Ecuadoran President Rafael Correa said on Saturday that key sectors of the economy, including oil and mines, must be in government hands.
During his first two years in office Correa has taken a tough stand with mining and oil companies, pushing for new contracts more favorable to the state, but has so far shied away from nationalizing any firms.
“We will fulfill the goal of having strategic sectors in government hands,” Correa said.
The US-educated economist recently said he would not nationalize foreign oil companies but would push for more state control in the key industry via new contracts.
During a joint news conference with his Correa, Venezuelan President Hugo Chavez said his drive to nationalize strategic sectors of his own country’s economy would continue.
Many sectors of Venezuela’s economy, including energy and telecommunications, have passed into state hands since Chavez took office 10 years ago. In recent weeks he has nationalized oil service companies and iron producers.
Chavez also said Venezuela and Brazil were in talks to create a joint fund worth billions of dollars. It is likely it would be for infrastructure investment.
“One of the subjects we will discuss is the creation of a joint strategic fund ... worth billions of dollars,” said Chavez, adding that it would including money from the Brazilian Development Bank.
Chavez said he would meet Brazilian President Luiz Inacio Lula da Silva next week.
He said earlier his country and Ecuador had signed a deal for a joint fund for investment in energy projects.
Archeologists in Peru on Thursday said they found the 5,000-year-old remains of a noblewoman at the sacred city of Caral, revealing the important role played by women in the oldest center of civilization in the Americas. “What has been discovered corresponds to a woman who apparently had elevated status, an elite woman,” archeologist David Palomino said. The mummy was found in Aspero, a sacred site within the city of Caral that was a garbage dump for more than 30 years until becoming an archeological site in the 1990s. Palomino said the carefully preserved remains, dating to 3,000BC, contained skin, part of the
TRUMP EFFECT: The win capped one of the most dramatic turnarounds in Canadian political history after the Conservatives had led the Liberals by more than 20 points Canadian Prime Minister Mark Carney yesterday pledged to win US President Donald Trump’s trade war after winning Canada’s election and leading his Liberal Party to another term in power. Following a campaign dominated by Trump’s tariffs and annexation threats, Carney promised to chart “a new path forward” in a world “fundamentally changed” by a US that is newly hostile to free trade. “We are over the shock of the American betrayal, but we should never forget the lessons,” said Carney, who led the central banks of Canada and the UK before entering politics earlier this year. “We will win this trade war and
‘BODIES EVERYWHERE’: The incident occurred at a Filipino festival celebrating an anti-colonial leader, with the driver described as a ‘lone suspect’ known to police Canadian police arrested a man on Saturday after a car plowed into a street party in the western Canadian city of Vancouver, killing a number of people. Authorities said the incident happened shortly after 8pm in Vancouver’s Sunset on Fraser neighborhood as members of the Filipino community gathered to celebrate Lapu Lapu Day. The festival, which commemorates a Filipino anti-colonial leader from the 16th century, falls this year on the weekend before Canada’s election. A 30-year-old local man was arrested at the scene, Vancouver police wrote on X. The driver was a “lone suspect” known to police, a police spokesperson told journalists at the
North Korean leader Kim Jong-un has unveiled a new naval destroyer, claiming it as a significant advancement toward his goal of expanding the operational range and preemptive strike capabilities of his nuclear-armed military, state media said yesterday. North Korea’s state-run Korean Central News Agency (KCNA) said Kim attended the launching ceremony for the 5,000-tonne warship on Friday at the western port of Nampo. Kim framed the arms buildup as a response to perceived threats from the US and its allies in Asia, who have been expanding joint military exercises amid rising tensions over the North’s nuclear program. He added that the acquisition
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