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

To: Steve Fancy who wrote (1736)	4/17/1998 12:10:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil court delays ruling on Metropolitana sale Reuters, Thursday, April 16, 1998 at 23:33 SAO PAULO, April 16 (Reuters) - Brazil's Superior Court of Justice on Thursday said it postponed a ruling on a state government appeal of a judge's decision to invalidating the sale of Eletropaulo's Metropolitana (SAO:ELP) distributor. "The ruling was postponed to Friday," a court spokeswoman said. She could not provide further details. The case was brought to the high court after a Brazilian judge ordered the annulment of the sale, which took place Wednesday. He said the privatization auction was invalid on the grounds that the Sao Paulo Stock Exchange (Bovespa) and Sao Paulo state officials disobeyed his injunction suspending the sale. Judge Amador da Cunha Bueno, vice president of Sao Paulo state Justice Tribunal, granted the injunction at the request of an electricity workers union. Sao Paulo stock exchange and state officials, however, said the auction had been completed before the judge issued a legally binding injunction. Metropolitana was sold for the minimum price of 2.026 billion reais to Brazilian private power utility Light (SAO:LIG) at an auction that attracted only one bidder. The company was one of the two distributors spun off from Eletropaulo, Latin America's largest electricity distributor, in a pre-privatization breakup. Bandeirante (SAO:EBN), the other distributor on sale Wednesday, drew no bidders. Copyright 1998, Reuters News Service ============================= Brazil's Cardoso backs bill to push through reform Reuters, Thursday, April 16, 1998 at 22:36 BRASILIA, April 16 (Reuters) - Brazilian President Fernando Henrique Cardoso on Thursday backed a bill that would make it easier to pass constitutional reforms of the country's taxation and political party systems. "I imagine that now we will be able to make great strides in the direction of reform of the tax system, politics and the judiciary," Cardoso said at a ceremony to swear in Sen. Antonio Freitas Neto to the new post of institutional reform minister. The measure calls for a special one-year session of Congress starting January 1, 1999. During that period, constitutional reforms of the country's unwieldy tax structure and the volatile political system could be approved with straight majority votes in Congress. Currently, a constitutional reform requires three-fifths majorities in two separate votes in each house of Congress. That has slowed the government's attempts to streamline the civil service and social security systems over the last three years. Analysts said the president's endorsement meant the bill now has a better chance of being passed before July, when many lawmakers will devote themselves to campaigning for the October elections. The bill -- itself a constitutional amendment -- has already been approved by a committee in the Chamber of Deputies, the lower house. It must now be passed by three-fifths majorities in two separate votes on the floor of the chamber before going to the Senate. If approved by Congress, the proposed "mini-constitutional session" would have to be put to a national referendum. That would take place on October 4 when Brazilians go to the polls to choose a president, state governors and many members of Congress. joelle.diderich@reuters.com)) Copyright 1998, Reuters News Service ============================== Brazil's real ends off as mini-band cut seen soon SAO PAULO, April 16 (Reuters) - Brazil's real dropped 0.04 percent Thursday to end at 1.1409 per dollar in the commercial foreign exchange market amid expectations of an imminent cut in the currency mini-band, dealers said. biz.yahoo.com