13 Jun 2003 22:12:18 GMT (Recasts with details, updates with more wounded) By Patrick Markey

CARACAS, Venezuela, June 13 (Reuters) - At least seven people were wounded on Friday, four by gunfire, after Venezuelan police clashed with militant supporters of President Hugo Chavez who threatened to attack an opposition rally.

Police fired volleys of gas canisters, sending white stinging clouds wafting through the streets of the eastern Petare neighborhood after a few hundred Chavez sympathizers pelted them with bottles, stones and fireworks.

Seven people, including three police officers, were injured, four with bullet wounds, Caracas Fire Services Chief Col. Rodolfo Briceno told Reuters.

It was the first outbreak of serious violence since the end of May when the government and opposition signed a peace deal recommending a referendum on Chavez's rule. Both sides quickly blamed each other for the fresh street clashes.

Political conflict over the government of populist Chavez has troubled Venezuela for more than 18 months. At least 50 people have been killed in street clashes and violence since April last year when Chavez survived a short-lived coup.

Ambulances evacuated patients from a nearby hospital to escape the tear gas as protesters and local residents scurried for cover. National guard troops in armored vehicles later stood by as pro-Chavez demonstrators ransacked and set fire to a small police post.

The violence erupted as a few thousand opposition party supporters rallied a block away to demand the referendum against Chavez, whom they blame for driving Venezuela into political and economic ruin.

"Chavez has to go. He's done nothing but trick us. He talks but never delivers," said Nelida Sanoja, an unemployed secretary carrying a huge green flag of the Copei Christian Democratic party.

His opponents accuse the president of dragging Venezuela toward Cuban-style communism. But the fiery leader brands his foes rich elites bent on scuttling the reforms he says are aimed at tackling poverty in the world's No. 5 oil exporter.

Chavez, who weathered a two-month opposition strike ended in February, has vowed to press on with his self-styled revolution. Opposition leaders hope to cut short his mandate with a referendum after Aug. 19 -- halfway through his current term, which is due to end in early 2007.

"It's either bullets or votes and we want the solution to be through votes," Copei president Eduardo Fernandez said.

episcopalchurch.orgFrom dmack@episcopalchurch.org Date Fri, 13 Jun 2003 17:47:45 -0400 June 13, 2003 2003-142 by Sarah T. Moore

(ENS) Develop exciting missionary education programs. Crank up the young adult service corps and send more missionaries out to other countries. Include more missionaries from ethnic minority groups. Increase seminary internships, improve short-term mission pilgrimages, and expand mission networking.

Those are a few recommendations included in "Companions in Transformation: The Episcopal Church's World Mission in a New Century," a vision statement that the Standing Commission on World Mission (SCWM) developed over the past three years.

However, rather than asking the church to jump immediately into its proposals, the commission will recommend in a resolution to the 74th General Convention this summer that the church, at every level, read and study its suggestions over the next triennium. Then, in 2006, the General Convention will be asked to reach a consensus about how to proceed. Between 2007-2009, the church then can put a framework into place to launch a well-thought out global mission plan--one the whole church embraces.

"Given the scope and possible cost of what we're suggesting the church needs more time to digest and study," says the Dr. Titus Presler, chair of the commission, dean of the Episcopal Seminary of the Southwest in Austin, Texas, and former missionary to Zimbabwe.

"It's not so much the complexity as the matter of realizing that this kind of shift in thinking about world mission and global engagement really means a cultural shift in thinking by the Episcopal Church," he continues. " It requires reflection and what that involves."

Mission companions

By a cultural shift, Presler is speaking of a refocus to an overall motif of companionships, rather than just partnership. He notes today's Episcopal missionary goes out with seven commitments -- to be a companion, witness, pilgrim, servant, prophet, ambassador, host and sacrament. "Everything else in the report works that out: modes of mission, resources, and programmatic emphases."

"When we are companions together, we keep company with breadness' -- people who share bread on a journey. That means sharing the bread of suffering, exaltation, and life. And it means learning as well as giving."

He added, "At the end of the document there is a doxology' that talks about the downsides of past periods of mission history that, over last half of 20th century, have induced a paralysis on Episcopal and mainline euro denominations about engagement," pointing out that this is the commission's attempt to discern and share a vision of what it might be to be mission companions in the 21st century.

Creating the structures

Those responsible for putting the vision into action after the 2006 General Convention will need time to create the structure to put such ministries into place, the commission believes. "Our hope in the triennium is that people will have a chance to digest and discern better into the future what they are able to take on and what they don't," Presler says.

A second related resolution recommends that monies, previously dedicated to international jurisdictions formerly related to and/or financially linked to the Episcopal Church, be directed to future global mission and not absorbed into the general budget. Several international linkages have changed status this triennium, others are scheduled to follow suit, and all releasing previously dedicated financial resources.

"Those funds should continue to go to global engagement which includes a whole group of program areas beyond what world mission receives," Presler notes. "We present a principled way to increase funding and ask the church to adopt that principal with a major commitment to world mission."

In other related areas

During the three years since the 2000 General Convention, the commission undertook several topics other than crafting the vision statement. It:

Convened a consultation in 2001 on the intersection of Race, Money and Power in the World Mission of the Episcopal Church;

Assisted in the process of seeking autonomy for some international dioceses and incorporation of others back into the Episcopal Church structure;

Monitored and collaborated with the Episcopal Partnership for Global Mission (EPGM), a group of mission organizations of the Episcopal Church; and

Continued supportive talks with the Convocation of American Churches in Europe, a network of churches, mission congregations, and specialized ministries in five countries, which elected its own bishop-in-charge in 2001, as a step toward a new Anglican identity within the international English-speaking populace.

Three resolutions emerged from these engagements: two about reincorporating two dioceses into the Episcopal Church; and one commending the Executive Council for its continued collaboration with EPGM and recognizing its missionaries.

International jurisdictional linkages

Related through nurture, structure, linkages, or history to the Episcopal Church, the autonomy, or process to reach autonomy, of several international dioceses/jurisdictions required the attention of the commission and Executive Council this triennium.

Continuing to be part of the Episcopal Church are Colombia, the Convocation of the American Churches in Europe, the Dominican Republic, Ecuador Central, Ecuador Litoral, Haiti, Honduras, Taiwan, and the Virgin Islands.

Former members of the Episcopal Church, but now autonomous Anglican provinces, include La Igreja Episcopal Anglicana do Brasil, the Episcopal Diocese of Liberia (now part of the Province of West Africa), the Episcopal Church in the Philippines, La Iglesia Anglicana de Mexico, and La Iglesia Anglicana de la Region Central de America.

Incorporating Puerto Rico, Venezuela; Cuba stays alone

In an historical turnaround, the commission was closely involved with decisions by the Dioceses of Puerto Rico, Venezuela, and Cuba to be reincorporated into the Episcopal Church international provincial structure.

It is unprecedented for a fully developed and autonomous diocese to seek membership in the Episcopal Church. Historically it has only been missionary dioceses that joined the structure of the church. Also it is a change in the church's missionary strategy that, in the past century, sought to encourage independence and growth of autonomous, regional church provinces.

This required intense conversation, meeting, and examination with several dioceses in the Caribbean and Latin America. Discussions centered on theology, mission strategy, colonialism, Anglican Communion structure, governance, political environments, as well as rooting a church within its own culture and indigenous ministries. Clergy and lay pension concerns were explored in conversation with the Church Pension Fund.

The resulting resolution before this General Convention is a recommendation to admit the Dioceses of Puerto Rico and Venezuela as dioceses in union with General Convention and members of Province IX of the Episcopal Church.

Each of these dioceses in its annual synod voted for such a change. The Diocese of Cuba, though originally considering a move, reversed its decision at its February 2003 synod. It will continue to be an "extra provincial" Anglican church, with oversight by a Metropolitan Council, chaired by Canada's Archbishop Michael Peers.

"Companions in Transformation: The Episcopal Church's World Mission in a New Century," is being printed by Morehouse Publishing to be distributed to all deputies and bishops at Convention. (The full text also is posted on the General Convention website.)

Sarah Moore is director of communications for the Diocese of Hawaii and a member of the ENS news team at the 74th General Convention in Minneapolis.

<a href=www.voanews.com>VOA News - AP 13 Jun 2003, 22:07 UTC

Pedestrian asks for help after being shot by a rubber bullet during clashes between supporters of President Chavez and metropolitan police in CaracasVenezuelan authorities have fired tear gas to disperse dozens of government supporters who tried to disrupt an opposition rally in a Caracas slum. At least three people were injured.

Riot police and national guard troops took action Friday as pro-government demonstrators pelted them with rocks, bottles and firecrackers in the Petare neighborhood. Ambulances evacuated patients from a nearby hospital amid thick clouds of white tear gas.

While authorities clashed with the supporters of President Hugo Chavez, a block away opponents demanded a referendum on his rule. The opposition center-right COPEI party called Friday's protest the latest call for President Chavez to leave office.

Political tensions over the Chavez government have troubled Venezuela for months. Scores of people have been killed in street clashes and violence since April of last year when the president survived a brief coup.

In December, Mr. Chavez's opponents began a nationwide general strike in a failed bid to force him to resign and call new elections. The walkout ended in February.

Chavez critics accuse him of leading Venezuela toward economic ruin and trying to model the oil-rich country on communist-run Cuba. President Chavez blames the economic downturn on the failed strike. Venezuela's Central Bank says the economy fell 29 percent in the first three months of the year.

Times OnlineJune 14, 2003

MY FAITH in a few rare shares as a means to increase capital over the long term remains undiminished, which is why I have not previously recommended bonds, whether gilts or corporate debt. But the collapse of prices in shares of even the best companies in the past three years has brutally demonstrated the need for diversification in any investment portfolio.

Hence the case for owning shares in the Ashmore SICAV Emerging Markets Debt Fund. The fund’s managers aim to provide long-term capital growth through investment in emerging market bonds, debt securities and other investments (primarily those issued or guaranteed by the governments of the countries concerned, and also those issued by public sector and private sector companies).

The investments within the fund are denominated in US dollars, euros, Swiss francs and other major currencies; and, to a lesser extent, the currencies of emerging market countries themselves.

Ashmore, which runs $3 billion (£1.82 billion) in its various funds, is well regarded by institutional investors as a specialist in the debt securities of emerging economies, which may or may not be below “investment grade”.

Russia, for example, with $70 billion in reserves and oil riches, is now perceived as nearly investment grade. Mexico has reached investment grade, while Brazil, Venezuela, Nigeria and Equador remain high risk.

We already have exposure to emerging economies via shares in such multinational companies as HSBC, AIG, Shell, ENI and L’Oréal. But those are only side bets that the underlying businesses will capitalise on future reforms and growing prosperity in various developing countries.

Ashmore is a direct bet on that progress in emerging countries. Its biggest bets are currently concentrated on Mexico, Brazil and Russia, where it has allocated 15 per cent, 18 per cent and 19 per cent respectively of its fund. This concentration is unusual and reflects current opportunities. Ashmore normally has 3 per cent to 5 per cent spread over each of 20 different countries at any given time.

After three years of “submerging” valuations in shares in developed markets, sophisticated investors are not so wary of emerging markets. The smart money is betting on sovereign debt, which, being more difficult to analyse than corporate risks, trades at lower (more attractive) prices.

So investment in emerging market debt within a blue chip share portfolio can increase returns while the economies of the US, UK, Europe and Japan remain anaemic.

Buying shares in Ashmore is a little more complicated than investing directly in specific company shares. But a good stockbroker, private bank or independent financial adviser can open the door. Given that Ashmore’s flagship fund has produced a net annual return of

19 per cent over the past ten years, I reckon it is worth the effort.

Minimum investment is $5,000 or ?5,000, and it cannot be bought in sterling. But, hey, this is a good time to cash in on the lower dollar with sterling still relatively strong.

An initial sales charge of up to 5 per cent may be added, although this is reduced or waived for big-hitters. There is no charge when you sell. The annual management charge is 1.5 per cent and if the shares grow at more than a “hurdle rate” of 10 per cent in net asset value per annum, the investment manager takes a further 20 per cent above the hurdle.

But if Ashmore’s investment managers jump that high, who am I to begrudge them their share of the spoils. For general inquiries and a prospectus, e-mail ashmail@ashmoregroup.com. I am buying Ashmore SICAV at $115.89.

• Since starting Share of the Month in April 1998, I have recommended 66 different companies, albeit concentrated within a handful of sectors: oils, pharmaceuticals, financials, speciality retailers and brands and technology, media and telecoms.

I have sold 27, but as my remit is to propose a different prospect each month, the number of shares still held in the portfolio is too great. Ideally, a growth portfolio should embrace between 12 and

15 shares, spread over four to five different sectors.

Therefore, I am pruning the portfolio of defensive shares, which I believe could underperform the rest as stock markets recover. Accordingly, I am selling Tesco, Walgreen’s, Weight Watchers and Exxon Mobil. This is purely a lightening up exercise and does not reflect deteriorating fundamentals in any of those excellent businesses.

June 13 (<a href=quote.bloomberg.com>Bloomberg) -- Brazil's real rose to an 11-month high on investor expectations capital flows to South America's largest economy will remain strong as investors seek higher returns than available in Europe or the U.S.

The real rose 0.9 percent to close at 2.8385 per dollar from 2.8635 yesterday in Sao Paulo. The real has gained 25 percent this year, the best performance of the 16 most widely traded currencies. The Mexican and Colombian pesos gained.

Brazilian companies and the government have sold more than $8 billion of foreign-currency bonds this year, boosting demand for the local currency as the proceeds are brought into the country and exchanged for reais. About $1.5 billion was sold this week, and companies such as Gerdau SA and Cia. de Saneamento Basico do Estado de Sao Paulo are expected to sell soon.

The market is betting flows will continue -- the outlook for Brazil risk is improving,'' said Flavio Datz, a trader with Agora CTVM Ltda., a Rio de Janeiro brokerage. The government has done a good job to balance expectations, small rises are matched by small declines. We're at a kind of equilibrium.

International investors have helped push up prices on emerging market assets as declining interest rates in Europe and the U.S. plumb the lowest levels in decades.

Yields on European bonds fell to a three-decade low today on speculation a faltering economic rebound will prompt the European Central Bank to pare its benchmark interest rate in coming months. Yields on U.S. five-year notes fell to a 50-year low after reports showing declines in producer prices and consumer confidence added to speculation the Federal Reserve will cut interest rates.

Brazil's benchmark target overnight lending rate has been held at a four-year high of 26.5 percent for three months in a bid to slow inflation running at its fastest pace in seven years.

Ahead

The real rose in the futures market. The U.S. dollar contract for July 1 settlement, the most traded on Sao Paulo's BM&F commodities and futures exchange, fell 1 percent to 2.8610 reais to the dollar.

Interest rate futures fell for the fifth day in six. The futures rate on one-day bank deposits for January delivery, the most-traded the BM&F, fell 25 basis points to 23.16 percent from 23.41 percent yesterday. The contract indicates investor expectations for the end of December. A basis point equals 0.01 percentage point.

Brazil's 8 percent bond maturing in 2014 rose from yesterday's record closing high, adding 0.19 cent to 92.19 cents on the dollar, paring the yield to 9.90 percent, according to J.P. Morgan Chase & Co.

Mexico

Mexico's peso rose for the second day in three after Mexico's central bank took no action on interest rates in its regularly scheduled twice-monthly meeting on monetary policy.

The peso gained 1.1 percent to 10.5385 per dollar from 10.6595 yesterday in Mexico City and U.S. trading. The currency has declined 1.6 percent in 2003, the worst performance of the 16 most widely traded currencies.

Banks are playing a game with the central bank and interest rates,'' said Luis Garcia Pena, who manages $360 million in debt at Investra Consultores in Monterrey, Mexico. When interest rates fall, people sell off their positions and buy dollars.''

The central bank, which raises and lowers peso lending to commercial banks in an effort to influence interest rates, said that the daily money-market short will remain at 25 million pesos a day ($2.4 million), or 700 million pesos per month.

The currency rose in the futures trading, with the peso contract for September delivery, the most traded on the Chicago Mercantile Exchange, rising for the second day in three, adding 1.5 percent to 9.3875 pesos per dollar.

Colombia, Argentina

Colombia's peso rose for the first day in three, adding 0.4 percent to 2,821.40 per dollar from 2,833.10 per dollar yesterday.

Chile's peso was unchanged at 707.55 per dollar and Argentina's peso rose 0.3 percent to 2.8280 per dollar, boosting its gains against the dollar in 2003 to 19 percent, the second- best performance of the 59 tracked by Bloomberg.

Peru's new sol strengthened for a third day, gaining 0.2 percent to 3.4703 per dollar from 3.4783 per dollar yesterday in Lima, boosting its gains in 2003 to 1.3 percent. Venezuela fixed its bolivar at 1,598 per dollar earlier this year. Last Updated: June 13, 2003 16:22 EDT