CANTV Budget Not Affected By Crisis

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Venezuelan incumbent Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) has announced that it will invest US$1.2bn in its operations in 2009. The investment marks a 33.3% y-o-y increase in investment with the government, which controls the operator, stating that the international economic crisis will not affect its capital expenditure plans, according to executive vice-president Franco Silva. The investment plans were confirmed as part of the government's budget for 2009 and come as falling oil prices across the globe have impacted the spending plans of the Bolivarian government.