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        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

           Tuesday, March 1, 2005, Vol. 6, Issue 42

                            Headlines


A R G E N T I N A

ACTUAR MED: Reorganization Report Deadlines Set
ALBLIZ S.A.: Files Petition to Reorganize
ARENADORA MENDOCINA: Court Outlines Report Submission Guidelines
AS SISTEMAS: Debt Payments Halted, Seeks To Reorganize
CENTRO MEDICO PARAGUAY: Court Approves Concurso Motion

CRESUD: Note Conversion Cuts Debt by US$230,000
EDICIONES TENERIFE: Judge Approves Bankruptcy
GALOCHA S.A.: Bankruptcy Initiated Following Court Decision
POLAR INDUSTRIAS GRAFICAS: Liquidates Assets to Pay Debts
VIVIENDAS TRABAJADORES: Court Resets Reporting Deadlines

* ARGENTINA: Concludes Debt Restructuring


B E R M U D A

ASIA GLOBAL CROSSING: Files Wind-Up Petition


B O L I V I A

COEUR D'ALENE: Selects Executive Team for Bolivian Mine


B R A Z I L

BANCO INDUSVAL: Moody's Cuts Ratings Over Competition Concerns
GERDAU: S&P Revises Unit's Rating Outlook To Positive
KLABIN: S&P Affirms Ratings
NET SERVICOS: Bear Stearns Ups Stock Rating
TELESP: Announces Shareholders' Special Meeting April 1

USIMINAS: Strong Demand Yields Improving Results for 2004


C O L O M B I A

EPM: Recent Study Favors Separating Telecom Business
PAZ DEL RIO: To Pay Former Workers US$2.4M In Advance


C O S T A   R I C A

ICE: To Launch Advanced Internet Project in June


D O M I N I C A

* DOMINICA: Debt Forgiven, Granted $10.1M by Venezuela


D O M I N I C A N   R E P U B L I C

EDESUR: Losses Drop as Economic Situation Improves


M E X I C O

AHMSA: Higher Prices Swing Results to Net Profit
CFE: Reports '04 Net Loss of US$868M
CINTRA: Net Income, EBITDA Up in 2004
GRUPO DESC: Outlook Revised To Stable; Ratings Affirmed
GRUPO MEXICO: SPCC Calls Special Meeting, Issuing New Shares

ICA: Registers 38% Increase in Revenues in 4Q04
TV AZTECA: Salinas Agrees to Appear Before US Court


P E R U

PAN AMERICAN SILVER: Budgets US$76.6Mln for New Mexican Mine


T R I N I D A D   &   T O B A G O

BWIA: Finance Subcommittee Studies Recovery Plan


V E N E Z U E L A

CANTV: Board Submits Dividend Payment Proposal
CITGO: Names Felix Rodriguez as New CEO
PDVSA: Location of Petrobras-PDVSA Refinery Still Undecided
PDVSA: Workers' Conduct Threatens Production at Western Division


     - - - - - - - - - -

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

ACTUAR MED: Reorganization Report Deadlines Set
-----------------------------------------------
Ms. Susana Graciela Marino, the trustee assigned to supervise
the reorganization of Actuar Med S.A., will submit the validated
individual claims for court approval on June 8. These reports
explain the basis for the accepted and rejected claims. The
trustee is also scheduled to present a general report of the
case on August 4.

Infobae reports that Court No. 2 of Buenos Aires' civil and
commercial tribunal has jurisdiction over the bankruptcy. Clerk
No. 4 assists the court on this case.

CONTACT: Ms. Susana Graciela Marino, Trustee
         Uruguay 560
         Buenos Aires


ALBLIZ S.A.: Files Petition to Reorganize
-----------------------------------------
Albliz S.A., a flour producer operating in the city of Buenos
Aires, filed a "Concurso Preventivo" motion, reports La Nacion.
The Company is seeking to reorganize its finances after
defaulting on its debt obligations. In its court filing, the
Company showed liabilities amounting to US$320,000.

The Company's case is pending before Court No. 21 of the city's
civil and commercial tribunal. Clerk No. 41 assists the court
with the proceedings.

CONTACT: Albliz S.A.
         Montevideo 708
         Buenos Aires


ARENADORA MENDOCINA: Court Outlines Report Submission Guidelines
----------------------------------------------------------------
Court No. 2 of Mendoza's civil and commercial tribunal expects
to receive individual reports from the Arenadora Mendocina
S.R.L. reorganization on April 28. A general report on the case
is also due for court submission on September 12.

Infobae reports that Mr. Rafael Eduardo Blotta will serve as
court-appointed trustee on this case. Creditors will ratify the
company's completed settlement plan during the informative
assembly on November 22.

CONTACT: Mr. Rafael Eduardo Blotta, Trustee
         Garibaldi 239
         Mendoza


AS SISTEMAS: Debt Payments Halted, Seeks To Reorganize
------------------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal is
now analyzing whether to grant AS Sistemas S.A. approval for its
petition to reorganize. La Nacion recalls that the company filed
a "Concurso Preventivo" petition following cessation of debt
payments on December 20 last year.

The city's Clerk No. 41 assists the court on the Company's case.

CONTACT: AS Sistemas S.A.
         Franklin Roosevelt 5583
         Buenos Aires


CENTRO MEDICO PARAGUAY: Court Approves Concurso Motion
------------------------------------------------------
Court No. 13 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Centro Medico
Paraguay S.A., according to a report by Argentine daily La
Nacion.

Local accountant Carlos Yacovino will serve as trustee on the
case. Mr. Yacovino will verify proofs of claim submitted by
creditors until April 8. The informative assembly will be held
on December 19. This is one of the last parts of the
reorganization process.

The city's Clerk No. 25 assists the court on the case.

CONTACT: Centro Medico Paraguay S.A.
         Paraguay 5419
         Buenos Aires


CRESUD: Note Conversion Cuts Debt by US$230,000
-----------------------------------------------
By letter dated February 24, 2005, the Company reported that a
holder of the Company's Convertible Notes exercised its
conversion right. As a result, the financial indebtedness of the
Company will be reduced by US$230,000 and an increase of 452,933
ordinary shares face value pesos 1 (V$N 1) each was made.

The conversion was performed according to terms and conditions
established in the prospectus of issuance at the conversion rate
of 1.96928 shares, face value pesos 1 per Convertible Note of
face value US$ 1. As a result of that conversion, the total
outstanding shares of the Company goes from 156,549,459 to
157,002,392. Meanwhile, registered Convertible Notes now total
US$41,221,415.

CONTACT: Cresud S.A.C.I.F. y A
         Av. Roque Saenz Pena 832
         8th Fl.
         Buenos Aires, Argentina
         Phone: 001-54-1-3287808


EDICIONES TENERIFE: Judge Approves Bankruptcy
---------------------------------------------
Ediciones Tenerife S.A. was declared bankrupt after Court No. 23
of Buenos Aires' civil and commercial tribunal endorsed a
petition for the company's liquidation. Infobae  reports that
the city's Clerk No. 45 assists the court in resolving this
case.


GALOCHA S.A.: Bankruptcy Initiated Following Court Decision
-----------------------------------------------------------
Galocha S.A. enters bankruptcy protection after Court No. 20 of
Buenos Aires' civil and commercial tribunal, with the assistance
of Clerk No. 39, ordered the company's liquidation. The order
effectively transfers control of the company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Gabriel Marcelo Ail
as trustee. Mr. Ail will be verifying creditors' proofs of claim
until the end of the verification phase on April 13.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records. The individual reports will be submitted
on May 26 followed by the general report that is due on July 8.

CONTACT: Mr. Gabriel Marcelo Ail, Trustee
         Avda Cordoba 1352
         Buenos Aires


POLAR INDUSTRIAS GRAFICAS: Liquidates Assets to Pay Debts
---------------------------------------------------------
Buenos Aires-based Polar Industrias Graficas S.A. will begin
liquidating its assets following the bankruptcy pronouncement
issued by Court No. 21 of the city's civil and commercial
tribunal, reports Infobae.

The ruling places the company under the supervision of court-
appointed trustee Juan Carlos Torres. Mr. Torres will verify
creditors' claims until April 18. The validated claims will then
be presented in court as individual reports on May 31.

Proceeds of the Company's assets sale at the end of the
liquidation will be used to repay its debts.

CONTACT: Mr. Juan Carlos Torres, Trustee
         Bogota 4090
         Buenos Aires


VIVIENDAS TRABAJADORES: Court Resets Reporting Deadlines
--------------------------------------------------------
Individual reports from the Viviendas Trabajadores de las
Universidades Nacionales III and Viviendas Trabajadores de las
Universidades Nacionales IV-A bankruptcy cases are due for court
submission on March 9. A general report, containing an audit of
the companies' accounting and business records, will also be
presented in court on April 20.

Court No. 19 of Buenos Aires' civil and commercial tribunal
handles the cases with assistance from the city's Clerk No. 37.

CONTACT: Viviendas Trabajadores de las
         Universidades Nacionales III, IV-A
         Avenida Entre Rios 189
         Buenos Aires


* ARGENTINA: Concludes Debt Restructuring
-----------------------------------------
The biggest sovereign defaulter in modern history has finally
completed its debt restructuring, reports BBC News. Argentina
closed its US$102.6-billion debt offer for bondholders late on
Friday, hoping to end its status as an international financial
pariah three years after it defaulted on its debt.

Despite an estimated loss to bondholders of up to 70 percent of
the original value of the bonds, about 70 to 80 percent of them
are expected to accept the terms of the offer.

"A year ago when we started the swap (negotiations), they told
us we were crazy, that we were irrational", said President
Nestor Kirchner on Friday. But he added that his government was
close to achieving "the best debt renegotiation in history".

The Argentine government must now plan its post-swap agenda and
resume negotiations with the International Monetary Fund. It is
also expected to face legal challenges from investors who
rejected the swap.

Argentine officials said figures for the acceptance levels will
be announced this week.

Argentina, South America's second-largest economy, halted
payment on its public debt in late December 2001. Sorting out
that debt would enhance the country's credibility on
international markets and enable it to attract more foreign
investment.

Of Argentina's bondholders, 38.4 percent reside in Argentina,
15.6 percent in Italy, 10.3 percent in Switzerland, 9.1 percent
in the United States, 5.1 percent in Germany and 3.1 percent in
Japan. Investors in the UK, Holland and Luxembourg have about 1
percent each and the remainder were not broken down by country.


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

ASIA GLOBAL CROSSING: Files Wind-Up Petition
--------------------------------------------
       IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING-UP)

              IN THE MATTER OF THE COMPANIES ACT 1981

                             And

          IN THE MATTER OF Asia Global Crossing Limited

NOTICE IS HEREBY GIVEN that the Petition for the Winding-Up of
Asia Global Crossing Limited by the Supreme Court of Bermuda was
on 18th November 2002 presented to the said Court by the Company
and that the adjourned Petition is directed to be heard before
the Court on Friday 4th March 2005 at 11.00 am and any creditor
or contributory of the said Company who desires to support or
oppose the making of an order on the said Petition may appear at
the time of the hearing by himself or his Counsel for that
purpose and a copy of the Petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for same.

NOTE: Any person who intends to appear on the hearing of the
said adjourned Petition must serve on or send by post to the
above named, notice in writing of his intention to do so. The
Notice must state the name and address of the firm, and must be
signed by the person or firm or his or their attorneys (if any)
and must be served (or if posted must be sent by post) in
sufficient time to reach the above named not later than 5
o'clock in the afternoon of Thursday 3rd March 2005 immediately
before the adjourned Petition.

CONTACT: Conyers Dill & Pearman
         Attorneys for the Joint Provisional Liquidators
         Clarendon House
         2 Church Street
         Hamilton HM11
         Bermuda



=============
B O L I V I A
=============

COEUR D'ALENE: Selects Executive Team for Bolivian Mine
-------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the
world's largest primary silver producer, announced Friday the
appointments of Jaime Villalobos as Executive Director, and
Americo Villafuerte, as General Manager, of Coeur Manquiri, the
wholly owned Coeur subsidiary in Bolivia formed to operate the
San Bartolome silver mine. In addition, Coeur announced it has
assembled its team for the construction of San Bartolome, which
is expected to commence production in 2006. Mr. Villalobos is a
former member of government and renowned consulting geologist
who has been instrumental in the recognition of San Bartolome as
a world-class silver deposit.

Mr. Villafuerte, who will manage the operations at San
Bartolome, is a mining engineer and MBA with over 20 years
experience in mining, and has managed mines throughout South
America for both large U.S. and other international mining
firms.

"Coeur is honored to have two such highly qualified and
respected members of the mining community to head our Coeur
Manquiri subsidiary and manage the future operations at this
important project, which will be the first modern silver project
built and operated in Bolivia, and a significant asset to the
local and national economies of that country," said Dennis E.
Wheeler, Chairman, President and Chief Executive Officer of
Coeur d'Alene Mines Corporation. "We are proud to have them
guiding this project which is so important to Coeur and to
Bolivia."

Coeur Manquiri is part of the Company's overall South American
operations, headed by Ray Threlkeld, President. Leading the
construction of San Bartolome is Alan Wilder, Coeur's Senior
Vice President Project Development.

The mining team assembled by Mr. Wilder for the construction
phase of San Bartolome is headed by Thomas Turk, who has served
as project manager for major mines throughout the world. Mr.
Turk will be Coeur's project manager for San Bartolome,
monitoring and managing the detailed engineering and procurement
activities for the project. His work has previously included
project management for mining operations in Nevada, New Guinea,
Peru and Bolivia for U.S. mining firms, in a career that has
spanned more than 40 years and two-dozen different large-scale
projects. He will be assisted by David Carmichael as
construction manager, who will monitor and manage construction
activities at the site in Potosi, Bolivia. Mr. Carmichael, with
25 years experience, has also provided construction management
and engineering work to large-scale projects in both North and
South America.

Rounding out the initial construction team are Larry Kyle as
assistant construction manager, and Guy Morelli as project cost
control manager for both San Bartolome and Coeur's Kensington
gold project in Alaska. Mr. Kyle and Mr. Morelli both bring more
than 35 years of experience in their disciplines. All will be
employed by Coeur's 100-percent owned subsidiary formed to
construct and operate San Bartolome.

Following construction, average annual production of
approximately 8.3 million ounces of silver is expected during
the first five years of production at an expected cash operating
cost of $3.50 per ounce. The mine has an initial estimated mine
life of 15 years.

Construction of the open pit milling operation and processing
facility is currently expected to cost approximately $135
million. Total reserves measure 123 million ounces of silver
contained in surface gravel deposits, or pallacos, which lend
themselves to simple, low-tech surface-mining techniques.
Additional mineral resources also hold potential for future
expansion.

San Bartolome is located near established industrial
infrastructure in the historically silver-rich area of Potosi,
Bolivia, where more than two billion ounces of silver have been
mined. The building of the new mine represents the first modern,
large-scale silver project built in Bolivia, generating an
expected 500 local jobs during construction, and approximately
370 full-time jobs during operations.

The project will also establish a foundation, called Fundespo,
to assist in the development of new local industries, such as
silversmithing and tourism.

About Couer D'Alene

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: Mr. Tony Ebersole
         Director of Investor Relations
         Coeur d'Alene Mines Corporation
         Phone: 800-523-1535

         Web site: http://www.coeur.com


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

BANCO INDUSVAL: Moody's Cuts Ratings Over Competition Concerns
--------------------------------------------------------------
Moody's Investors Service downgraded the global local currency
deposits ratings of Banco Indusval Multistock S.A. (BIM) to B2,
from B1, and the Brazilian National scale deposit rating to
Ba2.br, from Baa3.br. This rating action concludes the review
for possible downgrade of Banco Indusval Multistock's ratings,
initiated in December 2004.

Moody's said that BIM's balance sheet, which has been very
liquid since a capital injection in September 2004, helped the
bank stave off a wave of deposit outflows and liquidity
pressures that affected the medium sized bank segment, in
particular in the fourth quarter of 2004.

However, the rating agency noted that the bank's franchise,
which is relatively small in size, could be challenged to
sustain profitability in an increasingly competitive market. The
bank's margins could come under pressure in light of its cost
structure that is higher than peers, its limited revenue
diversification, and in more volatile funding scenarios.

Banco Indusval Multistock is headquartered in Sao Paulo and at
December 31, 2004, it had total assets of R$723 million
(approximately US$274 million).

The following ratings were downgraded:

Global local currency deposit ratings - B2 for long term, Not
Prime for short-term, stable outlook

National Scale Deposit Ratings -- Ba2.br for long-term, Br-4 for
short-term, stable outlook

The following ratings were affirmed:

Bank Financial Strength rating of E+, stable outlook

Long and Short-term Foreign Currency Deposit ratings of B2/Not
Prime, stable outlook


GERDAU: S&P Revises Unit's Rating Outlook To Positive
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Gerdau
Ameristeel Corp. to positive from stable. At the same time,
Standard & Poor's affirmed its 'BB-' corporate credit rating on
the company.

In addition, Standard & Poor's raised its senior unsecured debt
rating on the company to 'BB-' from 'B+', and its rating on its
$350 million senior secured revolving credit facility due 2008,
to 'BB+' from 'BB' and assigned a '1' recovery rating. The bank
loan rating is rated two notches higher than the corporate
credit rating; this and the '1' recovery rating indicate a high
expectation of full recovery of principal in the event of a
payment default. Total debt for the Tampa, Fla.-based company
was about $575 million (including capitalized operating leases)
at Dec. 31, 2004.

"The outlook revision reflects the expectation that favorable
steel industry conditions will continue into 2006, enabling the
company to continue its growth strategy and increased efficiency
spending while maintaining a more moderate financial profile,"
said Standard & Poor's credit analyst Paul Vastola.

The rating upgrade on the revolving credit facility to two
notches above the corporate credit rating and the '1' recovery
rating reflect the improved recovery prospects of the facility,
given the growth in the company's secured assets relative to its
priority debt obligations. The rating on the company's senior
unsecured notes was raised one notch, reflecting the notes'
improved position within the capital structure due to a
reduction in priority liabilities as well as the growth of the
company's asset base.

The ratings reflect the company's fair business position in the
highly cyclical and intensely competitive commodity steel
products, need for cost improvement at some of its mills, and
its aggressive growth strategy. These factors are partly offset
by a somewhat broad product mix, numerous manufacturing
facilities providing geographic diversification, and the
implicit support of 67% owner Gerdau S.A.

Gerdau Ameristeel is the second-largest minimill steel producer
in North America with total annual manufacturing capacity of 8.4
million tons of mill finished steel product.

Primary Credit Analyst: Paul Vastola, New York (1) 212-438-7816;
paul_vastola@standardandpoors.com


KLABIN: S&P Affirms Ratings
---------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' foreign
currency and 'BB' local currency corporate credit ratings on
Klabin S.A. The outlook is stable.

"The local currency rating reflects the company's exposure to
the volatilities of the Brazilian economy (as packaging products
bear a close correlation to GDP), as well as a still-fragmented
market for corrugated boxes that does not allow for pricing
policies consistent with the company's leading market share,"
said Standard & Poor's credit analyst Marcelo Costa. These risks
are partially offset by Klabin's very competitive cost position,
some diversification into exports (30% of sales with steady
growth in exports of kraftliner), and its comfortable capital
structure.

Klabin currently presents a significant level of cash holdings
and sound financial ratios. Nevertheless, we expect that this
excess cash is only temporary, as the company plans to carry out
a sizable investment plan to double the installed capacity for
boards (to 650,000 from 320,000 tons per year). The expansion
plan will require investments of $500 million distributed during
2006 and 2007. Most of this additional capacity will target the
external market, which will increase the participation of
exports on total revenues from the current 30% to 40%, and will
represent a stronger cushion to the volatilities of the domestic
market. As a result, Klabin's cash-flow protection ratios in the
long run (through the cycle) will likely show financial ratios
more converged to the rating category. The decision on the
expansion project will depend on the arrangement of proper long-
term financing, and therefore should not introduce an increase
of refinancing risks.

The stable outlook on the foreign currency rating mirrors that
of the Federative Republic of Brazil.

The stable outlook on the local currency rating reflects our
expectation that Klabin will continue to present strong
operating margins and cash-flow protection measures despite
uncertainties on the level of local consumption and a relatively
more aggressive capital expenditure. The ratings could come
under downward pressure if the company decides to implement its
capital program without proper long-term funding or if it fails
to maintain its conservative financial guidelines, which would
translate into larger exposure of net short-term debt (net
short-term debt to total debt consistently over 30%), ratios of
net debt to EBITDA higher than 1.5x, and EBITDA to interest
lower than 4x. On the other hand, the outlook of the local
currency rating could be changed to positive if market
fundamentals for Klabin's sales domestically and abroad continue
to be strong, the current conservative financial measures are
maintained throughout the implementation of the expansion
project and after further testing of Klabin's capacity to deal
successfully with the volatilities of the Brazilian market.

Primary Credit Analyst: Marcelo Costa, Sao Paulo (55) 11-5501-
8955; marcelo_costa@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com


NET SERVICOS: Bear Stearns Ups Stock Rating
-------------------------------------------
US investment bank Bear Stearns upgraded its rating on Net
Servicos, Brazil's largest cable operator, to "outperform" from
"underperform," reports Business News America.

"We're horrendously late to the caipirinha party; thankfully, we
still believe there is a fair amount of punch left in the bowl,"
analysts Christopher Recouso and Daniel Parker said in a report
Friday, referring to Net's recent stock appreciation.

The analysts said they have been quite conservative with the
cable TV and VoIP (Voice over Internet Protocol) assumptions.

The investment house said Net is in the final stages of an
"almost incomprehensibly complicated recapitalization" that will
see Mexican telephony group Telmex assume a significant minority
stake in Net.


TELESP: Announces Shareholders' Special Meeting April 1
-------------------------------------------------------
The shareholders are hereby called to attend the Annual and
Special General Meetings of the company to be held at 2:00 p.m.
on April 1, 2005, at the Company's registered office, Av. Roque
Petroni Junior, 1464 - terreo (Auditorio), Morumbi, in the
Capital of the State of Sao Paulo, in order to resolve on the
following agenda:

Annual General Meeting:

(1) Receive the accounts from Directors; review, discuss and
vote on the company's financial statements for the fiscal year
ended 12. 31.2004;

(2) Elect the members of the Company's Audit Committee and;

(3) Establish the annual overall remuneration of directors and
the individual remuneration of the members of the Audit
Committee.

Special Meeting:
Resolve on the following proposals of the Board of Directors:

(1) ratify the wording of article 5 of the Bylaws , suggested by
the Board of Directors in the meeting held on 01.07.2005, when
the increase in the company's capital stock company has been
confirmed;

(2) proceed to the reverse split of 1,582,563,526,803 book-entry
nominative shares, with no par value, of which 552.896.931.154
are common shares and 1.029.666.595.649 are preferred shares,
representative of the capital stock, in the proportion of two
thousand and five hundred (2,500) shares to one (1) share of the
respective types, by converting such shares into 633,025,410
book-entry nominative shares, with no par value, of which
221,158,772 are common shares and 411,866,638 are preferred
shares, in accordance with that provided for in Article 12 of
Law 6404/76, upon the consequent amendment of article 5 of the
Bylaws;

(3) as a result of the proposed reverse split, amend article 4
of the Bylaws of Incorporation, as to the limit of the
authorized capital, changing such limit from up to one trillion
and eight hundred billion (1,800,000,000,000) shares, to seven
hundred and twenty million (720,000,000) shares.

GENERAL INSTRUCTIONS

a) The proxies shall be deposited at the registered office, Av.
Roque Petroni Junior, 1464, lado B, 3§ andar, Assessoria
Juridica, up to 48 hours before the Meeting;

b) The shareholders who take part in the Fungible Custody of
Nominative Shares of Stock Exchanges and wish to attend the
Meeting, shall present a report issued up to 48 hours before the
Meeting, showing their respective ownership interest.

c) The documents and proposals are available to the shareholders
at the address mentioned in item "a". Such documents and
proposals can be displayed in the Investor Relations' website
www.vivo.com.br/ri and in BOVESPA's website www.bovespa.com.br

CONTACT: Telesp Celular Participacoes S.A.
         Rua Abilio Soares, 409
         Paraiso
         Sao Paulo, SP 04005-001
         Brazil

         Phone: 55-11-3059-7590


USIMINAS: Strong Demand Yields Improving Results for 2004
---------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S/A - USIMINAS (BOVESPA:
USIM3, USIM5, USIM6; OTC: USNZY) announced Friday its fourth
quarter 2004 and fiscal year 2004 results. Operational and
financial information of the Company presented in this release,
except where otherwise indicated, is based on consolidated data
in Brazilian reais in accordance with Corporate Law. All
comparisons take into consideration the same period in 2003,
except when stated to the contrary.

HIGHLIGHTS

"The Usiminas System achieved impressive results in this fiscal
year, its best ever. Net profit was R$ 3.02 billion and EBITDA
reached R$ 5.6 billion, confirming the effectiveness of our
corporate strategy and consolidating our position in the
domestic and international steel industry.

The year 2004 was marked by external factors that positively
influenced the industry's activities. Global steel production
advanced, growing 9% over 2003, and international steel prices
reached historic highs over the course of the year.

In Brazil, economic recovery and the increase in the demand for
steel products brought significant gains for the Usiminas
system, which continued its policy of making the domestic market
its priority and maintaining its market leadership.

Operating at full capacity in a context of operational
stability, we set new production and sales records while
exercising strong control and reduction of costs. The sum of
these conditions resulted in solid operational cash generation
and allowed us to reduce the debt of the Usiminas System by US$
621 million. At the end of the fiscal year, we find ourselves in
a comfortable position, ready to face new challenges.

The excellent performance makes us very proud and, at the same
time, encourages us to seek even better results. The numbers
speak for themselves."

Steel product sales reached 2.17 million tonnes in 4Q04 and
totaled 8.06 million tonnes in 2004. Growth of 5% in the year
was made possible by increasing production at the System's two
plants, which operated with stability at full capacity.

Consolidated net revenues totaled R$ 3.8 billion in 4Q04 and
reached R$ 12.2 billion in the year, a 41% increase in relation
to 2003. The rise in average international prices followed by a
gradual alignment of domestic prices and growth in higher value-
added products were the main determinants in revenue growth.

Consolidated net income reached R$ 1.1 billion in 4Q04, a growth
of 214% and, at the end of fiscal year, reached the all-time
high of R$ 3.02 billion, an increase of 131% in relation to
2003.

Outlook

With the present favorable industry conditions persisting, solid
operational cash generation achieved in the last quarters should
continue. Funds obtained will be directed toward the System's
investment program, which is entering a new phase and will
proceed to add value to its products.

Priorities in the Company also include shareholder remuneration
and continued debt reduction. No substantial international price
reductions are foreseen in the medium term due to heated demand
in the main markets and raw materials cost increases foreseen
for 2005.

The Usiminas System`s goal for the year is to maintain its steel
product sales at the 8-million tonne level, continuing its
commitment to giving priority to the domestic market by
earmarking 75% of total production to local customers.

Market, Production and Sales

Brazilian crude steel production totaled 8.3 million tonnes in
4Q04 and 32.9 million tonnes in 2004, a growth of 5.7% over the
previous year. Flat rolled steel had an even better performance,
with expansion of 9.4% and a total annual production of 14.4
million tonnes.

Domestic sales of flat rolled products reached 10.5 million
tonnes in 2004. The 13.7% growth was considerably above initial
projections.

The Brazilian steel market posted a surprising reaction, driven
initially by exporting companies and, from the second half of
the year onward, by recovery in investment stimulated segments
(industrial equipment, construction, shipbuilding industry and
large-diameter pipe) and by domestic consumer segments
(household appliances and packaging).

Strong domestic demand proportionately reduced the rate of
Brazilian flat steel exports. In spite of this, total exports
were 3.7 million tonnes, a growth of 3.6%.

The Usiminas System produced 2.2 million tonnes of crude steel
in 4Q04, achieving 8.9 million tonnes of crude steel in 2004, 4%
above that of the previous year. With operational stability and
working at full capacity, the System's two plants exceeded their
goals: the Intendente Camara plant in Ipatinga accounted for 4.7
million tonnes of crude steel (5% increase) and the Jose
Bonifacio de Andrada e Silva plant in Cubatao produced 4.2
million tonnes of crude steel (3% increase).

Greater demand for heavy plates in 2004

The Usiminas System sold 2.2 million tonnes of flat and
processed steel products (including slabs) in 4Q04 and 8.1
million tonnes in the year, an increase of 5% over 2003. The
share of heavy plate sales increased in the product mix,
representing 21% of total sales volume, as a consequence of the
significant increase in the demand for the product, which also
had higher average price increases among the other products
offered.

In 4Q04, the System maintained the same sales volume
distribution as in the previous quarter, placing 71% of its
sales in the domestic market and 29% for export. With this, the
domestic/export ratio was 72/28 in 2004.

Following the increase in demand seen in 2004, the Usiminas
System sold 5.8 million tonnes in the domestic market,
increasing sales volume by 8% over 2003. The greater part of
this performance is resultant from above average sales to the
automobile industry, agricultural and highway machinery,
electronic equipment, re-rolling, large-diameter pipe segments
and the shipbuilding industry.

Even with the entry of new players in the domestic market, the
Usiminas System maintained its position as the main supplier of
flat steel, ending the year with a 55% Brazilian domestic market
share.

Usiminas' consolidated export sales were 2.3 million tonnes for
the year, a reduction of 4%. This decrease is in line with the
Company's strategic planning, which gives priority to local
market supply, investing in the stability of its commercial
relationships and in the maintenance of long-term business
profitability.

Improved Geographic Distribution

Exports showed improved geographic distribution in 2004,
channeling sales away from China and increasing volumes to the
US and Mexico, among other countries. North America and Latin
America together share 57% of the Usiminas System's export
volume, versus 29% in 2003. On the other hand, sales to Asia
went from 59% to 34%.

Net Revenues

Consolidated net revenues grew 56% in 4Q04 and reached R$ 3.8
billion. In the year, growth was 41%, with the total at R$ 12.2
billion. Net per tonne revenues grew from R$ 1,080 in 2003 to R$
1,463 in 2004, an increase of 35%.

The positive performance in revenues was a result of
international steel price increases, especially benefiting heavy
plate and slab exports. In the domestic market, the gap between
prices practiced domestically and international prices was
reduced as a consequence of strong demand.

Gross Profit

Gross profit was R$ 1.8 billion in 4Q04, increasing 125%. In
2004, it accounted for R$ 5.6 billion, an 82% increase. COGS
(cost of goods sold) increased 19% in 2004 due to cost pressures
of steel inputs, mainly coal and iron ore, among others. Gross
margin jumped from 35% in 2003 to 46% in 2004, evidencing the
positive steel cycle, the Company's capacity to absorb increased
raw materials costs and exercise of strict control over
operating costs.

Operating Profit

Earnings before financial expense (EBIT) grew 145% and reached
R$ 1.6 billion in 4Q04. In 2004, EBIT grew 96% and came to R$
5.0 billion. Comparing on an annual basis, EBIT margin increased
from 29% to 41%, in spite of greater sales expenses, a
consequence of the growth in export revenues, as well as greater
general and administrative expenses.

EBITDA reached R$ 1.8 billion in 4Q04, an increase of 138%. With
this, EBITDA grew 83% in the year and surpassed R$ 5.6 billion.
This strong cash generation reached in the fiscal year
synthesized the favorable conditions in the steel industry and
operational, commercial and financial efficiency of the Usiminas
System.

Financial Result and Debt

Q-o-Q, net financial expense was significantly reduced,
decreasing from R$ 383 million in the last quarter of 2003 to R$
81 million in 4Q04. This was the result of less interest paid
out mainly due to debt reduction and monetary and exchange rate
effects, which were positive in the period. In the year, net
financial expenses were R$ 769 million, against R$ 851 million
in the 2003 fiscal year.

Consolidated gross debt totaled R$ 5.4 billion on December 31,
2004. Of this total, 35% came from export-import financing; 22%
from BNDES; 19% from capital markets operations; and the
remainder, from sundry operations. Total consolidated debt was
reduced by R$ 1.8 billion over the course of 2004.

Net Debt/EBITDA falls to 0.6x

The debt profile was adjusted and the maturities schedule was
extended. Long-term financial commitments came to represent 74%
of loans and financing, against 63% in the previous year. The
consolidated debt is compatible with the System's cash
generation capacity. The solid financial situation is reflected
in the consolidated net debt/EBITDA ratio, which went from 2.2X
at the end of 2003 to 0.6X in December 2004.

Net Income

Consolidated net income reached R$ 1.1 billion in 4Q04, growing
by 214%. In fiscal year 2004, consolidated net income at
Usiminas reached the mark of R$ 3.02 billion, with expansion of
131% compared to 2003.

In addition to the present conditions in the steel industry, the
net income achieved by Usiminas constitutes a well-deserved
prize for its long-term vision, for its fidelity and focus on
the domestic market, for its financial management and for the
recognized stability of its operations under varying scenarios.

Capital Markets

In November 2004, Usiminas filed a request for Public Offering
with the Brazilian Securities & Exchange Commission (CVM) to
acquire all shares issued by Cosipa to de-list it as a publicly
traded company. The Notice of the operation was published on
February 15, setting the date of the auction for acquisition of
outstanding shares on March 18. With the operation, Usiminas
will advance in the process of integrating the System,
optimizing synergies among the companies.

In a meeting held on February 24, 2005, the Board of Directors
of Usiminas approved complementary dividends to its
shareholders, in addition to interest on equity (previously
approved) related to fiscal year 2004, of R$ 2.93208 per
ordinary share and R$ 3.22529 per preferred share.

Totaling the distribution of interest on equity and
complementary dividends related to fiscal year 2004, Usiminas
distributed R$ 1.1 billion to its shareholders, resulting in a
payout ratio of 35% over net income of the parent company in the
year and a dividend yield of 9.5% for its preferred shares,
considering share price quote at year end 2004.

At the same meeting, the Board authorized the initiation of
proceedings for the future listing of Usiminas on the Latibex
(The International Stock Exchange for Latin American Securities)
in Madrid, to increase exposure to European investors.

Investments

Consolidated investments totaled R$ 333 million in 2004 and
respected Management's established timetable. At the Intendente
Camara plant, investments basically were focused on preventative
maintenance, and expenditures came to R$ 161 million in the
year. In the Jose Bonifacio de Andrada e Silva plant,
investments also were concentrated on equipment maintenance and
small revamping in the amount of R$ 152 million. The Usiminas
System is preparing for a new phase of investments.

In 2005 and 2006, investments of approximately US$ 230 million
and US$ 350 million, respectively, are foreseen, including
expenditures with maintenance and technology updating. At the
Intendente Camara plant, a new coke oven battery will be built,
making the System self-sufficient in coke production.

Additionally, investments for greater in-house energy generation
will be made (a new 60MW thermoelectric power plant at Usiminas
and a 12 MW top-blowing turbine at Cosipa). The end result will
be expansion of in-house generation capacity from the present
16% to 33% of the Usiminas System. In addition, the revamping of
one of the continuous casting machines at Cosipa will enable it
to upgrade its products, as well as marginally increase its
steel production capacity.

Outlook

The Usiminas System believes in the continuity of economic
growth in the country during 2005 and is working with an
expectation of GDP (Gross Domestic Product) growth of
approximately 3.5%. For the Brazilian flat steel market, the
Brazilian Steel Institute (IBS) preliminary forecast is around
9% growth, driven by expectations of demand in infrastructure-
related sectors.

No substantial international price reductions are foreseen in
the medium term due to the heated demand in the main markets and
raw materials cost increases foreseen for 2005.

Based on this likely scenario, the solid operational cash
generation achieved in the last quarters should be maintained.
Resulting funds, in accordance with the Company's strategic
planning, will be directed toward the System's investment
program, shareholder remuneration and debt reduction.

The Usiminas System has the annual goal of maintaining product
sales at the 8-million-tonne level and will continue to give
priority to the domestic market by earmarking 75% of total
production to local customers.

About USIMINAS

Usinas Siderurgicas de Minas Gerais S/A - USIMINAS is an
integrated steel producer, with net sales of R$ 12.2 billion in
2004. The Usiminas System is made up mainly of Usiminas and
Cosipa and has an annual capacity of 9.5 million tones of raw
steel and occupies a position of leadership in the domestic flat
steel market in the automobile industry, autoparts, agricultural
and highway machinery sectors, electrical and electronic
equipment segments and large-diameter pipe industry.

To view financial statements:
http://bankrupt.com/misc/Usiminas.pdf

CONTACT: Mr. Bruno Seno
         Phone: +55 (31) 3499-8710
         E-mail: brunofusaro@usiminas.com.br

         Mr. Fusaro Paulo Esteves
         Phone: +55 (11) 3897-6466/6857
         E-mail: paulo.esteves@firb.com


===============
C O L O M B I A
===============

EPM: Recent Study Favors Separating Telecom Business
----------------------------------------------------
A study commissioned by Colombia's EPM has recommended that the
Medellin-based utility should separate its telecom business from
its water and energy areas, says BNamericas, citing local press
reports. Conducted by consultancy firm Teletraining, the study,
which took six months and cost COP2.8 billion (US$1.22 million),
analyzed the operator's restructuring and consolidation
processes and among its conclusions was the advice to separate
its commercial, investment and consulting teams.

EPM's telecoms group is composed of eight long-distance
subsidiaries, internet, data, fixed and rural telephony, as well
as TV by subscription. All these areas would start an
integration process of nearly two-and-a-half years. Once formed,
the new corporation would participate in seven businesses,
including: household, individual, growth and competitiveness
(oriented to SMEs), as well as corporate, international,
infrastructure and operators.

Unlike the water and energy businesses that are run by vice-
presidents, the seven businesses will be led by a president.

The company, according to Medellin mayor Sergio Fajardo and EPM
manager Juan Felipe Gaviria, would not be privatized. The two
met with the city council to submit the study results and
discuss the reorganization plan.

EPM is hoping to generate through the restructuring profits of
US$5.0 billion by 2015, 70 percent of which would come from
Medellin and 40 percent from foreign business.


PAZ DEL RIO: To Pay Former Workers US$2.4M In Advance
-----------------------------------------------------
The retired workforce of Colombian steelmaker Acerias Paz del
Rio will soon be receiving in advance close to COP5.6 billion
(US$2.4 million) after the company's board approved the
prepayment, relates BNamericas, citing local press reports.

The prepayment, which would be 50% of the remaining capital owed
to ex-workers, would enable APR to finish paying off the total
debt reported in the restructuring agreement. The decision,
however, still has to be put into consideration by the vigilance
commission established in the same agreement.

The current installed capacity of Belencito-based Paz del R¡o
stands at 260,000t, but the company is planning, through an
industrial rationalization plan, to raise this by 500,000t.

CONTACT: Acerias Paz Del Rio S.A.
         CARRERA 8A, N 13-31, PISOS 7-11
         4260 - Bogota
         Colombia
         Phone: +57 1 3411570
                +57 1 2823480


===================
C O S T A   R I C A
===================

ICE: To Launch Advanced Internet Project in June
------------------------------------------------
Costa Rica's electricity and telecoms regulator ICE is set to
launch in June its US$48-million advanced internet project that
will bring some 100,000 "always-on" DSL internet connections,
reports BNamericas, citing local newspaper La Nacion.

Subscribers to the service, which will allow users to transmit
voice, data and video at high speeds and use the telephone while
surfing the Internet, will pay a fixed monthly rate of US$28 for
a 128Kbps connection. The rate is lower than the US$35 ICE's
sister firm, RACSA, is charging its broadband service
subscribers. RACSA is currently using local cable operator Amnet
to provide the service.

The ICE offer, which will be launched in 207 communities across
the country, already includes equipment such as splitters and
modems for subscribers. For home networking and small business
customers, ICE will offer up to four gigabits in a deal where up
to five computers can be hooked up at the same time.


===============
D O M I N I C A
===============

* DOMINICA: Debt Forgiven, Granted $10.1M by Venezuela
------------------------------------------------------
Venezuela has forgiven Dominica's $1.5-million debt to the South
American country and gave one of the Caribbean's poorest
countries development funds amounting to EC$10.1 million, Dow
Jones Newswires relates.

In a radio address last week, Dominica's Prime Minister,
Roosevelt Skerrit, said the grant will be used to improve its
Melville Hall airport.

The Prime Minister added that Venezuela has also granted
university scholarships to 20 undergraduates from the former
British colony. Ten of the scholarships will go to members of
the Carib Indian tribe. Dominica is home to about 3,000 Caribs,
the only place in the Caribbean to have a Carib community.


===================================
D O M I N I C A N   R E P U B L I C
===================================

EDESUR: Losses Drop as Economic Situation Improves
--------------------------------------------------
Dominican Republic state-owned distributor Edesur cut down
losses to 162 million pesos in the six months ending December
2004 from a huge 3.6bn peso loss in June-July 2004, reports
Business News Americas. The company managed to lower its losses
despite increasing the number of hours it is supplying
electricity.

Edesur is currently providing up to 19 hours a day of
electricity, up from the 13 hours daily it was providing its
clients last June. Prices that generators charge distributors
have nearly halved from 4,400 pesos/MWh in June to 2,700 pesos
in December.

According to Edesur's director Ruben Bichara, the lower losses
are due to the country's improving economic situation.


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

AHMSA: Higher Prices Swing Results to Net Profit
------------------------------------------------
Mexican steelmaker Altos Hornos de Mexico SA (AHMSA.MX) reported
a net profit of MXN3.49 billion for the twelve months ended
December 31, a major turnaround from the MXN1.84-billion loss it
suffered in 2003, says Dow Jones Newswires.

AHMSA, which has been in default on US$1.8 billion in debt for
more than five years, said higher steel prices helped its
performance in the fourth quarter, when it posted a net profit
of MXN1.75 billion against an MXN1.12-billion loss in the same
period in 2003.

One of Mexico's largest steel companies, AHMSA is planning to
invest in its mines and plants this year to increase
productivity.

CONTACT: Altos Hornos de Mexico (AHMSA)
         Prol. Juarez s/n, Col. La Loma
         Edificio GAN Modulo II
         Monclova, Coahuila
         Phone: (866) 6493400
         Fax: (866) 6332390


CFE: Reports '04 Net Loss of US$868M
------------------------------------
Mexico's state electricity company CFE is blaming a onetime
charge levied by the federal treasury for the MXN9.6-billion
(US$868 million) net loss it has suffered in 2004, reveals
BNamericas.

In an interview with local newspaper Reforma, CFE chief
financial officer Francisco Santoyo said the federal treasury
demanded in December an MXN14.5-billion onetime fee that it had
never levied before. The payment, he said, was done with
existing resources in the CFE treasury.

The company's 2004 net loss is up 52 percent from its MXN6.2-
billion loss in 2003. Its revenues, however, grew to MXN119
billion last year, higher than its projection of MXN117 billion.

CONTACT: Comision Federal de Electricidad
         Rio Rodano 14, Col. Cuauhtemoc
         06598 Mexico, D.F., Mexico
         Phone: +52-55-5229-4400
         Fax: +52-55-5310-4614
         http://www.cfe.gob.mx


CINTRA: Net Income, EBITDA Up in 2004
-------------------------------------
CINTRA, S.A. DE C.V., (BMV:CINTRA) Mexico's and Latin America's
leading air transportation system, reported its unaudited
results for the fourth quarter of 2004, among which it noted
the following:

GENERAL

Highlights
Load factor                                61.5%

Total revenues (millions of  pesos)       9,400
EBITDAR (millions of  pesos)              1,425
Operating income (millions of pesos)        200
Net income (millions of  pesos)              71


Fourth Quarter 2004 Compared To Fourth Quarter 2003
-----------------------------------------------
                                     Fourth Quarter

Comparative Highlights         2004  2003  Variation

Load factor                   61.5%  60.8%  0.7 p.p.
Total revenues
(millions of pesos)         9,400  8,161  15.2%

EBITDAR (millions of pesos)  1,425  1,117  27.6%
EBITDAR (% of revenue)        15.2%  13.7%  1.5 p.p
Operating income
(millions of pesos)            200    (14)
Operating income
(% of revenue)                 2.1% (0.17%)

Net income (loss)
(millions of pesos)            71   (263)

------------------------------------------------

Total revenues increased by 15.2% due to the growth in all items
(other than other income, the reduction in which is explained
below) compared to the fourth quarter of 2003.

The 27.6% increase in EBITDAR is a result of the increase in
total revenue, which offset the 13.2% increase in operating
expenses caused principally by the rise in jet fuel expense,
commissions to travel agents, maintenance expenses and salaries
and wages. It is worth noting that, as result of various cost
reduction programs, savings were obtained in insurance, traffic
services, administration and IT, sales and advertising and
passenger service.

EBITDAR, decreased by capital expenditures - which increased by
8.3% compared to the fourth quarter of 2003 - generated
operating income of 200 million pesos, compared to a loss of 14
million pesos in the fourth quarter of 2003.

CINTRA generated net income during the quarter of 71 million
pesos, compared to a net loss of 263 million pesos in the same
period of 2003.

During the period October-December 2004, the Available Seat
Kilometers (ASKs) were 11,111 million, higher by 9.4% than in
the same period of 2003, as a result of a 3.3% increase in
operations and 7.4% increase in flight hours achieved.

Demand expressed in RPKs (Revenue Passenger Kilometers) for the
fourth quarter of 2004 reached 6,829 million, 10.5% higher than
in the same period of 2003, as a result of the 5.7% increase in
passengers carried.

For the final quarter of 2004, the yield (average passenger
income per RPK) reached 1.3708 pesos, 8.5% higher than in the
same period in 2003, as a result of the increase in revenue
during the period and because of the favorable effect caused by
the classification change that, as of this quarter, the fuel
surcharge charged to passengers is booked in the domestic and
international passenger revenue line items.

The cost per ASK was 0.809 pesos during the fourth quarter of
2004, greater by 2.5% than the same quarter in 2003, principally
as a result of the increase in operating expenses, with the
increase in jet fuel expense standing out. It is worth noting
that the cost per ASK in this quarter without giving effect to
jet fuel expense was 0.628 pesos, lower by 6.8% than in the same
period in 2003.

A. Operating Results

Revenues

Total revenues during the fourth quarter of 2004 were 9,400
million pesos, a 15.2% increase compared to the same period in
2003, generated by increases of 26.2% in cargo revenue, 21.2% in
excess baggage, 19.9% in domestic passenger revenue and 19.8% in
international passenger revenue.  These increases made it
possible to offset the decrease of 476 million pesos in other
revenues, which was caused by the re-classification of revenues
from the payment by passengers of jet fuel surcharges, which are
incorporated into the domestic and international passenger
revenue line items as indicated.

In U.S. dollar terms, total revenues were 824 million during the
fourth quarter of 2004, a 19.6% increase with respect to the
same period in 2003.

Operating expenses

Total operating expenses during the October - December 2004
period were 7,975 million pesos, 13.2% higher than in the same
period in 2003.

Personnel expense reached 2,607 million pesos, 3.1% higher than
in the fourth quarter of 2003, a result of the adjustment in the
pension plan of the pilots of Mexican de Avacion, the increase
agreed upon in the collective bargaining agreements of the
group's pilots during the 2004 period and the increase in the
crews of the regional jets of Aerolitoral that require a flight
attendant. It is important to mention that personnel expenses
represented 27.7% of total revenues during the period, compared
to 31.0% in the fourth quarter of 2003.

Jet fuel expense totaled 2,056 million pesos, an increase of
72.5% compared to the same period in 2003.  This increase was a
result of the 58.9% average increase in the average price per
liter of jet fuel, compared to average prices during the fourth
quarter of 2003, as well as the 3.3% increase in operations.
Another factor in this increase was the devaluation of the
Mexican peso, which had an average exchange rate during the
October - December period of 11.33 Mexican pesos per U.S. dollar
compared to 11.20 Mexican pesos per U.S. dollar during the same
period of 2003.

Aircraft and traffic servicing expenses totaled 673 million
pesos during the October - December quarter of 2004, a reduction
of 19.3% compared to the same period in 2003, caused by booking
the revenue from a favorable resolution of a tax controversy by
the Cintra group of companies.

Maintenance expenses reached 882 million pesos, an increase of
12.2% over the October-December period of 2003, due to the 3.3%
increase in flight operations and the 7.4% increase in flight
hours, which results in additional maintenance services for
aircraft generally and particularly for engine repairs, as well
as additional long term maintenance reserves for Aeromexico's
Boeing 737 aircraft.  A factor that contributes to the increase
in this item is the peso - dollar exchange rate, because parts,
components and spare parts are imported from outside of Mexico .

Passenger service expense totaled 242 million pesos in the
fourth quarter of 2004, a reduction of 0.5% compared to the same
period in 2003, as a result of various cost saving measures
undertaken, in particular with respect to food and beverages.
It is important to note that this decrease occurred despite the
5.7% increase in passengers carried during the period.

During the fourth quarter of 2004 commissions to travel agents
were 630 million pesos, 27.4% higher than the same quarter of
2003, as an effect of the 15.2% increase in sales during this
period.

Promotion and sales expense during the October - December 2004
quarter were 476 million pesos, which reflects a reduction of
5.7% compared to the same period in 2003, as a result of cost
savings programs implemented, among the most notable being the
strengthening of direct sales and internet sales, as well as a
re-orientation of sponsored events and publicity schemes seeking
greater effect at a lower cost.

Insurance expense was 100 million pesos during this quarter, a
reduction of 22.2% compared to the third quarter of 2003,
resulting from the excellent operating record of the companies
of the Group that permitted the negotiation of reductions in
premium payments with insurance companies for the 2004 - 2005
program.

During the October - December 2004 period, administration and IT
expenses totaled 310 million pesos, a decrease of 6.6% compared
to the same period of 2003, resulting from the implementation of
various austerity measures, which included the reduction of
billings from service providers and the cancellation of
consulting agreements.

During the fourth quarter of 2004, operating expenses expressed
in dollars totaled US$699 million, an increase of 17.6% compared
to the same quarter in 2003, resulting from the cost increases
in such currency for the following expense items:  personnel,
jet fuel, maintenance, passenger service and sales and
promotion, respectively.

EBITDAR

As a result of the revenue and expense items described above,
EBITDAR in this quarter was 1,425 million pesos, a 27.6%
increase compared to the fourth quarter of 2003.

Capital expenditures

Capital expenditures during the October - December of 2004
period were 1,225 million pesos, 8.3% higher than in the same
period in 2003. Flight equipment rental expenses totaled 954
million pesos, 10.1% higher than in the same quarter in 2003 as
a result of the fleet renewal in the companies of the group.

Depreciation expense was 271 million pesos during the fourth
quarter of 2004, a slight increase of 2.2% compared to the same
period in 2003, principally as a result of the exchange rate in
effect during the respective periods.

Operating income

During the fourth quarter of 2004 CINTRA generated operating
income of 200 million pesos, compared to an operating loss of 14
million pesos registered in the same period in 2003.

Integral cost of financing

Integral financing income during the fourth quarter of 2004 was
123 million pesos, compared to a cost of 92 million pesos during
the same quarter of 2003.  Financial income was 42 million
pesos, as compared to financial expense of 122 million pesos
during the same period of 2003.  This represents a 60.1%
decrease compared to the same period in 2003, principally as a
result of a reduction in liabilities and interest collected as a
result of a favorable resolution of a tax controversy.

Foreign exchange loss in the fourth quarter was 3 million pesos,
a reduction of 96.2% compared to the same period in 2003, as a
result of the movements in exchange rates between the respective
periods as well as from prior quarters.

During the period October - December 2004, results from monetary
position generated a positive figure of 77 million pesos,
compared to a similar gain of 118 million pesos during the same
period in 2003.  This variation is due to the composition of the
monetary items, as well as the inflation during the period.

Net income

During the fourth quarter of 2004 Cintra generated net income of
71 million pesos compared to a net loss of 263 million pesos
during the same period in 2003.

Increase in stockholders' equity

During the period January - December 2004, the results achieved
contributed to an important recovery in Cintra stockholders'
equity, which grew from 2,922 million pesos at December 31, 2004
to 3,022 million pesos at the end of fiscal 2004, representing
100 million pesos, or a 3.4% increase, representing a noteworthy
reversal of the declining trend in stockholders' equity
registered in the first six months of 2004

Relevant events:

Nomination of Chairman of the Board of Directors

On December 15, 2004, the General Ordinary Shareholders meeting
named Dr. Andres Conesa Labastida as Chairman of the Board of
Directors of Cintra, S.A. de C.V. in substitution of Dr. Rogelio
Gasca Neri.

Nomination of the General Director of Aeromexico

On December 16, 2004, the Board of Directors named Lic. Gilberto
Perezalonso as General Director of Aeromexico in substitution of
Lic. Fernando Flores.

Increase in jet fuel prices

An external factor out of Cintra's control is the price of jet
fuel, the average price per liter of which during the fourth
quarter of 2004 was 4.53 pesos, 58.9% higher than the same
period in 2003.  This item directly impacts the results of the
companies of the Group and reduces the positive effects of cost-
reduction actions implemented.

Coverage of jet fuel costs of up to 20% of consumption for the
next 12 months

With the goal of cushioning the negative impact of jet fuel
price increases, during the quarter an agreement was entered
into that hedged the price of up to 20% of jet fuel consumption
and such coverage extends for the next 12 months.

Launching of Guayaquil/Quito route

With the goal of increasing its coverage of the Central and
South American market, during the fourth quarter Mexicana de
Aviacion launched flights to the cities of Quito and Guayaquil ,
currently operating 7 flights weekly with Airbus A 318
equipment.

Commencement of night flight to New York

With the goal of increasing its participation in one of the
fastest growing regions between Mexico and the United States,
Aeromexico commenced a night flight on the Mexico - New York -
Mexico route, with 3 flights weekly, in addition to the 2 daily
flights it already operates.

Foreign exchange

The parity of the Mexican peso during the fourth quarter of 2004
reached 11.33 pesos per U.S. dollar compared to 11.20 pesos per
U.S. dollar during the same quarter of 2003.

Improvement in cash flow

During the period from October through December 2004, cash flow
had a positive shift from the end of the third quarter of this
year of approximately US$28 million.

Changes in fleet composition

In order to improve the efficiency of its operations and
passenger service, during the period Aeromexico incorporated
four Boeing 737-700s and grounded one MD 82 aircraft. Mexicana
de Aviacion incorporated 3 Airbus A 318 aircraft and grounded an
Airbus A 320.

Additionally, the Board of Directors of Aeromexico authorized
the incorporation of 2 Boeing 777 200 ER aircraft in
substitution of the Boeing 767 200 ER, which are expected to be
incorporated into the fleet in March and April of 2006.  These
new aircraft will be utilized for the routes to Europe covered
by the airline, improving its ability to compete because they
have a greater range than the current aircraft and provide
greater comfort on board, as well as better fuel consumption
performance.

Principal Accumulated Results January - December 2004

Revenues

Total revenues during the period January - December 2004 were
36,059 million pesos, a 13.3% increase compared to 2003,
principally as a result of increases of 38.4% in other revenues,
15.3% in cargo, 13% in international passenger revenue, 12.3% in
excess baggage and 9.6% in domestic passenger revenue.

In US dollar terms, total revenues during the same period were
3,118 million dollars, 13.7% higher than those for 2003, a
result of increases in all revenue line items.

Operating expenses

During the period January - December 2004 operating expenses
were 30,767 million pesos, a 7.0% increase compared to 2003, as
a result of the 41.6% increase in jet fuel expenses, originated
by the increase in jet fuel unit prices, the 10.1% increase in
commissions to travel agents as a result of the increase in
revenues during the period, a 4.8% increase in maintenance
expense as a result of increased maintenance operations for
aircraft, principally during the second six months.

As a result of the implementation of various savings and cost-
cutting strategies and programs during fiscal 2004, savings were
obtained compared to fiscal 2003 in the following expense items;
26.1% in insurance, 4.2% in traffic and ramp services, 3.7% in
administration and IT, 1.7% in passenger services and 0.6% in
sales and promotion.

It is important to mention that the ratio of operating expenses
to total revenues for the period January - December 2004 was
85.3%, compared to 90.4% during 2003, a reduction of 5.1
percentage points resulting from various cost-saving measures
implemented and revenue increases.

In US dollar terms during fiscal 2004, operating expenses
totaled 2,660 million dollars, 7.3% higher than fiscal 2003,
principally as a result of the increase in jet fuel expenses.

EBITDAR

During fiscal 2004, EBITDAR was 5,292 million pesos, an
important increase of 2,229 million pesos, or 72.8%, compared to
the same period in 2003.

Capital expenses

Capital expenses during fiscal 2004 totaled 4,703 million pesos,
5.7% higher than in fiscal 2003, as a result of a 9.5% increase
in rents and a 6.3% decrease in depreciation.

Operating income

As a result of the above, during fiscal 2004 operating income
was 589 million pesos, compared to an operating loss of 1,384
million pesos during fiscal 2003.

Integral cost of financing

Integral financing income was 23 million pesos during fiscal
2004, compared to an integral cost of financing of 417 million
pesos in 2003, a result of a 67.9% reduction in foreign exchange
loss, a 59.8% reduction in financial expenses and a 2.7%
increase in results from monetary position.

Net income

CINTRA generated net income in 2004 of was 573 million pesos,
compared to a net loss of 2,236 million pesos during 2003.

To view financial statements:
http://bankrupt.com/misc/CINTRA.htm

CONTACT: Cintra S.A. de C.V.
         Av Xola 535 piso 16 col. del Valle Mexico
         Phone: (5)448 - 8000
         E-mail: infocintra@cintra.com.mx
         Web site: http://www.cintra.com.mx


GRUPO DESC: Outlook Revised To Stable; Ratings Affirmed
-------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' local and
foreign currency corporate credit rating on Desc S.A. de C.V.
(Desc). The issuer's national scale 'mxBBB' national scale
rating was also affirmed. The outlook for all ratings was
revised to stable from negative.

"The outlook revision is based on improvements in Desc's
financial profile and moderately better operating performance
during 2004," said Standard & Poor's credit analyst Jose
Coballasi. "The company's operating performance is expected to
continue to improve gradually in 2005."

The ratings on Desc are limited by its tight financial
flexibility due to its debt's terms and conditions, significant
debt maturities coming due in 2006, the continued weakness of
its auto parts business, and the inherent risks of commodity
price volatility across its core business lines. The ratings are
supported by the favorable operating environment for chemical
producers in North America and the success of the company's
asset sale program during 2004. The rating also benefits from
the positive performance of Desc's food business, which is
expected to build on the improvements made during the last two
years.

Desc is a diversified holding company and one of the largest
companies in Mexico. Its subsidiaries operate in the auto parts,
chemical, food, and real estate sectors.

The stable outlook reflects Standard & Poor's expectations of a
moderate improvement in Desc's operating performance and debt
reduction through asset sales that should result in an improved
cash flow generation. The aforementioned, if coupled with an
improvement in the company's liquidity, particularly its debt
maturity schedule and a release of liens, could lead to a
positive rating action. Deterioration in the company's key
financial ratios (particularly if its EBITDA interest coverage
ratio moves below 2.0x and its total debt-to-EBITDA ratio
approaches 4.0x) and/or further weakness in the company's
liquidity would lead to a negative rating action.

Primary Credit Analyst: Jose Coballasi, Mexico City (52)55-5081-
4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Manuel Guerena, Mexico City (52) 55-
5081-4411; manuel_guerena@standardandpoors.com


GRUPO MEXICO: SPCC Calls Special Meeting, Issuing New Shares
------------------------------------------------------------
     To the Stockholders of Southern Peru Copper Corporation:

NOTICE IS HEREBY GIVEN that a Special Meeting of Stockholders of
Southern Peru Copper Corporation will be held at the offices of
Grupo Mexico, S.A. de C.V., Baja California 200, Fifth Floor,
Colonia Roma Sur, 06760, Mexico City, Mexico, on March 28, 2005,
at 10:00 A.M., Mexico City time, for the following purposes:

1. To amend our restated certificate of incorporation to (i)
increase the number of shares of capital stock which we are
authorized to issue from 100,000,000 shares to 167,207,640
shares and (ii) designate such newly-authorized shares as shares
of Common Stock;

2. To approve the issuance of the 67,207,640 newly-authorized
shares of our Common Stock to be paid to the holder of the
outstanding stock of Americas Sales Company, Inc., the parent of
Minera Mexico, S.A. de C.V., pursuant to the terms of an
Agreement and Plan of Merger, dated as of October 21, 2004, by
and among Southern Peru Copper Corporation, SPCC Merger Sub,
Inc., our newly-formed, wholly-owned subsidiary, Americas Sales
Company, Inc., Americas Mining Corporation and Minera Mexico,
S.A. de C.V.;

3. To amend our restated certificate of incorporation to change
the composition and responsibilities of certain committees of
our board of directors; and

4. To transact such other business as may properly come before
the meeting.

The foregoing items of business are more fully described in the
proxy statement that is attached to this notice.

The board of directors has fixed the close of business on
February 10, 2005, as the record date for determining the
stockholders entitled to notice of and to vote at the Special
Meeting and any adjournment thereof. This proxy statement and
accompanying proxy is being sent to stockholders entitled to
vote on or about February 28, 2005.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769

          Web site: http://www.gmexico.com


ICA: Registers 38% Increase in Revenues in 4Q04
-----------------------------------------------
Empresas ICA Sociedad Controladora, S.A. de C.V. (BMV and NYSE:
ICA), the largest engineering, construction, and procurement
company in Mexico, announced today its unaudited consolidated
results for the fourth quarter and full year 2004. ICA noted the
following highlights:

- Fourth quarter revenues rose Ps. 1,116 million, or 38 percent,
to Ps. 4,019 million, compared to Ps. 2,903 million recorded in
the fourth quarter of 2003.

- General and administrative expenses were reduced to 7.6
percent of revenues in the fourth quarter of 2004, compared to
9.3 percent in the prior year period. For the fourth quarter of
2004 total general and administrative expenses were Ps. 306
million, compared to Ps. 269 million in the same period of the
prior year, an increase of Ps. 37 million, or 14 percent.

- Operating income for the fourth quarter of 2004 was Ps. 226
million, an increase of Ps. 139 million compared to Ps. 88
million in the same period of 2003.

- During the quarter, ICA was awarded new contracts and net
contract additions of Ps. 9.531 million. ICA's consolidated
construction backlog as of December 31, 2004 was Ps. 21,319
million, equivalent to 18 months of work.

- During the fourth quarter of 2004, participation in net income
from unconsolidated affiliates was Ps. 161 million, principally
as a result of an agreement for the recognition of additional
costs related to the construction of the Caruachi hydroelectric
project in Venezuela with CVG Electrificacion del Caroni
(EDELCA).

- Total debt at the end of the fourth quarter was Ps. 8.061
million, an increase of Ps. 2,574 million compared to the Ps.
5,487 million recorded 12 months earlier. Excluding the debt of
the El Cajon project, the company's debt fell by Ps. 1,415
million over the past 12 months.

- ICA recorded net income of majority interest of Ps. 257
million in the fourth quarter of 2004, compared to a loss of Ps.
133 million in the fourth quarter of 2003. This is the second
consecutive quarter of net income.

- For 2004, ICA recorded net income of majority interest of Ps.
93 million, compared to a loss of Ps. 1,108 million in 2003.

CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991

         Web site: http://www.ica.com.mx


TV AZTECA: Salinas Agrees to Appear Before US Court
---------------------------------------------------
In an effort to clear his name from allegations that he
illegally engaged in a debt deal, Mexican magnate Ricardo
Salinas agreed to appear before a US court.

The US Securities and Exchange Commission (SEC) sued Mr. Salinas
for his role in a controversial debt deal between two of his
companies, Mexican broadcaster TV Azteca and mobile operator
Unefon. The SEC alleges that Salinas engaged in an illegal debt
deal that netted him and a partner US$109 million each.

But Mr. Salinas denied these allegations, saying: "They are
accusing me of things that are not true. In the court and in
accordance with the law I will demonstrate that those
[accusations] are not true."

A US federal judge postponed the trial until May 31, giving both
sides extra time to prepare their cases.

CONTACT: Mr. Bruno Rangel
         Phone: 5255 1720 9167
         E-mail: jrangelk@tvazteca.com.mx

         Mr. Omar Avila
         Phone: 5255 1720 0041
         E-mail: oavila@tvazteca.com.mx

         Media Relations:
         Mr. Tristan Canales
         Phone: 5255 1720 5786
         E-mail: tcanales@tvazteca.com.mx

         Mr. Daniel McCosh
         Phone: 5255 1720 0059
         E-mail: dmccosh@tvazteca.com.mx


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

PAN AMERICAN SILVER: Budgets US$76.6Mln for New Mexican Mine
------------------------------------------------------------
Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to
announce that it will immediately commence development of a new
open pit silver mine at its Alamo Dorado silver project located
320 km south of Hermosillo in the state of Sonora, Mexico.

Capital costs for the project will be $76.6 million, including
working capital and a contingency allowance. Pan American will
fund the project from its cash reserves. The mine has 44 million
ounces of silver in proven and probable reserves and a further 9
million ounces in measured and indicated resources*. Beginning
in late 2006, Alamo Dorado will contribute 5 million ounces of
silver annually to Pan American at a cash cost of less than
$3.25/oz net of gold by-product credits, for a mine life of 8
years.

Construction, which is expected to take 15-18 months, is
scheduled to begin in the second quarter this year and will
consist of a primary crushing circuit, SAG mill, ball mill
grinding circuit, conventional cyanide leaching circuit and a
dry, stackable tailings system. Recovery rates for both silver
and gold are expected to be in excess of 90%. The mine will also
employ a tailings treatment process that recovers virtually all
of the sodium cyanide used and also neutralizes mill tailings,
thus reducing the mine's environmental impact and reclamation
costs. All permits necessary to build and operate the facility
have been obtained.

According to Pan American Chairman Ross Beaty: "Development of
Alamo Dorado will increase our forecast silver production to
more than 21 million ounces by late 2006, will add to our purity
as a silver producer and will generate $147 million in operating
cash flow over its life at today's silver price. Mexico is a
great silver-mining country and we will continue looking for
additional projects to take advantage of our expertise and
growing production profile there."

CONTACT: Ms. Brenda Radies
         VP Corporate Relations
         Pan American Silver Corp.
         Phone: (604) 684-117


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

BWIA: Finance Subcommittee Studies Recovery Plan
------------------------------------------------
The government of Trinidad and Tobago has said that it is
willing to make hard decisions concerning the fate of ailing
national carrier BWIA. Trade minister Ken Valley told the Asia
Intelligence Wire that the his department's Finance and General
Purposes Committee will come up with recommendations concerning
BWIA based on a recovery plan submitted by the company's board
last year. However, the minister did not give a specific
timetable for the implementation of these recommendations.

Mr. Valley's announcement comes in the wake of the airline's
deteriorating performance. In the last month, passengers had
suffered several flight delays due to increased travel demand
and crew and equipment constraints.

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com

         Home Page: http://www.bwee.com


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

CANTV: Board Submits Dividend Payment Proposal
----------------------------------------------
Compania Anonima Nacional Telefonos de Venezuela (CANTV) (NYSE:
VNT) announced Friday that its Board of Directors will propose
to shareholders the payment of a dividend of Bs. 505.00 per
share (Bs.3,535 per ADS). This dividend is subject to
shareholders' approval at the Annual Shareholders' Meeting,
which is expected to be held on March 31, 2005.

About CANTV

CANTV, a Venezuelan corporation, is the leading Venezuelan
telecommunications services provider with approximately 3.1
million access lines in service, 3.1 million cellular
subscribers and 363 thousand Internet subscribers as of December
31, 2004. The Company's principal strategic shareholder is a
wholly owned subsidiary of Verizon Communications Inc. with
28.5% of the capital stock. Other major shareholders include the
Venezuelan Government with 6.6% of the capital stock (Class B
Shares), employees, retirees and employee trusts which own 7.1%
(Class C Shares) and Telefonica de Espana, S.A. with 6.9%.
Public shareholders hold the remaining 50.9 % of the capital
stock.

CONTACT: Gregorio Tomassi, CFA
         CANTV Investor Relations
         Centro Nacional de Telecommunicaciones
         Avenida Libertador
         Caracas, Venezuela
         Phone: 011-58-212-500-1831
         Fax: 011-58-212-500-1828
         E-mail: invest@cantv.com.ve

         The Global Consulting Group
         Phone: 646-284-9426
         E-mail: lpuffer@hfgcg.com


CITGO: Names Felix Rodriguez as New CEO
---------------------------------------
CITGO Petroleum Corporation's new chairman Alejandro Granado
announced Friday that Felix Rodriguez has been named president
and CEO of CITGO, replacing Luis Marin, effective immediately.
Other new members of CITGO's board of directors include
Rodriguez, Bernard Mommer, Eudomario Carruyo, Juan Carlos Boue
and Asdrubal Chavez.

"I have been meeting with Luis Marin and other senior staff
members to assure that CITGO's day-to-day operations will be
unaffected," said Mr. Rodriguez. "Our customers will continue to
receive the excellent service for which CITGO is known.

"Furthermore, CITGO is an important asset for both Venezuela and
the United States, and I want to assure our employees, marketers
and consumers that we will continue to build on the company's
past success," said Mr. Rodriguez. "Backed by PDVSA and its
access to huge hydrocarbon reserves in Venezuela, I will ensure
that CITGO remains a major player in the world's energy market."

Mr. Rodriguez, with more than 29 years of experience in the
Venezuelan oil industry, has served as vice president of PDVSA
since March 2004. Prior to that, he served as production
director in charge of operations for western Venezuela. A
graduate of the Universidad de Oriente with a degree in
petroleum engineering, he also studied system analysis and
management programs at Harvard and Columbia Universities.

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products. The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of the national oil company of the Bolivarian Republic of
Venezuela.

CONTACT: Ms. Kate Robbins
         Public Affairs Manager
         CITGO Petroleum Corporation
         (832) 486-5764
         E-Mail: InvRel@citgo.com

         Web site: http://www.citgo.com


PDVSA: Location of Petrobras-PDVSA Refinery Still Undecided
-----------------------------------------------------------
Brazil's federal energy company Petrobras (NYSE: PBR) and
Venezuela's state oil company Petroleos de Venezuela S.A.
(PDVSA) have yet to decide on the exact location of a US$2-
billion refinery the two firms plan to jointly build, says
BNamericas, citing a report by local newspaper O Estado de Sao
Paulo.

According to the newspaper report, Petrobras and PDVSA will
create a workgroup to decide on the exact location of the
refinery in Brazil's northeastern region. Among the states
lobbying to have the refinery built in their areas are Ceara,
Pernambuco and Maranhao. Once created, the workgroup is expected
to finish conducting its studies in six months.

Petrobras and PDVSA signed a memorandum of understanding on
February 14 to carry out feasibility studies for the refinery,
which is expected to have a processing capacity of 150,000-
200,000 barrels of oil a day.

CONTACT: Petroleos de Venezuela S.A.
         Edificio Petroleos de Venezuela
         Avenida Libertador, La Campina, Apartado 169
         Caracas, 1010-A, Venezuela
         Phone: +58-212-708-4111
         Fax: +58-212-708-4661
         http://www.pdvsa.com.ve


PDVSA: Workers' Conduct Threatens Production at Western Division
----------------------------------------------------------------
Production in the western division of Venezuela's state oil firm
PDVSA is facing uncertainty due to mismanagement and alleged
corruption, Business News Americas reports, citing PDVSA
president Rafael Ramirez.

Mr. Ramirez, who is also the country's energy and oil minister,
recently sacked 30 mid and senior level managers at the
division, which produces about 60% of the country's oil most of
which is earmarked for exports, as punishment for engaging in
irregular practices and corrupt deeds.

Venezuela's government could lay off more oil workers if other
"corrupt deeds" are detected within PDVSA, Mr. Ramirez said,
adding "If there were more situations like those we have
detected, we will keep on taking such measures."

Already, the minister's decision has triggered unrest among oil
workers. The national assembly plans to launch an investigation
into alleged mismanagement at PDVSA and a separate investigation
at PDVSA's US refining arm CITGO.

CONTACT: Petroleos de Venezuela S.A.
         Edificio Petroleos de Venezuela
         Avenida Libertador, La Campina, Apartado 169
         Caracas, 1010-A, Venezuela
         Phone: +58-212-708-4111
         Fax: +58-212-708-4661
         http://www.pdvsa.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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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