Two Chinese automobile companies have started selling cars in Venezuela, according to a Dow Jones Newswire report.

China's Great Wall Motor Co. Ltd., the largest automobile company in China, and Cinascar, a Chinese automaker owned by GM Daewoo Auto & Technology Co., have set up car showrooms athwart the country to vie with the local automobile makers.

Venezuelan President Hugo Chavez, who is at present visiting Russia, said on Wednesday, July 26, that he plans to sign a deal with Russian President Vladimir Putin, will enable Venezuela to produce Kalashnikov rifles locally.

Additionally, Russia's defense minister rebuffed Wednesday the U.S. call to reconsider the $1 billion agreement on supplies of military planes and helicopters to Venezuela.