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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (21212)	8/2/2000 1:01:16 PM
From: Steve Fancy	Respond to of 22640

Merrill Raises Brazil's Telemig Celular To Accumulate Dow Jones Newswires August 1, 2000 NEW YORK -- Merrill Lynch said Tuesday that it is upgrading Brazilian wireless company Telemig Celular Participacoes SA (TMB) to an "accumulate" recommendation from "neutral." The advice is based on Telemig's consistent showing of growth and profitability, its management, potential for a takeover, and current valuations on the stock, Merrill Lynch wrote in a report. Merrill is also raising its EBITDA (earnings before interest, tax, debt and amortization) forecast for Telemig in 2000 to 230 million reals ($1=BRR1.78) from BRR221 million, while lowering earnings per share estimates for the year to $0.67 per American Depositary Receipt rather than $0.93 per ADR. Telemig services Minas Gerais, Brazil's third most heavily populated state.

To: Steve Fancy who wrote (21212)	8/2/2000 9:21:27 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

Brazil Court Delays Decision On Worker Compensation Dow Jones Newswires BRASILIA -- Brasil's Supreme Court decided on Wednesday to delay until Aug. 10 a decision on whether the government must compensate workers for alleged losses incurred from four failed economic stabilization plans. A defeat by the government could imply a major blow to public accounts, reversing the government's impressive performance over the past two years. On Tuesday, the Brasil's central bank forecast that an unfavorable ruling could cost the Treasury up to 53 billion reals ($1=BRR1.795). The court decided on a delay to allow for other court cases to be dealt with, including a ruling on Banco do Estado de Sao Paulo SA, better known as Banespa (E.BEP). The case is based on the governments' use of certain inflation indices to adjust a workers' investment fund known locally as FGTS. The fund is managed by federal savings and loans bank Caixa Economica Federal. The suit argues that by changing the inflation indices at times of hyperinflation, the government in practice arbitrarily reduced the amount of money invested by workers into FGTS. -By Diana Rochford, Dow Jones Newswires; (55 61) 99656883;