Chavez to nationalize companies in Venezuela

President Hugo Chavez declared he would nationalize electrical and telecommunication companies, taking a bold step toward increasing state control as he promised to transform Venezuela into a socialist country. Chavez, who will be sworn in Wednesday to a third term that runs until 2013, announced the nationalization plan as a key move in a series of radical changes. "All of that which was privatized, let it be nationalized," Chavez said, referring to "all of those sectors in an area so important and strategic for all of us as is electricity." "The nation should recover its ownership of strategic sectors," he said.