Chavez plans hit Venezuela market

"Venezuela's financial markets have tumbled after President Hugo Chavez promised to nationalise the biggest phone and power companies.

The Caracas Stock Exchange closed nearly 19% down, with bonds also lower.

Telecoms firm CA Nacional Telefonos (CANTV) was suspended from trading after closing 30% lower, while power firm Electricidad de Caracas fell 20%.

While Mr Chavez had outlined some of his plans, analysts said he had decided to go further than previously thought." More.....