Venezuela nationalizes cement industry

Pharma

Venezuelan President Hugo Chavez on Thursday ordered the nationalization of the country’s cement industry in efforts to help tackle a national housing shortage, local media reported.

Speaking during a televise address, Chavez said the cement companies, including Mexico’s Cemex, will be paid fair compensation for the state takeover. “We are going to prepare a plan to modernize these cement plants,” he added. Most of the cement market in this South American country is supplied by foreign companies. (people.com.cn)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry