President Hugo Chávez yesterday announced his policy for his third term in office. He heralded a "new era" in the transformation of Venezuela to socialism: the "Simón Bolívar national project 2007-2021." The project contemplates the nationalization of strategic industry sectors, such as telecommunications and electricity, through special powers to be sought from the Legislature.

In Venezuela Holdings et al v Bolivarian Republic of Venezuela an ad hoc Committee for the World Bank's International Centre for Settlement of Investment Disputes nullified part of an arbitration award . . .