Yahoo! News - President Hugo Chavez of Venezuela today announced plans to nationalize the country's power and telecom companies.

"All of those sectors that in an area so important and strategic for all of us as is electricity — all of that which was privatized, let it be nationalized," Chavez said in a televised speech after swearing in a new Cabinet.
"C.A. Nacional Telefonos de Venezuela (CANTV), let it be nationalized," Chavez said. "The nation should recover its property of strategic sectors."

Chavez is making good on the promise made after his reelection to make more radical movements in the direction of socialism.