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

To: md1derful who wrote (6567)	8/12/1998 3:36:00 PM
From: jayray	Read Replies (3) \| Respond to of 22640

BOVESPA SEEKS TO INVIGORATE SINKING MARKET! Rooters, Wednesday, August 12, 1998 at 14:61 SAO PAULO, Aug 12 (Rooters) - Brazil's Bovespa announced today that bellweather (under the weather) stock Telebras has changed its ticker symbol from TBR to ELDORADO. Exchange spokesperson Happy Harry Oliveira said it was felt the new symbol was more in keeping with the "ancient and historical pursuit of Latin wealth by non-native treasure seekers." Union leader and Presidential candidate Luis Lula daSilva was quoted as saying that the symbol change was an affront to all true patriotic Brasilians, even the ones on 46th Street in New York, and would only encourage more "gringo wealth seekers to befoul our low tech shores." President FHC was called for opposing comments but the telephone line went dead before he was able to respond. Attempts to reconnect were unsuccessful.

To: md1derful who wrote (6567)	8/12/1998 7:27:00 PM
From: Steve Fancy	Respond to of 22640

Go get 'em Doc! The next article is for you. Notice the name of the top Kremlin aid in the 11th paragraph and the end of the story. He'd probably never make it in the U.S. sf

To: md1derful who wrote (6567)	8/12/1998 7:28:00 PM
From: Steve Fancy	Respond to of 22640

FOCUS-Russia markets take breather, worries remain Wednesday August 12, 5:25 pm Eastern Time By Patrick Lannin MOSCOW, Aug 12 (Reuters) - Russia's bruised and battered financial markets took a breather from recent headlong slides on Wednesday, although analysts and dealers said clouds of uncertainty remained. Treasury bill yields were mostly 120-140 percent, compared with 130-140 percent at Tuesday's close, while the leading share index, which at one point showed a gain, eased only slightly by the close. ''We have a welcome pause that may last a few days...the turmoil is not over,'' said Dirk Damrau, head of research at finance house MFK Renaissance. Russia's markets have been pummelled by turmoil throughout other emerging markets and by concerns that Prime Minister Sergei Kiriyenko will not be able to pull the country from the brink of financial collapse. After the debt market closed, First Deputy Central Bank Chairman Sergei Aleksashenko said the Russian interbank market was in turmoil and that some banks had failed to repay each other although he denied there was a general banking crisis. Although domestic concerns remain, calmer external markets helped to stabilise Russia on Wednesday, dealers said. The key RTS1-Interfax share index (^IRTS - news) slipped just 1.56 percent to 108.19 on slim trade of $21.7 million after a nine percent fall the previous day. But the interbank market woes, which Alaksashenko said were caused both by banks exhausting their reserves of liquidity and by a general crisis of confidence, seemed likely to throw a fresh shadow over the markets. Analysts said the dreaded words ''devaluation'' and ''debt default'' were still on everybody's lips despite Kiriyenko's package of emergency measures and the recently agreed multi-billion dollar International Monetary Fund bailout. ''I believe we have not found the bottom yet, we are still waiting for something big to happen, either a devaluation or a GKO restructuring,'' said one senior equities trader. But top Kremlin economic aide Alexander Livshits reiterated the official position that there would be no devaluation and Finance Minister Mikhail Zadornov said no restructuring was planned. A big improvement in sentiment is also seen as needed in world markets, running scared in the face of a vulnerable yen. The share index took heart in early trade from a gain in Russia's dollar debt, traded as PRINs, although they later slipped in closing business. PRINs climbed early on to 30.25 from record lows of 26.625 the previous day but by late Wednesday were back down to 28.375. Leading Russian shares closed mixed, with some just higher and others in negative territory. Flagship firm UES (EESR.RTS) closed at $0.0905 versus $0.0903 while oil major LUKOil (LKOH.RTS) edged down to $5.33 from $5.40. Top officials have been at pains to calm the nervous markets. Livshits, deputy head of President Boris Yeltsin's administration, told NTV television that the central bank had $17.5 billion in reserves and would not need to draw on recently-received IMF credits. He also said the finance ministry had enough funds to service all its debts for the coming month.