Venezuela takes over foreign cement companies

Venezuela president Hugo Chavez said he would be going ahead with plans today to nationalise three foreign cement companies.



Mr. Chavez said the takeover would help to address delays in the construction of new homes in Venezuela.



The Venezuelan government has been claiming that the volume of cement exports has been contributing to the delays.



Mr. Chavez also said Venezuela is preparing to launch its first satellite from China in November.



He said the move would make Venezuela self-sufficient in communications.