www.vheadline.com Posted: Monday, February 24, 2003 By: Robert Rudnicki

Venezuelan security police (DISIP) officers are continuing their search for Confederation of Trade Unions (CTV) president Carlos Ortega after a warrant was issued for his arrest on charges of treason and Venezuela Federation of Chambers of Commerce & Industry (Fedecamaras) was detained on Wednesday night.

Ortega went into hiding on Thursday soon after hearing of Fernandez' arrest and after Attorney General Isaias Rodriguez confirmed that a similar arrest warrant had been issued for him.

The CTV chief has vowed to continue his fight to remove President Hugo Chavez Frias and his government from office, insisting that it will the President himself that has a date with justice.

Ortega stated that he will not be turning himself in to the police as he has no faith in the Venezuelan legal system at the moment.

www.slovakspectator.sk From press reports of TASR and SITA

SLOVAKIA'S former ambassador to the UN in New York, Peter Tomka, was sworn in as a new judge at the International Court of Justice (ICJ) in the Hague.

Tomka, 46, is no stranger to the court. He represented Slovakia in the Hague in a dispute with Hungary over the Gabãíkovo-Nagymaros hydroelectric dam project more than five years ago.

He is the first citizen from former Czechoslovakia to become a judge of this high-profile institution, although eight Czechoslovak candidates have sought to join the bench in its 80-year history.

"I am certainly pleased to have been chosen for this position. I consider it a recognition for Slovak jurisprudence as well as that of former Czechoslovakia, since my law studies and early career are linked to Prague," Tomka told the TASR news agency prior to the ceremony.

Tomka's colleagues hail from China, Madagascar, France, Sierra Leone, Russia, Britain, Venezuela, the Netherlands, Brazil, Jordan, the US, Egypt, Japan, and Germany.

[2/24/2003]

www.boston.com By Stephen Ixer, Associated Press, 2/24/2003

CARACAS - Carlos Fernandez, a prominent opponent of President Hugo Chavez and a leader of the two-month national strike, was put under house arrest yesterday after a judge struck down a treason charge but left standing two other serious counts.

Fernandez, president of the Fedecamaras business chamber, was apprehended Wednesday by federal agents. An arrest order was issued for another strike leader who remains in hiding.

A judge struck down three of the charges against Fernandez, including treason, in a 13-hour closed-door hearing that ended early yesterday. The court upheld charges of rebellion and incitement, said Pedro Berrizbeitia, one of the business leader's lawyers.

Meanwhile, gunmen loyal to Chavez ambushed a group of policemen overnight, killing one officer and wounding five others, said Miguel Pinto, chief of the police motorcycle brigade.

The officers were attacked Saturday night as they returned from of funeral for a slain colleague and passed near the headquarters of the state oil monopoly, which has been staked out by Chavez supporters since December.

Chavez's government has seized thousands of weapons from city police, claiming that Police Chief Henry Vivas has lost control of the 9,000-member department. Critics contend that Chavez is disarming police while secretly arming progovernment radicals.

After Fernandez's overnight court hearing, uniformed federal agents rushed the business leader to his home in Valencia, 66 miles west of Caracas.

Appearing tired, Fernandez, 52, told Globovision television he was happy to be back with his family.

''They treated me very well,'' he said. ''They respected all my rights.''

The other strike leader, Carlos Ortega, remained in hiding after a warrant for his arrest was issued. As president of the Venezuelan Workers Confederation, he and Fernandez had spearheaded the work stoppage that paralyzed the oil industry and devastated the national economy.

Chavez has demanded 20-year jail sentences for Fernandez and Ortega, alleging they sabotaged oil installations, incited civil disobedience, and violated human rights.

''He is a terrorist and a coup-plotter,'' he said of Fernandez during a television address. ''Let the decision be obeyed; it is the court's order. If it were up to me, he wouldn't be at home. He would be behind bars.''

The two-month strike, which ended Feb. 4 in all sectors except the oil industry, caused food and gasoline shortages nationwide and cost Venezuela an estimated $4 billion. Before the strike, Venezuela was the world's fifth-largest petroleum exporter and a major US supplier.

The arrest was ordered by a judge who previously served as a defense lawyer for presidential supporters accused of shooting at opposition marchers before an April coup that briefly toppled Chavez.

The Organization of American States, the United Nations, and the Carter Center, run by Jimmy Carter, have sponsored three months of talks to seek an electoral solution to Venezuela's crisis. The future of those talks was in doubt after Fernandez's arrest.

Chavez had sharp words yesterday for foreign governments critical of Venezuela. State Department spokesman Richard Boucher said Thursday that Washington was concerned that the arrest of Fernandez could hinder peace talks.

Chavez singled out the United States, Spain, and Colombia and warned, ''Don't mess with our affairs!''

This story ran on page A6 of the Boston Globe on 2/24/2003.

cbs.marketwatch.com By Steve Goldstein, CBS MarketWatch.com Last Update: 12:04 PM ET Feb. 24, 2003

LONDON (CBS.MW) - The U.K. market eased on Monday, as a leading ad agency forecast a difficult 2003 and on-the-block supermarket chain Safeway lost one of its suitors.

The FTSE 100 index (UK:1805550: news, chart, profile) ended down 25.03 points, or 0.7 percent, to 3,701.80, coming off two straight positive sessions. European markets were lower after Royal Ahold reported accounting irregularities and the resignation of top management. See full story on European markets.

The U.S. market was off to a weaker start, as the Dow Jones Industrial Average fell 1.05 percent. See full story on U.S. markets.

U.K. based advertising-marketing group WPP (UK:WPP: news, chart, profile) fell 1.2 percent after initial gains. The ad group on Monday posted a 3 percent decline in 2002 revenue to 3.9 billion pounds. Earnings per share for the year dropped 19 percent at 24.9p, it said. See full story on WPP financials.

Looking ahead, it estimated net new billings of over 2.4 billion pounds ($3.6 billion). It said North America showed revenue growth for the first time for seven quarters of almost 2 percent in the fourth quarter. Yet it cited uncertainty regarding Iraq, and it said it expects "another difficult year" in 2003.

"Overall, we believe that forecasts have now largely caught up with the reality in the case of WPP, leaving the stock more attractive," said Sean Eddie, analyst at Banc of America Securities in London, in a note.

U.K. grocer Safeway (UK:SFW: news, chart, profile) fell 1.3 percent after buyout firm Kohlberg Kravis Roberts & Co withdrew from the bidding for the chain.

"KKR has decided for the time being not to progress its potential offer for Safeway any further, but will continue to monitor the situation and keep its position under review," KKR said in a statement.

Of Safeway's fellow suitors, Wm Morrison (UK:MRW: news, chart, profile) fell 1.5 percent, Tesco (UK:TSCO: news, chart, profile) dropped 1.6 percent and Sainsbury (UK:SBRY: news, chart, profile) improved 0.3 percent.

Wal-Mart Stores (WMT: news, chart, profile), owner of the Asda chain of British supermarkets and also a potential bidder for Safeway, fell 1.6 percent in early trade in the U.S.

Metals-mining group Bhp Billiton (UK:BLT: news, chart, profile) (BHP: news, chart, profile) gained 4.5 percent. The company reported sales in its half year ending Dec. 31 rose 5 percent to $8.048 million but profit attributable to holders dropped 19 percent to $931 million, in part reflecting adverse currency movements. See full story on Bhp financials.

It said that prices continued to show some improvement in the opening weeks of calendar 2003. "Prices for oil have risen as a result of the ongoing uncertainty in the Middle East and Venezuela, while steel making raw materials are well positioned to benefit from strong North East Asian and, in particular, Chinese demand."

Another large gainer was EMI Group (UK:EMI: news, chart, profile), which improved 5 percent after it was said to be in preliminary talks with AOL Time Warner (AOL: news, chart, profile) over buying a majority stake in Warner Music in a deal that could bring in $3-$4 billion to the media and entertainment giant, the Wall Street Journal reported, citing people familiar with the matter

Financials mostly higher

Financials were mixed.

Legal & General (UK:LGEN: news, chart, profile) gained 2.4 percent after Goldman Sachs upgraded its shares to outperform. Goldman said it upgraded the insurer "following the group's 13 percent relative underperformance to the U.K. life insurance sector year to date, and our view that fears over dividend growth have been overly discounted."

Internet online bank Egg (UK:EGG: news, chart, profile) - a subsidiary of Prudential plc - earlier gained 1.5 percent, as it posted a 16.6 million pound loss before tax in 2002, driven by a loss in France, but showed that its U.K. operations swung to profits for the year. It said it added 610,000 net new customers in the year, and that it is eyeing the U.S. for a possible entry.

South African-based insurer Old Mutual (UK:OML: news, chart, profile) improved 0.3 percent. It said its group operating profit for 2002 was up 8 percent in the South African rand, but down 15 percent in sterling to 724 million pounds. Its new business sales were 557 million pounds on an annual premium equivalent basis; the figure is not comparable as F&G Life was purchased in the second half of 2001. Its dividend was unchanged at 4.8p for the year.

Pension injection does not faze BT investors

BT Group (UK:BT.A: news, chart, profile) (BTY: news, chart, profile) improved 0.6 percent. The company may inject 1.5 billion pounds ($2.4 billion) on top of existing commitments to plug a hole in its pension deficit, the Financial Times said on Monday, citing people close to the company. The payments will be announced in May, and more than double the telecommunications group's existing commitments, the report said.

CIC Securities in Paris said the pension deficit should not deflect from BT's other strengths. "Partly because of its weak growth prospects, BT has low multiples compared with its European rivals. However, the operator is paying out more and more dividends and generates strong cash flow," it said.

Packaging and services group Bunzl (UK:BNZL: news, chart, profile) gained 0.6 percent. It said sales from continuing operations rose 5 percent in 2002 to 2.7 billion pounds, and profit before tax rose 4 percent to 196 million pounds.

A bid from entrepreneur Hugh Osmond for Six Continents (UK:SXC: news, chart, profile) will be worth 5.6 billion pounds, the Financial Times said on Monday, and which use combined cash and shares worth 650p per share, versus Friday's closing price of 625p. Six Continents management on Monday assailed Osmond's intentions once again and is expected to reject the bid.

Its shares fell slightly by 0.3 percent. Steve Goldstein is a reporter for CBS MarketWatch.com in London.

www.tribune-democrat.com By JEFF McCREADY, TRIBUNE-DEMOCRAT BUSINESS WRITER February 24, 2003

A gasoline barge that exploded Friday is the latest development that could send the price of gasoline even higher. The explosion in New York that killed two and injured one critically occurred on a barge containing about 4 million gallons of unleaded gasoline. The fire sent the future cost of petroleum skyrocketing. In a little more than a month, the nationwide price of a gallon of self-service unleaded gasoline has jumped 13.4 cents a gallon, American Automobile Association said. The average price of a gallon of self-service unleaded at four stations in Cambria, Somerset and Bedford counties surveyed by The Tribune-Democrat on Friday was $1.61. “You just have to grin and bear it,” said Bill Blasko of Johnstown as he pumped gas Saturday at Sheetz, 1757 Goucher St. in Lower Yoder Township. The hike has hit him hard because he travels in his job as a real estate appraiser. Tonya Spada of Southmont said she tries to do more walking as a way of conserving gas. She was interviewed Saturday outside the First National Bank of Pennsylvania office near Minno Drive in Lower Yoder. Experts said no one thing – be it fear of a terrorist attack or uncertainty about a war with Iraq – accounts for the dramatic increase in the price of a gallon of gasoline. While it is difficult to say whether the price will go up, go down or stabilize, the bad news is that the cost of oil is nearing record levels not seen since the 1990s. “It’s just the uncertainty in the markets,” said Dan McMahon, executive vice president of operations for Sheetz Inc., Altoona, a multi-state convenience store chain that sells gasoline. “I don’t think it is as much supply and demand as a fear issue.” He said the price has leveled off a bit during the past two weeks, “but it has stabilized high.” And the harsh winter has not helped the situation, McMahon said. “You just can’t predict what is going to happen,” said Bill Bush, a spokesman for American Petroleum Institute, a Washington trade organization representing oil and gasoline dealers. Keys to controlling fuel bills, AAA said, are to shop around for the best price, look for ways to cut down on fuel consumption and keep vehicles properly maintained so as to increase fuel economy. Gasoline station operators such as Ed Haberkorn said they never know what the price will be until that next load arrives. Haberkorn, owner of Westmont Mobil, 1735 Goucher St., said Friday his price has stayed the same during the past week. “While it is true the continuing loss of oil and gasoline exports from Venezuela and recent cold weather in much of the nation have affected fuel inventories, nothing fully justifies the dramatic increase in gasoline prices experienced across the United States in the last month,” AAA said in a release last week. U.S. oil imports from Venezuela all but disappeared after a nationwide strike began in December, but indications are that things are starting to return to normal. Some analysts predict a decline in crude oil prices if a war brings about no major supply disruptions in the Middle East and Venezuelan oil output continues to rise. March contracts for crude rose to $37.16 a barrel at the middle of last week. Any drop in the price per barrel translates into a drop in the price at the pump. No matter what the price someone will complain, Haberkorn said. “Some people complain, some take it in stride,” he said. Haberkorn said the price he pays has not gone up in the past couple of loads. “People have to understand that we went into the beginning of the year with very low stocks,” Lawrence Goldstein, president of New York-based Petroleum Industry Research Foundation, told The Associated Press last week. He said crude oil prices have jumped 19 percent because of the fear of war, an increase that also has affected the price of heating oil and diesel fuel. A gallon of diesel averages $1.70 or 50 cents higher than a year ago while gasoline averages $1.66 a gallon, up 54 cents from a year ago, the federal Department of Energy said. AAA said the highest recorded nationwide price for regular unleaded was $1.72 a gallon on May 15. In mid-January the nationwide AAA average price was $1.47.