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

To: djane who wrote (8058)	9/15/1998 3:00:00 PM
From: djane	Respond to of 22640

Brazil's Cardoso to speak with Clinton [on Tuesday] Tuesday September 15, 2:32 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) BRASILIA, Sept 15 (Reuters) - Brazilian President Fernando Henrique Cardoso, currently struggling against a major economic crisis, plans to speak with U.S. President Bill Clinton later Tuesday, a spokesman at the Brazilian presidency said. ''The president will be calling (the White House) but we will not know the details of the conversation until later,'' the spokesman said. (Note: this article is ''in progress''; there will likely be an update soon.) Related News Categories: international, options, US Market News Help Copyright c 1998 Reuters Limited. All rights reserved.

To: djane who wrote (8058)	9/15/1998 3:04:00 PM
From: djane	Respond to of 22640

Argentina next if Brazil ''goes'', Soros says Tuesday September 15, 2:33 pm Eastern Time WASHINGTON, Sept 15 (Reuters) - International financier George Soros said on Tuesday there was ''general panic'' in Latin American markets and that a financial collapse in Brazil could spread to Argentina. ''The flight of capital has now spread to Brazil and if Brazil goes, Argentina will be endangered. There is general panic in Latin America,'' Soros said in prepared testimony to the House Committee on Banking and Financial Services. Soros's testimony differed little from an article under his name in the Tuesday edition of the Wall Street Journal except for several comments added to the text. Apart from his comment on Latin America, Soros also made remarks on Malaysia's introduction of capital controls and the global financial system. Soros warned that Malaysia's unilateral action this month to cut itself off from the turbulence of global financial markets could damage the rest of Asia. ''The measures taken by Malaysia will hurt the other countries which are trying to keep their financial markets open because it will encourage the flight of capital,'' he said. ''In this respect Malaysia has embarked on a beggar-thy-neighbor policy. If this makes Malaysia look good in comparison with its neighbors, the policy may easily find imitators, making it harder for others to keep their markets open.'' Soros warned U.S. legislators that the U.S. economy could not remain isolated from global financial turmoil and urged Congress to approve $18 billion in extra funding for the International Monetary Fund. ''So far our stock market has escaped relatively unscathed and our economy has actually benefited from the global crisis, but make no mistake: unless Congress is willing to support the IMF, the disintegration of the global capitalist system will hurt our financial markets and our economy as well because we are at the center of that system,'' he said. Legislation for the funding has been passed by the Senate but has been blocked by the House. Soros said that the world financial crisis meant it was urgently necessary to rethink and reform the ''global capitalist system''. Regulators should reconsider the structure of the banking system as well as look again at swaps and derivatives. Copyright c 1998 Reuters Limited. All rights reserved.