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Leftist Becomes Colombia Mayor, Referendum Failing*** With 97.94 percent of referendum booths counted, a final result could be delayed until Wednesday or Thursday due to difficulties transporting results from towns isolated by war and geography.

But most of the 15 questions looked set to be invalid because fewer than 25 percent of the electorate participated, even though each point received at least 80 percent support.

Uribe had bet his 75 percent approval rating would translate into support for the referendum, for which he has campaigned since presidential elections in May 2002.

Its seeming failure will rattle international investors, who have been impressed by Uribe, setting the stage for a sell-off in Colombian bonds and a fall in the peso. ***

987 posted on 10/27/2003 1:54:29 AM PST by Cincinatus' Wife
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Oil firings in Venezuela take toll down the line - paralysis in maintenance***CARACAS, Venezuela -- With oil prices hovering around $30, those in the energy business have every reason to be looking for more crude.

But here in Venezuela, famed for its abundant fields, spiking oil prices seem to be doing nothing for the dozens of contractors who work on everything from pumps to pipelines. Private contractors who provide equipment or services to Venezuelan state oil giant Petroleos de Venezuela, or PDVSA, say they are billing only 60 percent of what they did last year.

In the oil-rich area of Lake Maracaibo, tugs and rigs are sitting idle on the docks rather than drilling wells or exploring new fields. Contractors who service wells and equipment say their business has plummeted, and some even talk about leaving the country.

"I used to repair 200 to 300 pumps per month, but I haven't been called to service anything since February," said one contractor, who spoke on condition of anonymity. Buyers complain of high water content of crudes, and contractors report high sand presence in wells and constant problems maintaining well pressure.

The business slowdown for contractors, many of whom have ties with Houston, may be a crucial piece of evidence in the debate over how much oil Venezuela is actually pumping. And it may mean continued production declines to come.

Even though left-wing President Hugo Chavez survived a crippling two-month strike by PDVSA workers launched last December, international observers believe the work stoppage is now taking its toll. ***

988 posted on 10/28/2003 12:41:48 AM PST by Cincinatus' Wife
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