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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Venezuela seizes local unit of US company AFP - 11 minutes ago Send IM Story Print Venezuela seizes local unit of US company CARACAS (AFP) - – Venezuelan President Hugo Chavez announced the expropriation of the local affiliate of the US-based glassmaker Owens Illinois, accusing it of causing environmental damage and exploiting its workers. The company "has had years exploiting the workers, destroying the environment" in the western state of Trujillo, "and taking away the money of Venezuelans," Chavez said during a government event broadcast on radio and television. Chavez added that his government has "a list with more names" of companies that will be expropriated, but gave no further details. Owens Illinois Inc. is a leader world glass bottle maker with some 22,000 workers in 21 countries. The US company has operated in Venezuela for 52 years, and has two plants that make bottles and containers for beer, drinks, food and liquor. In South America, aside from Venezuela it also has operations in Brazil, Colombia, Ecuador and Peru, and focuses on manufacturing glass containers, according to the company website. Since 2007, the Chavez administration has expropriated more than 347 companies in areas including electricity, banking, cement, steel, oil and food. And since 1999, when Chavez took office, the government has taken over some three million hectares (7.4 million acres) of land, in line with his so-called Bolivarian Revolution in which the firebrand leftist has aggressively sought to consolidate private assets under state control. Later in the speech Chavez threatened to nationalize privately-owned banks, but gave no names. Private banks "that do not want to collaborate in the national development should be taken over by the state with no kind of delay," Chavez said. "There is no turning back." Chavez said that banks needed to ease credit to build homes, of which there is a shortage in Venezuela. Since November 2009 the Venezuelan government either nationalized or dissolved about a dozen small and mid-sized banks. Chavez, just back from an international tour that took him to Russia, Belarus, Ukraine, Syria, Iran, Libya and Portugal, also said that he had signed no new arms deals during his 11-day tour. "It is the first trip to Russia in which we talked about everything except armaments," he said. Between 2005 and 2007 Venezuela signed agreements with Moscow worth more than four billion dollars to buy Sukhoi jets, combat helicopters and automatic rifles. Bolstered by a previous 2.2 billion dollar Russian loan, Venezuela is buying T-72 tanks and an undetermined number of S-300 anti-aircraft missile defense systems. Recommend Send IM Story Print News Search Top Stories Venezuela seizes local unit of US company Wozniacki top seed for WTA Championships Giant snakes, fish among spectacular species found in Amazon BP may close gas field over Iran sanctions: report Haiti cholera deaths slow but fear builds More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended It's a boy, and another boy for pop star Celine Dion Moon's 'treasure chest' includes silver Japanese joins the ranks of sequenced genomes Alonso wins in Korea, takes F1 championship lead EU close to embracing Serbia More Most Viewed » Time, like all good things, may come to an end: study Too much TV psychologically harms kids: study Iranian chocolate thief 'to have hand chopped off' Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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