Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Steve Fancy who wrote (8522)	9/24/1998 4:12:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shrs down 4.32 percent chasing Wall Street Reuters, Thursday, September 24, 1998 at 15:30 SAO PAULO, Sept 24 (Reuters) - Brazilian stocks came under increased selling pressure from profit-taking in late-afternoon trade Thursday as investors followed the downward trend on Wall Street, brokers said. The Bovespa index (INDEX:$BVSP.X) was down 4.32 percent to 6,966 at 1600 local/1900 GMT. The blue-chip index slumped from the start of trading after jumping 11 percent on Wednesday. "The market is dominated by players looking for quick profits. Nobody was buying (yesterday) to invest," said one trader. The market's benchmark Telebras preferred receipts (SAO:RCTB40) were down 5.41 percent at 87.50 reais, while Eletrobras preferred B shares (SAO:ELET6) were down 6.6 percent at 28.01 reais. In the currency market, the real was trading at 1.1835 per dollar, unchanged from Wednesday's close, after rising as much as 0.08 percent earlier in the day. Forex dealers said the real weakened on speculation about more dollar outflows. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8522)	9/24/1998 4:14:00 PM
From: Steve Fancy	Respond to of 22640

Brazil sees saving 1.17 pct GDP with admin reforms Reuters, Thursday, September 24, 1998 at 15:43 BRASILIA, Sept 24 (Reuters) - The Brazilian government aims to save the equivalent of 1.17 percent of the gross domestic product annually with the passage of administrative reforms, a senior Finance Ministry official said Thursday. Separately, the government hopes to save 2.6 billion reais in the first 12 months after pension reforms are approved, the ministry's executive secretary Pedro Parente said during a speech to businessmen. "Our estimate is that pension reform could produce savings of 2.6 billion reais in the first 12 months, 3.44 billion reais in the second year, 4.31 billion reais in the third year, totaling 62 billion reais over 10 years," Parente said. Civil service reform has been approved by Congress but is awaiting final regulation before it can be implemented. Lawmakers must vote on another three amendments to the pension reform bill before it can be approved. Government officials said recently they would send a new proposal for tax reform to Congress before the end of the year. Parente said one of the measures being studied as part of the new bill was creating a national value-added tax to be administered by the states. "We are working on this...it is the only change I can mention. States would levy the tax as long as the legislation, the regulation, is federal," he said. The tax reform bill previously submitted to Congress proposed scrapping several existing taxes, including the Tax on the Circulation of Goods and Services, and substituting a value-added tax to be levied by the federal government. "The Finance Ministry is not committed to its (previous) proposal," Parente said. "The commitment we have is to the problems which we have to solve." The executive secretary said it was essential for Brazil to slash its huge budget deficit, currently more than 7 percent of gross domestic product, to maintain growth. The government has announced more than $5 billion in new spending cuts this month to convince foreign investors it is serious about attacking the deficit, the Achilles heel of its economy, as a global crisis batters emerging markets. Parente said foreign direct investment in Brazil had not been affected despite the market turmoil. "There has been no reduction in foreign direct investment in the last few months, weeks or days," he said, without giving further details. 223-5918)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8522)	9/24/1998 4:26:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Revises August Trade Deficit Dn To $643 Mln Dow Jones Newswires BRASILIA -- Brazil's trade deficit for August has been adjusted to $643 million, from a previously announced $666 million, the Ministry of Trade and Industry said Thursday. The figure was altered after previously registered imports were not verified as having entered the country. The imports figure for August was adjusted to $4.628 billion, down from the $4.651 billion announced earlier this month. Exports last month totaled $3.985 billion. With the adjustment, the cumulative trade deficit for the first eight months of the year was $3.01 billion, with imports of $37.928 billion and exports of $34.923 million. In the January-August period of 1997, Brazilian imports outpaced exports by $7.71 billion. In the January-August period of 1997, Brazilian imports outpaced exports by $4.71 billion. (In an item at 1821 GMT, Brazil's cummulative trade deficit for the first eight months of 1997 was misstated.) Trade and Industry Ministry numbers showed that exports to Asia plunged 27.6% to $3.897 billion from $5.383 billion in the first eight months last year, the Estado news agency reported. Exports to all other regions rose in the period. Sales to the U.S. increased to $6.49 billion, up 3.3% from $6.29 billion in the same period last year. Exports to other Latin American countries jumped 9.9%, while sales to smaller markets such as Eastern Europe and the Middle East soared 15.2% and 13.9%, respectively. The Ministry said that the August trade balance was severely affected by the customs agents' strike, which has still to be fully resolved. The Ministry also said that the stoppage harmed exports more than imports.