www.businesswire.com Business Editors

MORRISTOWN, N.J.--(BUSINESS WIRE)--March 20, 2003--Schindler Elevator Corporation, in conjunction with Ascensores Schindler, Venezuela, was recently awarded a $5.2 million elevator and escalator contract for the Valencia, Venezuela Metro project.
Schindler will supply 41 escalators and 18 elevators. The project will provide for much-needed public transportation in Valencia, Venezuela's third largest city, and will comprise seven stations when completed in 2004.
"We are pleased to play a significant role in the development of the Valencia Metro as it will be a vital means for allowing the populace, in one of the largest cities in Venezuela, to be able to move from place to place quickly and efficiently," said Deborah Nowakoski, Schindler Export Manager. "Our range of products and services will contribute considerably to the overall success of Valencia's public transportation system."
All escalators will be manufactured at Schindler's Clinton, N.C. plant. Elevadores Atlas Schindler SA, Brazil, will manufacture all elevators, and Schindler's operations in Caracas will be responsible for installing all units.
The general contractor for the project is Siemens Transportation Systems Inc. of Sacramento, Calf. and they will coordinate all efforts between US and foreign-based subcontractors.

About Schindler Elevator Corporation

Schindler Elevator Corporation designs, manufactures, installs, modernizes and services a broad range of elevators, escalators and moving walks for various people-moving applications. The company is the North American operation of the Swiss-based Schindler Group, the world's largest escalator manufacturer and the second largest elevator manufacturer. For additional information about Schindler Elevator Corporation, visit the company's Web site at www.us.schindler.com.


--30--KF/ny*

CONTACT: Schindler Elevator Corp., Morristown
         Kathy Rucki, 973/397-6564
         kathy_rucki@us.schindler.com
          or
         Gibbs & Soell Public Relations, New York
         Audra Hession
         ahession@gibbs-soell.com
          or
         Naomi Salad
         nsalad@gibbs-soell.com
         212/697-2600

KEYWORD: NEW JERSEY VENEZUELA BRAZIL INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MANUFACTURING
SOURCE: Schindler Elevator Corporation

www.vheadline.com Posted: Wednesday, March 19, 2003 By: Patrick J. O'Donoghue

The Venezuelan Economic Coordination & Planning (Cordiplan) Ministry has announced that it will present the Inter American Development Bank (IADB) with its new social security design, for which it will request funding.

The report called the “design for the new social security institutionality” is currently in the finishing stages at the Finance, Labor, Health and Planning ministries. Each sector will present its findings at the next inter-ministerial meeting convened to edit a final report and come up with cost estimates for funding purposes.

A provisional reform of the service in December brought into being a Social Security Superintendency and Social Security Treasury in charge of undertaking affiliations. IADB director for Venezuela and former Venezuelan Finance Minister Jose Alejandro Rojas says the credit portfolio is up for review in April and some loans could either be increased or cut.

story.news.yahoo.com Add Entertainment - Reuters/Variety TV to My Yahoo! By Sinead Carew

NEW YORK (Reuters) - DirecTV Latin America LLC said on Tuesday it filed for bankruptcy protection, as economic turmoil in Latin America forced the largest pay-television operator in the region to restructure its costs and debts.

DirecTV Latin America, which has been hammered by recessions and strife in Argentina, Venezuela and Brazil that have resulted in fewer subscribers, made the filing under Chapter 11 of U.S. Bankruptcy Code after it failed to renegotiate certain contracts to cut costs.

"We did so after concluding that our out-of-court restructuring negotiations were not going to result in an outcome that would allow us long-term viability," DirecTV's President and Chief Executive Larry Chapman told reporters in a telephone conference call.

The company said it would continue regular business throughout the restructuring process, which is expected to take between 6 months and 12 months.

The company, which is 75 percent owned by Hughes Electronics Corp., said the filing does not apply to Hughes or to DirecTV Latin America's operations in Latin America and the Caribbean. Latin American conglomerates Cisneros Group and Grupo Clarin are also stakeholders.

Hughes, which is owned by General Motors Corp., has agreed to provide $300 million in financing to allow the company to continue operating, while it navigates its way through bankruptcy proceedings.

The financing, called debtor-in-possession financing, is subject to bankruptcy court approval.

DirecTV Latin America also said Kevin McGrath, 49, has retired as chairman and named Larry Chapman president and chief operating officer, effective immediately.

DirecTV Latin America said it would ask the bankruptcy court to reject contracts that are "uneconomic and not in (the company's) best long-term interests," including a contract to broadcast the 2006 World Cup and a deal with Walt Disney to carry the Disney Channel Latin America.

Disney was not immediately available to comment.

DirecTV Latin America executives also said the company hopes to use the bankruptcy process to address Grupo Clarin's option to sell its 4 percent stake in the company in November for $196 million.

The company has also been negotiating with its largest lender Hughes, French set top box supplier Thomson Consumer Electronics and PanAmSat Corp., which is 81 percent owned by Hughes and music provider Music Choice.

Executives also said the company would enter discussions with other programmers whose contracts are set to expire during the bankruptcy procedure.

In the United States, Disney and Hughes are embroiled in a dispute over Disney's ABC Family Channel, with DirecTV threatening to drop the channel rather pay the 35 percent price increase that Disney is demanding.

DirecTV Latin America executives said the DirecTV discussions were unrelated to its own discussions.

The filing was made in the U.S. Bankruptcy Court in Wilmington, Delaware.

Hughes stock traded down 14 cents at $10.18 in afternoon trade on the New York Stock Exchange (news - web sites), while General Motor's stock was up 71 cents at $33.92. Disney's shares traded down 38 cents at $16.63. Additional reporting by Adam Pasick

www.abs-cbnnews.com By RHODINA J. VILLANUEVA TODAY Reporter

The Department of Agriculture (DA) has launched a Filipino-invented fertilizer that will reportedly help sugar farmers spend less and increase production.

D.A. Secretary Luiz Lorenzo Jr. said the “3-in-1” fertilizer resulted from a presidential directive to the Fertilizer and Pesticides Authority to develop an alternative to the traditional mixture of urea and diammonium phosphate (DAP), in coordination with local fertilizer manufacturers.

A worldwide shortage of urea and DAP had earlier been forecast beginning next month as a result of plant closures in the United States, Venezuela, Russia and the Middle East.

“The shortage will severely affect our sugar planters, predominantly in Negros and Bukidnon. Planters have traditionally used urea and DAP for decades,” Lorenzo said.

Urea contains 46 percent nitrogen, while DAP contains a mixture of 16 percent nitrogen and 46 percent phosporous.

The DA chief hailed this development not only as a pride for Filipino technological prowess but also as a significant boost to foreign-currency savings in fertilizer imports.

“There is a need to reformulate the type of fertilizer our farmers are using to make it more affordable to them,” he said, at the same time assuring farmers that the new fertilizer still bears the same nutrients possessed by the other types.

So far, only the Philippine Phosphate Fertilizer Corp. (Philphos) has successfully formulated the special fertilizer for the sugar industry, which it has branded as “Philphos 3-in-1.”

Philphos claims that the fertilizer grade will allow sugar planters to save P1,500 per hectare.

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Despite the general weakness in the economy, MAN Roland ( Web Site Related Articles) has been able last year to realize a number of successful sheet-fed press projects in both Latin America and Asia.

Demand for ROLAND 700 in Venezuela

In 2002, the sheet-fed press market throughout Latin America suffered not only from the widespread economic weakness but, on top of it and in particular, from the crisis in Argentina. Just the same, MAN Roland has enjoyed in this world region - especially in Venezuela - an increasing demand for presses of the ROLAND 700 series. A ROLAND 705 3B LV was ordered by packaging and label printer Poligrafica Industrial C.A., and a ROLAND 704 by Intenso Offset C.A., specializing in commercials, book printing and magazines. Another sheet-fed machine from Offenbach - in this case a ROLAND 706 LV - went to Gráficas Armitano C.A., also in Caracas. The new press will be used primarily for producing high-quality books.

Asia Pacific sales region the fastest-growing economic area in the world

Having successfully consolidated its leadership in the Chinese market for newspaper presses, the company now sees numerous interesting opportunities opening up also in that country's sheet-fed market: the new MAN Roland trading company in Shanghai will in future allow optimum market coverage close to customers. At the same time, the MAN Roland branch office in Shenzhen has been expanded in space and personnel. At the opening ceremony for the new office, the local Shenzhen Blue Star Art Printing Company and the New Spring Group signed buying contracts for a ROLAND 704 und two ROLAND 505 LV.

Man Sang, Hong Kong again adds to its MAN Roland machinery

MAN Roland's biggest Asian sheet-fed press customer - Man Sang in Hong Kong - in 2002 ordered four additional machines with 20 printing units: one each ROLAND 906 and 704 plus two ROLAND 705. All ROLAND 700 presses are equipped with the PECOM process automation system. So far, 46 printing units from MAN Roland Offenbach are already in operation at Man Sang.

Sales achievements in Korea and Thailand

The MAN Roland branch in Seoul, South Korea, successfully completed various projects in 2002: a total number of 55 printing units in 3B format was sold to different customers last year. A ROLAND 704 went to Won Dang in Kyungnam. Good news about the past year is also reported from Thailand: in order to further strengthen its leading position in the Thailand market, the Amarin printing and publishing enterprise ordered, as part of an extensive three-year plan, no fewer than five ROLAND 700 sheet-fed presses from Offenbach. The decision to invest in latest printing technology from MAN Roland, was based to a crucial extent on the PECOM networking for a transparent workflow with reliable and verifiable product quality.

Stepped-up activities in Japan

In addition, MAN Roland hopes - as a result of taking over the majority interest in its Japanese sales and service partner DIC-MAN ROLAND and its stepped-up marketing activities in the country - to re-achieve a stronger footing in the Japanese sheet-fed press market as well.