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Venezuelan President Hugo Chavez was sworn in for a new six-year term on Wednesday, local media reported.

Emboldened by his landslide re-election, the typically combative anti-US leader went on the offensive, deciding to strip a private opposition TV channel of its license and to take over a number of foreign-owned major companies.

"Fatherland, socialism or death I take the oath," Chavez said.

Fright gripped investors this week at the leftist drive that further consolidated power in the hands of Chavez who already controls Congress, the courts and claims to have complete support from the army and the giant state oil company.

As the United States renewed its criticisms Chavez's moves against private property, the stock market tumbled by close to 20 percent on Tuesday, debt prices tumbled to a six-week low and the currency changed hands at nearly twice the official exchange rate.

Still, buoyed by strong oil revenues and high popularity, the leader, who views Cuban President Fidel Castro as his mentor, is expected to survive any economic and political storm.

In his tumultuous political career, the former army officer has survived jail, a coup and a recall referendum. A leading anti-US voice in the world and a leader of a leftwards trend in Latin America, Chavez now wants to scrap term limits and lead the OPEC nation for decades.

New Vice President Jorge Rodriguez sought to calm Venezuelans' nerves over the economic turmoil. "The stock exchange is more solid than ever ... It's nothing," he said.

Chavez, who rode to Congress for the swearing-in ceremony in an open-top car waving at crowds of supporters, highlighted on Monday his new term's plans, such as stripping the autonomy of the central bank and taking on special legislative powers.

(China Daily via agencies January 11, 2007)