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

To: Steve Fancy who wrote (7911)	9/11/1998 5:54:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's Cntrl Bk: No Curbs On Floating-Dlr Mkt - Estado Dow Jones Newswires RIO DE JANEIRO -- A Central Bank of Brazil official said Friday the government is not considering curbs on the floating-rate dollar market nor restrictions on imports, the Estado news agency reported. Some market participants believe the government may be forced to take one or both measures to staunch capital flight. "There is no such thing," said Maria do Socorro de Carvalho, head of the reserves department. "We've chosen to work with classic orthodox policies, such as boosting interest rates." At 2100 GMT Friday, preliminary central bank figures showed Brazil's exchange markets registering an outflow of $855 million. On Thursday, outflow reached $1.8 billion, bringing September remittances to $11 billion. -By Geraldo Samor; 55-21-580-9394; gsamor@ap.org

To: Steve Fancy who wrote (7911)	9/11/1998 6:05:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shrs end sharply up on rate hike excitement Reuters, Friday, September 11, 1998 at 17:38 SAO PAULO, Sept 11 (Reuters) - Brazilian shares ended near their session highs on Friday as a surprise interest rate hike by the Central Bank on Thursday excited investors who were fatigued by continuous losses, brokers said. The 57-share Bovespa index (INDEX:$BVSP.X) shot up 13.39 percent to close at 5,398 points, reversing a steep 15.8 percent slide posted on Thursday. "Optimism from the rate hike lifted share prices from their bottom today, but the situation is still very delicate," said Marcelo Porto at Concordia brokerage. The Central Bank raised its basic lending assistance rate Tban to 49.75 percent from 29.75 percent in an apparent bid to plug dollar outflows from the country's financial markets. Foreign investors pulling money out of Brazilian markets was one of the main causes of recent crashes in the bourse. Forex dealers said dollar outflows, estimated at $730 million on Friday by the market's close, have diminished somewhat following the rate hike. Commercial and floating forex markets had posted a net $1.8 billion outflow on Thursday. "But the Central Bank will not be able to sustain such high rates for long, so other measures will be needed," Porto said. Another big support factor for local shares on Friday was market talk that the International Monetary Fund (IMF) may help big Latin American economies including Brazil avert a currency crisis by providing some type of credit line. "Today's bounce back is on hopes that there could be an IMF or Group of Seven or U.S. bailout," said Walter Stoeppelwerth, economist at Robert Flemings in Brazil. IMF's Managing Director Michel Camdessus said in a statement after Brazil's market close that the body was ready to strengthen financial support to countries in the region if needed. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (7911)	9/11/1998 6:06:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Telebras units to begin trading on Sept 21 Reuters, Friday, September 11, 1998 at 17:37 RIO DE JANEIRO, Sept 11 (Reuters) - Shares from the 12 spin-off units of Brazil's recently privatized telephone company Telebras (SAO:TELB4) will begin trading on domestic exchanges on September 21, the president of the Brazil's Securities Exchange Commission (CVM) said on Friday. CVM president Francisco da Costa e Silva said the CVM had authorized listing the 12 holdings as openly exchanged companies, a prerequisite to trading. "Today we authorized listing the 12 companies created from Telebras and we determined the stocks can be negotiated starting September 21," he said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (7911)	9/11/1998 6:15:00 PM
From: Steve Fancy	Respond to of 22640

U.S.'s Rubin, Greenspan Working To Steady Jittery World Dow Jones Newswires WASHINGTON (AP)--If recessions in one-third of the world's economies and the crumbling Russian ruble weren't enough, a worried Wall Street now is also anxious about President Clinton's future. Investors are counting on two men to keep the U.S. economy humming - and Treasury Secretary Robert Rubin, like Alan Greenspan before him, is signaling he'll be there. Rubin showed up on the White House lawn after an emotional Cabinet meeting with the president Thursday night, assuring the world via television that Clinton's troubles wouldn't divert his attention from the financial firestorm raging out of Asia. "We have been totally focused" on the economic crisis, Rubin said. The underlying message: Rubin, the savvy Wall Street veteran and architect of much of Clinton's economic success, has his eye on the ball and, most importantly, isn't going anywhere, despite widespread rumors that he would soon leave the Cabinet. Last week Greenspan, the Federal Reserve chairman, signaled that the central bank stood ready to lower interest rates to keep the U.S. economy out of recession. Those words were enough to power Wall Street to its biggest one-day point gain in history Tuesday, a rise of 380 points for the Dow Jones Industrial Average. But the market's extreme nervousness was underscored by the following two trading sessions, when the Dow slumped by 400 points. That drop was triggered by the announcement that Independent Counsel Kenneth Starr's report - outlining possibly impeachable offenses by Clinton - was being released. The potential government crisis is affecting the markets "because a beleaguered presidency could mean the inability to deal with risky world situations ranging from terrorism to economic turmoil," said Allen Sinai, chief economist at Primark Decision Economics.

To: Steve Fancy who wrote (7911)	9/11/1998 6:19:00 PM
From: Steve Fancy	Respond to of 22640

Rubin: In Contact With Brazilian President Cardoso Fri Dow Jones Newswires WASHINGTON -- Treasury Secretary Robert Rubin said he had been in contact with Brazilian President Fernando Henrique Cardoso Friday and that Brazil should continue economic reforms as a way to restore financial stability. "I telephoned President Cardoso Friday to discuss recent developments in global financial markets and express U.S. support for Brazil's actions thus far to respond to these pressures," he said in a statement issued late Friday. The Sao Paulo stock market gained back much of its losses Friday, rising 13.4% after Thursday's 15.8% plunge. "I believe Brazil has made impressive achievements in recent years to stabilize its economy and improve underlying economic fundamentals. Continuing on this reform path is the best way to respond to current financial turbulence and sustain long-term growth prospects," Rubin said. Rubin promised to stay in close touch with Brazilian officials in the future and reiterated that "the financial stability and prosperity of Brazil is of vital importance to the United States and to the global economy more generally." - By Jonathan Nicholson; 202-862-9255