Venezuela president just takes over their telecom company.

"His nationalization call caused a drop in the share price as nervous investors tried to sell off their stock holdings.

So far the president has offered no details of how much or how soon his government plans to pay for the company's assets."

Scare everyone into selling to justify a cheap payout when the company is seized.

 

Man that sucks...

 

Chavez's regime also owns Citgo. That's why my family doesn't buy gas at 7-11.

-Jay

 

The 7-11's here use FINA.

 

I'd check the ownership of FINA, sounds spanish to me...

-Jay

 

I had heard that rumor as well.

 

http://www.alonusa.com/index.cfm?FuseAction=Page&PageID=1000024&ArticleID=8

That's FINA

 

Yeah 7-11 dropped Citgo around the time he made the comments at the UN. Although they say they were planning it anyway. I do not buy Citgo either. I would encourage you all to boycott them as well.

 

7-11 is still Citgo here. I try to avoid buying gas from them. It used to be that my family thought that the Venezuelans were not as bad as the Arabs, but now we think they are worse.

 

I heard that there is more than one side to the CITGO thing. Yes, it is owned by the Venezuelans, but on the other side, they supplied us crude oil at far lower prices than they supplied other countries, in other words, we got a deal from them. So, in other words, I'm not sure who this will hurt more in the long run, because Venezuela won't have any problems shipping the oil to another country instead of the U.S.

 

Although he makes no secret of his dislike for President Bush, President Chavez has no issues with the American people, and offered low-priced oil to Massachusetts' Emergency Fuel-Assistance Program, last winter.

 

When he runs his country into the ground like all socialist countries we'll have to bail them out after his people string him up like alot of tin-horn dictators!:loony:

 

He is just one of many dictators that hate America and which are jealous of it's success. He started that program so the people in Venezuela would like him and he could say hey look what I did, elect me. Not because he is a humanitarian. He is slowly turning Venezuela from a decent country, into a socialist dictatorship where he doesn't have to use small tokens of charity to get elected.

 

Don't let Joe Kennedy and Chavez fool you. It is a ploy to woo teh American people into thinking he wants what is best for us. It is all propoganda. Csot of doing business for him.

 

I know just look at the our country.

 

If you are consuming imported oil, chances are it is being imported from a very troubled region of the developing world. Mainly due to the fact that your country has already consumed its reserves of oil or your country never had many reserves to begin with.

So while you sit there and damn citgo and think you are doing good by filling up across the street at the BP, realize that this gas could be coming from another very troubled region of the world. (i.e. Iran, Caspian Region, Saudi Arabia, Nigeria, etc).

That said, to hell with Chavez. The guy is nuts!

 

*cough* propaganda *cough*

 

There actually is quite a bit in Wyoming, in the Gulf of Mexico, Alaska and underneath the Great Lakes....if worse comes to worse....Although I really think were not actually going to run out of it. The new technologies will develop, and oil will be relegated to smaller uses. We are still a long ways away from the end of our supply, but that doesn't mean we should stay complacent.....:: stepping off soapbox ::

 

Clearly there are still a lot of oil reserves in every stretch of the globe. It's hard to say what the future will hold but I doubt we'll see any major change in consumption for many years to come....

 

Verizon Pays Outgoing CANTV CEO $3.1M
(AP) CARACAS
Verizon Communications Inc. has agreed to pay $3.1 million to Gustavo Roosen, the outgoing president of Venezuela's largest telecom company, after Verizon struck a deal to sell its stake in the company to Venezuela's government.

Roosen served as chief executive officer for CA Nacional Telefonos de Venezuela, CANTV, a company that President Hugo Chavez will soon bring under total state control.

On Monday, the administration of Chavez struck a $572 million deal with Verizon to acquire a 28.51 percent stake in the carrier, the president's first move to nationalize the company.

Verizon's Securities and Exchange Commission filing Wednesday about the payment to Roosen is the first indication that his departure was part of Chavez's deal with Verizon.

Chavez's deal falls short of the $676.6 million that Mexican billionaire Carlos Slim offered to pay for Verizon's stake almost a year ago.

http://kiplingerforecasts.com/apnews/XmlStoryResult.php?storyid=308519

 

CANTV sees growth, Venezuela to cut cell rates

http://today.reuters.com/news/artic...DST_0_VENEZUELA-CANTV-RATES.XML&from=business

 

Re: CANTV sees growth, Venezuela to cut cell rates

So typical. Hurricane Hugo is slowly decimating the country he dictates. It was once a wonderful place, a la Cuba. The difference between what he is doing and what Castro did, is that the Venezuelan people have an expectation of wealth from the oil they sit on...it will never bear fruit for the poor that put him in power, and now that he has the power he is taking away the upper class's possesions. Good ole Joe Kennedy, keep playing his pawn. I guess it is better than running someone down while drunk or leaving someone in the river like his relatives.

 

Cantv to invest US$250mn in GSM network

Peace on Earth and Goodwill to Men.

Cantv forecasts 24-30% growth, to invest US$250mn in GSM network
Venezuela's largest fixed line operator Cantv expects revenue growth of 24-30% in 2007 compared to last year, reaching 8.91tn bolívares (US$4.15bn), the company said in a statement late Thursday.

The company expects net income to increase 4-19% compared to 2006, to up to 1.35tn bolívares.

Earlier in the week, Cantv announced 2006 profits of 1.13tn bolívares, a 427% increase compared to the previous year due mainly to increased mobile and broadband revenues and subscribers.

"[Last year] was a remarkable year, setting the stage for our competitive stance and continued growth," the company's new CEO Vicente Llatas said in a conference call Friday.

Leading the growth will be the company's broadband business, Llatas said. In 2007, Cantv aims to expand its ADSL client base by 88-104% compared to 2006 to a total of up to 923,000 lines.

The company also said it will invest US$250mn in a new GSM mobile network.

The comments are seen as the first indicators of how Cantv will proceed under government control. Venezuela's President Hugo Chávez announced plans to nationalize the company on January 8, and his government reached an agreement with Cantv's former controlling shareholder, US telco Verizon, to buy its 28.5% share for US$572mn in a deal signed February 12.

Cantv also said it will launch a tender offer within 45 days of the agreement to acquire the 58.7% of shares floated on the market. The government already owns 6.6%, while Cantv employees, retirees and employee trusts hold another 6.2%.

Llatas would not comment further on the agreement between Verizon and the government, nor would he say what could happen to the equity of shareholders who do not sell their stock.

The executive said there are no current plans to delist the company from the NYSE or the Caracas stock market, but said that could change after the tender offer.

Llatas took over as CEO on February 14 after Gustavo Roosen - who held the position for 11 years - resigned, along with board members Lorenzo Mendoza and Imanol Valez. New directors will be elected at an annual shareholders meeting scheduled for March 30.

GSM Network

Cantv expects to sign deployment contracts for the new GSM network by March, it said in Thursday's statement. The new network will coexist with the company's current CDMA/EVDO network.

Through the GSM network, the company aims to target the higher income segments and have 600,000 subscribers by the end of 2008.

Cantv says it currently leads the mobile market and forecasts 16-18% growth to 9.3mn subscribers by the end of 2007 compared to end-2006.

The company expects to increase its capex this year by 34-53% compared to 2006 to 1.84tn bolívares, including the new GSM network.

The country's telecommunications minister Jesse Chacón also said a US$300mn fiber optic extension being installed by state-un telco CVG Telecom would be reevaluated following the nationalization, possibly to include Cantv.
www.cellular-news.com/story/22112.php

 

Don't let your love for GSM blind you to the shenanigans of Chavez. He is putting money into building out the network for his friends/upper class cohorts, but not into providing service for those who got him elected. Plus, there will be no competition.

Leftist dictator.

 

I'm just SOOOOOOOO SAD
CDMA is overlayed w/ GSM. :O
This is the Only Country in Latin America
where CDMA is Bigger than GSM.
wWaaaaaaaaaaaaaahhhhhhhhhhhhh

However you're Wrong there is Competition:
Digicel
Frequency: 900
GSM Start Date: Sep-01
Digitel TIM
Frequency: 900
GSM Start Date: Sep-99
3G: EDGE
Infonet
Frequency: 900
GSM Start Date: Sep-98