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

To: Steve Fancy who wrote (6552)	8/12/1998 11:38:00 AM
From: Steve Fancy	Respond to of 22640

VW (FSE:VOWG) Brazil to cancel August's output cut Reuters, Wednesday, August 12, 1998 at 11:24 SAO PAULO, Aug 12 (Reuters) - The Brazilian unit of Volkswagen AG said Wednesday it was canceling a scheduled reduction in automobile production after it predicted sales would pick up this month following the government's tax cut. Workers at Volkswagen do Brasil's Taubate plant, in Sao Paulo state, will work normally on August 20 and 21, and not be asked to stay at home as they were earlier, a company spokeswoman said. "The measures were changed on belief sales would pick up following the cut in production tax," she said. The government earlier this month reduced the IPI production tax, levied on automobile manufacturers, by five percentage points in a bid to boost slumping sales. The tax now ranges from eight to 30 percent, depending on the model. The government lowered the tax on condition automakers pass the savings on to consumers. Brazil's automotive sales have been down for nine straight months after the government raised the IPI by five percentage points and nearly doubled monthly interest rates to an annual 43 percent in late October amid last year's Asian crisis. The government has lowered the interest rates since late last year, and the TBC prime lending rate now stood at 19.75 percent. It finally reversed the tax measures this month, giving in to staunch lobbying by carmakers. Volkswagen do Brasil's car sales were down 34.4 percent on the year to 28,632 units in July. The spokeswoman said a reduction in car inventories was a good sign sales might pick up beginning in August, although she could not say by how much stocks have fallen. The carmaker had nearly 9,000 units in stocks by late last month. Volkswagen would have stopped producing a total 1,900 Gol and Parati passenger cars had the suspension been carried out later this month. noriko.yamaguchi@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (6552)	8/12/1998 11:49:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Telerj Names New Directors, President Dow Jones Newswires RIO DE JANEIRO -- The new directors of Brazil's Telecomunicacoes do Rio de Janeiro SA (E.TRJ), known as Telerj, are scheduled to take office Wednesday. Geraldo Pereira de Araujo will be the president of both Telerj and its parent company, Tele Norte Leste Participacoes SA. Other Telerj board members are: -Sergio Antonio da Silva Braga, vice president. -Roberto de Almeida Machado, services director. -Oswaldo Costa Junior, engineering director. -Francisco Sebastiao Mendonca, administrative director. -Roberto Duraes de Pinho, financial director. Telerj is one of 16 telecommunication companies part of Tele Norte Leste Participacoes SA, a spinoff of Telecomunicacoes Brasileiras SA, known as Telebras (TBR). Directors of Tele Norte Leste have not been officially named.

To: Steve Fancy who wrote (6552)	8/12/1998 11:56:00 AM
From: Steve Fancy	Respond to of 22640

FGV sees speculative attack against real - The Brazilian currency, the real, could be the target of a speculative attack. The warning was renewed yesterday by economist Lauro Vieira Faria, editor in chief of Conjuntura Econ“mica magazine, a publication of Get£lio Vargas Foundation (FGV). "Brazil is a potential candidate (for the attack) and, if it is stricken, Argentina will come next and, after that, Latin America." According to Faria, the overvalued real against the dollar and the budget and trade deficits of 7.5% and 4% in relation to the GDP, respectively, are the main factors paving the way to a speculative attack. (O Estado de S. Paulo/ Folha de S.Paulo) Brazil has 6.4m ghost electors - A survey based on data of the Electoral Superior Court (TSE) and the Brazilian Geographic and Statistics Institute (IBGE) reveals that Brazil has 6.4m "ghost" electors. According to the TSE, electors above 25 years of age total 84.7m, while the IBGE projects a population of 78.3m at that age for 1998. In short, apparently there are more electors than inhabitants in Brazil. The TSE computing secretary, Paulo Camarao, believes the gap between the figures corresponds mainly to deceased electors that remain in the electoral register. A "ghost" electorate could facilitate fraudulent practices. An individual, for instance, could use a dead person's electoral document to vote more times for the same candidate. (Folha de S.Paulo) Elections: Rossi leads in Sao Paulo - The PDT candidate for Sao Paulo state governorship, Paulo Rossi, remains stepping ahead in electoral polls and has now an advantage of five percentage points in relation to former Mayor Paulo Maluf (PPB). According to the latest Ibope-Globo TV-Estado poll, conducted from 5th through 9th this month, Rossi has 27% of vote intentions, followed by Maluf, with 22%. In the previous poll, both candidates were technically tied, with a difference of a mere 1%. The poll also shows that Rossi would win an eventual run-off with Maluf. Governor M rio Covas (PSDB), who is seeking re-election, obtained 11%, equaling PT's candidate, left-winger Marta Suplicy. Former Governor Orestes Qu‚rcia (PMDB) has 8%. Maluf is the most rejected candidate, with 40%, followed by Qu‚rcia, with 38%, and Covas, with 25%. (O Estado de S. Paulo/Jornal da Tarde/ Jornal do Brasil/ O Globo) Gov't to increase list of capital goods paying lower II - The government will almost threefold in the coming days the list of foreign machinery and equipment to be benefited with reduced Import Tax (II) - from 20% to 5%. The new list should have 900 products, compared to the currently 343. The Finance Ministry should publish in the Di rio Oficial (the Brazilian equivalent to the US Federal Register) the decree authorizing the list expansion by Friday (14). With the changes, some 600 products should be added to the list, while 50 others should be eliminated. (Folha de S.Paulo) Embraer closes US$75m deal with Rolls Royce - Brazilian aircraft maker Embraer has reached a US$75m deal with US-based Rolls-Royce Allison for the purchase of plane engines. Embraer will use the engines to equip its ERJ-145 regional aircraft, an intermediary model between executive jet planes and the small-sized Boeing model. (O Estado de S. Paulo) (By Sergio Caldas)

To: Steve Fancy who wrote (6552)	8/12/1998 11:59:00 AM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

TABLE- Telerj Celular (SAO:TRJC6) first half net Reuters, Wednesday, August 12, 1998 at 11:53 RIO DE JANEIRO, Aug 12 (Reuters) - Telerj Celular, the Brazilian cellular telephone company serving Rio de Janeiro state released the following financial results on Wednesday. 1998 H1 1977 H1 Net profit 105.96 mln n/a Oper profit 158.41 mln n/a Net oper revs 385.00 mln n/a Sales 524.31 mln n/a Net worth 500.29 mln n/a NOTE: All figures are in Brazilian reais and not adjusted for inflation. No comparative figures were provided. Copyright 1998, Reuters News Service