TCRLA_Public/030725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

          Friday, July 25, 2003, Vol. 4, Issue 146

                          Headlines


A R G E N T I N A

ACTIVA PERSONAL: Bankruptcy Proceeds With Claims Verification
AHOLD: Expecting to Pull Out of South America Soon
APSA: Standard & Poor's Assigns 'raB+' To Bonds
ATEBA: Concurso Petition Approved
AUTOPISTAS: Extends APE Solicitation, Cash Tender Offer

CAPEX: S&P Assigns Junk Ratings To Bonds
CAPEX: US$145M of Bonds Garner Default Ratings From Local S&P
DELFIN: San Juan Court Announces Bankruptcy
EXCEL: Court Assigns Receiver For Bankruptcy Process
HOGARES: Credit Verification Expected In Due Course

KAMET: Seeks Court-Authorized Reorganization Plan
LOGISTICA EL CONDOR: Creditors Advised To Have Claims Verified
PETROBRAS ENERGIA: To Pay Debenture Interests On July 30
PETROCOR: Obtains Court Permission To Start Reorganization
POLIELECTRIC: Buenos Aires Court Declares Bankruptcy

SEYCOM: Makes First Move Towards Reorganization
SIRESA: Applies For "Concurso Preventivo"
SOCIEDAD COMERCIAL: Issues Organizational Meeting Notice
TALMESA: Court Makes Bankruptcy Official
TELEFONICA DE ARGENTINA: Announces Partial Results of Offers

TELMES: Files Motion For "Concurso Preventivo"
TRANSENER: Argentine Standard & Poor's Rates Bonds 'raD'


B E R M U D A

SEA CONTAINERS: Ratings Affirmed, Removed From Watch


B R A Z I L

BELLSOUTH CORP.: 2Q Earnings Show Growth in Latin America
CANBRAS COMMUNICATIONS: Averts Liquidity Mess, 2Q Results Stable
SABESP: Mulls 16.5% Increase in Services Rates
VESPER: Parent Announces Third Quarter Fiscal 2003 Results


C H I L E

COEUR D'ALENE: Reports High-Grade Gold Veins Found at Cerro Bayo
ENDESA CHILE: To Use Bond Proceeds To Settle Obligations


J A M A I C A

C&WJ: To Dismiss 118 Workers This Friday


M E X I C O

GRUPO IUSACELL: Receives 3rd Offer From Fintech Advisory Inc.
GRUPO IUSACELL: Verizon Considers Sale To Salinas A Done Deal


P A N A M A

BLADEX: Jaime Rivera Promoted to CEO


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Releases FY 2003 Results


T R I N I D A D   &   T O B A G O

BWIA: Auditor Claims Government Holds Keys to Rescue


V E N E Z U E L A

PDVSA: Needs $43B to Increase Production to 5mb/day by 2008
* Venezuela Placing Dollar Bonds Locally Next Week


     - - - - - - - - - -


=================
A R G E N T I N A
=================

ACTIVA PERSONAL: Bankruptcy Proceeds With Claims Verification
-------------------------------------------------------------
Creditors of Buenos Aires-based Activa Personal S.A. have until
September 25 to have their claims verified, relates Infobae. The
court-designated receiver, Mr. Viviana Palopoli will authenticate
claims.

Court No. 5 of Buenos Aires recently put the Company under
bankruptcy. The receiver must file the individual reports on
November 6 and the general report on December 19.

CONTACT:  Viviana Palopoli
          Ave. Corrientes 859
          Buenos Aires


AHOLD: Expecting to Pull Out of South America Soon
--------------------------------------------------
Dutch retailer Ahold is close to making a South American exit
with the upcoming sale of its assets there, says Reuters. In
Chile, Ahold is set to conclude the US$100-million sale of its
97% stake in Santa Isabel SA unit in the coming days to local
rival Cencosud.

In Argentina, a source involved in the transaction said the
bidding period for Ahold's unit Disco SA would close on July 31.
Ahold has been buying back Disco bonds with a face value of
US$250 million to facilitate the sale. The International Finance
Corporation, the investment arm of the World Bank, is considering
financing $25-$50 million of the purchase price alongside a trade
buyer. Analysts have put the total vale of Disco at about EUR500
million, but debts need to be deducted from this.

In Brazil, the bidding is open for retailers G.Barbosa and
Bompreca, as well as the Hipercard credit card organisation. CBD
unit Pao de Azucar, Brazil's largest retailer in which Casino has
a stake, is expected to make a bid for the retailing assets,
while a partner would bid for the card unit. Carrefour and Wal-
Mart are also expected to bid. A spokesman for Carrefour had no
comment, but French industry sources said the firm was certain to
look at the assets but would not pay a high price.

While proceeds from the sale will not dent Ahold's EUR12-billion
debt load, it will somehow help top management focus on core
markets in Europe and the U.S. and put an ignominious accounting
scandal behind it, said analysts.


APSA: Standard & Poor's Assigns 'raB+' To Bonds
-----------------------------------------------
The Argentine branch of Standard & Poor's International Ratings,
Ltd. assigned a 'raB+' rating to some US$85 million of corporate
bonds issued by local company, Alto Palermo S.A. (APSA) on
Monday. The National Securities Commission relates that the
affected bonds, which it described as "Obligaciones Negociables
Simples no Convertibles en acciones", would mature on April 7,
2005. The bonds were classified as "simple issue."

S&P said that the rating, which is based on the Company's
finances as of the end of March 31 this year, denotes weak
protection parameters relative to other issues in Argentina.

CONTACT:  Alto Palermo S.A. (APSA)
          2/F
          476 Hipolito Yrigoyen
          Buenos Aires
          Argentina
          Phone: +54 11 4344 4600
          Home Page: http://www.altopalermo.com.ar
          Contacts:
          Eduardo Sergio Elsztain, Chairman
          Marcos Marcelo Mindlin, Vice Chairman
          Aaron Gabriel Juejati , Vice Chairman


ATEBA: Concurso Petition Approved
---------------------------------
The Civil and Commercial Tribunal of Mendoza granted a petition
from Ateba y Compania S.A. to start its reorganization process.
Court No. 3 of Mendoza approved the Company's motion for
"Concurso Preventivo."

In line with the reorganization proceedings, the Coutr assigned
Mr. Eduardo Osvaldo Casares as receiver. Credit claims will be
processes until September 8 this year. The Court expects the
individual reports to be submitted on October 20, and the general
report on December 11.

CONTACT:  Ateba y Compa¤ˇa S.A.
          Coni 1742 Godoy Cruz
          Mendoza

          Eduardo Osvaldo Casares
          Colon 412
          Mendoza


AUTOPISTAS: Extends APE Solicitation, Cash Tender Offer
-------------------------------------------------------
Autopistas del Sol S.A. (the "Company") announced Wednesday that
it is extending its solicitation (the "APE Solicitation") from
holders of its 9.35% Series A Senior Notes due 2004 and 10.25%
Series B Senior Notes due 2009 (together, the "Existing Notes")
and other unsecured financial indebtedness (the "Bank Debt" and,
together with the Existing Notes, the "Existing Debt"), subject
to certain eligibility requirements, of powers of attorney in
favor of an attorney-in-fact to execute a consent to an acuerdo
preventivo extrajudicial (the "APE") until 5:00 p.m., New York
City time, on July 24, 2003, unless further extended by the
Company.

The Company also announced that it is extending until 5:00 p.m.,
New York City time, on July 24, 2003, unless further extended by
the Company, its offer to apply up to U.S. $18 million to
purchase for cash (the "Cash Tender Offer") a portion of its
Existing Debt at a price to be determined through a modified
dutch auction.

The Company is extending the APE Solicitation and Cash Tender
Offer in order to allow remaining holders of Existing Debt time
to participate in these offers.

APE Solicitation

As of 5:00 p.m., New York City time, on July 23, 2003,
approximately U.S. $425 million principal amount, or
approximately 89%, of Existing Debt had been tendered in the APE
Solicitation or agreed, subject to certain conditions, to
participate in the APE by entering into a support agreement. To
date, the Company has executed support agreements with certain
financial institutions that hold approximately U.S. $85 million
aggregate principal amount of Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Solicitation Statement
dated May 15, 2003, as amended by the Supplement to the
Solicitation Statement dated July 8, 2003.

The Cash Tender Offer

As of 5:00 p.m., New York City time, on July 23, 2003,
approximately U.S. $6 million principal amount of Existing Debt
had been tendered in the Cash Tender Offer.

The Cash Tender Offer will remain subject to all terms and
conditions described in the Offer to Purchase dated May 15, 2003,
as amended by the Supplement to the Offer to Purchase dated July
8, 2003.


CAPEX: S&P Assigns Junk Ratings To Bonds
----------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
rates US$150 million of Capex S.A.'s corporate bonds 'raCC' on
Monday. The rating denotes that the obligation is currently
highly vulnerable to nonpayment, said the ratings agency.

The rating, given based on the Company's financial situation as
of the end of April this year, applies bonds, which the National
Securities Commission described as "Obligaciones Negociables
Simples", and mature on January 1, 2005. The bonds were
classified under "Simple Issue."

CONTACT:  Capex SA
          5/F DepartmentC
          948/950 Av Cordoba
          Buenos Aires
          Argentina
          Phone: +54 11 4322 4884
          Home Page: http://www.capex.com.ar
          Contacts:
          Enrique Gotz, Chairman
          Dr. Alejandro Enrique Gotz, Vice Chairman


CAPEX: US$145M of Bonds Garner Default Ratings From Local S&P
-------------------------------------------------------------
A total of US$145 million worth of corporate bonds issued by
Capex S.A. were rated 'raD' by the Argentine branch of Standard &
Poor's International Ratings, Ltd. on Monday.

The rating, which was based on the Company's financial health as
of April 30 this year, applies to bonds which the National
Securities Commission described as "Obligaciones Negociables
Simples." Some $40 million of these mature on June 11, 2004 while
the rest will come due on December 23 of the said year.


DELFIN: San Juan Court Announces Bankruptcy
-------------------------------------------
The Civil and Commercial Tribunal of San Juan ruled that local
company Delfin S.R.L. be put under bankruptcy. A report by local
news source Infobae relates that Court No. 1 of San Juan,
Argentina handles the case.

Without naming the receiver, Infobae says that the claims
verification process will end on August 28 this year. The
individual report will be submitted on October 15, followed by
the general report on November 28.


EXCEL: Court Assigns Receiver For Bankruptcy Process
----------------------------------------------------
Mr. Claudio Jorge Haimovici was assigned receiver for the
bankruptcy process of Excel Computacion S.A., relates local news
source Infobae. Court No. 2 of Buenos Aires recently declared the
Company's bankruptcy.

Creditors have until September 5 to have their claims verified.
The receiver will hand in the individual reports on November 17.
The general report will be submitted on December 11 this year.

CONTACT:  Claudio Jorge Haimovici
          Serrano 985
          Buenos Aires


HOGARES: Credit Verification Expected In Due Course
---------------------------------------------------
Court No. 14 of Buenos Aires ordered that the credit verification
for the bankruptcy process of Hogares Cristianos S.R.L. will be
"pro via incidental." Infobae relates that the Company was
recently declared bankrupt by the court, and is now in the hands
of receiver Mirta Calfun Bendersky.

The receiver is expected to file the general report on November
12 this year. The report did not indicate whether the court has
set a date for an informative assembly.

CONTACT:  Mirta Calfun de Bendersky
          Humahuaca 4165
          Buenos Aires


KAMET: Seeks Court-Authorized Reorganization Plan
-------------------------------------------------
Argentine leather products company Kamet S.A. is petitioning the
court to start its reorganization process, relates local news
source, Infobae. The Company has stopped paying its debts earlier
this month.

According to the report, the case is handled by Court No. 5 of
Buenos Aires, which is handled by Dr. Gerardo Vassallo. Dr. Polo
Olivera from Secretary No. 10 assists the court on the matter.

CONTACT:  Kamet S.A.
          12th Floor B
          Esquiu 937
          Buenos Aires


LOGISTICA EL CONDOR: Creditors Advised To Have Claims Verified
--------------------------------------------------------------
Creditors of Argentine company Logistica El Condor S.A. were
advised to have their claims authenticated by the receiver, Mr.
Luis Rolando Benedossi of Buenos Aires, before September 22.

The Company was recently declared bankrupt by Court no. 6 of
Buenos Aires. The individual report will be submitted on November
3 this year. The court expects to have the general report by
December 16.

CONTACT:  Luis Rolando Benedossi
          Maipu 812
          Buenos Aires


PETROBRAS ENERGIA: To Pay Debenture Interests On July 30
--------------------------------------------------------
Argentine energy company Petrobras Energia, formerly Pecom
Energia, informed the Buenos Aires bourse of its intention to pay
first semester interest on the US$250 million series G of its
short and medium-term debentures program on July 30.

Business News Americas reports that the Bank of New York will
make the payments in New York and Banco Rio de la Plata will do
likewise in Buenos Aires.

Petrobras also informed the bourse that on July 30, it will pay
first semester interest on the US$22.8 million fourth series of
the same debenture program. Payments in London, New York and
Buenos Aires will be handled by Citibank.

CONTACT:  PETROBRAS ENERGIA S.A.
          Maipu 1 - Piso 22 - C1084ABA
          Buenos Aires, Argentina
          Phone: (54-11) 4344-6000
          Fax: (54-11) 4344-6315
          www-informaciongeneral@petrobrasenergia.com


PETROCOR: Obtains Court Permission To Start Reorganization
----------------------------------------------------------
Petrocor Domingo Fernandez Capurro S.A.C.F.A.E.I. starts its
reorganization process following the court's approval of its
motion for "Concurso Preventivo."

The Civil and Commercial Tribunal of Corrientes designated Mr.
Cesar Hugo Miskinich as receiver for the reorganization. He will
verify claims until August 4. Creditors are also invited to an
informative audience on June 12 next year.

CONTACT:  Petrocor Domingo Fernandez Capurro S.A.C.F.A.E.I.
          Avenida 3 de Abril 811
          Corrientes

          Cesar Hugo Miskinich
          Irigoyen 2180
          Corrientes


POLIELECTRIC: Buenos Aires Court Declares Bankruptcy
----------------------------------------------------
Court No. 11 of Buenos Aires decided that Polielectric S.A.I.C.
be put under bankruptcy relates local news source Infobae without
revealing the reasons behind the decision.

Mr. Sergio Omar Barragan is assigned as receiver for the process.
Creditors are advised to have their claims verified before the
September 24 deadline. The receiver will file the individual
reports on November 5, followed by the general report on December
18.

CONTACT:  Sergio Omar Barragan
          Lavalle 1675
          Buenos Aires


SEYCOM: Makes First Move Towards Reorganization
-----------------------------------------------
Argentine security services company Seycom S.R.L. has submitted
its motion for "Concurso Preventivo" to court no. 20 of Buenos
Aires. El Cronista Comercial relates that the Company stopped
making debt payments in October last year.

CONTACT:  Eycom S.R.L.
          Crisologo Larralde 3745
          Buenos Aires


SIRESA: Applies For "Concurso Preventivo"
-----------------------------------------
Court No. 25 of Buenos Aires, which is under Dr. Silvia Rey, has
received a motion for "Concurso Preventivo" from Siresa S.A.,
relates El Cronista Comercial. If granted, the Company may start
its reorganization. The Company has stopped making debt payments
earlier this month.

CONTACT:  Siresa S.A.
          2nd Floor E
          Buenos Aires


SOCIEDAD COMERCIAL: Issues Organizational Meeting Notice
--------------------------------------------------------
Reorganization Proceedings Summons to Noteholders Meeting

Summons: In order to vote Sociedad Comercial del Plata S.A.'s
reorganization plan, all Holders, and Beneficial Owners of Notes
issued by Sociedad Comercial del Plata S.A. (hereinafter, the
"Noteholders") are hereby summoned to a Noteholders Meeting
(hereinafter the "Argentine Bankruptcy Law") to be held on
October 10th, 2003, at 11:00 am at the address below:

          Camara de Sociedades Anonimas,
          Florida 1, 3rd Floor,
          City of Buenos Aires,
          Argentina.

Court Ruling: The summons to the Noteholders Meeting is ordered
by court rulings dates May 21st and June 19th, 2003 issued by the
Commercial Corut No. 15 (Judge Norma B. DiNoto), Secretariat No.
29 (Clerk Officer Alejandra Tevez), located at Ave, Callao 635,
City of Buenos Aires; in re "SOCIEDAD COMERCIAL DEL PLATA S.A. s/
CONCURSO PREVENTIVO", File No. 80979 (hereinafter the
"Reorganization Proceedings").

Mandatory registration: All Noteholders wishing to participate at
the Noteholders Meeting must register in a record to be kept by
Sociedad Comercial del Plata S.A. (hereinafter the "Registry"),
at Marcelo T. de Alvear 883, 2nd Floor, City of Buenos Aires,
from Monday to Friday, from 11:00 am to 6:00 pm (hereinafter, the
"Registration Address"). The registration period will expire on
August 8, 2003. The registration requirement is applicable to all
such Noteholders, which were represented by the Trustee's proof
of claim filed and admitted in the Noteholders whose individual
proofs of claim were admitted in the Reorganization Proceedings
on an individual basis. In order to register, Noteholders must
file, at the registration Address, any of the following
documents:

a. certificate evidencing holding of the notes
b. certificate issued by the trustee, the registration
   agent or the issuer with the corresponding individualization
c. balance account statement issued by the registration agent
d. bank certificate of custody of the notes
e. bank certificate evidencing an interest in the global note
f. statement of custody accounts or
g. certificate evidencing deposits in escrow or evidence of
   note holding.

Such certificates in points (b),(c),(d),(e),(f) and (g) above
must contain a sale blocking until, at least, one day following
the Noteholders Meeting. Individuals must exhibit their
corresponding documents, their representation. All powers of
attorney or corporate instruments expressed in foreign languages
must be translated in Spanish; and id granted in foreign
countries, legalized accordingly. Lack of (timely or proper)
registration in the Registry will entail the loss of the right to
be present and participate in the Noteholder's Meeting.

Participation at the Noteholders Meeting: Noteholders may be
present at the Noteholders Meeting either personally or
represented by an attorney-in-fact (adequately empowered).

Voting: Pursuant to the terms of the court ruling dated May 21st,
2003 for purposes of calculating the majorities required by
Section 45 of the Argentine Bankruptcy Law, in order to approve
the reorganization plan at the Noteholders Meeting, absentee
Noteholders or Noteholders who are present but abstain from the
voting, will be excluded from such calculation.

Clerk Officer Alejandra Tevez (Sgd.)


TALMESA: Court Makes Bankruptcy Official
----------------------------------------
Court No. 6 of Buenos Aires placed Talmesa S.A. under bankruptcy
protection, relates Infobae. Mr. Jorge Daniel Serrano was
assigned as receiver for the process.

Credit claims authentication will end on September 22 this year.
The receiver is expected to file the individual report on
November 3, and the general report on December 16.

CONTACT:  Jorge Talmesa Serrano
          Uruguay 662
          Buenos Aires


TELEFONICA DE ARGENTINA: Announces Partial Results of Offers
------------------------------------------------------------
Argentina S.A. ("TASA") announced Wednesday the partial results
of its offers to exchange two series of existing TASA notes (the
11.875% TASA Notes due 2004 (the "TASA 2004 Notes") and the
9.125% TASA Notes due 2008 (the "TASA 2008 Notes")) for two new
series of TASA notes plus a cash payment (the "TASA Exchange
Offers"), and its offers to exchange two series of existing notes
issued by TASA's holding company, Compania Internacional de
Telecomunicaciones S.A. ("Cointel"), (the 8.85% Cointel Series A
Notes due 2004 (the "Cointel Series A Notes") and the 10.375%
Cointel Series B Notes due 2004 (the "Cointel Series B Notes"))
for two new series of TASA notes plus a cash payment (the
"Cointel Exchange Offers" and together with the TASA Exchange
Offers, the "Exchange Offers").
The Company has received, as of 5:00 p.m., New York City time, on
July 22, 2003, the following percentages tendered of existing
notes:

-- U.S.$207 million, representing 69% of aggregate principal
amount of the U.S.$300 million TASA 2004 Notes,

-- U.S.$240 million, representing 65% of aggregate principal
amount of the U.S.$368.5 million TASA 2008 Notes,

-- U.S.$167 million, representing 74% of aggregate principal
amount of the U.S.$225 million Cointel Series A Notes, and

-- Ps.31 million, representing 18% of aggregate principal amount
of the Ps.175 million Cointel Series B Notes.

The Company also announced that it has extended the expiration
date of each of the Exchange Offers to 11:59 p.m., New York City
time, on July 30, 2003.

On July 22, 2003, a noteholders' meeting of the TASA 2004 Notes
and a noteholders' meeting of the TASA 2008 Notes approved the
proposed amendments to the terms and conditions of those notes in
order to delete substantially all of the restrictive covenants
and events of default, subject to consummation of such exchange
offers. On July 4, 2003, a noteholders' meeting of the Cointel
Series A Notes approved the proposed amendments to the terms and
conditions of those notes in order to delete substantially all of
the restrictive covenants and events of default, subject to
consummation of such exchange offer. On July 22, 2003, the
noteholders at a noteholders' meeting of the Cointel Series B
Notes decided to adjourn and reconvene the second call meeting at
12:30 p.m., Buenos Aires time, on July 29, 2003.

Copies of the relevant prospectus and proxy solicitation may be
obtained by calling D.F. King & Co., Inc., at +1-800-549-6697 or
+1-212-269-5550, or by mail at 48 Wall Street, 22nd Floor, New
York, NY 10005, Attention: Thomas A. Long.

You may read a copy of our registration statement and any other
document we file at the SEC's public reference room at 450 Fifth
Street, N.W. Washington, D.C. 20549. These documents are also
available at the public reference rooms at the SEC's regional
office in New York City. Please call the SEC at +1-800-SEC-0330
for further information on the public reference rooms. Our
filings are also available to the public over the Internet at the
SEC's website at http://www.sec.gov.

Morgan Stanley & Co., Incorporated (including its affiliates) is
acting as dealer manager for the Exchange Offers. BBVA Banco
Frances S.A. (Reconquista 199, (C1003ABE) Buenos Aires,
Argentina; Attention: Santiago Barros Moss, Tel. 5411 4346-4311)
is acting as solicitation agent in Argentina.

CONTACT:  Morgan Stanley
          Simon Morgan
          Phone: +1-212-761-2219

          Heather Hammond
          Phone: +1-212-761-1893


TELMES: Files Motion For "Concurso Preventivo"
----------------------------------------------
Argentine newspaper El Cronista Comercial relates that furniture
producer Telmes S.R.L. is seeking permission from the court to
start its reorganization process. The case is handled by Court
No. 10 of Buenos Aires, which is under Dr. Hector Chomer. The
report did not indicate whether the court has made a decision
regarding this issue.

CONTACT:  El Cronista Comercial
          Victor Hugo 1622
          Buenos Aires


TRANSENER: Argentine Standard & Poor's Rates Bonds 'raD'
--------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
rates corporate bonds issued by Transener S.A., 'raD', relates
the National Securities Commission of Argentina.

Issued last Monday, the rating applies to US$525 million of bonds
called "Programa Global de Obligaciones Negociables simples no
convertibles en acciones, aprobado por Asamblea Gral. de
Accionistas de fecha Julio de 2001". These are classified under
"Program", and matured in March this year.

S&P relates that the rating, which was based on the Company's
finances as of the end of March this year, denotes that the bonds
are in payment default, or the obligor has filed for bankruptcy.



=============
B E R M U D A
=============

SEA CONTAINERS: Ratings Affirmed, Removed From Watch
----------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
affirmed its ratings on Sea Containers Ltd., including the 'BB-'
corporate credit rating, and removed them from CreditWatch, where
they had been placed on Nov. 14, 2002. The ratings were lowered
to current levels on April 10. The outlook is negative.

"Ratings on Sea Containers were affirmed after the company's
completion of the sale of the Isle of Man Steam Packet Co. in
July 2003, proceeds of which were used to refinance outstanding
debt," said Standard & Poor's credit analyst Betsy Snyder. "The
company redeemed $158 million of debt that matured on July 1,
2003, with a new $158 million bridge facility and the exchange of
$22.5 million of the maturing notes for new debt securities,
alleviating near-term refinancing concerns," she continued.

The ratings on Bermuda-based Sea Containers reflect its heavy
upcoming debt maturities, and reduced financial flexibility,
partially offset by fairly strong competitive positions in its
major businesses. Sea Containers is involved in passenger
transport operations and marine cargo container leasing. It also
has a 47% stake in Orient-Express Hotels Ltd. (OEH). Passenger
transport is the largest operation, accounting for approximately
79% of total revenues. This business includes passenger and
vehicle ferry services in the English Channel, the Irish Sea, and
the Northern Baltic Sea; and passenger rail service between
London and Scotland, GNER (Great North Eastern Railway). While
Sea Containers is one of the larger ferry participants on routes
it serves, this is a highly competitive business, with several
participants. In 2002, Sea Containers acquired the 50% of Silja
OyjAbp, a major ferry operator in the Baltic Sea, that it did not
already own. GNER operates under a U.K. government franchise that
expires in 2005. Marine cargo container leasing primarily
includes Sea Containers' share of its joint venture with General
Electric Capital Corp., GESeaCo SRL, one of the largest marine
cargo container lessors in the world. Leisure investments include
the company's 47% stake in OEH, which owns and/or manages deluxe
hotels, tourist trains, river cruise ships, and restaurants
located around the world. Sea Containers had previously owned
100%, but has been selling its stake over the past few years,
using proceeds to reduce debt. Sea Containers also owns a variety
of smaller businesses.

Sea Containers' earnings and cash flow have recovered somewhat
since 2002, due to improving conditions at the passenger
transport and GESeaCo operations, but are still below levels
achieved in the late 1990s. Silja's results were consolidated
from May 1, 2002 on, and demand for marine cargo containers has
remained strong since mid-2002. Leisure operations have continued
to be negatively affected by reduced travel levels that began in
2001. However, despite the improvement in earnings and cash flow,
the company's credit ratios remain at relatively weak levels and
will likely continue to be constrained by its high debt leverage
and increasing financing costs. At March 31, 2003, balance sheet
debt had increased to $1.8 billion from $1.7 billion a year
earlier, as the consolidation of Silja's debt more than offset
the deconsolidation of OEH's debt. In addition, the company's
financial flexibility has weakened. It has substantial debt
maturities through 2004, which it has reduced somewhat through
asset sales and the exchange of certain outstanding debt
securities for new debt securities with higher coupons and longer
maturities. While the assets that were already sold or are in the
process of being sold are noncore, their sale will leave the
company with reduced cash flow and fewer assets available for
sale if financial difficulties persist.

Earnings from several of Sea Containers' businesses have begun to
improve and the company was successful in redeeming $158 million
of debt securities that matured on July 1, 2003. However, it
still has heavy debt maturities through 2004, resulting in
continuing refinancing risk.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at
www.ratingsdirect.com. All ratings affected by this rating action
can be found on Standard & Poor's Web site at
www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Credit Ratings Actions.

ANALYST:  Betsy R Snyder, CFA
          New York
          Phone: (1) 212-438-7811



===========
B R A Z I L
===========

BELLSOUTH CORP.: 2Q Earnings Show Growth in Latin America
---------------------------------------------------------
BellSouth Corporation (NYSE: BLS - News) reported earnings per
share (EPS) of 51 cents in the second quarter of 2003. This
compared to 14 cents per share in the second quarter of 2002,
which reflected special charges totaling 38 cents per share for
foreign currency transaction losses, pension/severance costs, and
losses on equity investments.

Consolidated revenues were $5.6 billion compared to $5.8 billion
in the second quarter of 2002. Consolidated operating expenses
were $4.2 billion compared to $4.6 billion in the same quarter of
2002. Net income was $951 million compared to $263 million in the
same quarter a year ago.

Operating free cash flow (defined as cash flow from operations
less capital expenditures) was $1.8 billion. In June BellSouth's
Board of Directors declared a 9.5 percent increase in the
quarterly common stock dividend, payable August 1, 2003. Over the
last five quarters, the company has increased dividends 21
percent. Capital expenditures in the second quarter of 2003 were
$729 million for a total of $1.4 billion year-to-date, a
reduction of 32.9 percent compared to $2.0 billion in the first
half of 2002. BellSouth reduced total debt by $1.2 billion during
the second quarter, and has cut total debt by $2.0 billion, or
11.4 percent, since the first of the year.

In accordance with Generally Accepted Accounting Principles
(GAAP), consolidated revenues and consolidated operating expenses
do not include BellSouth's 40 percent share of Cingular Wireless.
Normalized total operating revenues, which include Cingular, were
$7.1 billion, a decline of 2.0 percent versus the second quarter
of 2002. Normalized for special items, detailed below, net income
was $971 million, compared to $975 million in the same quarter a
year ago. Normalized EPS in the second quarter of 2003 was 52
cents, equal to normalized EPS of 52 cents in the same quarter a
year ago.

Communications Group

Long distance and DSL high-speed Internet service boosted
Communications Group results during the second quarter of 2003
with long distance customers totaling 2.8 million and DSL
customers totaling 1.2 million. In addition, BellSouth
Answers(SM) packages, which combine local, long distance,
Internet services and wireless all on one bill, increased to 2.1
million.

Throughout second quarter, packages fueled retention and
reacquisition of residential and small business customers. The
April introduction of the newest residential package, BellSouth
Unlimited Answers(SM) contributed to the significant growth in
package customers in the quarter. Unlimited Answers allows
customers to call anywhere in the United States anytime for a
flat monthly fee. BellSouth continued its success in retaining
small and medium- sized businesses by packaging voice and data
services with term contracts.

Competing in long distance throughout its markets since the first
of the year, BellSouth added 856,000 net long distance customers
in the second quarter and now serves a total of 2.8 million
customers. These customers included approximately 19 percent of
the company's residence and approximately 29 percent of its mass-
market, small business accounts.

BellSouth added 103,000 net DSL customers for a total of 1.2
million at quarter-end. In July, the company announced BellSouth
FastAccessr DSL Lite, a tiered approach to broadband so that
customers can choose the speed and price point that matches their
Internet use. With this approach, BellSouth reduced the entry
price point for a new segment of broadband users.

Communications Group results continued to be impacted by the
lingering weak economy, competition and technology substitution.
Communications Group revenues were $4.6 billion compared to $4.7
billion in the second quarter of 2002, a decline of 1.8 percent.
Residence and business access lines served by BellSouth
competitors under UNE-P (unbundled network elements-platform)
increased 249,000 in the second quarter. Total data revenues of
$1.1 billion were essentially even with second quarter a year
ago, and included retail data revenue growth of 11.5 percent,
driven primarily by DSL. Total operating expenses were $3.4
billion, level with the same quarter of the previous year.

Domestic Wireless/Cingular

In the second quarter, Cingular's cellular and PCS customer
additions were strong. Total net customer additions were 540,000
compared to net additions of 189,000 customers in the first three
months of 2003. Channel sales of Cingular's parent companies,
BellSouth and SBC Communications, were significant contributors
to growth at the nation's No. 2 wireless company. Postpaid
customer net additions of 399,000 were particularly strong.

BellSouth's share of Cingular's revenues was $1.5 billion, a gain
of $14 million compared to the same quarter a year ago.
BellSouth's share of Cingular operating income was $303 million,
4.5 percent higher than the same quarter last year. Driven by
improved cost structure and lower churn of 2.5 percent, EBITDA
margin improved to 35.8 percent from 33.8 percent in second
quarter 2002.

As of June 2003, Cingular's GSM/GPRS network covered
approximately 66 percent of potential customers, and the company
is on target to achieve over 90 percent coverage by the end of
the year. In addition, Cingular announced the world's first
commercial deployment of wireless services using Enhanced
Datarate for Global Evolution (EDGE) technology in Indianapolis.

Latin America Group

On a consolidated basis, Latin America Group wireless customers
increased 377,000 during the second quarter, continuing the trend
of organic growth. Year-over-year, customers increased by 1.1
million or 13.8 percent. BellSouth and its partners serve a total
of 11.4 million customers in 11 Central and South American
countries.

Consolidated Latin America revenues were $565 million in the
second quarter of 2003, a decline of 5.5 percent compared to the
same three months of the previous year. Year-over-year, revenues
continued to reflect the impacts of currency devaluations,
principally in Venezuela, where the local currency is down in
excess of 50 percent from early 2002 levels in relation to the
U.S. dollar. For the second quarter, Latin America Group net
income was $41 million, generating positive operating free cash
flow.

Advertising & Publishing

Advertising & Publishing revenues were $525 million in the second
quarter of 2003, a decrease of 7.9 percent compared to the same
quarter a year ago resulting in part from the soft economy and
competition. Operating income of $252 million was 2.0 percent
greater than second quarter of 2002, primarily the result of
improvements in uncollectibles expense.

Special Items

In the second quarter of 2003, the difference between reported
(GAAP) EPS of 51 cents and normalized EPS of 52 cents is the
result of three special items:

Foreign currency transaction gains 4 cents Gain

Sale of interest in BSE 4 cents Charge

Pension/severance costs 1 cent Charge

Total of special items 1 cent Charge

Foreign currency transaction gains -- Primarily associated with
the remeasurement of U.S. dollar-denominated liabilities in Latin
America.

Sale of interest in BSE -- The previously announced sale of
BellSouth's entire interest in BSE, a wireless property in
Northeastern Brazil, closed on May 8, 2003. The sale resulted in
cash proceeds to BellSouth of $20 million.

Pension/severance costs -- This charge represents the net
severance related costs recorded in the second quarter associated
with workforce reductions, and pension settlement losses
associated with workforce reductions.

About BellSouth Corporation

BellSouth Corporation is a Fortune 100 communications services
company headquartered in Atlanta, Georgia, serving more than 44
million customers in the United States and 14 other countries.

Consistently recognized for customer satisfaction, BellSouth
provides a full array of broadband data solutions to large,
medium and small businesses. In the residential market, BellSouth
offers DSL high-speed Internet access, advanced voice features
and other services. BellSouth also offers long distance service
throughout its markets, serving both business and residential
customers. The company's BellSouth Answers(SM) package combines
local and long distance service with an array of calling
features; wireless data, voice and e-mail services; and high-
speed DSL or dial-up Internet service. BellSouth also provides
online and directory advertising services through BellSouthr
RealPages.com(SM) and The Real Yellow Pagesr.

BellSouth owns 40 percent of Cingular Wireless, the nation's
second largest wireless company, which provides innovative data
and voice services.

To see financial statements:
http://bankrupt.com/misc/BELLSOUTH.htm

CONTACT: Jeff Battcher, Media Relations at 404-249-2793


CANBRAS COMMUNICATIONS: Averts Liquidity Mess, 2Q Results Stable
----------------------------------------------------------------
Canbras Communications Corp. (TSX:CBC):

-- Successful debt refinancing of Canbras TVA
-- Cable subscribers exceed 190,000, up 4% from second quarter of
2002
-- Internet access subscribers exceed 14,000, up 24% from second
quarter of 2002
-- Revenue down by 6.3% from second quarter of 2002 to reach
$15.5 million due to a significant devaluation in the Brazilian
real
-- EBITDA reached $5.0 million in the second quarter of 2003 up
from $2.6 million a year ago

Canbras Communications Corp. (TSX:CBC) ("Canbras" or the
"Corporation") released Wednesday results for the second quarter
ended June 30, 2003.

Renato Ferreira, President and CEO of the Canbras Group, stated,
"We are pleased with the performance of the Canbras Group during
the second quarter of 2003. While cable subscribers have
decreased slightly from the beginning of the year mainly due to
inflation-related price increases, internet subscribers have been
growing at a strong rate. On the financial side, while revenues
decreased by 6.3% from the second quarter of 2002 largely due to
the 33% average devaluation of the Brazilian real against the
Canadian dollar, Canbras was able to grow its EBITDA to $5.0
million from $2.6 million a year ago."

Mr. Ferreira added: "During the second quarter of 2003, Canbras
averted a major liquidity crisis by successfully arranging the
refinancing of US$18.5 million of bank debt at one of its
subsidiaries, Canbras TVA. The US$9.25 million principal
repayment due on May 14, 2003 was repaid with the proceeds of a
new reais-denominated loan facility (together with R$4.0 million
of cash on hand), and the final principal repayment due in May
2004 is expected to be repaid at that time by a further draw-down
under the reais-denominated loan. Borrowings under the new loan
facility are being repaid in monthly installments with the final
maturity in February 2007. The new reais-denominated loan was
also based on an agreement with Canbras' partner in Canbras TVA,
which should, if business plans are achieved, provide the Canbras
Group with access to enough liquidity for it to be able to
continue in operation in 2003 and beyond."

Also during the second quarter of 2003, Canbras continued
discussions with parties interested in the purchase of the
company's broadband communications operations in Brazil. At this
time, there can be no assurance regarding the outcome of any such
discussions or whether any agreement can be concluded on
acceptable terms. If an agreement were to be reached, it could
lead the Corporation to record a loss on disposition.

Results review

Second Quarter 2003 versus Second Quarter 2002

Revenue for the quarter was $15.5 million, a decrease of 6.3%
over the second quarter of 2002. The decrease was primarily as a
result of a 33% devaluation of the average translation rate of
Brazilian reais into Canadian dollars relative to the second
quarter of 2002, partially offset by price increases and cable
and access subscriber growth. In Brazilian reais, revenue for the
second quarter of 2003 increased by approximately 25% over the
second quarter of 2002.

EBITDA (earnings before interest, taxes, depreciation,
amortization and foreign exchange) reached $5.0 million in the
second quarter of 2003 up from $2.6 million a year ago. This
increase was the result of lower cost of service and operating
expenses mainly due to the weaker foreign exchange translation
rate of the Brazilian real.

The Corporation recorded net earnings of $3.2 million in the
quarter, compared to a net loss of $1.1 million in the second
quarter of 2002. The improvement was primarily due to higher
EBITDA and lower depreciation and amortization expenses as a
result of the change in the functional currency of the
Corporation's Brazilian subsidiaries.

Year-to-Date June 2003 versus Year-to Date June 2002

Revenue for the six months ended June 30, 2003 was $29.0 million,
down 14% over the same period of the previous year. This decrease
was as a result of a 43% devaluation of the average translation
rate of Brazilian reais into Canadian dollars relative to the
second half of 2002, partially offset by price increases and
cable and access subscriber growth. In Brazilian reais, revenue
for the first six months of 2003 increased by more than 23% over
the second half of 2002.

EBITDA for the six months ended June 30, 2003 reached $8.0
million up from $5.5 million a year ago. This increase was the
result of lower operating expenses and cost of service mainly due
to the weaker foreign exchange translation rate of the Brazilian
real.

The net earnings for the six months ended June 30, 2003 were $3.6
million, compared to a net loss of $4.8 million for the same
period the previous year. This improvement is attributable to
lower depreciation and amortization expenses as a result of the
change in the functional currency of the Corporation's Brazilian
subsidiaries and the increased EBITDA. The improvement in net
earnings is also attributable to a foreign exchange gain on the
US dollar denominated debt due to a 19% appreciation relative to
December 31, 2002 in the Brazilian real compared to the US
dollar. Interest expenses were lower in the first half of 2003
than in the first half of 2002 as a result of the purchase by the
Corporation of US$9.25 million in notes issued under Canbras
TVA's US-denominated credit facility from a group of banks during
the first quarter of 2002.

Capital expenditures for the six months ended June 30, 2003 were
$2.9 million compared to $6.1 million in 2002. This decrease was
mainly due to lower subscriber additions and the devaluation of
the Brazilian real compared to the Canadian dollar.

During the first half of 2003, cash increased by $1.7 million as
cash provided by operating activities exceeded capital
expenditures of $2.9 million, a $2.3 million debt repayment as
well as cash used for discontinued operations of $0.7 million.
Also during the first half of 2003, the Canbras group sold $0.6
million of materials held for future capital expenditures.

Canbras and its partner in the two subsidiaries holding cable
television licenses for the cities of Sao Jose dos Campos and
Guarulhos, respectively, are continuing their discussions
concerning a realignment of their ownership interests in these
two subsidiaries. Such realignment could lead the Corporation to
record a loss if a transaction is completed.

General

Canbras, through the Canbras Group of companies, is a leading
broadband communications services provider in Brazil, offering
cable television, high speed Internet access and data
transmission services in Greater Sao Paulo and surrounding areas
and the State of Parana. Canbras Communications Corp.'s common
shares are listed on the Toronto Stock Exchange under the trading
symbol CBC. Visit our web site at www.canbras.ca.

To see financial statements: http://bankrupt.com/misc/CANBRAS.htm


SABESP: Mulls 16.5% Increase in Services Rates
----------------------------------------------
Sabesp, Brazil's largest water utility, is planning to increase
services rates by 16.5%, says Agencia Folha, adding that the
Company may announce the increase in the next several weeks.
According to guidelines of a general price index, which reflects
the increase in company costs, the rates should increase by
28.2%. The final percentage will be determined by the state
government and Sabesp authorities.

Business News Americas reported earlier that Sabesp is planning
to invest BRL656 million (US$229mn) this year, while capex for
the 2003-2007 period will reach BRL3.9 billion.

Between 2003-2006, Sabesp aims to maintain drinking water
treatment and supply coverage at 100%, and increasing sewerage
collection and treatment to 84% and 73%, respectively, from 76%
and 64%.


VESPER: Parent Announces Third Quarter Fiscal 2003 Results
----------------------------------------------------------
QUALCOMM Incorporated (Nasdaq: QCOM) announced Wednesday its
third quarter fiscal 2003 results ended June 29, 2003.  Revenues
were $922 million in the third fiscal quarter, up 20 percent
year-over-year.  Third quarter net income was $192 million,
compared to a loss of $14 million year-over-year.  Earnings per
share were $0.23, compared to a loss of $0.02 per share year-
over-year.

Revenues excluding the QUALCOMM Strategic Initiatives (QSI)
segment were $891 million in the third fiscal quarter, up 24
percent year-over-year.  Net income excluding the QSI segment was
$267 million, up 38 percent year-over-year.  Earnings per share
excluding the QSI segment were $0.33, up 38 percent year-over-
year.  Detailed reconciliations between total QUALCOMM results
and results excluding QSI are included at the end of this news
release.  Prior period reconciliations are presented at the
company's Investor Relations web page at http://www.qualcomm.com.

"Our business generates excellent positive cash flows at the same
time revenues and earnings continue to grow.  As a result, our
Board approved a 40 percent increase in cash dividends to return
value to our shareholders," said Dr. Irwin Mark Jacobs, chairman
and CEO of QUALCOMM.  "During the third quarter, we announced
several new multimode chips and the industry-leading MSM7xxx
family of chips to further strengthen our product road map and
support our customers."

"The China and India markets are gaining momentum, and we are
encouraged by the performance of CDMA operators in the Americas,
Japan and South Korea.

During the quarter, Reliance Infocomm launched the first CDMA2000
1X nationwide commercial service in India, bringing advanced 3G
wireless voice and data services to more than 250 cities.
Reliance, Tata and the other CDMA operators in India totaled over
three million subscribers at the end of June.

China Unicom launched its prepaid service in several cities.
VIVO in Brazil and China Unicom launched commercial BREW(TM)
services, and BellSouth International has announced plans to
commercially launch BREW in Latin America.  Verizon Wireless in
the U.S. reported impressive data revenues with its BREW-based
Get It Now(SM) service.  We believe these events, along with
initial deployments of WCDMA in Japan and Europe, will set the
stage for CDMA to capture a greater share of the total wireless
market over the next year," Jacobs said.

Research and development (R&D) expenses were $136 million,
including $1 million for QSI, in the third fiscal quarter, up 15
percent year-over year.

The increase in R&D expenses compared to the year ago quarter was
primarily related to QCT new product development efforts.

Selling, general and administrative (SG&A) expenses were $117
million, including $8 million for QSI, in the third fiscal
quarter, down 23 percent year-over-year.  The decrease in SG&A
expense compared to the year ago quarter was primarily due to
reduced expenses at Vesper, including the effects of foreign
currency fluctuations.

Our fiscal 2003 effective income tax rate is now estimated to be
45 percent, compared to 22 percent in fiscal 2002.  The change in
the estimated 2003 effective tax rate from 43 percent used in the
second quarter of fiscal 2003 results in a 48 percent effective
tax rate in the third quarter of fiscal 2003.  Excluding the QSI
segment, our fiscal 2003 effective tax rate estimate remains at
33 percent, compared to 35 percent in fiscal 2002.

QUALCOMM Strategic Initiatives

The QUALCOMM Strategic Initiatives (QSI) segment includes our
strategic investments and related income and expenses.  Vesper
losses before taxes were $20 million in the third fiscal quarter
compared to $35 million in the year ago quarter.  The balance of
the net loss before taxes in QSI was $7 million for the third
fiscal quarter compared to $250 million in the year ago quarter.

The third quarter of fiscal 2003 net loss included asset
impairment charges related to the valuation of our Australian
wireless licenses, other-than-temporary losses on investments,
our share of equity losses from our investment in Inquam and
impairment of a note receivable.  Significant offsetting gains
included the realization of value of a portion of our Auction
Discount Voucher transferred to two wireless operators, realized
interest income from our Pegaso investment and realized gains on
the sale of marketable securities.

Business Outlook

The following statements are forward-looking and actual results
may differ materially.  Please see Note Regarding Forward-Looking
Statements at the end of this news release for a description of
certain risk factors and QUALCOMM's annual and quarterly reports
on file with the Securities and Exchange Commission (SEC) for a
more complete description of risks.

Fourth Quarter Fiscal 2003

--  Based on the current business outlook, we anticipate that
revenues excluding the QSI segment in the fourth fiscal quarter
will increase by approximately 2-6 percent year-over-year.  We
anticipate that earnings per share excluding the QSI segment will
be approximately $0.27-$0.29 in the fourth fiscal quarter,
compared to $0.31 in the year ago quarter. This estimate assumes
shipments of approximately 19-21 million MSM phone chips during
the quarter.

--  Based on the current business outlook, we anticipate that
total QUALCOMM revenues in the fourth quarter will increase by
approximately 2-6 percent year-over-year. We anticipate that
total QUALCOMM earnings per share will be approximately $0.19-
$0.21 in the fourth fiscal quarter, including an estimated $0.08
loss per share attributed to the QSI segment, compared to $0.23
per share in the year ago quarter.  Due to their nature, certain
income and expense items such as realized gains or losses, gains
or losses on derivatives, income related to the use of our FCC
Auction Discount Voucher and asset impairments cannot be
accurately forecast. Accordingly, the Company excludes such items
from its business outlook, and actual results may vary materially
from the business outlook if the Company incurs any such income
or expense items.

Fiscal 2003

--  Based on the current business outlook, we anticipate that
revenues excluding the QSI segment will grow by approximately 31-
33 percent year-over-year and earnings per share excluding the
QSI segment to be in the range of $1.40-$1.42 for fiscal 2003, up
43-45 percent year-over-year. We estimate the CDMA phone market
to be 103-108 million units in calendar 2003, and we estimate a
decrease of approximately five percent in average selling prices
of CDMA phones for fiscal 2003, upon which royalties are
calculated.

--  Based on the current business outlook, we anticipate that
total QUALCOMM revenues will grow by approximately 30-31 percent
year-over-year and total QUALCOMM earnings per share to be in the
range of $0.84-$0.86 for fiscal 2003, up 91-95 percent year-over-
year, including an estimated $0.56 loss per share attributed to
the QSI segment.  Due to their nature, certain income and expense
items such as realized gains or losses, gains or losses on
derivatives, income related to the use of our FCC Auction
Discount Voucher and asset impairments cannot be accurately
forecast.  Accordingly, the Company excludes such items from its
business outlook, and actual results may vary materially from the
business outlook if the Company incurs any such income or expense
items.

Cash and Marketable Securities

QUALCOMM's cash, cash equivalents and marketable securities
totaled approximately $5.0 billion at the end of the third
quarter of fiscal 2003, compared to $4.4 billion on March 30,
2003, $3.9 billion on December 29, 2002 and $3.2 billion on
September 29, 2002.  We have invested $158 million in net stock
repurchases and have paid $79 million in cash dividends since the
inception of these programs in February 2003.  QSI businesses
required funding of $40 million in the third quarter of fiscal
2003, consistent with the second quarter of fiscal 2003.
Collection of finance receivables from our Pegaso investment
totaled $285 million in the third quarter of fiscal 2003.
Detailed reconciliations between total QUALCOMM cash and cash
equivalents and cash and cash equivalents including marketable
securities and excluding the QSI segment are included at the end
of this news release.

Results of Business Segments

The following tables present segment information (in thousands):

Third Quarter - Fiscal Year 2003

Reconciling
     Segments        QCT         QTL          QWI       Items (1)

     Revenues     557,240     242,479      113,882       (22,334)
     Change from prior
      quarter       (15%)        (7%)         (5%)          N/M
     Change from
      prior year     38%         22%           4%           N/M
     Earnings (loss)
      before
      taxes        163,114     218,363        6,396        10,181
     Change from prior
      quarter        (27%)        (8%)        (13%)          N/M
     Change from
      prior year      39%         25%         308%           N/M
     Tax rates
     Net income (loss)
     Change from prior
      quarter
     Change from prior year
     Diluted net earnings
      (loss) per
      common share (3)
     Change from prior quarter
     Change from prior year

                             QUALCOMM                  Total
     Segments              excluding QSI   QSI       QUALCOMM

     Revenues                891,267      30,341      921,608
     Change from prior
      quarter                   (12%)        16%         (12%)
     Change from prior year      24%        (39%)         20%
     Earnings (loss)
      before taxes           398,054     (27,563)     370,491
     Change from prior
      quarter                   (14%)        89%          72%
     Change from prior year      34%         90%         784%
     Tax rates                   33%       (172%)         48%
     Net income (loss)       266,697     (75,008)     191,689
     Change from prior
      quarter                   (15%)        64%          86%
     Change from prior year      38%         46%        1492%
     Diluted net earnings
      (loss) per
      common share (3)          0.33       (0.09)        0.23
     Change from prior
      quarter                   (13%)        65%          77%
     Change from prior year      38%         50%        1250%


     Second Quarter - Fiscal Year 2003


Reconciling
     Segments       QCT         QTL          QWI       Items (1)

     Revenues     652,873     260,110      119,319      (15,524)
     Earnings (loss)
      before
      taxes       223,520     236,192        7,370       (6,431)
     Tax rates
     Net income (loss)
     Diluted net earnings
      (loss) per
      common share (3)

                            QUALCOMM                  Total
     Segments             excluding QSI    QSI      QUALCOMM

     Revenues              1,016,778      26,265    1,043,043
     Earnings (loss)
      before taxes           460,651    (245,775)     214,876
     Tax rates                   32%         14%          52%
     Net income (loss)       313,858    (210,842)     103,016
     Diluted net earnings
      (loss) per
      common share (3)          0.38       (0.26)        0.13


     Third Quarter - Fiscal Year 2002


Reconciling
     Segments       QCT         QTL          QWI       Items (1)

     Revenues    404,253     198,853      109,581         8,631
     Earnings (loss)
      before
      taxes      117,524     174,450       (3,074)        8,906
     Tax rates
     Net income (loss)
     Diluted net earnings
      (loss) per
      common share (3)

                                                     Goodwill
                             QUALCOMM              Amortization
Total
     Segments    excluding QSI   QSI     and Other (2)   QUALCOMM

     Revenues     721,318      49,456          143       770,917
     Earnings (loss)
      before
      taxes       297,806    (285,454)     (66,496)      (54,144)
     Tax rates        35%         51%          (1%)          75%
     Net income
      (loss)      193,574    (139,872)     (67,470)      (13,768)
     Diluted net earnings
      (loss) per
      common
      share (3)      0.24       (0.18)       (0.09)        (0.02)


     Nine Months - Fiscal Year 2003


Reconciling
     Segments       QCT         QTL          QWI       Items (1)

     Revenues   1,919,794     758,012      342,182      (43,979)
     Earnings (loss)
      before
      taxes       674,916     683,964       16,527         5,598
     Tax rates
     Net income (loss)
     Diluted net earnings
      (loss) per
      common share (3)

                           QUALCOMM                   Total
     Segments            excluding QSI      QSI     QUALCOMM

     Revenues              2,976,009      85,811    3,061,820
     Earnings (loss)
      before taxes         1,381,005    (406,389)     974,616
     Tax rates                   33%          4%          45%
     Net income (loss)       925,273    (389,234)     536,039
     Diluted net earnings
      (loss) per
      common share (3)          1.13       (0.48)        0.66


     Nine Months - Fiscal Year 2002


Reconciling
     Segments      QCT           QTL          QWI       Items (1)

     Revenues   1,107,212     603,611      329,140        33,306
     Earnings (loss)
      before
      taxes       282,189     534,673       (8,271)       28,492
     Tax rates
     Net income (loss)
     Diluted net
      earnings (loss)
      per common share (3)

                                                    Goodwill
                           QUALCOMM             Amortization and
Total
     Segments excluding QSI     QSI      Other (2)       QUALCOMM

     Revenues   2,073,269      92,262          143     2,165,674
     Earnings (loss)
      before
      taxes       837,083    (409,241)    (195,794)      232,048
     Tax rates        35%         56%           0%           27%
     Net income
      (loss)      544,104    (178,370)    (196,339)      169,395
     Diluted net earnings
      (loss) per
      common
      share (3)      0.67       (0.22)      (0.24)          0.21

(1)  Reconciling items related to revenues consist primarily of
other non-reportable segment revenues less intersegment
eliminations. Reconciling items related to earnings before taxes
consist primarily of corporate expenses, charges that are not
allocated to the segments for management reporting purposes,
unallocated net investment income, non-reportable segment
results, interest expense and the elimination of intercompany
profit.

(2)  Starting in fiscal 2003, the Company no longer records
goodwill amortization, in accordance with Financial Accounting
Standards No. 142.  In the third quarter of fiscal 2002, goodwill
amortization and other adjustments included $61.5 million of
amortization of goodwill, $4.0 million of amortization of
intangible assets and $2.3 million of payroll expenses on stock
option exercises, offset by $1.0 million of credits related to
the reduction of reserves established in connection with the
Globalstar business and $0.2 million of credits and $0.1 million
of revenues related to the sale of the terrestrial-based CDMA
wireless infrastructure business.  In the first nine months of
fiscal 2002, goodwill amortization and other adjustments included
$183.8 million of amortization of goodwill, $10.1 million of
amortization of intangible assets and $5.4 million of payroll
expenses on stock option exercises, offset by $3.1 million of
credits related to the reduction of reserves established in
connection with the Globalstar business and $0.3 million of
credits and $0.1 million of revenue related to the sale of the
terrestrial-based CDMA wireless infrastructure business. With the
adoption of FAS 142 in 2003 and given the immateriality of the
other adjustments, the Company no longer makes these adjustments
to its results excluding QSI in fiscal 2003.

(3)  The sum of the earnings per share amounts may not equal
total earnings per share due to rounding.

N/M - Not Meaningful

To see financial statements:
http://bankrupt.com/misc/QUALCOMM.htm

CONTACT:  Julie Cunningham, Sr. Vice President, Investor
Relations
          QUALCOMM Incorporated
          Tel: +1-858-658-4224
          Fax: +1-858-651-9303
          Email: juliec@qualcomm.com



=========
C H I L E
=========

COEUR D'ALENE: Reports High-Grade Gold Veins Found at Cerro Bayo
----------------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer and a growing gold producer, announced on
Wednesday that silver resources at the Company's San Bartolome
mining project in Bolivia have been converted to proven and
probable reserves totaling 126 million ounces, which represent a
164 percent growth in company-wide silver reserves.

In addition, exploration drilling at the Company's Cerro Bayo
property in southern Chile has intersected a major new
mineralized zone near the underground workings that contains 27
feet of 0.77 gold equivalent ounces per ton.

San Bartolome Reserves

San Bartolome is an advanced stage development project with
reserves contained in silver-bearing gravel deposits that can be
hauled directly to processing facilities. The new reserves
measure 35.3 million tons containing 3.58 ounces of silver per
ton. The deposits are located near Potosi, Bolivia, in a region
with historical silver production of over two billion ounces.

The completion of the ore reserves, in conjunction with the
updated feasibility study underway, allows the company to proceed
with the final mine plan and construction cost estimates.
Assuming a construction decision by early 2004, the project could
be in operation in 2005 after an 18-month construction period.
Anticipated silver production at San Bartolome would average
almost six million ounces a year for at least ten years. In
addition, Coeur has established that tin can be commercially
recovered on two of the deposits, which will also significantly
add to project economics.

"The completion of the San Bartolome proven and probable ore
reserves is a major milestone in the development of the mine,"
said Dennis E. Wheeler, Chairman and Chief Executive Officer.
"The addition of these reserves further solidifies Coeur's
position as the preeminent silver company. Once in production,
San Bartolome would increase Coeur's total silver output by 40
percent, further building on our position as the world's largest
primary silver producer."

Major New Drill Results at Cerro Bayo

The major new high-grade zone at Cerro Bayo is located 600 feet
west of existing underground infrastructure of the Cerro Bayo
mine. The mineralized zone is composed of two high grade veins
containing 5.7 feet of 0.97 gold equivalent ounces per ton, and
7.7 feet of 1.33 gold equivalent ounces per ton.

"The discovery of this new very high-grade zone is significant
because unlike other veins nearby there was no surface
visibility," said Mr. Wheeler. "Also, the discovery was based on
our new geologic model at the mine, which demonstrates our
ability to find new high-grade zones through the application of
that model."

There are now 15 mineralized veins known to exist in the central
Cerro Bayo area. Known veins yet to be explored in the central
Cerro Bayo area alone total more than eight miles in total
length. Coeur controls a total of over 108 square miles in the
Cerro Bayo property.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT:  Coeur d'Alene Mines Corporation
          Tony Ebersole, Investor Relations
          Phone: 208-665-0335


ENDESA CHILE: To Use Bond Proceeds To Settle Obligations
--------------------------------------------------------
Chilean generator Endesa informed the country's securities
regulator about details of where the proceeds of the US$600 bonds
placed Friday in a 144A private issue in the US will go. Citing a
statement to the regulator, Business News Americas reveals that
part of the proceeds will be used to pay US$381 million
eurobonds.

Under the terms of a US dollar/euro swap agreement, the net
amount payable on the Company's EUR400 million of European
Floating Rate Notes (FRNs) is US$381 million. The FRNs mature on
July 24. The remaining US$219 million of the bond proceeds will
be used to prepay bank debt.

At the end of the first quarter, Endesa's total debt to banks and
financial institutions was CLP716 billion (today US$1.02bn).



=============
J A M A I C A
=============

C&WJ: To Dismiss 118 Workers This Friday
----------------------------------------
Cable & Wireless Jamaica (C&WJ) will eliminate 118 positions as
it continues with a restructuring program that would help it deal
with competition. The job cuts, the third round so far this year,
will be in several departments -- strategy and transformation,
finance, human resources, sales and services and network
services, and will take effect Friday. The Company, which now
employs about 2,300 workers, laid off 40 workers in January, and
another 46 in March.

C&WJ and its London-based parent, C&W plc announced a renewed
phase of restructuring in January when shareholders in the parent
company forced the resignation of the chief executive officer,
Graham Wallace. This was in response to C&W plc losing billions
of pounds in some of its investments. C&W plc recorded year-end
loss of around ś6 billion.

Wallace was replaced by Francisco Caio who soon after sought to
make C&WJ report directly to the parent and not to its Regional
Unit headed by Jamaican Errald Miller. Miller later resigned,
after having headed that post for two years.

CONTACT:  Cable & Wireless PLC
          124 Theobalds Road
          London
          England
          WC1X 8RX
          Phone:  +44 (0)20 7315 4000
          Fax:  +44 (0)20 7315 5000
          Home Page:  http://www.cw.com



===========
M E X I C O
===========

GRUPO IUSACELL: Receives 3rd Offer From Fintech Advisory Inc.
------------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV:CEL) (NYSE:CEL) ("Iusacell" or
the "Company") announced Wednesday that on July 22, 2003, its
principal shareholders, Verizon Communications Inc. and Vodafone
Americas B.V. (the "Principal Shareholders"), received a letter
(the "Third Fintech Shareholders Letter") from Fintech Advisory,
Inc. ("Fintech"), in which Fintech again expressed disappointment
with the Principal Shareholders' decision not to engage in
discussions with Fintech and invited the Principal Shareholders
to meet with Fintech. The Third Fintech Shareholders Letter also
stated that Fintech expected to commence offers in Mexico and the
United States to acquire 100% of the outstanding shares of
capital stock of the Company and was prepared to materially
increase its offer price if the Principal Shareholders
participated in such tender offer. Fintech also stated in the
Third Fintech Shareholders Letter that if the tender offer by
Movil Access, S.A. de C.V., a wholly-owned subsidiary of Biper,
S.A. de C.V., for all of the outstanding shares of capital stock
of the Company, which was commenced on June 30, 2003, is
consummated, "we and other creditors will have no choice but to
accelerate the Company's debt to protect our interests."

The Company will make further public announcements in connection
with the tender offers at the appropriate time and as required by
Mexican and United States securities laws.

This press release is for informational purposes only. It does
not constitute a solicitation/recommendation statement under the
rules and regulations of the United States Securities and
Exchange Commission ("SEC"). The Company filed with the SEC a
solicitation/recommendation statement on Schedule 14D-9 on July
14, 2003 (the "Schedule 14D-9"), an Amendment No.1 to the
Schedule 14D-9 on July 16, 2003, an Amendment No.2 to the
Schedule 14D-9 on July 21, 2003 and an Amendment No.3 to the
Schedule 14D-9 on July 21, 2003. The Company's shareholders
should read the Schedule 14D-9, the Amendment No. 1, the
Amendment No. 2, the Amendment No. 3 and the Amendment No. 4 to
the Schedule 14D-9, which will be filed later on Wednesday with
the SEC, as they contain important information. The Schedule 14D-
9, the Amendment No. 1, the Amendment No.2, the Amendment No. 3,
the Amendment No. 4 and other public filings made from time to
time by the Company with the SEC are available without charge
from the SEC's web site at http://www.sec.gov.

About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE: CEL; BMV: CEL) is a
wireless cellular and PCS service provider in seven of Mexico's
nine regions, including Mexico City, Guadalajara, Monterrey,
Tijuana,  Acapulco, Puebla, Leon and Merida. The Company's
service regions encompass a total of approximately 92 million
POPs, representing approximately 90% of the country's total
population.

This press release contains statements about expected future
events and financial results that are forward-looking and subject
to risks and uncertainties. For those statements, the Company
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Discussion of factors that may affect future results
is contained in our filings with the Securities and Exchange
Commission.

CONTACT:  GRUPO IUSACELL, S.A. DE C.V., Mexico City
          Russell A. Olson, 011-5255-5109-5751
          russell.olson@iusacell.com.mx

                   or

          Carlos J. Moctezuma, 011-5255-5109-5759
          carlos.moctezuma@iusacell.com.mx


GRUPO IUSACELL: Verizon Considers Sale To Salinas A Done Deal
-------------------------------------------------------------
Verizon Communications Inc. reaffirmed Wednesday it will push
through with the sale of its stake in Grupo Iusacell to a paging
firm owned by Mexican tycoon Ricardo Salinas even if more new buy
offers come in for the firm.

In June, Verizon and Vodafone Group Plc, which together control
73.9% of Iusacell, agreed to sell their stakes to Salinas' Movil
Access, for US$10 million. Movil Access will also pay Iusacell's
US$811 million of debt.

Last week, Iusacell bondholders offered the principal
shareholders US$15 million for Iusacell, a bid they later
sweetened to US$20 million.

Verizon and Vodafone rejected the offers channeled through UBS
Securities LLC and Delaware-based Fintech Advisory Inc., and
Verizon said Wednesday Iusacell would soon be in Salinas' hands.

"From our perspective this is a done deal," said Verizon
spokesman Steve Marcus. "We have already tendered our shares to
Movil Access and we have no intention of withdrawing them."



===========
P A N A M A
===========

BLADEX: Jaime Rivera Promoted to CEO
------------------------------------
The Board of Directors of Banco Latinoamericano de Exportaciones,
S.A. ("Bladex" or the "Bank") (NYSE: BLX) announced Wednesday the
appointment of Jaime Rivera, as Chief Executive Officer,
effective January 1, 2004 upon the retirement of Jos‚ Casta¤eda,
the current Chief Executive. Mr. Rivera is now Chief Operating
Officer of Bladex.

Speaking for the Board of Directors, Mr. Gonzalo Men‚ndez Duque,
Chairman, said, "Jos‚ Casta¤eda has been Chief Executive Officer
of Bladex for 14 years, leading the Bank through a series of
challenging operating environments and achieving a well-respected
status as a "banker's banker" for Latin America.

During his tenure, Bladex has achieved many "firsts", including
the first bank from the Latin American region to achieve
investment grade ratings and the first bank from Latin America to
have its shares listed on the New York Stock Exchange. He led the
institution as it accessed the international capital markets as
one of the early leaders in Latin American banking to do so,
expanded the Bank's regional office network, and developed one of
the few regional Latin American brands in the financial market.
Bladex will continue to benefit from Jos‚ Casta¤eda's experience
and wisdom as a director.

Mr. Men‚ndez Duque went on to say, "Bladex is fortunate to have
as its next Chief Executive such a talented and senior banker as
Jaime Rivera who will bring to the role not only his many years
of experience in Latin American banking and the capital markets
but his intimate knowledge of the Bank. At the time Jaime joined
Bladex, the press release said, `we are extremely pleased to have
found an individual whose professional experience and skills so
closely match the strategic long-term needs of this organization.
Jaime Rivera has a demonstrated record of leadership, creativity,
relationship-building skills, personal integrity and intimate
familiarity with the region'. During his time as Chief Operating
Officer of Bladex, he has more than confirmed that description.
We foresee a seamless transition in the leadership and execution
of Bladex's growth strategy."

Jos‚ Casta¤eda added, "Since its creation 25 years ago by the
central banks in the region, Bladex has become a significant
contributor to the growth and prosperity of Latin America by
financing export trade. I have been fortunate to have
participated in this process. After our recently completed and
highly successful 18-month long process of re-capitalizing
Bladex, I felt that it was time to retire. Bladex is now a
stronger organization and well-positioned for new challenges. I
am extremely pleased that Jaime Rivera will be succeeding me as
CEO. Since joining Bladex in March 2002, he has played a key role
in bringing the Bank to its current position of renewed capital
strength and has made significant contributions to the vision
which will guide the Bank in the future."

Jaime Rivera, 50, joined Bladex in March 2002 from Bank of
America where he spent more than 20 years in commercial and
investment banking, focusing on Latin America, with postings in
the U.S., Brazil, Argentina, Chile, Venezuela and Guatemala.
Prior to joining Bladex, Mr. Rivera led Bank of America's highly
reputed Miami-based Financial Institutions team, serving the most
important banks in more than 25 countries in the Latin American
region. Born and raised in Guatemala City, Mr. Rivera holds an
M.B.A. degree from Cornell University and an M.S. from
Northwestern University.

Bladex is a multinational bank established by the Central Banks
of the Latin American and Caribbean countries. Based in Panama,
its shareholders include central and commercial banks in 23
countries in the Region, as well as international banks and
private investors. Total assets at March 31, 2003 were US$ 2.9
billion. Since its creation, Bladex has disbursed accumulated
credits for over US$ 120 billion in the Region. Additional
information is available on Bladex's website at www.blx.com.

CONTACT:  Carlos Yap S.,Senior Vice President, Finance
          BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
          Head Office
          Calle 50 y Aquilino de la Guardia
          Apartado 6-1497 El Dorado
          Panama City, Republic of Panama
          Tel No. (507) 210-8581
          Fax No. (507) 269 6333
          E-mail Internet address: cyap@blx.com

                        Or -

          William W. Galvin
          THE GALVIN PARTNERSHIP
          76 Valley Road
          Cos Cob, CT 06807
          U.S.A.
          Tel No. (203) 618-9800
          Fax No. (203) 618-1010
          E-mail Internet address: wwg@galvinpartners.com



=====================
P U E R T O   R I C O
=====================

CENTENNIAL COMMUNICATIONS: Releases FY 2003 Results
---------------------------------------------------
Centennial Communications Corp. (Nasdaq:CYCL) announced Wednesday
results for the quarter and fiscal year ended May 31, 2003.
Consolidated revenues for fiscal year 2003 increased 4% from the
prior year to $745.7 million. Net loss was $111.9 million for
fiscal year 2003, an increase of $34.4 million versus the prior
year, primarily due to a $189.5 million pre-tax non-cash write
down of certain assets taken in the third quarter. "Adjusted
Operating Income" (previously "Adjusted EBITDA") was $295.7
million, a 17% increase from the prior year. Adjusted Operating
Income is net income (loss) before interest, taxes, depreciation,
amortization, loss (gain) on disposition of assets, loss on
impairment of assets, minority interest in loss of subsidiaries,
income from equity investments and non-cash charges. Please refer
to Exhibit A -- "Non-GAAP Financial Measures."

During the fiscal fourth quarter ended May 31, 2003, the Company
reported consolidated revenues of $191.1 million. Net income for
the fourth quarter was $61.4 million, an increase of $96.8
million from the same quarter last year. The Company reported
Adjusted Operating Income of $81.0 million, an increase of 8%
from the same quarter last year. On June 20, 2003, the Company
sold $500 million of 10 1/8% senior unsecured notes due 2013 in a
private placement transaction. In connection with the sale of
notes, the Company amended its senior credit facility, which
provides the Company with additional flexibility under the
financial and other covenants in the credit facility. Net
proceeds from the sale of notes were used to permanently repay
$300 million of term loans under the senior credit facility,
increase the Company's liquidity and pay fees and expenses
related to the transaction.

Other significant events reported during and after fiscal 2003
include:

- The Company signed long-term roaming agreements with Cingular
Wireless and AT&T Wireless. In conjunction with the AT&T Wireless
agreement, AT&T Wireless granted the Company two separate options
to purchase 10 MHz of spectrum covering approximately 4.2 million
Pops in Michigan and Indiana. The aggregate exercise price of the
options is $20 million.

- The Company recorded a pre-tax non-cash charge of $189.5
million to write-down the intangible assets associated with its
Puerto Rico Cable Television business which has been experiencing
subscriber losses, and to reduce the carrying value of certain of
its undersea cable assets, in accordance with Statement of
Financial Accounting Standards Nos. 142 and 144.

- The Company closed on the sale of 158 U.S. Wireless towers
(which are being leased back) for gross proceeds of approximately
$26.5 million.

- The Company completed the digital upgrade of its Cable TV
network and continued to grow its high-speed data customers.

- The Company disposed of its 51% interest in its Jamaican
wireless subsidiary.

- The Company announced a contract with Ericsson to upgrade its
U.S. Wireless operations' digital network with EDGE-ready 850 MHz
GSM/GPRS radio access and core network equipment.

"Strong operating results in fiscal 2003 coupled with the recent
$500 million financing and bank amendment provide a solid
foundation for our profitable growth in fiscal 2004 and beyond,"
said Michael J. Small, chief executive officer. "We are
particularly pleased with the strong growth of postpaid wireless
customers in the Caribbean".

The Company's wireless subscribers at May 31, 2003 were 939,500,
compared to 906,800 on the same date last year, an increase of
4%. During fiscal year 2003, postpaid wireless subscribers
increased by 67,300 or 29% in the Caribbean, and by 11,900 or 2%
in U.S. Wireless. Overall, prepaid subscribers declined due to
reduced emphasis on this service in certain markets and to the
divestiture of the Jamaica wireless operation in August 2002,
which was comprised of 30,200 prepaid subscribers. Caribbean
Broadband switched access lines reached 40,400 and dedicated
access line equivalents were 182,000 at May 31, 2003, up 22% and
16%, respectively from May 31, 2002. Cable TV subscribers were
78,200 at May 31, 2003, down 13,400 from the prior year.

For the year, total Caribbean revenues were $392.5 million and
Adjusted Operating Income (consisting of the Caribbean Wireless
and Caribbean Broadband segments) was $135.3 million. Adjusted
Operating Income for the year was up 30% from the prior year.
Caribbean Wireless revenues for the year reached $261.3 million,
an increase of 11% from the prior year. Caribbean Wireless
Adjusted Operating Income for the year was $96.6 million, an
increase of 23% from the prior year. Caribbean Broadband revenues
for the year were $141.3 million and Adjusted Operating Income
reached $38.6 million, up 2% and 53% from the prior year,
respectively.

U.S. Wireless revenues were $353.2 million for the year ended May
31, 2003 and Adjusted Operating Income was $160.4 million.
Adjusted Operating Income increased by 8% from the prior year due
to improved margins on retail revenue offset in part by a 16%
reduction in roaming revenue. U.S. Wireless Adjusted Operating
Income margin in fiscal 2003 was 45%, as compared to 42% last
year.

Consolidated capital expenditures for the year ended May 31, 2003
were $133.1 million or 18% of revenue. For the year ended May 31,
2002, consolidated capital expenditures were $214.7 million or
30% of revenue. Net debt at May 31, 2003 was $1,680.2 million as
compared to $1,774.6 million at May 31, 2002.

The Company projects fiscal first quarter 2004 Adjusted Operating
Income to exceed the $75.8 million the Company generated in the
first quarter of fiscal 2003. The Company projects Adjusted
Operating Income growth for fiscal year 2004 of 5-10% as compared
to $295.7 million in fiscal 2003, despite a projected reduction
of approximately $20 million in roaming revenue in fiscal 2004 as
compared to fiscal 2003. The Company projects capital
expenditures of approximately $125 million in fiscal 2004. A
reconciliation of projected Adjusted Operating Income is not
included as projections for some components of such
reconciliation, such as loss on impairment of assets, are
impossible to project at this time.

The Company adopted Statement of Financial Accounting Standards
("SFAS") No. 142 effective June 1, 2002. As a result, previously
recorded goodwill and other intangible assets with indefinite
lives will no longer be amortized but will be subject to
impairment tests. Depreciation and amortization expense for the
year ended May 31, 2003 would have been $24.4 million higher in
the absence of SFAS No. 142. The aggregate effect of ceasing
amortization decreased net loss and loss per basic and diluted
share by $17.8 million and $0.19, respectively.

In addition to the financial results determined in accordance
with Generally Accepted Accounting Principles ("GAAP"), this
press release contains non-GAAP financial measures such as
Adjusted Operating Income. The non-GAAP financial measures should
be considered in addition to, but not as a substitute for, the
information prepared in accordance with GAAP. A reconciliation
from GAAP to this non-GAAP financial measure is provided in
Exhibit A to this press release.

Conference Call Information

A conference call concerning the results (originally aired July
23, 2003) will be replayed via the Internet through the Company's
website (www.centennialcom.com), click on "Investor Relations."
The conference call will also be available at
www.streetevents.com until August 6, 2003.

About Centennial

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and the
Caribbean with approximately 17.3 million Net Pops and
approximately 939,500 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands, and provides voice, data,
video and Internet services on broadband networks in the region.
Welsh, Carson Anderson & Stowe and an affiliate of the Blackstone
Group are controlling shareholders of Centennial. More
information regarding Centennial, is available at the company's
our websites: www.centennialcom.com and www.centennialpr.com.

To see financial statement:
http://bankrupt.com/misc/CENTENNIAL_COMMUNICATIONS.htm

CONTACT:  CENTENNIAL COMMUNICATIONS CORP., WALL
          Thomas J. Fitzpatrick
          732-556-2220



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Auditor Claims Government Holds Keys to Rescue
----------------------------------------------------
BWIA's auditor, chartered accountant PricewaterhouseCoopers, said
in the airline's 2002 Annual Report that the future of BWIA is
now completely in the hands of the Government. The Trinidad
Guardian recalls that on June 29, Cabinet decided to release $30
million out of a $116.8 million State loan to BWIA. It held back
the remaining $55 million to ensure none of the airline's
aircraft are seized again.

The State already paid TT$25 million from that loan for retrieval
of BWIA aircraft seized by their lessors, International Leasing
Finance Corp.

"The continuation of the Group's activities is dependent upon a
successful outcome of these negotiations (with Government)," said
PricewaterhouseCoopers.

In addition, the auditing firm revealed BWIA's debts and other
liabilities are far in excess of assets, despite the airline's
stated efforts to streamline its operations in an attempt to
secure a State TT$116.8 million (US$18.8 million) loan.

"The (BWIA) Group incurred losses after taxation and
extraordinary items of TT$215,007,000 (US$34,129,000) for the
year ended December 31 2002," said PricewaterhouseCoopers in the
2002 Report. "Its current liabilities exceed its current assets
by TT$313,797,000 (US$49,808,000) at 31, December, 2002,"

CONTACT:  British West Indies Airways
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/



=================
V E N E Z U E L A
=================

PDVSA: Needs $43B to Increase Production to 5mb/day by 2008
-----------------------------------------------------------
Venezuela's state oil company PDVSA requires US$43 billion for
its business plan to increase production to about 5 million
barrels a day (mb/d) by 2008. Citing PDVSA's western division
manager Felix Rodriguez, Business News Americas reports that the
Company expects private companies to invest about 26%, or US$11.2
billion of the total.

"Our partners, the third parties, will have a participation in
our new plan of 26%, which will give all of you [in the private
sector] an important opportunity to participate," said Rodriguez,
who spoke at the national oil chamber's annual meeting on
Tuesday.

PDVSA will invest about 63% (US$27.1bn) on its own and through
strategic associations, and external financing will be sought to
cover the remaining 11% (US$4.73bn), according to reports by the
local press.


* Venezuela Placing Dollar Bonds Locally Next Week
--------------------------------------------------
Venezuela plans to sell dollar-denominated bonds next week to
local investors for the first time since 2001 to fund a buyback
of 12 Brady bonds maturing between 2005 and 2008. According to
Bloomberg, the government plans to sell about the same amount of
bonds as debt it buys back, between US$500 million and US$2
billion. The bonds will mature in seven years and yield no more
than 7 percent, a rate that wouldn't attract foreign buyers.

Finance Minister Tobias Nobrega said that the duration and price
of the bonds were decided during a meeting among Venezuelan
bankers, brokerages and the finance ministry.

Local investors can buy the bonds with bolivars at the official
rate of VEB1,598 a dollar, providing a hedge against currency
devaluation and inflation, he said.

"The sale is open to foreigners but we don't expect many since
the yield will only be 7 percent," said Finance Vice Minister
Alejandro.



               ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter Latin American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Oona G. Oyangoren, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *