a strategy following Britain’s shock exit vote
- 5Iceland’s new President Gudni Johannesson off to France for the football
Latest world news
Schulz urges UK to make a speedy EU exit
Volkswagen to pay historic 15.3 billion dollars for cheating US emissions tests
‘‘chères collègues, do not let Scotland down now!”
Fears of contagion in Europe after UK Brexit vote
UK: Labour leader Jeremy Corbyn loses confidence vote in wake of Brexit vote
Wires > News
- 20:06 CET EU leaders tell Britain to exit swiftly, market rout halts
- 20:02 CET Russian warship carried out ‘unsafe’ operation near U.S. ships -…
- 19:34 CET Spanish court urges trial of ex-Catalan leader over referendum
- 19:28 CET Germany girds for potential spike in Islamic State attacks in…
- 18:27 CET Iraqis from Falluja in ‘desperate’ need of aid – charity
- 18:13 CET Michelle Obama, daughters and mom promote girls’ education in…
- 18:09 CET Sweden, Ethiopia, Bolivia elected to U.N. council for 2017-18
- 17:17 CET Cracks show inside Islamic State’s shrinking caliphate