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Nationalization

BUSINESS
March 9, 2007 | From Times Wire Services
All foreign companies operating huge crude projects in Venezuela's Orinoco reserve have agreed to cede operational control to the state, Venezuela's oil company said, another step in President Hugo Chavez's nationalization push. State oil company Petroleos de Venezuela said Thursday that U.S. companies Chevron Corp. and ConocoPhillips agreed to meet a May 1 deadline decreed by Chavez to hand over operations to PDVSA in two of the four targeted projects.
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OPINION
March 27, 2007
Re "Times' opinion chief quits," March 23 My father would be disappointed. I didn't heed one of his crucial axioms in life: Never have more stuff in your office than you can put in a box -- a lesson he learned in Mexico from the PRI regime's sudden nationalization of the company he worked at, when he was practically hauled out of his office by the army. So there I was, standing in my office last Thursday morning, having quit my post as the editor of these pages on principle, looking around at a lot of books and artwork.
OPINION
May 17, 2010 | Gregory Rodriguez
WASP culture is dead! Long live WASP culture! Solicitor General Elena Kagan's nomination to the Supreme Court says a whole lot about the state of white Anglo Saxon Protestant culture in the U.S., but it's not what you think. If her appointment is approved, there will be no white — or any other color for that matter — Protestant on the court. Some joke that this means it's high time to carve out a WASP seat on the bench. Others suggest it spells the end of WASP dominance in general.
NEWS
September 23, 1998 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
The Communist put in charge of repairing Russia's ruined economy said Tuesday that a dose of Soviet-style medicine--nationalization--may be needed to pull the country back from the brink. After six years of supposed economic reforms, First Deputy Prime Minister Yuri D. Maslyukov said tartly, "We have got a crisis instead of a market, as well as a collapse of the financial system and all the rest."
BUSINESS
February 7, 2009 | Associated Press
Bank of America Corp. Chief Executive Ken Lewis capped off a week of defending his bank and his role in it on Friday by firing back against rumors that his company could be in danger of nationalization. "It's absurd," Lewis said in an interview on CNBC, adding that he knew of no government officials who had talked about nationalizing the bank. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700-billion financial rescue fund.
BUSINESS
May 2, 2007 | From Reuters
Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects Tuesday, sending in workers backed by troops to occupy the multibillion-dollar installations. Rallying thousands of workers dressed in the signature red of his self-styled revolution, President Hugo Chavez hailed what he called the end of U.S.-prescribed policies that had opened up the largest oil reserves in the hemisphere to foreign investment.
WORLD
April 8, 2013 | By Anthee Carassava
ATHENS - Fears concerning Greece's efforts to fix its faltering economy flared anew Monday as bank shares sank 30% -- the maximum allowed in a day -- after plans to merge the country's two biggest lenders were suddenly frozen. Investors dumped shares of the National Bank of Greece and Eurobank during the early hours of trading after both institutions confirmed late Sunday that their merger was off because of fears that the new combined entity would be too big to handle. The surprise freeze came amid testy talks between the government and international lenders from the European Commission, the European Central Bank and the International Monetary Fund, which together are keeping Greece afloat with a multibillion-dollar rescue package in exchange for strict fiscal reforms.
BUSINESS
January 10, 2007 | Chris Kraul, Times Staff Writer
Hugo Chavez spoke, and investors smelled sulfur. Stocks fell sharply Tuesday in his own country and across Latin America as markets felt the effects of the Venezuelan president's nationalization plans for three key industries. On Monday, Chavez announced his intent to take control of businesses in telecommunications, electricity and oil that have sizable U.S. investments. The IBC index of the Caracas Stock Exchange plunged 18.7% on Tuesday.
NEWS
September 21, 1988 | ROBERT A. ROSENBLATT, Times Staff Writer
Alarmed that banks might have to pay some of the cost of rescuing failing savings and loan associations, the banking industry called Tuesday for a federal takeover of hundreds of sick thrifts by a new government corporation to be funded by as much as $100 billion in tax revenues. The American Bankers Assn., warning of national "financial instability," took the extraordinary step of advocating the nationalization of a significant portion of a major rival in the financial field.
BUSINESS
February 9, 1999 | PAUL WATSON, TIMES STAFF WRITER
More than 1,000 ICN Pharmaceuticals Inc. workers walked off the job Monday to support their boss, Milan Panic, in his fight to take back a factory seized by the Yugoslav government. But police here turned the screws still tighter on ICN's Yugoslav subsidiary by arresting six of his local vice presidents, Panic said. "I think this is not about business anymore," Panic, chairman and chief executive of the Costa Mesa-based company, said in a telephone interview from Hungary.
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