TELECOM

TELECOM

Venezuela Agrees to Buy Verizon's Stake in CANTV

Venezuela's government signed a preliminary agreement to buy Verizon Communications' 28.5 percent stake in Compania Anonima Nacional Telefonos de Venezuela, or CANTV, for $572 million, Telecommunications Minister Jesse Chacon said after signing the memorandum of understanding with John Diercksen, Verizon's executive vice president of strategy, development and planning.

Chacon said that with the deal, the government "begins the process of nationalization of one of the most strategic companies for the country's development."

Pilot Program Allows Cellphone Money Transfers

The GSM Association, which represents many of the world's wireless phone operators, launched a pilot program with MasterCard that will let international migrant workers send money home faster.

GSM and MasterCard said using cellular networks could expand the value of remittances to more than $1 trillion by 2012.

ENERGY

Russia, Qatar Discuss Natural Gas Cartel

Leaders of Russia and Qatar said they would explore the creation of a natural gas cartel to represent the interests of producer countries in the global market. Russian President Vladimir Putin and Hamad bin Khalifa al-Thani, the Qatari emir, said they wanted more cooperation among competing gas producers in their dealings with consuming countries. European Union leaders have said they would stand against any effort by Russia to create such a cartel. Europe gets 44 percent of its gas imports from Russia.

ECONOMY

Dubai Plans to Borrow Billions for Infrastructure

Dubai plans to borrow at least $10 billion for new roads, power plants and an urban railway to spur economic expansion. The borrowing will "go into double-digit billions" by 2009, said Nasser Akil Abbas, treasury director at the Dubai government's finance department. The government is taking advantage of bondholder demand after Dubai Holding, which manages state assets, received $13 billion of orders for a $2.5 billion sale of notes last month.

Ecuador to Invoke Grace Period on Debt

Ecuador's president, Rafael Correa, who has threatened to default on the country's debt, will use a 30-day grace period to make a payment that is due this week, Deputy Economy Minister Fausto Ortiz told reporters in Quito, the capital.

Ecuador is slated to make an interest payment on Feb. 15 on its benchmark bonds. The government will miss the payment date because it lacks the funds and pay investors within a month.

Correa has said since his election in November that he may not honor all of the government's foreign debt to free up funds for health care and education.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.