Energy firms agree to state control

From Times Wire Reports

Bolivian President Evo Morales clinched a key political victory after foreign energy companies agreed in last-minute talks to remain in the country and operate under state control.

The deals affirm Morales’ bid to give the state a larger role in the economy of South America’s poorest country. Companies including Brazil’s state-owned Petrobras and Spain’s Repsol YPF agreed to cede larger shares of profits to the government.