Latin America market round-up: Hugo Chávez watch
Venezuela’s president, Hugo Chávez, has signed a deal with London mayor Ken Livingstone to supply the UK’s capital with cheap oil to help run the city’s buses.
In return the mayor is sending his top transport official to Caracas to provide the Venezuelan government with expertise on urban planning and traffic management. The agreement involves Venezuela subsidizing the fuel bill for London’s buses by up to $32 million a year. This will allow for cheaper travel for the city’s poor. The scheme will run from July.