TCRLA_Public/031107.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, November 7, 2003, Vol. 4, Issue 221

                          Headlines

A R G E N T I N A

ACINDAR: Likely To Sign Debt Deal With Creditors This Month
AMERICA 2: Court Approves Debt-Refinancing Offer
BANCO DE GALICIA: CNV To Launch Preliminary Investigation
CASA BLANCA: Court Sets Bankruptcy Process Schedule
CEMEFE: Court Orders Bankruptcy

COLORTEX: Court Approves "Concurso Preventivo" Motion
CTG: Announces $22.3M Debenture Swap
DE LA TORRE: Receiver Ends Verification Process
DY TRANS: Receiver Oversees Bankruptcy Process
GEMAR PLASTIC: Receiver Checks Creditors' Claims

HAVANNA: Court Approves Sale of Great Brands to DyG
JOYITA: Commences Reorganization Proceedings
KARATEX: Credit Check in Reorganization Ends December 15
KARAVELL: Court Approves "Concurso Preventivo" Motion
LA PRIMERA: Informative Assembly Scheduled for Today

MAKRO: Enters Bankruptcy on Court Orders
MARINA GRANDE: Bankruptcy Process Goes On as Credit Check Ends
MIAMI HOUSE: To Undergo Reorganization
SERVICIOS NORTE: Credit Verification in Bankruptcy Process Closes
SICOMPRA: Credit Verifications in Bankruptcy Process Closes Today

TELEFONICA DE ARGENTINA: Parent To Invest ARS2 Bln In Argentina
VINTAGE PETROLEUM: Announces 2004 Prelim Cap Budget, Targets
VINTAGE PETROLEUM: Third Quarter 2003 Operations Update


B R A Z I L

CERJ: Chilean Parent Takes Steps to Cut Power Theft
EMBRATEL: Streamlines its Marketing Organization
KLABIN: S&P Ups Ratings, Removes from CreditWatch
VESPER: QUALCOMM Announces Fourth Quarter, Fiscal 2003 Results

* Remarks by IMF First Deputy Managing Director Krueger in Brazil


C H I L E

AES GENER: To Decide Amount of Capital Increase on Nov. 21
INDUSTRIAS TEXTILES: Chilean Court Declares Bankruptcy


M E X I C O

ALESTRA: Announces Satisfaction of its Minimum Tender Condition


P E R U

SIDERPERU: Reports Results For First Nine-Months, 3Q of 2003


T R I N I D A D   &   T O B A G O

BWIA: To Give Full Severance Payments To Ex-Employees Next Week


V E N E Z U E L A

SIDOR: Talks With SUTISS Now Underway

     -  -  -  -  -  -  -  -

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

ACINDAR: Likely To Sign Debt Deal With Creditors This Month
-----------------------------------------------------------
Argentine long steelmaker Acindar is about to reach a debt accord
after two-thirds of its creditors agreed to the Company's debt
proposal, Business News Americas reports, citing Carlo Panunzi,
president of Brazilian long steelmaker Belgo-Mineira.

Belgo-Mineira is a principal shareholder in Acindar, a Buenos
Aires-based producer of some 1.2Mt/y of long steel products.

"With two-thirds in the so-called 'pre-package agreement', the
other third is obliged to join. We are just waiting for the
signing of the papers, which we expect will happen this month,"
said Panunzi.

Acindar officials earlier revealed that the agreement foresees
repaying the outstanding debt of US$220 million over nine years
with 18 semi-annual installments at a rate of 4% until 2004, then
Libor plus 2% for 2005, Libor plus 2.5% for 2006 and then Libor
plus 3% from 2007.

According to the report, the debt restructuring is part of the
process in which Belgo aims to increase its stake in the
Argentine company. Belgo is injecting up to US$30 million of new
money into Acindar, and capitalizing US$25 million of debt.

The capital injection is conditional on a public offer to other
Acindar shareholders, who will have the opportunity to inject new
funds into the Company.

Through the capital injection and conversion of debt into equity,
Belgo could see its stake in the Company increase to up to 60% of
Acindar's total capital from the current 20.5% in currently
holds, said Panunzi, who added that the deadline for the
acquisition is May 2005.

CONTACT:  Acindar Industria Argentina de Aceros SA
          2739 Estanislao Zeballos Beccar
          Buenos Aires
          Argentina B1643AGY
          Phone: +54 11 4719 8500
          Fax: +54 11 4719 8501
          Home Page: http://www.acindar.ar.com
          Contact:
          Arturo Tomas Acevedo, Chairman


AMERICA 2: Court Approves Debt-Refinancing Offer
------------------------------------------------
An Argentine court has approved the debt-refinancing offer of
local TV channel America 2, paving the way to an end to the
Company's formal restructuring proceeding.

The channel initiated a formal restructuring proceeding two years
ago, with a debt of US$61.87 million. At that time, the Company
was losing over US$1 million a month. A few months later,
Argentina's peso lost around 70% of its value and the debt was
pesified (converted into US dollars at the rate of US$ 1 = Ps.
1). Unlike Canal 9, which has most of its debt obtained abroad,
America 2's debt belongs to local content producers, such as
Cuatro Cabezas, PPT and Ideas del Sur.

After 18 months of talks with creditors, the channel obtained a
40% write-off in the amount of the debt and between 4 and 5 years
to repay it. As a result of the deal, the broadcaster will pay
around ARS37 million.

The end of its debt restructuring proceeding will help America 2
attract a new investor that will inject it with fresh funds.


BANCO DE GALICIA: CNV To Launch Preliminary Investigation
---------------------------------------------------------
Argentina's securities regulator, CNV, announced Tuesday it will
hold a preliminary investigation into the actions of directors
and trustees at Banco de Galicia y Buenos Aires S.A., one of the
country's largest private banks.

The filing, which was posted on Argentina's stock exchange, said
the CNV will carry out the probe because of the bank's late
reporting of a legal decision affecting the Company. The details
of the case weren't given. After a preliminary investigation, the
CNV will decide whether to make formal charges or drop the case.

Analysts said the probe was unlikely to be too problematic for
the company. Galicia officials said they hadn't been notified of
the probe and therefore had no comment.

It is the second probe the CNV has announced into Galicia in the
past two months.

On September 1, the CNV announced an investigation into the bank
for repeatedly late reporting of developments at its suspended
sister unit Banco Galicia Uruguay.

Banco de Galicia y Buenos Aires and Banco Galicia Uruguay are the
two main units in financial group Grupo Financiero Galicia, the
largest company on Buenos Aires' large-cap Merval Index.

The probe comes as the bank finalizes a restructuring deal for
its US$1.5 billion in debt. Grupo Financiero Galicia's shares
were up 18% in October on investor hopes of a successful
restructuring.

CONTACT:  Banco de Galicia Y Buenos Aires
          Tte Gral Juan D Peron 407
          Buenos Aires
          Argentina
          C1038AAI
          Phone: +54 11 6329 0000
          Fax: +54 11 6329 6100
          Home Page: http://www.bancogalicia.com.ar
          Contact:
          Juan Martin Etchegoyhen, Chairman
          Antonio R. Garces, Vice Chairman

          Grupo Financiero Galicia SA
          2nd Floor
          No 456 Tte Gral Juan D Peron
          Buenos Aires
          Argentina 1038
          Phone: +54 11 4343 7528/9475
          Home Page: http://www.gfgsa.com
          Contact:
          Atty. Abel Ayerza, Chairman


CASA BLANCA: Court Sets Bankruptcy Process Schedule
---------------------------------------------------
Buenos Aires Court No. 20 sets the schedule for the bankruptcy
process of Casa Blanca de Buenos Aires S.R.L., reports Infobae.
The credit verification process will end on February 3, 2004, the
report adds.

The Company's receiver, Mr. Bernardo Mazer, will prepare the
individual reports after the verifications are completed. These
reports are to be submitted to the court on March 16 next year.

The general report, which is prepared after the individual
reports are processed at court, must be submitted on April 27
next year. The Company's assets will then be liquidated to
reimburse creditors. Payments will be based on the results of the
verification process.

CONTACT:  Bernardo Mazer
          Ave Corrientes 4434
          Buenos Aires


CEMEFE: Court Orders Bankruptcy
-------------------------------
Buenos Aires Court No. 23 orders the bankruptcy of local company
Ce.Me.Fe. S.A., relates Argentine news source Infobae. The city's
Clerk No. 46 aids the court on the case, which will end with the
liquidation of the Company's assets.

To determine the nature and amount of the Company's debts, the
receiver, Mr. Isabelo de Francisco, will authenticate claims
until February 9 next year. The receiver will forward the results
of the verification process to the court through the individual
reports. After these are processed at court, the receiver will
consolidate the results into a single general report. Infobae,
however, did not indicate whether the court has set the deadlines
for these reports.

CONTACT:  Isabelo De Francisco
          Pasteur 194
          Buenos Aires


COLORTEX: Court Approves "Concurso Preventivo" Motion
-----------------------------------------------------
Court No. 4 of the Civil and Commercial Tribunal of the Argentine
province of La Rioja approved a motion for "Concurso Preventivo"
filed by local company Colortex S.A., relates local news source
Infobae. This opens the Company's reorganization process.

The court assigned Estudio Ortiz, Ruiz as the Company's receiver,
the report adds. Creditors must have their claims authenticated
by December 15 this year. This part of the reorganization
determines the nature and amount of the Company's debts.

The receiver will submit the individual reports to the court on
March 29 next year. These reports are prepared upon completion of
the credit verification process. The receiver will also prepare
the general report after the individual reports are processed at
court. This report must be filed on May 21 next year.

The informative assembly will then be held on July 8 next year.

CONTACT:  Estudio Ortiz, Ruiz
          Velez Sarsfield 100
          La Rioja


CTG: Announces $22.3M Debenture Swap
------------------------------------
Argentine thermo generator Guemes (CTG) informed the Buenos Aires
stock market that it has exchanged US$22.3 million debentures due
in 2010 for series B papers due in 2013 at a fixed rate of 2%
interest.

According to a report released by Business News Americas, the
move follows an approval from a commercial court in Salta
province. The US$22.3 million debentures, at variable interest,
were part of a US$54-million issue under Chapter 11 bankruptcy
terms in 2001.

Guemes claimed that since the bonds were issued before the
devaluation of the Argentine peso in early 2002, it should be
able to pay all its creditors according to the principle of "pari
passu," which means paying interest to existing bondholders at
the same rate as new bondholders.

In March, the commercial court granted Guemes a preliminary
injunction authorizing the Company to pay interest on the
debentures at 2% a year. According to the original terms of the
bond issue, the Company would have had to pay 2.5% interest on
March 26 this year, which would increase by about 1% every year.

CTG, which operates a 260MW thermoelectric plant in Salta
province in northwest Argentina, is 60% owned by local company
Powerco, 30% state-owned, and 10% owned by its employees.

CONTACT:  Central Termica Guemes S.A.
          Avenida Leandro N Alam 822
          Piso 12
          Ciudad Autonoma de Buenos Aires C1001AAQ
          ARGENTINA
          Tel. +54 4311-6064/6065/6066


DE LA TORRE: Receiver Ends Verification Process
-----------------------------------------------
Mr. Ruben Eduardo Calcagno, receiver for bankrupt Argentine
company De La Torre S.A., closes the credit verification process
today. As ordered by the city's Court No. 22, which handles the
Company's case, the receiver will prepare the individual reports,
which are due for filing on December 22 this year.

The receiver is also required to prepare a general report after
the individual reports are processed at court. The Troubled
Company Reporter - Latin America earlier revealed that this
report is to be submitted to the court on March 8, 2004.

CONTACT:  Ruben Eduardo Calcagno
          Rodriguez Pena 431
          Buenos Aires


DY TRANS: Receiver Oversees Bankruptcy Process
----------------------------------------------
Mr. Mario Galante, an accountant from Buenos Aires, takes charge
as receiver for the bankruptcy of local company Dy Trans S.A.,
according to a report by Infobae. The receiver will verify
creditors' claims until March 31 next year.

The city's Court No. 18 recently ordered that the Company is
"Quiebra". In the meantime, Infobae did not mention whether the
court, which is assisted by Clerk No. 35 on the case, has set the
deadlines for the individual and general reports.

CONTACT:  Dy Trans S.R.L.
          Bladomero Fernandez Moreno 3010
          Buenos Aires

          Mario Galante
          Cramer 2175
          Buenos Aires


GEMAR PLASTIC: Receiver Checks Creditors' Claims
------------------------------------------------
Buenos Aires Court No. 5 assigns Ms. Flora Marcela Pazos as
receiver for the reorganization of local company Gemar Plastic
S.A., according to a report by Argentine news portal Infobae. The
receiver will be verifying creditors' claims until December 2
this year.

Working with Clerk No. 9, the court ordered the receiver to
submit the individual reports on February 19 next year, Infobae
added. The receiver will also prepare the general reports and
pass them to the court on April 5 next year.

The informative assembly will be held on September 13 next year.

CONTACT:  Gemar Plastic S.A.
          Avenida Corrientes 4173
          Buenos Aires

          Flora Marcela Pazos
          Montevideo 527
          Buenos Aires


HAVANNA: Court Approves Sale of Great Brands to DyG
---------------------------------------------------
An Argentine court has approved the sale of Great Brands -
controller of local confectionery producer and retailer Havanna -
to private equity fund Desarrollo y Gestion (DyG). According to
the agreement subscribed between The Exxel Group, who owns 70% of
Havanna, and DyG, the latter will pay US$5.2 million plus the
positive difference between the cash balance at the moment of the
transfer and ARS13.5 million, with a maximum limit of ARS3
million. In addition, DyG will assume US$32.4 million in debt.


JOYITA: Commences Reorganization Proceedings
--------------------------------------------
Joyita S.A., which is domiciled in Buenos Aires, will undergo
reorganization after the city's Court No. 12 approved its
"Concurso Preventivo" motion. Argentine news source Infobae
relates that Clerk No. 23 aids the court on the case.

Creditors must present their proofs of claim to the receiver for
verification before the December 15 deadline expires. The
Company's receiver, Mr. Mario Degese, is an accountant from
Buenos Aires.

The receiver is also required to prepare the individual and
general reports, which are to be submitted to the court on March
1, 2004 and April 12, 2004, respectively. These reports contain
the results of the verification process and the receiver's
opinions on the factors to that prompted to Company to seek
reorganization. The informative assembly will be held on
September 7 next year.

CONTACT:  Joyita S.A.
          Tucuman 1455
          Buenos Aires

          Mario Degese
          Bouchard 468
          Buenos Aires


KARATEX: Credit Check in Reorganization Ends December 15
--------------------------------------------------------
Creditors of La Rioja-based company Karatex S.A. must present
their claims to the receiver, Estudio Ortiz Ruiz, for
verification before December 15 this year. The Company is
currently undergoing reorganization after the court approved its
motion for "Concurso Preventivo".

The individual reports, which are prepared after the verification
process is completed, must be submitted to the court on March 29
next year. The receiver will also prepare the general report,
which is due for filing on May 21 next year.

Court No. 4 of the Civil and Commercial Tribunal of La Rioja set
the informative assembly to be held on July 8 next year. The
meeting is one of the last parts of the reorganization process.

CONTACT:  Estudio Ortiz, Ruiz
          Velez Sarsfield 100
          Buenos Aires


KARAVELL: Court Approves "Concurso Preventivo" Motion
-----------------------------------------------------
Court No. 4 of the Civil and Commercial Tribunal of the Argentine
province of La Rioja approved a motion for "Concurso Preventivo"
filed by local company Karavell S.A., relates local news source
Infobae.

The court assigned Estudio Ortiz Ruiz as the Company's receiver,
says the report. Creditors must have their claims authenticated
by December 15 this year. This part of the reorganization
determines the nature and amount of the Company's debts.

The receiver will submit the individual reports to the court on
March 29 next year. These reports are prepared after upon
completion of the credit verification process. The receiver will
also prepare the general report after the individual reports are
processed at court. This report must be filed on May 21 next
year.

The informative assembly will then be held on July 8 next year.

CONTACT:  Estudio Ortiz, Ruiz
          Velez Sarsfield 100
          La Rioja


LA PRIMERA: Informative Assembly Scheduled for Today
----------------------------------------------------
The informative assembly for the bankruptcy process of Argentine
company La Primera de Grand Bourg S.A.T.C.I. is scheduled for
today, the Troubled Company Reporter - Latin America said
earlier, without specifying the venue and the time of the
meeting.

Court No. 11 of the Civil and Commercial Tribunal of the
Argentine province of San Martin holds jurisdiction over the
Company's case. The informative assembly is one of the last
processes in reorganization proceedings.


MAKRO: Enters Bankruptcy on Court Orders
----------------------------------------
Court No. 18 of Buenos Aires declares local company Makro S.R.L.
"Quiebra", reports Argentine news portal Infobae. The Company
will undergo the bankruptcy process with Mr. Xilef Irureta,
accountant from Buenos Aires, as receiver.

Creditors must have their credit claims validated by the receiver
to qualify for any payments the Company would make at the end of
the bankruptcy process. The deadline for verifications ends on
April 2 next year, after which the receiver will prepare the
individual reports. The general report, on the other hand, is to
be prepared after the individual reports are processed at court.
The source, however, did not mention whether the deadlines for
the filing of these reports have been set.

CONTACT:  Makro S.R.L.
          Tte Gral Benjamin Matienzo 1568
          Buenos Aires

          Xilef Irureta
          Parana 145
          Buenos Aires


MARINA GRANDE: Bankruptcy Process Goes On as Credit Check Ends
--------------------------------------------------------------
The bankruptcy of Buenos Aires company Marina Grande S.R.L.
proceeds with the receiver preparing the individual reports as
the credit verification process is due to end today. The Troubled
Company Reporter - Latin America earlier revealed that the
individual reports are to be submitted to the court on December
22 this year.

The Company's receiver, Ms. Alejandra Ethel Giacomini, will
prepare the general report after the individual reports are
processed at court. This report is due for filing on March 8 next
year. The Company's assets will then be liquidated to reimburse
its creditors.

CONTACT:  Alejandra Ethel Giacomini
          Carabobo 250
          Buenos Aires


MIAMI HOUSE: To Undergo Reorganization
--------------------------------------
Buenos Aires-based Miami House S.R.L. will undergo
reorganization, local news portal Infobae reports. The city's
Court No. 5 approved the Company's motion for "Concurso
Preventivo".

Working with Clerk No. 9, the court assigned local accountant
Maria del Carmen Amandule as receiver for the process. The credit
verification period ends on November 14 this year, as set by the
court. Verifications are done to ascertain the nature and amount
of the Company's debts.

The individual reports must be submitted to the court on February
3 next year, followed by the general report on March 16. The
informative assembly will then be held on September 7, 2004, the
report adds.

CONTACT:  Maria del Carmen amandule
          24 de Noveimbre 1226
          Buenos Aires


SERVICIOS NORTE: Credit Verification in Bankruptcy Process Closes
-----------------------------------------------------------------
Creditors of Servicios Norte S.R.L. must present their proofs of
claim to the Company's receiver as the deadline for verifications
expires today. Creditors who fail to file their claims today will
be disqualified from whatever payments, which will be made to
creditors after the Company's assets are liquidated.

The receiver, Ms. Haydee Kravetz, will prepare the individual
reports on the results of the verification process. After these
are processed at court, the receiver will summarize the results
into a general report. Local sources, however, did not reveal
whether the court has set the deadlines for these reports.

CONTACT:  Servicios Norte S.R.L.
          Avenida de Mayo 1316
          Buenos Aires

          Haydee Kravetz
          Tucuman 1484
          Buenos Aires


SICOMPRA: Credit Verifications in Bankruptcy Process Closes Today
-----------------------------------------------------------------
The credit verification process for the bankruptcy of Argentine
company Sicompra S.A. ends today, November 7, 2003. An earlier
report by the Troubled Company Reporter - Latin America revealed
that the Company's receiver is Ms. Elsa Tobarcias.

The receiver will start preparing the individual reports on the
results of the verifications. These reports are to be submitted
to the court on December 22 this year, followed by the general
report on March 8, 2004. The general report is a consolidation of
the data in the individual reports after these are processed at
the court.

The Company's assets will be liquidated at the end of the
bankruptcy process. Proceeds will be used to reimburse its
creditors.

CONTACT:  Elsa Taborcias
          C Pellegrini 1063
          Buenos Aires


TELEFONICA DE ARGENTINA: Parent To Invest ARS2 Bln In Argentina
---------------------------------------------------------------
Telefonica S.A. announced Wednesday it will invest ARS2 billion
in Argentina over the next four years, relates Dow Jones. The
announcement follows a meeting in Government House between
Telefonica Executive Chairman Cesar Alienta and Argentine
President Nestor Kirchner.

Telefonica said its Argentine fixed-line subsidiary, Telefonica
de Argentina SA, would invest ARS900 million to install 1 million
new basic fixed lines, to install 50,000 public telephone lines,
to increase Internet access by 70% and to upgrade the technology
the unit uses.

Telefonica's cellular division, Telefonica Moviles Argentina S.A.
that operates the Unifon band, will invest ARS700 million in the
coming years with the aim of providing clients with the latest
technology.

Alienta believes these investments are worthwhile in a scenario
where Argentina's economy is getting back on its feet after years
of recession. The economy is expected to grow 7% this year.

"I observe with satisfaction that the Argentine economy is
beginning to show very strong signs of recovery. It is good news
for Telefonica because we are firmly tied to Argentina's destiny
and we will continue to be so. We believe in Argentina."

Telefonica made the announcement while Telefonica de Argentina is
trying to get back on its feet after falling heavily into debt
following Argentina's 70% depreciation of the peso last year. The
unit has recently restructured much of its debt, but analysts say
the unit still has much work to do to regain its pre-crisis
strength.

CONTACT:  TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar
          Contacts:
          Carlos Fernandez-Prida Mendez Nunez, Chairman
          Paul Burton Savoldelli, Vice Chairman
          Fernando Raul Borio, Secretary


VINTAGE PETROLEUM: Announces 2004 Prelim Cap Budget, Targets
------------------------------------------------------------
Vintage Petroleum, Inc. announced Wednesday its preliminary
2004 non-acquisition capital budget of $225 million, a 22
percent increase from 2003's planned capital budget of $185
million.

Approximately 73 percent, or $165 million, of the total 2004
capital expenditure budget is allocated to lower-risk
exploitation projects. About 50 percent of total exploitation
spending, or  $84 million, is allocated to drilling, workovers,
seismic surveys and secondary recovery projects in Argentina.
The four-rig drilling program initiated during 2003 will be
continued in 2004, accounting for about 70 percent of the
Argentina exploitation budget, with expectations of drilling 90
wells (88 wells in the San Jorge basin and 2 wells in the
Piedras Coloradas concession), a 29 percent increase over the 70
wells planned for 2003. The remaining 30 percent of the
Argentina exploitation budget is allocated for the completion of
84 workovers in the San Jorge basin, the initiation of
waterflood projects and 3-D seismic surveys. Initial waterflood
production response is expected during 2005. Approximately
165,000 acres of 3-D seismic will be recorded on the Tres Picos-
Caleta Olivia, Cerro Wenceslao, and Cerro Overo concessions
during 2004. Currently, only 39 percent of the company's
operated 1.1 million gross acres in Argentina have been covered
by 3-D seismic surveys.

The North American exploitation budget of $55 million accounts
for 33 percent of the total exploitation budget with $46 million
allocated to the United States. The 2004 domestic drilling
program consists of 31 wells in California, Louisiana, Oklahoma
and Texas, with 63 workovers budgeted in those same states.

In Canada, a total budget of $22 million has been set with
nearly 60 percent allocated to exploration and 40 percent to
exploitation. Fifteen exploitation wells in the Peace River
Arch, West Central and Sturgeon Lake areas and 11 workovers in
the Peace River Arch, East of 5 and Sturgeon Lake areas are
scheduled.

On October 15, 2003, the Republic of Yemen's Ministry of Oil and
Minerals approved Vintage's S-1 Damis block development plan
covering approximately 285,000 acres for a term of 20 years.
Facilities construction and drilling in Yemen account for the
remaining $26 million, or 16 percent of Vintage's 2004
exploitation budget. Approximately $17 million has been
earmarked in the 2004 budget for the construction of facilities
near the An Nagyah light oil discovery and a pipeline.
Approximately $6 million in capital expenditures will be
incurred for facilities construction during the first quarter of
2005 to complete the installation. The facilities will be
designed to process up to 10,000 gross (5,200 net) barrels of
oil per day and are expected to be completed by April 2005. The
remaining $9 million allocated to Yemen is for the drilling of
six An Nagyah development wells and one Harmel appraisal well
during 2004. Vintage expects to install facilities which will
allow for the early production of up to 2,500 gross (1,300 net)
barrels of oil per day beginning during the first quarter of
2004.

The remaining 27 percent of the 2004 capital budget, or
approximately $60 million, will be directed toward exploration
projects primarily targeting gas in North America. About $51
million, or 85 percent of the exploration budget, will be spent
in North America and $9 million will be spent on international
projects.

In the United States, $38 million will be spent on exploration
activities. Of this amount, $25 million has been allocated to 10
exploration wells which will be drilled on eight prospects
located in West Texas, the Texas Gulf Coast and South Louisiana.
The remaining $13 million has been allocated to the acquisition
of seismic and leasehold required to continue to build the
exploration prospect inventory in the United States.
Approximately $13 million has been allocated to Canadian
exploration where 12 wells are planned to be drilled in the
foothills trend of Northeast British Columbia and Peace River
Arch areas.

Exploration outside North America has been allocated $9 million
which will be spent primarily on the drilling of two wells in
Italy and the continuing geological evaluation of the high
impact, frontier project in Bulgaria. In early 2001, Vintage
acquired a 70 percent working interest in two exploration blocks
situated in the Po Valley, an industrial region of northern Italy
which has a long-established production history and well-
developed pipeline infrastructure serving a highly developed gas
market. Using seismic attributes analysis from reprocessed 2-D
seismic combined with newly acquired geochemical surveys, Vintage
is targeting shallow Pliocene gas sands in structural-
stratigraphic traps. The process of well permitting is underway
and the company plans to begin drilling the first of two
exploration wells in early 2004. If successful, Vintage believes
that numerous similar prospects can be drilled using the same
technology-driven exploration concept. Vintage is the operator of
the Bastiglia and Cento blocks covering approximately 275,000
gross acres.

Targets for 2004

The 2004 non-acquisition capital budget is aimed at stabilizing
production in the short-term while devoting significant
resources to projects that can provide longer-term growth
opportunities. Approximately $78 million, or 35 percent of the
total 2004 non-acquisition capital budget, is comprised of
exploration and development expenditures that target production
growth in 2005 and beyond. Vintage is targeting production of
26.9 million barrels of oil equivalent in 2004. This targeted
production level takes into account the impact of the recent
Simi Valley fire that shut-in approximately 3,500 barrels of oil
equivalent per day of Vintage's production in California.
Vintage expects the shut-in wells to be returned to production
throughout the first quarter of 2004.

The company has assumed a lower average NYMEX price for the year
2004 of $27.00 per barrel of oil versus its revised 2003
assumption of $30.40 per barrel. For natural gas, the company
has lowered its assumed NYMEX price for the year to $5.00 per
MMBtu from its revised 2003 assumption of $5.45 per MMBtu. The
oil price received in 2004 as a percent of the NYMEX price is
anticipated to be 84 percent compared to the 87 percent
estimated for 2003. The gas price received in 2004 as a percent
of the NYMEX price is anticipated to strengthen marginally to 69
percent from 68 percent assumed for 2003.

Given its preliminary outlook for the 2004 capital budget,
production, assumed prices and costs enumerated in the
accompanying table, "Vintage Petroleum, Inc. Preliminary Targets
for 2004 ", as well as other expectations, Vintage has
established 2004 targets for cash flow (before all exploration
expenses and working capital changes) and EBITDAX of $214
million and $315 million, respectively. The 2004 targets do not
reflect the impact of the costs to be incurred to repair damage
to the company's properties resulting from recent fires in
California.

Vintage Petroleum is an independent energy company engaged in the
acquisition, exploitation, exploration and development of oil and
gas properties and the marketing of natural gas and crude oil.
Company headquarters are in Tulsa, Oklahoma, and its common
shares are traded on the New York Stock Exchange under the symbol
VPI. For additional information visit the company website at
www.vintagepetroleum.com


VINTAGE PETROLEUM: Third Quarter 2003 Operations Update
-------------------------------------------------------
Vintage Petroleum, Inc. updated Wednesday its operational
activities and plans for 2003. During the third quarter, $50
million of the company's 2003 planned non- acquisition capital
budget of $185 million was spent drilling a total of 37 gross
(33.0 net) wells and performing 56 workovers. The company is on
track to drill approximately 130 net wells and undertake a
variety of lower-risk exploitation projects with approximately 70
percent of the budget during 2003. The remaining 30 percent of
the budget continues to be allocated primarily to potentially
higher-impact exploration programs in the United States, Canada
and Yemen.

United States

Exploitation

During the quarter, five gross (four net) exploitation wells were
drilled with an 86 percent success rate. Year to date, 23 gross
(20.0 net) wells have been drilled with an 85 percent success
rate and 96 workovers have been performed. Exploitation drilling
in the Gilmer and Loma Blanca Fields in Texas and the Strong City
Field in Oklahoma resulted in three gross (2.5 net) wells with an
initial production buildup of 5.6 million cubic feet of gas and
200 barrels of oil per day net to Vintage's interest. High angle
drilling of one gross (one net) well in the Pleito Ranch Field in
California developed an initial net production buildup of 260
barrels of oil and 100 thousand cubic feet of gas per day. The
2003 U.S. exploitation program budgeted at $49 million is on
track to drill a total of 35 gross (29 net) wells by year-end.
Vintage is drilling a replacement well for its Galveston Bay
State Tract 65-2 well lost due to mechanical reasons and will
drill approximately five horizontal oil wells during the fourth
quarter in the Darst Creek field as well as test a high-angle
drilling concept in the San Miguelito field in California.
Additionally, several tight gas wells are planned in the Gilmer
and Terryville fields in Texas and Louisiana. Based on the
results of these various exploitation drilling programs, several
additional future drilling locations could be generated in these
fields.

Exploration

Vintage has secured an interest in over 19,500 gross acres in the
Permian basin encompassing three, multi-well exploration
prospects targeting known tight carbonate gas reservoirs. These
prospects are predicated on an established play concept which
utilizes horizontal drilling and fracture stimulation technology
to significantly improve production and economics over the
historical results obtained utilizing vertical wellbores.

The first exploration well in the Austin prospect in Lea County,
New Mexico, the Hannah 17 State #2-H, targets the Mississippian
formation and casing has been set at a measured depth of 16,428
feet, which includes the 3,100 foot horizontal section. The
fracture stimulation of the horizontal section is scheduled for
early November, and if successful, several additional wells could
be drilled on this prospect.

The first exploration well on the Rosehill prospect, the Wilbanks
53 #2-H, in Martin County, Texas, targets the Mississippian
formation as well. The well has been drilled to a depth of 10,550
feet and casing has been set. Drilling is proceeding on a 4,000
foot horizontal section and is expected to take approximately 30
days. Vintage has a 100 percent working interest in both the
Rosehill and Austin wells.

Earlier this year, Vintage participated in the Muleskinner #1
well in the Leatherwood prospect with a 33 percent working
interest. This well was a horizontal Devonian test in Terrell
County, Texas, drilled to a total depth of 17,931 feet, which
included a 2,750 foot horizontal section. Three separate fracture
stimulations were performed in the horizontal section and the
well currently has sustained production of 1.1 million cubic feet
of gas per day gross (261 thousand cubic feet of gas per day
net). Pending further technical evaluation, additional wells may
be drilled in this prospect.

Vintage is pursuing company-generated Oligocene and Miocene
prospects in the Texas Gulf Coast based on 3-D seismic and
geochemical surveys. Within these targeted play concepts Vintage
has acquired five Texas state leases covering three shallow water
prospects. The first exploration well to be drilled on one of the
Texas Gulf Coast exploration plays is located on the Tres
prospect which is based on a Miocene gas exploration target
coupled with the redevelopment of additional Miocene oil and gas
sands. In November, Vintage will begin drilling the first of two
wells planned for the fourth quarter to an approximate depth of
8,200 feet. Vintage will operate these wells and has a 65 percent
working interest in this prospect; and if successful, production
could commence as early as mid-year 2004. The total net unrisked
reserve potential on the Tres prospect is 15 Bcfe.

Argentina

Twenty-one gross (20.4 net) exploitation wells were drilled on
several concessions in the San Jorge Basin and the Cuyo Basin
during the third quarter with a success rate of 100 percent. In
addition, 16 workovers were performed during the third quarter.
Four drilling rigs and six workover rigs were running during the
third quarter. Forty-six gross (44.8 net) wells have been drilled
and 55 workovers have been performed year-to-date. Vintage plans
to drill 70 gross (68.8 net) wells this year. 3-D seismic
covering nearly 36,000 acres is scheduled during the fourth
quarter on the Canadon Leon concession.

Canada

Vintage has drilled 25 gross (16.0 net) exploitation and
exploration wells with an 81 percent success rate year-to-date.
For the year, Vintage plans to drill approximately 40 gross (25.0
net) exploitation and exploration wells with activity occurring
in the Sturgeon Lake, West Central and Peace River Arch areas of
Alberta and the foothills trend in northeastern British Columbia.
During the third quarter, exploitation drilling in the Sturgeon
Lake and West Central areas added 1.5 million cubic feet of gas
per day and 175 barrels of oil per day of stabilized production.

Exploration activity continued in the Cypress area located in the
foothills trend of northeastern British Columbia. The first well,
a 5,210 foot Triassic test, has been drilled and cased with
completion operations underway. One additional Triassic well is
planned during the fourth quarter. Vintage will have a 40
percent, non-operated interest in this prospect. In the same
prospect area, Vintage will spud an 8,940 foot Mississippian test
during November. Vintage will operate this well and participate
with a 60 percent working interest. Prospect size for the
targeted plays range from 20 to 150 Bcfe. Vintage's net unrisked
reserve potential for this program is approximately 90 Bcfe.
During 2003, Vintage and its partners have acquired 9,800 net
(23,800 gross) acres in the prospect area located near marketing
infrastructure.

During early 2003, Vintage entered an agreement to conduct
exploration activities as operator on four onshore blocks in the
province of Nova Scotia, Canada. Vintage drilled the Beech Hill #
1 prospect located in the Antigonish block to a total depth of
3,425 feet targeting potential oil accumulations in a
Carboniferous Age reef. At this location, the well did not
encounter reservoir quality formations and was subsequently
abandoned. With the drilling of the well, Vintage has earned an
80 percent working interest in the Antigonish block. During the
third quarter, the company acquired 46 miles of 2-D seismic and
conducted a geochemical survey on the Bras d'Or, Sydney and
Pictou blocks. Vintage has the opportunity to earn 75 percent
working interest in the Bras d'Or, Sydney and Pictou blocks and,
depending on the evaluation of the acquired geological
information, may elect to acquire additional seismic data or
proceed with the drilling of wells on these blocks. The
Antigonish, Bras d'Or, Sydney and Pictou blocks cover
approximately 1.5 million gross acres.


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

CERJ: Chilean Parent Takes Steps to Cut Power Theft
---------------------------------------------------
Chilean power sector holding company Enersis is embarking on a
measure to cut power theft at its Brazilian unit Cerj, reports
Business News Americas.

Citing Enersis CFO Alfredo Ergas, the report says that Enersis is
in the process of installing a new system to reduce power theft
at the Rio de Janeiro utility.

The move came after Cerj reported a 12.6% increase in energy
losses, to 2,239GWh, in the nine months from January to September
this year, the highest level of power losses amongst all of
Enersis' distributors.

However, "in the last three months the marginal losses have
improved because we are in the process of applying this project
in Brazil's distribution sector," Ergas said, adding "we hope
that in the next two months we will have better news from Cerj in
this respect."

"After all the investment and research at Cerj, we know better
where we have the problem in terms of the special neighbors and
special streets, and that's an important improvement," Ergas
said.

Cerj recorded a net loss of US$146 million as of September 30,
2003, compared to a US$182-million profit in the same period last
year.

CONTACT:  Cia de Eletricidade do Estado do Rio de Janeiro - Cerj
          Sao Domingos
          24210-200 Niteroi - RJ
          Brazil
          Phone: +55 21 2613-7783
          Fax:  +55 31 2613-7123
          Home Page: http://www.cerj.com.br
          Contacts:
          Eduardo J. Bernini, Chairman
          Emilio Lopez Ordobas, Vice Chairman


EMBRATEL: Streamlines its Marketing Organization
------------------------------------------------
Embratel, making use of its renowned experience and its scope as
premium telecommunications carrier in Brazil, announced today the
streamline of its Marketing organization, in order to bring it
into line with the needs of its customers and with its corporate
goals.

The new structure of the Vice Presidency of Marketing and
External Affairs will focus on the provision of a customer
service based on a segmented market view. According to this
strategy, the new organization will comprise four Market
Directors - Major Accounts and Providers; Government Accounts;
Small and Mid-sized Businesses; SOHO (Small Office/Home Office)
and Residential - and two cross-functional Directors - the
Solution Development Director, and the Integration, Communication
and Control Director.

The Market Director will be in charge of identifying and
developing customized solutions for current and future
communication requirements of customers from each market segment,
in order to promote their business development, to improve their
communications and their lives.

The Solution Development Director will address the customer needs
of several segments identified by the Market Directors, and
enhance the utilization of Embratel products and services, with
the purpose of exceeding the market prospects by introducing the
best solutions ever.

Finally, the Integration, Communication and Control Director will
be responsible for integrating the marketing activities and using
indicators to track the performance, which will bring about the
implementation of immediate corrective actions if applicable.
Additionally, this organization will provide integrated
communication in compliance with the marketplace, making the most
of synergies and maximizing results.

The External Affairs Directors have not been changed, although
they are expected to make some adjustments at internal level, to
be in conformity with the new Marketing organization. .

The new Marketing and External Affairs organization brings very
good news to Embratel customers, who will benefit from its
innovative solutions and advanced telecommunications services
specially developed to meet their special needs, being supported
by an aggressive market segmentation and strategies developed by
skilled executives, implemented by the best, most dedicated sales
and services team all over Brazil.

Embratel is the premium telecommunications provider in Brazil,
offering a wide range of telecommunication services, such as
advanced voice, high-speed data transmission, internet, data
communication by satellite and corporate networks. The company is
national leader in data and internet services, in a privileged
position to become the Latin American carrier with an all-
distance network. Embratel network has national coverage with
almost 17,500 miles of optic cables, representing around one
million miles of fiber optics.

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

CONTACT:  Silvia M.R. Pereira, Investor Relations
          Phone: (55 21) 2121-9662
          Fax: (55 21) 2121-6388
          Email: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


KLABIN: S&P Ups Ratings, Removes from CreditWatch
-------------------------------------------------
Standard & Poor's Ratings Services raised Wednesday its global
scale corporate credit ratings on Brazilian paper goods company
Klabin S.A. (Klabin) to 'BB-' from 'CCC+' in the local currency
and to 'B+' from 'CCC+' in the foreign currency.

The ratings were removed from CreditWatch, where they were placed
on June 3, 2003. The outlook is now stable.

"The rating action reflects the successful conclusion of Klabin's
asset sale program and the significant improvement in the
company's debt structure and liquidity position, as most of the
resources collected with these asset sales was used to pay off
debt," said Standard & Poor's credit analyst Milena Zaniboni.

The local currency rating on Klabin reflects the company's
increased focus on packaging products, and consequently the
stronger correlation of sales to the performance of the volatile
Brazilian economy, as well as a still-fragmented market for
corrugated boxes that does not allow for rational pricing
policies. These risks are partially offset by Klabin's very
competitive cost position, which derives from high forest yields
and full integration of forests and production plants, together
with its more comfortable debt profile going forward.

The stable outlook on the foreign currency rating mirrors that of
the Republic of Brazil. The stable outlook on the local currency
rating reflects Standard & Poor's expectation that Klabin will
continue to present a low debt position and strong operating
margins despite uncertainties on the level of local consumption
and a relatively more aggressive capital expenditure and
dividends distribution programs.

The outlook could be changed to positive depending on the
strengthening of the local economy and confirmation that Klabin
will maintain a moderate financial profile going forward. On the
other hand, further analysis of the company's capital expenditure
program could put negative pressure on the ratings.

ANALYST:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
          Marcelo Costa, Sao Paulo (55) 11-5501-8955


VESPER: QUALCOMM Announces Fourth Quarter, Fiscal 2003 Results
--------------------------------------------------------------
QUALCOMM Incorporated announced Wednesday its fourth quarter and
fiscal 2003 results ended September 28, 2003. Revenues were $909
million in the fourth fiscal quarter, up 4 percent year-over-
year. Fourth quarter net income was $291 million and earnings per
share were $0.35, up 53 percent and 52 percent year-over-year,
respectively. Revenues were $4.0 billion in fiscal 2003, up 31
percent compared to fiscal 2002. Fiscal 2003 earnings were $827
million and earnings per share were $1.01, both up 130 percent
compared to fiscal 2002.

Revenues excluding the QUALCOMM Strategic Initiatives (QSI)
segment were $870 million in the fourth fiscal quarter, up 4
percent year-over-year. Fourth quarter net income excluding the
QSI segment was $236 million and earnings per share were $0.29,
down 5 percent and 6 percent year-over-year, respectively. In
fiscal 2003, revenues excluding the QSI segment were $3.8
billion, up 32 percent compared to fiscal 2002. Fiscal 2003 net
income excluding the QSI segment was $1.2 billion and earnings
per share were $1.42, up 46 percent and 45 percent, respectively,
compared to fiscal 2002. Detailed reconciliations between total
QUALCOMM results and results excluding QSI are included at the
end of this news release. Prior period reconciliations are
presented on our Investor Relations web page at www.qualcomm.com
.

"The employees of QUALCOMM have delivered an outstanding year of
exceptional performance both in financial results and in
advancing wireless services and their usefulness to consumers and
businesses around the world," said Dr. Irwin Mark Jacobs,
chairman and CEO of QUALCOMM. "Among the many accomplishments was
the shipment of our billionth chip, demonstrating our continued
leadership position in the development and on-time delivery of
CDMA chipsets. We are reducing costs for our customers by leading
the industry in integrating software and multimode,
multifrequency, and multinetwork capabilities into our CDMA
products. Nearly all of our chipset shipments are enabling third
generation services for 61 wireless operators in 31 countries,
and these 3G voice and data services are now being rapidly
accepted and enjoyed by over 65 million subscribers. Introduction
of very high-speed 1xEV-DO by operators in South Korea and the
United States has opened new service applications for consumers
and businesses and many CDMA operators around the world are
considering deploying this technology. China Unicom recently
concluded its first phase of the GSM1x trial which included
successful testing of the world's first GSM and CDMA2000
multimode handset. We expect to see increased royalty revenue
with the deployment of WCDMA beginning to ramp, and are also well
positioned to win a significant share of the WCDMA chip business
and further expand the BREW footprint. BREW has already been
adopted by 10 wireless operators in seven countries, and
consumers have completed over 50 million downloads of BREW
applications developed by the BREW global developer community."

"In 2004, we look forward to the world continuing its migration
to the most economic wireless platform, CDMA. As additional
operators launch CDMA2000 1X and 1xEV-DO and WCDMA, there will be
an ever increasing need for multimode multiband handsets to
enable true global roaming. In response to market demands, we
plan to significantly increase our R&D spending and build on our
innovations delivering the most cost effective and integrated
CDMA-based products."

"As a result of our performance and strong cash position, during
fiscal 2003 we initiated a $1 billion stock repurchase program,
paid our first quarterly dividend, and in the fourth quarter we
increased the quarterly dividend. QUALCOMM remains well
positioned to grow earnings and revenue with its large technology
portfolio and strong balance sheet." Dr. Jacobs said.

Research and development (R&D) expenses were $143 million in the
fourth fiscal quarter, up 30 percent year-over-year. The increase
in R&D expenses compared to the year ago quarter was primarily
related to continued new product development efforts.

Selling, general and administrative (SG&A) expenses were
relatively flat in the fourth fiscal quarter compared to the year
ago quarter, increasing 1 percent to $134 million.

Our fiscal 2003 effective income tax rate was approximately 36
percent, compared to 22 percent in fiscal 2002. The lower tax
rate in fiscal 2002 was primarily due to the reduction of
valuation allowances in fiscal 2002 that were previously charged
to tax expense. The effective income tax rate in the fourth
quarter was 6% mainly as a result of tax losses relating to
Brazilian investments and operations. Excluding the QSI segment,
our fiscal 2003 effective tax rate was 33 percent, compared to 35
percent in fiscal 2002. The lower rate was caused by higher
foreign earnings which are subject to a lower tax rate.

QUALCOMM Strategic Initiatives

The QUALCOMM Strategic Initiatives (QSI) segment includes our
strategic investments and related income and expenses. Vesper
losses before taxes were $28 million in the fourth fiscal quarter
compared to $42 million in the year ago quarter. The remainder of
the net loss before taxes in QSI was $14 million for the fourth
fiscal quarter compared to $56 million in the year ago quarter.
The net loss in the fourth quarter of fiscal 2003 included $27
million of other-than-temporary losses on investments and $16
million in equity losses, partially offset by $32 million in net
realized gains on investment sales.

On September 25, 2003, Embratel Participacoes S.A. (Embratel)
entered into an agreement to acquire from us for nominal
consideration the Vesper Operating Companies (the Embratel sale
transaction) excluding the tower and rooftop antennae assets and
related property leases (Tower Sites). Concurrent with the
closing, Vesper will enter into a multi-year arrangement whereby
it pays a monthly fee to us to use the Tower Sites. The sum of
these fees, net of certain pass through expenses, is expected to
exceed $77 million over the life of the arrangement. The closing
of the Embratel sale transaction is contingent upon a number of
events being completed prior to or concurrent with closing,
including regulatory approval. Assuming the requisite government
approvals are received and all conditions to close are satisfied,
we anticipate providing approximately $40 million to $45 million
in aggregate funding (including $6 million of interim funding) by
the closing date to facilitate the Embratel sale transaction. We
expect to record an approximate $35 million to $45 million loss
if and when the transaction closes, including the recognition of
cumulative foreign translation losses.

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.

First Quarter Fiscal 2004

*  Based on the current business outlook, we anticipate that
revenues excluding the QSI segment in the first fiscal quarter
will increase sequentially by approximately 16-22 percent and
decrease year-over-year by approximately 1-6 percent.  We
anticipate that earnings per share excluding the QSI segment will
be approximately $0.37-$0.40 in the first fiscal quarter,
compared to $0.42 in the year ago quarter. This estimate assumes
shipments of approximately 27-28 million MSM phone chips during
the quarter.  We expect approximately 106 - 108 million CDMA
phones to be sold in calendar 2003.

*  Based on the current business outlook, we anticipate that
total QUALCOMM revenues in the first quarter will increase
sequentially by approximately 14-20 percent and decrease year-
over-year 1-5 percent. We anticipate that total QUALCOMM earnings
per share will be approximately $0.25-$0.28 in the first fiscal
quarter, including an estimated $0.12 loss per share attributed
to the QSI segment, compared to $0.13 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 2004

*  Based on the current business outlook, we anticipate that
revenues excluding the QSI segment will grow by approximately 5-9
percent year-over-year and earnings per share excluding the QSI
segment to be in the range of $1.37-$1.43 for fiscal 2004,
compared to $1.42 last fiscal year.  We anticipate the
combination of R&D and SG&A expenses to grow approximately 18-20
percent year-over-year, primarily to serve the expanding market
for CDMA2000 and WCDMA chipsets.  We estimate the CDMA phone
market to be 131-136 million units in calendar 2004, and we
estimate a decrease of approximately 8 percent in average selling
prices of CDMA phones for fiscal 2004, upon which royalties are
calculated, compared to an estimated decrease in fiscal 2003 of 2
percent.

*  Based on the current business outlook, we anticipate that
total QUALCOMM revenues will grow by approximately 3-7 percent
year-over-year and total QUALCOMM earnings per share to be in the
range of $1.17-$1.23 for fiscal 2004, up 16-22 percent year-over-
year, including an estimated $0.20 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 $5.4 billion at the end of the fourth
quarter of fiscal 2003, compared to $5.0 billion on June 29, 2003
and $3.2 billion on September 29, 2002. We have invested $158
million in net stock repurchases and have paid $135 million in
cash dividends since the inception of these programs in February
2003. In fiscal 2003, QSI generated net cash of $634 million.
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.

QUALCOMM Incorporated (www.qualcomm.com) is a leader in
developing and delivering innovative digital wireless
communications products and services based on the Company's CDMA
digital technology. Headquartered in San Diego, Calif., QUALCOMM
is included in the S&P 500 Index and is a 2003 FORTUNE 500r
company traded on The Nasdaq Stock Marketr under the ticker
symbol QCOM.

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

CONTACT:  QUALCOMM
          Bill Davidson, Vice President, Investor Relations
          Tel: +1-858-658-1818
          Fax: +1-858-651-9303
          Email: ir@qualcomm.com


* Remarks by IMF First Deputy Managing Director Krueger in Brazil
-----------------------------------------------------------------
International Monetary Fund (IMF) First Deputy Managing Director
Anne Krueger issued the following statement on Wednesday during a
visit to Brasilia:

"The purpose of my visit to Brazil is to meet key members of
President Luis Inacio Lula da Silva's administration as well as
members of the business and financial community, as Brazil
successfully nears the end of the Fund-supported program that has
admirably stabilized its economic and financial situation and
positioned the country for a strong recovery. In Brasilia, today,
I have already had the pleasure of meeting with Vice President
Jos‚ Alencar, Finance Minister Antonio Palocci, the President's
Chief of Staff Jose Dirceu, and Central Bank President Henrique
Meirelles. Tomorrow, in Sao Paulo, I will be meeting
representatives from the private sector.

"The IMF has been privileged to enjoy a close working
relationship with Brazil. Over the past year, the Brazilian
authorities have implemented prudent economic policies that have
overachieved the fiscal targets and gained the support of the
official and private international community, To consolidate the
recent achievements, the authorities have indicated to me their
desire to extend the current Stand-By Arrangement for about one
year, with an augmentation of resources, as part of its strategy
to exit from Fund support. The IMF team led by Mr. Jorge M rquez-
Ruarte has worked with the authorities this past week toward this
end. The process is at an advanced stage. The government has
confirmed that it will maintain the sound policies that have been
successfully implemented this year. In addition, the government
intends to continue its program of structural reforms in areas
crucial to help accelerate growth over the medium term. Key
measures will enhance financial intermediation, lower the bank
lending spreads, and improve the business environment. Fiscal
overperformance is allowing the government to strengthen its
support of the water and sanitation sector at the subnational
level and enhance its institutional framework. Toward this end,
the authorities will identify revenue-yielding projects of a self
financing nature that will strengthen subnational governments and
contribute to the welfare of the low-income population.

"In my judgment, the authorities are putting together a sound
program. On this basis, IMF management expects shortly to
recommend the program to the Executive Board. The proposed
augmentation, combined with undrawn resources available under the
program after the completion of the current review in December,
would make a total of about US$14 billion available to Brazil
during 2004. Given the strong recovery in market confidence, the
government has expressed its intention not to draw these
additional amounts. The funds will, however, be available to
provide important insurance against possible external shocks, as
the government completes the process of fully restoring market
confidence and consolidating the foundations for sustained,
equitable growth. Moreover, in order to smooth Brazil's
repurchases to the Fund, the authorities have requested to extend
by one year repurchases of SDR 4 billion (about US$5.5 billion)
arising in 2005 and 2006.

"As the President and his administration celebrate the first
anniversary of their election, we at the Fund would like to
extend our congratulations for their first year in office. The
implementation of the government's agenda has already done much
to reduce Brazil's vulnerabilities. The government's program for
2004 will continue this process, and bring economic progress to
all classes of Brazilian society. Over the coming year, we look
forward to continuing to work with Brazil to ensure the
achievement of these objectives," Ms. Krueger stated.

CONTACT:  INTERNATIONAL MONETARY FUND
          700 19th Street, NW
          Washington, D.C. 20431 USA

          IMF EXTERNAL RELATIONS DEPARTMENT
          Public Affairs
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations
          Phone: 202-623-7100
          Fax: 202-623-6772



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

AES GENER: To Decide Amount of Capital Increase on Nov. 21
----------------------------------------------------------
Chilean generator AES Gener announced Wednesday it will hold a
shareholders meeting November 21 to decide on the amount of a
capital increase of up to US$80 million, reports Business News
Americas.

Earlier, its US parent, AES Corp, said that the capital increase,
as well as paying off US$300 million of AES Gener's debt and
refinancing a further US$400-million debt, will be completed by
December.

In October, AES CEO Paul Hanrahan said the parent company will
provide a "significant part" of the US$300 million capital
increase, with the balance coming from investors that would take
minority stakes in the company.

CONTACT:  AES GENER S.A.
          Mariano Sanchez Fontecilla 310 Piso 3
          Santiago de Chile
          Phone: (56-2) 6868900
          Fax: (56-2) 6868991
          Home Page: www.gener.com
          Contact:
          Robert Morgan, Chief Executive
          Laurence Golborne Riveros, Chief Financial Officer


INDUSTRIAS TEXTILES: Chilean Court Declares Bankruptcy
------------------------------------------------------
A Chilean court has declared textile concern Industrias Textiles
Norel bankrupt. Bankruptcy trustee Juan Carlos Saffie has taken
charge of the Company's management. He will schedule a creditors
meeting to take place on December 22. Creditors will have 30 days
to justify their credits and preferences.



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

ALESTRA: Announces Satisfaction of its Minimum Tender Condition
---------------------------------------------------------------
Alestra, S. de R.L. de C.V. ("Alestra") announces the
satisfaction of its minimum tender condition and the expiration
of its cash tender offers, exchange offers and consent
solicitation for all of its outstanding principal amount of its
12 1/8% Senior Notes due 2006 and 12 5/8% Senior Notes dues 2009
(the "offers") and its solicitation of acceptances to a U.S.
prepackaged plan of reorganization last night, November 4, 2003
at 11:59 p.m. New York City time.

$232,920,000 principal amount of Alestra's outstanding 12 1/8%
Senior Notes Due 2006 was tendered in the offers and $254,200,000
principal amount of Alestra's outstanding 12 5/8% Senior Notes
Due 2009 was tendered in the offers. These amounts in the
aggregate represent 85.5% of the existing senior notes. The
offers were conditioned upon receipt of valid tenders
representing at least 85% in aggregate of the existing senior
notes.

The offers remain subject to the various conditions described in
Alestra's prospectus dated August 21, 2003, as supplemented, and
the settlement of the offers will occur as soon as practicable if
those conditions are satisfied. Further information will follow
in the near future.

Alestra is a leading provider of competitive telecommunications
services in Mexico that it markets under the AT&T brand name and
carries on its own network. Alestra offers domestic and
international long distance services, data and internet services
and local services.

Any questions regarding the cash tender offers, exchange offers,
the consent solicitations and the solicitation of acceptances to
a U.S. prepackaged plan of reorganization may be addressed to
Morgan Stanley as dealer manager for this transaction at the
following number:

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

          Jason Whitt
          Phone: 212-761-1893



=======
P E R U
=======

SIDERPERU: Reports Results For First Nine-Months, 3Q of 2003
------------------------------------------------------------
Embattled Peruvian steelmaker Siderperu reported a net loss of
PEN7.56 million in the first nine months of the year, up from a
loss of PEN3.52 million in the same period last year, Business
News Americas reports, citing a company filing to the country's
securities regulator Conasev.

In the third quarter of 2003, the filing said that Siderperu's
loss in the third quarter of 2003 is PEN2 million (US$580,000),
the same as the figure reported in the same year-ago period.

However, revenues were up in both periods. In the first three
quarters of the year, the Company reported revenues of PEN324
million, compared to PEN305 million in the same year-ago period.
In the third quarter of 2003, revenue came in at PEN116 million,
compared to PEN111 million in the year ago quarter.

According to Business News Americas, Siderperu has had trouble
this year meeting its obligations under a financial restructuring
agreed with creditors in April 2002. The Company is due to meet
with creditors at a yet-to-be-announced date to discuss the
rescheduling of these debts.

Siderperu's plant, located in Chimbote in center-west Peru's
Ancash department, has installed capacity of around 400,000t. The
Company is controlled by Peruvian holding company Sider Corp and
recently formalized an agreement with Argentina's Siderar, part
of the Techint group, to provide it with technical assistance.



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

BWIA: To Give Full Severance Payments To Ex-Employees Next Week
---------------------------------------------------------------
BWIA announced Tuesday that 69 retrenched employees will get
their full severance payments next week, the Trinidad Guardian
reports.

The announcement came after a group of 20 retrenched BWIA
workers, led by Christopher Abraham, president of the Aviation
Communication and Allied Workers Union, gathered outside the
airline's head office on the northern side the Piarco
International Airport on Tuesday to protest the non-receipt of
their severance payments.

If BWIA pays the 69 retrenched workers, this will mean that about
319 out of the airline's 471 former workers would have been paid
their full benefits.

If BWIA pays out of all the outstanding severance benefits by
November 21, the airline will avoid at least one matter pending
before the Industrial Court, said Abraham.

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
=================

SIDOR: Talks With SUTISS Now Underway
-------------------------------------
Venezuelan steelmaker Siderurgica del Orinoco (Sidor) continues
to negotiate with the SUTISS union. According to an unnamed Sidor
spokesperson, SUTISS had planned a 24-hour stoppage for
Wednesday, November 5, "which did not go ahead and negotiations
are continuing."

The official said a labor court decision to declare inadmissible
the SUTISS submission regarding the evaluations had resulted in
the union calling off the planned strike. The resolution came
after more than a month of stoppages and "go-slows" by the union
resulting in losses, which still have not yet been quantified

Moreover, a decision to shut down some production lines, as a
result of the "go-slow," to avoid damaging the plant and
equipment, could not be reversed as the union opposed the
measure, "of which the court has been informed," he said.

Argentina's Siderar, Mexico's Hylsamex, Tubos de Acero de Mexico
SA, Brazil's Usinas Siderurgica de Minas Gerais and Venezuela's
Siderurgica Venezolana Sivensa SA own 60% of the Company while
the Venezuelan government owns the rest.

CONTACT:  SIDERURGICA DEL ORINOCO, C.A. (SIDOR)
          Edificio General, Piso 9
          Avda. La Estancia
          Chuao, Caracas 1060
          Venezuela
          Tel: (582) 902 3800/3917/3955
          Fax: (582) 993 2930
          Home Page: www.sidor.com.ve/




               ***********


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

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