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Chavez to be granted new powers Chavez gets sweeping new powers
(about 1 hour later)
Venezuela's assembly is holding an extraordinary session in the main square of Caracas which is expected to grant special powers to the president. Venezuelan President Hugo Chavez has been granted new special powers after an extraordinary assembly vote in the main square of the capital, Caracas.
If passed, Hugo Chavez will be able to rule by decree for the next 18 months. Mr Chavez will now be able to rule by decree for the next 18 months.
His planned reforms would affect the energy sector, telecommunications, the economy and defence, among others. His planned reforms will affect the energy sector, telecommunications, the economy and defence, among others.
Mr Chavez has said the legislation will transform the country into a socialist society. Opponents describe the new law as an abuse of power.Mr Chavez has said the legislation will transform the country into a socialist society. Opponents describe the new law as an abuse of power.
Commanding positionCommanding position
It is expected that President Chavez will, in effect, nationalise the oil and gas industries, taking a majority share in their ownership.It is expected that President Chavez will, in effect, nationalise the oil and gas industries, taking a majority share in their ownership.
That would involve companies like Exxon, BP and Chevron. The move will involve companies like Exxon, BP and Chevron but it is uncertain what, if any, form of compensation those companies might receive.
It is not certain what, if any, form of compensation those companies might receive. Mr Chavez has popular support after his re-election victory last year, the assembly has been on his side since the opposition boycotted parliamentary elections in 2005, and Venezuela is reaping huge revenues from high oil prices.
Mr Chavez has popular support after his re-election victory last year, the assembly is on his side after the opposition boycotted parliamentary elections in 2005, and Venezuela is reaping huge revenues from high oil prices.
He wants to scrap presidential term limits and rewrite the constitution to build what he calls "socialism for the 21st Century".He wants to scrap presidential term limits and rewrite the constitution to build what he calls "socialism for the 21st Century".
Officials say he has no intention of turning Venezuela into a communist state, arguing that freedom of speech and religion will all be safe.Officials say he has no intention of turning Venezuela into a communist state, arguing that freedom of speech and religion will all be safe.
But the US has again been critical of his leadership.But the US has again been critical of his leadership.
John Negroponte told a hearing to confirm his position as the new deputy secretary of state that Mr Chavez has not been a "constructive force in the hemisphere".John Negroponte told a hearing to confirm his position as the new deputy secretary of state that Mr Chavez has not been a "constructive force in the hemisphere".
"He has been trying to export his kind of radical populism and I think that his behaviour is threatening to democracies in the region," Mr Negroponte said."He has been trying to export his kind of radical populism and I think that his behaviour is threatening to democracies in the region," Mr Negroponte said.