Hugo Chavez, who was sworn in for a second term as Venezuela's president, has re-asserted his commitment to nationalise the strategic sectors of telecommunications, electricity, and oil which had been privatised by previous governments.
Announcing a period of transition to socialism he said criticism of the re-nationalisation and comments on the fall of the Caracas stock exchange were attempts at instigating alarm.
"The stock exchange is not the Venezuelan economy, which is progressing vigorously and is more booming than ever", he said.
Chavez proposed to conclude the last trace of the oil opening and retake control of the Orinoco Strip's extra-heavy oil processing (the largest world reserve), handed over by previous governments.
Confirming his decision to nationalise Venezuela's electricity supply service and telecommunications companies, he said that the permit for the Channel 2 television station would not be extended after May 27.
"The capitalist media destroyed human values, such as honesty," he said rejecting the idea that non-renewal of permit would be a loss for Venezuela.
"The oligarchy, bowing to imperialism, is the one that will lose, and the nation, the people, will win," he said, referring to the proposal to give that channel to a Venezuelan co-operative or joint venture from May 28.
Asserting that no one should be alarmed about socialism, for which 63 per cent of the people voted, he said that National Assembly President Cilia Flores would direct the national commission to initiate the country's constitutional reform.