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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.200

+2.6%

3:59 PM EDT

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To: Jay8088 who wrote (7591)	9/6/1998 12:28:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil's Malan Doesn't Meet Cardoso - Package Denied Dow Jones Newswires BRASILIA -- Finance Minister Pedro Malan didn't meet with President Fernando Henrique Cardoso on Saturday to discuss Brazil's financial market situation, a presidential palace spokesman said Saturday. Such a meeting had widely been expected following turmoil in Brazilian markets during the last few days as a result of the deepening Russian crisis. Earlier Saturday Cardoso - on his re-election campaign trail in Macapa, capital of the far northern Amazon state of Amapa - once again denied an emergency fiscal package was in the making. As reported the Sao Paulo stock exchange, known as the Bovespa, plunged 6.1% on Friday. Late Friday the Central Bank also announced it will suspend funding to banks at the basic 19% TBC rate and will only make loans to financial institutions at the TBAN ceiling rate of 29.75% until Sept. 30, thereby effectively raising key interest rates. Malan returned Saturday morning from a meeting in Washington between Latin American finance ministers and International Monetary Fund officials. Also Saturday the president's wife, Dona Ruth Cardoso, took ill and was treated for heart problems at the Armed Forces Hospital. The president cut short his campaign visit to Macapa and arrived later Saturday in Brasilia to be at her bedside. A hospital spokesman described her condition as "under control" and that she would be discharged Saturday night. A palace spokesman denied a report by CBN News Radio Network that the meeting with Malan had been canceled because of the First Lady's sudden illness. "The meeting wasn't canceled because it was never scheduled at all and no official meeting between the two men is set for the holiday weekend," he said. Routine government business in Brazil resumes on Tuesday. Governmental offices are closed Monday in observance of Independence Day. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

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