Chavez begins new term in Venezuela

President Hugo Chavez was sworn in for a new six-year term today, beginning what he calls a deeper phase in his push to remake Venezuela as a socialist state.

Chavez took the oath of office at the National Assembly five weeks after a sweeping re-election win that has given him free reign to pursue more radical changes, including plans to nationalise “strategic” power and telecommunications companies.

His right hand raised, Chavez declared in words that echoed Fidel Castro’s famous call-to-arms: “Fatherland. Socialism or death – I swear it.”

Chavez has said he will ask the National Assembly for special powers allowing him to enact a series of “revolutionary laws” by decree.

With oil profits booming and his popularity high, Chavez seems to be in step with many Venezuelans even as spooked investors rushed to sell off stocks in the affected companies after his nationalisation announcement on Monday.

Chavez attended a flower-laying ceremony this morning at the tomb of South American independence hero Simon Bolivar, then rode in an open car, blowing kisses and waving to supporters who tossed rose petals, before arriving at the National Assembly, where he was installed for a third term running until 2013.