Venezuelan President Maduro on Saturday ordered the seizure of factories that have stopped production and the arrest of their owners.

The sweeping crackdown is under a new emergency decree announced by Maduro on Friday, giving him expanded powers to deal with the country's growing economic crisis.

The Venezuelan government is struggling to contain a raging economic crisis that has led to food shortages, soaring prices, riots, looting and vigilantism.

Maduro also ordered military exercises to counter alleged foreign threats. He accused the United States of destabilizing the country at the request of the "fascist Venezuelan rightists".