<a href=www.canada.com>CanWest News Services Wednesday, April 30, 2003

The Organization of Petroleum Exporting Countries may vote to cut output at a June 11 meeting should oil prices keep falling, said Alvaro Silva, the group's secretary-general.

OPEC members have been exceeding their output quotas this year to make up for production disruptions from members including Venezuela, Iraq and Nigeria. At a meeting last week in Vienna, the producers said they would rein in output starting June 1.

Crude oil for June delivery fell 25 cents, or one per cent, to $25.24 a barrel on the New York Mercantile Exchange, the lowest closing price since Nov. 13. Prices have plunged 37 per cent from a 12-year high of $39.99 reached on Feb. 27.

"We agreed there was too much oil on the market and took out two million barrels a day," Silva said in an interview.

The June reduction will be from the group's current output of "around 27 million barrels a day" for the 10 members with quotas, all but Iraq, Silva said.

Posted on Wed, Apr. 30, 2003 By Christopher Toothaker ContraCostaTimes.com-ASSOCIATED PRESS

CARACAS, Venezuela -President Hugo Chavez could not persuade city folks to move to the sparsely populated interior to help Venezuela feed itself. So he is bringing farming to the city.

With help from the U.N. Food and Agriculture Organization, the populist ex-paratrooper who sold mangoes as a child hopes to give Caracas residents a green thumb as a way to fight poverty and malnutrition.

Despite the country's oil riches, more than half of its 24 million people live in poverty. According to the latest statistics from the U.N. Department of Economic and Social Affairs, at least 5 percent of Venezuelan children under age 5 were undernourished in 2000.

Most Venezuelans make the minimum wage of $120 a month. Even if two parents work, it is not enough for the $585 the average family of five needs for just a basic living.

Chavez is urging shantytown residents to plant rooftop gardens. And he has the army helping in a campaign to turn abandoned land into community gardens.

At one lot in downtown Caracas recently, soldiers hauled wheelbarrows of dark soil while Cuban agriculture experts from the FAO reviewed plans, and volunteers -- many of whom had never seen a farm -- planted vegetables.

"We are using intensive farming with high rotation (of crops) all year long," said Mirium Carrion, a Cuban adviser. "If we don't get at least five or six harvests a year, it really isn't feasible."

Flowers, green peppers, beets and even medicinal plants such as aloe have been planted on a 1.3-acre plot next to a Hilton hotel.

"Everything that is planted and harvested here will be sold to the public," said Amado Perdigon, an agronomic engineer. "Volunteers will share in the profits and a portion will be put back into the program to keep it going."

Critics say the campaign means well, but they argue that it is based on projects that have failed in communist countries and say the government would do more to alleviate food shortages if it helped the private business sector.

Chavez says his government aims to get vegetables planted on more than 2,470 acres in Caracas and surrounding areas, including city slums, this year. "We are planting a new life for Venezuela," he proclaimed recently.

The government will spend $2 million for the projects in Caracas, said Ricaurte Leonett, the deputy agriculture minister.

Chavez first tried to persuade city people to become farmers after mudslides and flash floods killed 15,000 Venezuelans and left tens of thousands homeless near the capital. Most of the homeless refused to budge, preferring to stay with relatives or rebuild precarious shanties.

Recession continues

The city farm project comes as Venezuela suffers one of its worst recessions in decades.

A two-month general strike that ended in February and a government freeze on spending U.S. dollars have worsened food shortages. Called by labor and business groups to demand Chavez's resignation, the strike failed while costing Venezuela an estimated $6 billion in lost production.

The stoppage also led the government to impose currency exchange controls to stem a slide in foreign currency reserves. Since January, not one dollar has been granted to food importers in a country that imports 60 percent of its food.

Besides encouraging city farming, the government plans to sell 112,000 tons of food each month to the poor at bargain prices. The Special Food Security Plan, with soldiers distributing and selling the food, will cost the government $70 million a month, Chavez said.

Critics argue that the cost will outweigh the effort's benefits while further hurting the struggling private sector.

Michael Shifter, an analyst at the Inter-American Dialogue in Washington, said the project is well-intentioned but based on failed models in Cuba and other communist countries.

"There aren't many success stories regarding similar efforts," he said. "This goes against what many see as the proper role for the military. It helps him (Chavez) consolidate power while leaving private enterprise out."

The army also is providing urban farmers with old wooden shipping pallets and trash bags to build growing containers.

In Caracas' Tamarindo slum, the crates are sprouting with lettuce, eggplant, tomatoes and broccoli. They are on balconies and rooftops in the labyrinth of red-brick shanties clinging to hillsides.

"This is eggplant and that one is broccoli, all planted a few weeks ago," said Eloy Guerrero, a 53-year-old carpenter who supports a family of six. "I don't know how much food it will provide, but it's something for my family during hard times."

By James Kraus

Washington, April 30 (<a href=quote.bloomberg.com>Bloomberg) -- The U.S. Export-Import Bank has halted providing loan guarantees and insurance for exports to Venezuela, the Wall Street Journal said, citing the government trade finance agency.

The suspension took effect April 17, the newspaper said. Venezuela's economy contracted 8.9 percent last year, in part because of a two-month general strike that crippled oil exports, drained reserves, and prompted the government to impose foreign exchange controls.

The halt in providing loans and guarantees is ``open ended'' and will continue until the bank decides repayment of loans can be assured, the paper said, citing bank spokesman Bo Ollison.

Antonio Herrera-Vaillant, vice president of the Venezuelan- American Chamber of Commerce in Caracas, said the export finance agency's decision would be ``devastating,'' the newspaper said.

``The imposition of something like this goes beyond (commercial) relations with the United States because when the Ex- Im Bank cuts you off, the world cuts you off,'' he said.

Venezuela imported $4.5 billion in goods from the U.S. last year and ranked as one of the agency's top 10 customers in fiscal 2002, obtaining $320 million in loans and import guarantees, the Journal said.

(WSJ 4-30 A15)

For the Wall Street Journal's Web site, see {WWSJ } Last Updated: April 30, 2003 06:10 EDT

<a href=www.theedgedaily.com>theedgedaily.com 30-04-2003: By Jimmy Yeow, 4.25pm

Malaysia International Shipping Corporation Bhd's acquisition of American Eagle Tankers Ltd (AET) fits into its plans to become a global oil and gas carrier by providing the last big piece of the jigsaw puzzle - the Atlantic basin oil market.

"AET is a well-known player in the Atlantic basin and it fits in with the big picture of MISC's vision," says International Shipowners Association of Malaysia chairman Datuk Abdul Latif Abdullah.

"Although MISC is a big player itself, its market has been traditionally confined to the Europe-Middle East-Far East routes and AET will enable it to spread its wings to another important oil market," he tells theedgedaily.com.

He adds the earnings potential from AET will depend very much on the freight rates, which is dependent on the oil and gas industry demand and whether AET manages to secure long-term charter contracts for its tankers.

Abdul Latif believes that MISC's purchase of AET is part of its long-term earnings plan and it will be positive to the national carrier.

Meanwhile, analysts described the purchase as a good deal for MISC, which allows the company to spread its earnings base from the Liquefied Natural Gas (LNG) transportation services.

MISC will pay US$445 million or RM1.69 billion cash to Neptune Orient Lines Ltd for AET.

"At 45 per cent premium to AET's net asset of US$307.6 million, it seems fair in view of the long-term earnings potential," AmResearch says in its daily report.

It points out that financing for the acquisition through borrowings should not be a problem for MISC as its gearing ratio would increase from 0.7 times to one time including AET's US$343 million borrowings.

AmResearch said AET had in March this year secured a seven plus three years contract to transport fuel from Venezuela to Asia for a contract value of about US$220 million.

The research house has maintained its buy recommendation for MISC.

Mayban Securities Research says the deal was not a surprise as MISC had earlier this year indicated its intention to invest in AET.

"We believe that MISC's interest in AET is part of the group's goal to be a premier player in the global energy transportation market," it says.

Meanwhile, MISC managing director Datuk Mohd Ali Yasin was quoted to have told a news conference on April 30 that MISC expects a minimum 10 per cent return in profit from its acquisition of AET.

He said there was no immediate plan to sell bonds but would look out for a short-term bridging loan to finance the purchase.

Salt Lake Tribune April 30, 2003 By Kathy Stephenson The Salt Lake Tribune

    From the cold Jarritos fruit drinks on the beverage shelves to the prickly green nopales cactus paddles in the produce section, Michael Gallegos points to the foods of Mexico, which 20 years ago were unavailable in Utah.

    "Back then, there were two or three Hispanic markets in the whole state," said Gallegos, the Hispanic Marketing Specialist for SYSCO Intermountain Food Services. "Today there are close to a 100 from Brigham City to St. George."

    Utah is not yet California or Florida boasting of neighborhoods with a mercado (market) or panaderia (bakery) on every corner. But as the state's Latino population has grown during the past decade, so have the number of markets catering to those with Latin and Mexican tastes. Popularity probably will peak this week in anticipation of Cinco de Mayo celebrations Monday.

    The majority of markets in Salt Lake County and Ogden are geared toward residents of Mexican descent. However, most try to stock a few items particular to South American countries such as Argentina, Brazil, Chile and Venezuela, said Gallegos.

    The markets in Utah County, for example, take on more of that South American flavor, said Gallegos, as many residents served two-year missions in those countries for The Church of Jesus Christ of Latter-day Saints.

    One of the largest and busiest ethnic markets in Utah is Salt Lake City's Campos Market, which opened in 1994, just as Utah's Latino population boom went into overdrive.

    The store, at 800 South and 900 West, moves inventory at a high rate for a specialty store, selling about 60 cases of beef in a week and more than 20 cases of fresh chiles, said owner Jose Campos, who immigrated to the United States 25 years ago from Puebla, Mexico.

    Campos, 44, also owns markets in Ogden and Kearns as well as a Salt Lake City bakery.

    He opened the Salt Lake City market because family and friends had a difficult time finding authentic chiles, cheese and cuts of meat. "And because I needed some money," joked the usually reserved Campos, who worked in a California grocery chain for 14 years before following his wife to Utah in 1993.

    On a recent April morning, Gallegos took The Salt Lake Tribune on a tour of several area markets. We found Campos in a spring fiesta mode. Samba music thumped from the loud speakers and colorful pi-atas hung from the ceiling.

    At the meat counter, customers perused whole chickens and fish, spicy chorizo sausages, thinly-sliced ranchera steaks, and beef tripe, liver and hooves.

    "Remember, America is probably the only country in the world that doesn't use the whole animal for food," said Gallegos.

    Mangos, plantains, tomatillos and nopales make up a large portion of the produce section as do a half-dozen varieties of fresh chiles. Campos Market is all about chiles. In addition to the fresh chiles, there are dried and canned peppers in several varieties, from ancho and guajilla to arbol and pasilla.

    The remaining store aisles feature an assortment of beans, rice, salsas, sauces and pastes.

    Thirsty? The Jarritos brand of fruit-flavored drinks sits prominently in the beverage case along with non-alcoholic sangrias and other soda pop brands. There also are dozens of powdered mixes for making cold horchatas, a popular creamy rice-based drink.

    If that doesn't satisfy a sweet tooth, there are treats made from tamarind seeds, unrefined sugar cones called piloncillos and sour candies featuring Lucas, a sunglass-wearing cartoon duck beloved by children in Mexico.

    The tortilla shelves had been picked clean on this particular day, so Gallegos took our tour a few blocks north to La Diana Market and Tortilla Factory at 56 S. 900 West.

    Owner Raphael Gomez remembers when he opened the store in 1988. It was barely 500 square feet and his family lived in a small apartment in the back.

    Today, the store has expanded several times and includes a fresh meat case, produce, several aisles of groceries and a small counter where customers can get fresh tacos and pork carnitas.

    The tortilla factory has expanded at a more rapid pace. At first, tortillas were made by hand and sold to a few Salt Lake City stores and restaurants. Today, a large machine makes thousands of tortillas every day, which find their way to supermarket shelves in Utah, Idaho, Nevada and Wyoming.

    While the number of Latin markets has increased, the Gomez family said business has not been hurt by the competition.

    "More people are coming into Utah, so we see new customers every day," said Sergio Gomez, Raphael's son, who took over day-to-day operations of the business two years ago.

    The majority of customers are Latino, he said, but there are plenty of shoppers of other ethnicities who stop in regularly.

    While not every employee at Utah's Latin markets is fluent in English, there usually is someone in the store who speaks enough English to answer any questions shoppers may have.

    Hoping to capitalize on the Latino population growth, most large supermarkets have increased ethnic offerings in recent years. But hitting such ethnic aisles is not the same as making a trip to a Latin specialty market, said author Linda Bladholm, in Latin and Caribbean Grocery Stores Demystified (Renaissance Books, $16.95). The guidebook identifies and explains the uses Latin American herbs, chiles, fruits, sauces, meats, beans and beverages.

    "You miss the atmosphere, home-cooked snacks and the experiences of meeting people who will be glad to help you and share their culture and recipe tips," she said.

    kathys@sltrib.com        Chicken in Green Sauce (Jocon)     Pronounced ho-cone, this is a famous Guatemalan chicken dish.     2 chipotle chiles     2 small corn tortillas, toasted, chopped     2 (3- to 4-pound) fryer chickens, cut into 6 or 8 pieces each     Kosher salt, to taste     Freshly ground pepper to taste     1/4 cup canola oil     1 cup chicken stock     6 to 8 ripe tomatillos, papery husk removed, rinsed and cored     4 cloves garlic, sliced     1 cup cilantro, chopped     1 cup scallion greens, chopped     1/2 medium Spanish onion, diced     2 tablespoons toasted and ground pepitas     plain white rice

   Heat oven to 350 degrees. Toast the chipotles in a small skillet over medium heat, then soak in a bowl of warm water until soft, about 20 minutes. Drain and remove seeds and stems. Reserve.

    In the same dry skillet over medium heat, toast tortillas briefly on each side until fragrant. Chop and set aside.

    Season chicken with salt and pepper. Heat oil in a large ovenproof skillet over medium-high heat. When hot, add chicken in batches, skin side down. Sear about 2 minutes per side, until golden brown. Turn and brown on other side.

    Return all chicken to pan, transfer to oven and bake 30 minutes.     Meanwhile in a blender or food processor, puree tortillas with chipotles, chicken stock, tomatillos, garlic, cilantro, scallion greens, onion, and pumpkin seeds. Reserve.

    Remove skillet from oven and place on the stove over medium heat. Add the pureed sauce to skillet and simmer for 15 minutes, stirring occasionally. Season with salt and pepper. Serve over plain white rice. Makes 4 to 6 servings.

    -- "New World Kitchen: Latin American and Caribbean Cuisine" (Ecco, $34.95) by Norman Van Aken        Chilean Tomato and Sweet Onion Salad     1 medium Vidalia or other sweet onion, halved and thinly sliced     1 tablespoon sugar     6 large, ripe tomatoes, sliced about 1/2-inch thick     Salt     3 tablespoons olive oil     1 jalape-o chili, seeded and minced     3 tablespoons cilantro leaves, chopped

    Place onion slices in a bowl with sugar and cover with cold water. Soak 10 minutes, drain, rinse and pat dry with paper towels. Layer tomato, and onion slices on a plate or in a bowl. Season with salt to taste. Drizzle with olive oil. Garnish with jalape-o and cilantro. Makes 4 to 6 servings.

    -- "Latin and Caribbean Grocery Stores Demystified"    Peach and Chayote Salsa     2 chayotes, peeled     1 cup fresh orange juice     4 peaches, peeled, pitted and diced     1 cucumber, peeled, seeded and diced     2 tablespoons white balsamic vinegar     1/3 cup olive oil     2 teaspoons aji amarillo

    Cook the chayotes in simmering water for 25 minutes or until soft. Drain and cool to room temperature. Seed and dice. Meanwhile, bring orange juice to a simmer in a small saucepan. Cook for 5 to 7 minutes until reduced by half. Remove from heat and let cool to room temperature.

    In a large bowl, combine chayotes, peaches and cucumber. Add orange juice, vinegar, oil and aji. Stir to blend. Let sit for about 20 minutes before serving. Or cover and refrigerate for up to two days. Bring to room temperature before serving. Serve over grilled fish or a salad. Makes about 7 cups.

    -- "Nueva Salsa" (Chronicle Books, $16.95) by Rafael Palomino and Arlen Gargagliano