Venezuala, 15th May.

Venezuelan President Nicolas Maduro has threatened the seizure of factories that have stopped production, and the jailing of their owners.

In a speech to supporters in the capital Caracas, he said the country had to recover the means of production, to counter its deep economic crisis.

On Friday, he introduced a new, nationwide state of emergency.

Opposition protesters have been rallying in Caracas to push for a recall vote to eject him from power.

Mr Maduro said the state of emergency was needed to combat foreign aggression, which he blamed for Venezuela’s problems.

And he said military exercises would take place next weekend to counter “foreign threats”.

Venezuela has the world’s largest oil reserves but its economy has been severely hit by falling global oil prices. Its economy contracted by 5.7% last year and its official inflation rate is estimated to be topping 180%.

There are severe shortages of food, medicines and basic goods which Mr Maduro argues are due to business leaders and the US waging an economic war against his government.