Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Steve Fancy who wrote (1229)	3/17/1998 4:29:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Kandir sees '98 growth above expectations Reuters, Tuesday, March 17, 1998 at 11:36 CARTAGENA, Colombia, March 17 (Reuters) - Brazilian Planning Minister Antonio Kandir said on Tuesday that Brazil's economy will grow more than two percent this year, adding that forecasts under one percent are incorrect. Kandir told Reuters he saw no reason for further public spending cuts at this point, and expected Brazilian interest rates to contine dropping as fallout from the Asian crisis eases. "I am absolutely convinced that the worst is over and it is very unlikely that there will be any direct contagion from Asia in Brazil," he said in an interview during the annual meeting of the Inter-American Development Bank. The IADB has forecast Brazilian growth at under one percent for this year. "No, we don't agree with that. It is more likely that growth will be somewhat above 2 percent this year," he said. International Monetary Fund economists said they do expect the Brazilian economy to speed up later this year. Brazil's international reserves, which declined in 1997 as the government scrambled to prop up the real, will rise to close to $60 billion by year-end, Kandir said. Kandir reiterated that Brazil will maintain its exchange rate policy of gradual depreciation of the real, and there will be no sudden devaluations. "President Cardoso has made it quite clear he will not change the exchange rate policy during his current term nor in a second term if he is re-elected," Kandir said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (1229)	3/17/1998 4:32:00 PM
From: Steve Fancy	Respond to of 22640

Credit ratings lag market view of Brazil risk-Bier Reuters, Tuesday, March 17, 1998 at 15:44 CARTAGENA, Colombia, March 17 (Reuters) - Brazil is in talks with ratings agencies in an attempt to boost their assessment of Brazilian risk, top government advisor Amaury Bier said on Tuesday. "The market's perception (of Brazil) is more favourable than the ratings agencies', and we're trying to discuss that with them, and give them more information," Bier told a seminar on the fringes of the annual general meeting of the Inter-American Development Bank. Bier is chief advisor to the Planning Ministry. Brazil's hard currency reserves soared to $57.4 billion in February approaching pre-Asian crisis levels on a wave of market confidence in the government's near-term ability to maintain its foreign exchange policy. Ratings agencies have come under fire ever since they failed to anticipate Asia's financial crisis. Moody's rates Brazilian foreign currency debt at B1, while Standard & Poors rates Brazil BB-minus. Copyright 1998, Reuters News Service