<a href=www.vheadline.com>Venezuela's Electronic News Posted: Wednesday, May 07, 2003 By: Patrick J. O'Donoghue

Continuing his analysis of the opposition, Jorge Olavarria maintains his position that the opposition should sign the government counterproposals and get on with the job of preparing the recall referendum. His message is a clear: Stop wasting time.

Olavarria still believes signatures collected during the so-called "Firmazo" on February 2 are invalid ... "the signature papers for the recall referendum were only included at the last moment and thanks to my insistence." The Coordinadora Democratica (CD), Olavarria points out, has produced 4 leaders in one year and they all have burned out. "In any negotiated agreement one obtains what one can not what one wants ... the problem is that time is running out."

If the agreement is signed, the government will have to accept the international supervision of somebody like Organization of American States (OAS) general secretary, Cesar Gaviria ... "signing the agreement would be a personal victory for him and vindicate his position."

Olavarria proposes a new signature campaign with a heading and text in line with Bolivarian Constitution Article 72. "New signatures, new life."

However, Olavarria warns that the parties must agree on the heading and wording of the text, as well as draw up clear norms as regards signing the paper to avoid sabotage and errors and it must be organized within 11 days.

If the campaign starts on May 18 there should be sufficient signatures by July 31 to take to the National Electoral College (CNE), in other words, the opposition has 75 days to collect 3 million signatures (40,000 per day).  After that, the opposition will need at least 2 weeks to audit and verify the signatures between August 1-20.

If all this action is postponed to await a decision on whether the February 2 signatures are valid or not, it will mean waiting till July 15. If the "Firmazo" is declared null, then it means 200,000 signatures would have to be collected per day to beat the deadline.

Reuters, 05.07.03, 4:18 PM ET

CARACAS, Venezuela, May 7 (Reuters) - Car sales in Venezuela fell by 47 percent in April compared with a year ago, the Venezuelan Automobile Chamber (CAVENEZ) reported on Wednesday.

A total of 4,269 cars were sold last month compared with 8,034 in April of 2002. March auto sales in the world's fifth largest oil exporter totaled 4,664.

Sales during the first four months of 2003 fell 70 percent to 17,145 compared with 56,328 during the January to April period in 2002.

Car sales have dropped as Venezuela has struggled with a deep recession and political instability. A two-month general strike in December and January battered sales further and tight currency curbs introduced in February have also cut into business.

The companies affiliated with CAVENEZ are DaimlerChrysler AG's (nyse: DCX - news - people)<DCXGn.DE> DaimlerChrysler de Venezuela, Fiat SpA's <FIA.MI> Fiat Automobiles, Fiat affiliate IVECO Venezuela, FordMotor Co. (nyse: DCX - news - people), General Motors Corp.'s (nyse: DCX - news - people) General Motors de Venezuela, Mitsubishi Motors Corp.'s <7211.T> MMC Automotriz and Toyota Motor Corp.'s <7203.T> Toyota de Venezuela.

The figures represent the total vehicle sales in Venezuela, and also include car models made by non-members of CAVENEZ, suchas Mazda Motor Corp. <7261.T> and Volkswagen AG <VOWG.DE>.

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Wednesday, May 07, 2003 By: Patrick J. O'Donoghue

Venezuelan five-a-side soccer player, Marlon Sanchez, who became world champion in 1997, could be joining the famous Barcelona soccer team but he won't be playing alongside Klaver or Saviola but in the Catalonia club's five-a-side team in what has been described as a very competitive league.

• In a trial with Barcelona's B team, Sanchez impressed club scouts scoring 2 goals against the A team.

Sanchez, from San Cristobal (Tachira), says it's his dream to play in Europe after Venezuela won the world championship against Mexico in 1997 ... he was on the winning team at a competition at the annual San Cristobal International Fair in January.

Catalonian club delegate Ricardo Calamardo has praised the young Venezuelan hopeful, "being here in Barcelona means that one is the best because only the best play here."

The team's five-a-side trainer presented Sanchez with a team shirt after his two-goal feat against the A team.

<a href=reuters.com>Reuters, Wed May 7, 2003 02:48 PM ET (The followng statement was released by the rating agency)

NEW YORK, May 7 - Moody's Investors Service confirmed the Caa1 long-term debt rating of PDVSA Finance Ltd. The confirmation ends a review for downgrade announced in January 2003. The review was prompted by the continuing uncertainty and possibly worsening conditions surrounding Petroleos de Venezuela's (PDVSA) ability to resume some level of normal operations after the strike that began in December 2002 and that seriously curtailed PDVSA's production and exports of crude oil and products.

PDVSA Finance is a Cayman Islands corporation and an indirect, wholly-owned subsidiary of PDVSA, Venezuela's national oil company. PDVSA Finance acts as a financing vehicle for PDVSA by issuing notes and using the proceeds to purchase current and future oil export receivables from PDVSA's principal operating and exporting arm. The receivables' cash flows are generally PDVSA Finance's only source of revenues, as well as the only source of payment of the notes. The rating agency said that the rating was confirmed in light of the sustained improvement in production, exports and collections; the ability of PDVSA Finance to comply with the debt service coverage ratio and the debt to equity ratio throughout the crisis; and the resolution of the two-month strike that virtually stopped all the company's production and exports.

Following the resolution of the strike, PDVSA production has returned to higher levels. In addition, amounts received in PDVSA Finance's collection account are improving. During January and February 2003, PDVSA Finance experienced an invoicing problem that impaired its collections on export receivables. As a result of this administrative issue and of substantially lower export volumes, PDVSA Finance's collections declined significantly during the first two months of 2003. In March, however, the company reports an improvement in collections, which is closer to historical amounts.

Finally, PDVSA Finance's debt service coverage ratio has remained above the 4:1 level that triggers the retention of receivables. Supported by the recovery in collections, the debt service coverage ratio has improved in April to 5.8 times, as compared to 4.5 times in March 2003. Furthermore, the debt to equity ratio that PDVSA Finance is obligated to maintain at a level below 7:1 times, has remained stable at approximately 4 times.

The agency noted that the rating of the PDVSA Finance notes is linked to the local currency and foreign currency ratings of PDVSA, which generates the receivables that back the repayment of the rated notes. PVDSA's local and foreign currency ratings are currently Caa1. The complete rating actions are: Issuer: PDVSA Finance Ltd. $400,000,000 6.45% Notes due 2004, rating confirmed at Caa1 $300,000,000 6.65% Notes due 2006, rating confirmed at Caa1 $300,000,000 6.80% Notes due 2008, rating confirmed at Caa1 $400,000,000 7.40% Notes due 2016, rating confirmed at Caa1 $400,000,000 7.50% Notes due 2028, rating confirmed at Caa1 $400,000,000 8.750% Notes due 2004, rating confirmed at Caa1 $250,000,000 9.375% Notes due 2007, rating confirmed at Caa1 $250,000,000 9.750% Notes due 2010, rating confirmed at Caa1 $100,000,000 9.950% Notes due 2020, rating confirmed at Caa1 EURO 200,000,000 6.250% Notes due 2006, rating confirmed at

Caa1 $500,000,000 8.50% Notes due 2012, rating confirmed at Caa1

Petroleos de Venezuela, the state oil company of Venezuela, is headquartered in Caracas, Venezuela.

<a href=www.zwire.com>The Tullahoma News May 07, 2003

Foreign high school students are scheduled to arrive soon for academic semester program homestays, and the sponsoring organization needs a few more local host families.

According to Pacific Intercultural Exchange (P.I.E.) Executive Director, John Doty, the students are all between the ages of 15 and 18 years, are English-speaking, have their own spending money, carry accident and health insurance, and are anxious to share their cultural experiences with their new American families.

P.I.E. currently has programs to match almost every family's needs, ranging in length from a semester to a full academic year, where the students attend local high schools.

P.I.E. area representatives match students with host families by finding common interests and lifestyles through an informal in-home meeting.

Prospective host families are able to review student applications and select the perfect match. As there are no "typical" host families, P.I.E. can fit a student into just about any situation, whether it be a single parent, a childless couple, a retired couple or a large family.

Families who host for P.I.E. are also eligible to claim a $50 per month charitable contribution deduction on their itemized tax returns for each month they host a sponsored student.

For the upcoming programs, P.I.E. has students from Germany, Russia, Venezuela, Argentina, Brazil, Finland, Hungary, Korea, Switzerland, Mexico, Italy, Paraguay, Australia, Yugoslavia, China, Belgium, Vietnam and many other countries.

P.I.E. is a non-profit educational organization that has sponsored more than 20,000 students from 40 countries since its founding in 1975.

The organization is designated by the United States Department of State and is listed by the Council on Standards for International Educational Travel (CSIET), certifying that the organization complies with the standards set forth in CSIET's Standards for International Educational Travel Programs.

Doty encourages families to contact the program immediately, as it will allow the proper time for the students and hosts to get to know one another before they actually meet for the first time.

Coffee County area families interested in learning more about student exchange or arranging for a meeting with a community representative may call P.I.E., toll-free, at 1-800-631-1818.

The agency also has travel/study program opportunities available for American high school students as well as possibilities for community volunteers to assist and work with area host families, students and schools.