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

To: Petrus who wrote (7229)	8/28/1998 9:26:00 AM
From: djane	Read Replies (3) \| Respond to of 22640

Joint letter offers Western help on Russia reforms Friday August 28, 9:02 am Eastern Time BONN, Aug 28 (Reuters) - The finance ministers of Europe's four biggest economies on Friday offered their close cooperation in dealing with Moscow's currency and debt crisis in a letter to acting Russian Prime Minister Viktor Chernomyrdin. The letter from Europe's members of the Group of Seven -- Germany, France, Britain and Italy -- said full implementation of reforms agreed with the IMF offered the best way for Russia to return to growth and stability, the Bonn Finance Ministry said. ''This is the only way to restore the confidence of international financial markets,'' the Finance Ministry said in a statement on the letter. The joint letter -- signed by German Finance Minister Theo Waigel, France's Dominique Strauss-Kahn, Britain's Gordon Brown and Italy's Carlo Azeglio Ciampi -- follows conversations in the wake of Chernomyrdin's appointment last weekend. Russian President Boris Yeltsin turned to his old ally Chernomyrdin after making former premier Sergei Kiriyenko the scapegoat for a debt moratorium and the abandonment of efforts to maintain a stable rouble. ''The finance ministers agree it is vital to strengthen the foundations of public finances with a fair tax system and to adopt measures to restore the stability of the financial system,'' the statement continued. ''It is also decisive that the Russian central bank is able to pursue an independent, stability-oriented monetary policy.'' Related News Categories: international, options, politics Help Copyright c 1998 Reuters Limited. All rights reserved.

To: Petrus who wrote (7229)	8/28/1998 9:32:00 AM
From: djane	Read Replies (2) \| Respond to of 22640

Brazil Bovespa seen stable as debt prices recover Friday August 28, 9:09 am Eastern Time SAO PAULO, Aug 28 (Reuters) - Brazilian stocks were seen stabilizing on Friday due to an early rebound in the country's dollar-denominated debt and on the expectation that U.S. stocks were set to open higher, traders said. ''The market looks nervous but stable,'' said a trader at BancoCidade. Referring to a type of Brazilian dollar-denominated bond, the trader said, ''Bradies are looking up and a slight rise in Dow Jones could calm investors a bit.'' On Thursday, the key Bovespa (^BVSP - news) index of the 58 most-traded shares suffered its biggest drop since the Asia crisis, plunging 9.95 percent to 21-month low at 6,617 points. The Bovespa is down 35.1 percent so far this year. Bourses throughout Latin America and around the globe took a beating on Thursday on concern that the worsening crisis in Russia could drive investors out of emerging markets and put pressure on countries with vulnerable currencies. Brazil reacted with three new measures, including its decision to waive the 15 percent tax charged on foreign fixed-income investments, aimed at retaining foreign capital and spurring new investments. On Friday, the C-Bond, Brazil's benchmark foreign debt instrument, was trading at 52.5 after dipping below 49 the day before. Still, trading was expected to be minimal as nervousness over the Russian crisis persists. ''Despite Europe showing a bit of recovery and Dow Jones appearing to improve today, the crisis in Russia continues,'' a trader at a local brokerage said. The most heavily-traded shares like Telebras (TELB4.SA) and Petrobras were seen dominating trading. Bluechip activity Thursday: Telebras (TELB4.SA) down 10.95 pct at 84.60 reais Petrobras (PETR4.SA) down 13.1 pct at 126.00 reais Eletrobras (ELET6.SA) down 13.64 pct at 19.00 reais Vale do Rio Doce (VALE5.SA) down 5.46 pct at 15.41 reais Sao Paulo stock exchange's Bovespa index of the 58 most-traded shares: * Thursday: down 9.95 pct at 6,617 points * Week: down 14.7 pct * Month: down 38.2 pct * Year-to-date: down 35.1 pct SELIC (open): 2.075 pct Dollar/Real (open): 1.1765 per dollar YESTERDAY'S STORIES (\SUR) ***** SPOT REAL QUOTES (BRBY) BOVESPA STOCK INDEX (^BVSP - news) ELECTRICAL ENERGY INDEX (^IEE - news) BRAZILIAN ADR PRICES (BR/ADR) BRAZILIAN BRADY BOND PRICES (2LDO) BRAZILIAN DOLLAR FLOW HISTORY (BRFLOW) More Quotes and News: ^IEE - news BRSP BOVESPA IND (^BVSP - news) Related News Categories: international Help Copyright c 1998 Reuters Limited. All rights reserved.