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

To: Steve Fancy who wrote (8661)	9/30/1998 3:33:00 PM
From: dougjn	Read Replies (1) \| Respond to of 22640

Well, I sure hope they're being misleading, to the point of lying. <g> Doug

To: Steve Fancy who wrote (8661)	9/30/1998 10:12:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Cenbank seen intervening to ease dlr flight Reuters, Wednesday, September 30, 1998 at 15:19 SAO PAULO, Sept 30 (Reuters) - Brazil's Central Bank was seen selling dollars in local foreign exchange markets on Wednesday following reports that more hard currency was flying out the country, dealers said. The Central Bank was seen intervening through state-owned Banco do Brasil after dealers estimated another $500 million would leave the country's forex markets on Wednesday. Brazil has lost over $30 billion from its forex markets since the beginning of August as international investors marched out of emerging markets including Latin America, frightened by currency turmoil in Russia. Wednesday's dollar flight put pressure on the local currency the real, which fell 0.08 percent or 1.1855 to the dollar in late trading. The banks would not comment on the intervention. Meanwhile in the local stock market, the key share index Bovespa (INDEX:$BVSP.X) was down 3.35 percent at 6,639 points by 1610 local/1910 gmt mainly tracking stock falls in Wall Street. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:13:00 PM
From: Steve Fancy	Respond to of 22640

Latin America asks World Bank for up-front loans Reuters, Wednesday, September 30, 1998 at 16:28 WASHINGTON, Sept 30 (Reuters) - Several Latin American countries have asked the World Bank for $6 billion in loans for rapid disbursement to help finance current account deficits, the bank chief economist for the region, William Perry, said on Wednesday. Perry said Brazil has not asked for financial support yet, but is expected to do so after announcing a fiscal program, and the bank and the IMF have estimated the size of a "sensible package" needed to back the measures. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:14:00 PM
From: Steve Fancy	Respond to of 22640

Latin America nervously awaits Brazil election Reuters, Wednesday, September 30, 1998 at 16:45 By Axel Bugge BUENOS AIRES, Sept 30 (Reuters) - Latin America waited nervously this week for Brazil's presidential election on Sunday, judging it could make or break efforts to overcome the financial storm roiling the region. With President Fernando Henrique Cardoso holding a comfortable lead in the polls, uncertainty about the result is not the big question. Rather, regional governments' key concern is the speed with which Cardoso will be able to move afterward to shore up Latin America's largest economy and temper devaluation fears, which have been growing on the back of a groaning budget deficit and a massive short-term debt burden. "Effectively, it (the Brazilian election) is an event which is important for everybody else in the region because it will allow an uncertainty element to disappear," said Guillermo Tagle, research manager at Santander Investment in Santiago. "Chile's market, like others in the region, will be calmer once the elections have taken place and risks decrease." Since Russia's devaluation in August, Latin American markets have been hammered -- largely due to Brazil's economic woes. The country's foreign reserves have plunged some $20 billion this month to about $48 billion as investment dollars flee over concerns it may have to devalue. Analysts warn any Brazilian devaluation could unleash a round of devaluations in Latin America like the one in Asia last year. "The big question is, could the present upheavals eventually sweep all of these arrangements (managed and fixed currency systems in Latin America) aside?" said Dresdner Kleinwort Benson in a research note this week. "The answer depends critically upon the ability of the Brazilian authorities to hold the line." And, analysts said, that ability hinges on how much support Cardoso wins in the election and thereby how much room for maneuver he will have in making tough economic decisions like how to deal with the budget deficit. "It's certainly very important for Argentina and the whole region," said Gustavo Canonero, head of research for Mercosur at Deutsche Bank Global Markets Research. "Brazil's direction will depend on how strong Cardoso becomes at the election and how much fiscal reform he will be able to enact." Brazilian authorities have already raised interest rates to nearly 50 percent and made budget cuts of more than $5 billion. But with the budget deficit running above 7 percent of gross domestic product, a lot more is needed, analysts say. Most countries in the region have adopted measures, like cutting spending and raising rates, to ward off the crisis. But decisive action by Brazil could ease the collective pressure as risk-averse investors have tended to treat all Latin American countries the same. Since investors turned their focus on Brazil, there have been increasingly loud calls in Latin America for the G7 industrialized countries and international lending institutions to give Brazil a loan package to help it through the crisis. But not wanting to hurt his election chances, Cardoso has been unable to announce tough spending cuts and or solicit any loans. Brazilians still bitterly remember failed International Monetary Fund programs of the 1980s. "After the elections they can advance with additional measures to reduce the fiscal deficit," said Santander Investment's Tagle. Worries that the United States would not cut interest rates were a major concern for Latin America's besieged economies last week, but after the Federal Reserve delivered a rate cut on Tuesday, all eyes are now on Brazil. "From now on, Brazil's structural problems are Latin America's central problem," said Martin Redrado, an economist at the private Fundacion Capital consultancy in Buenos Aires. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:17:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Malan to seek IMF support Reuters, Wednesday, September 30, 1998 at 17:32 By Joelle Diderich BRASILIA, Sept 30 (Reuters) - Brazilian Finance Minister Pedro Malan was due to leave for Washington on Wednesday to secure IMF support for Latin America's faltering economic powerhouse as markets speculated on the possible shape of a rescue plan. Few observers believed Brazil would announce a politically sensitive agreement with the International Monetary Fund at the organization's annual meeting this week, with the country heading into general elections on Sunday. Instead, the IMF and other international lenders were likely to repeat assurances they will step in with a credit line to help Brazil avoid a devaluation which would send shockwaves through the region, and possibly the United States. In return, Malan would have to present a program of harsh fiscal measures likely to be announced shortly after the elections, which President Fernando Henrique Cardoso is expected to win, economists said. Cardoso commands 46 percent of voter support, a lead of 21 percentage points over his nearest rival, left-wing leader Luiz Inacio Lula da Silva, and enough to ensure a first-round win, according to a Datafolha poll published on Sunday. Foreign investors are losing patience with the sluggish pace of cost-cutting reforms in Brazil's Congress and are demanding rapid measures to slash the nominal budget deficit, currently towering above 7 percent of gross domestic product. "It is fundamental that Brazil adopt fiscal measures and it is equally fundamental that it have access to an international credit line," said Odair Abate, chief economist at Lloyds Bank in Sao Paulo. "This is what can save most rapidly the country's credibility and avoid the continued loss of its reserves." Dollars have been flying out of Brazil at an alarming rate since Russia devalued its currency and announced a moratorium on some foreign debt repayments in August, raising fears that Latin America's largest economy might have to follow suit. Foreign currency reserves, considered Brazil's best weapon to defend its currency, the real, have shriveled to about $48 billion from around $67 billion at the beginning of September as foreign investors pulled out in droves. IMF Chief Economist Michael Mussa said on Wednesday a substantial financial package was under discussion to help Brazilian authorities restore investor confidence and bring interest rates down from an annualized 50 percent. "The details are yet to be elaborated," Mussa told a news conference. "Relying exclusively on fiscal measures may not be enough to support the necessary restoration of confidence and the provision of a substantial package of external financial support could be helpful in supporting the efforts of the Brazilian authorities," he added. Brazilian newspapers speculated Brazil was negotiating a financial aid program totaling between $25 billion and $30 billion, jointly funded by the IMF, the World Bank and the Inter-American Development Bank. Alternatives reportedly included an emergency credit line put together by the U.S. Treasury or a financial aid package from private international banks, which could help by acquiring Brazilian bonds or guaranteeing existing credit lines. Market-watchers said even a "statement of intent" from the IMF might be sufficient to shore up the region's battered economies. But they wondered whether Brazil had the luxury of waiting until after the elections to unveil new fiscal steps. "I think even Malan doesn't know if he will be able to strike a deal with the IMF this week," said an economist in Sao Paulo, who asked not to be named. "Either the government takes concrete steps to solve this problem ... or we are in a really bad spot." Markets have been less than impressed with Brazil's budget-cutting efforts so far. Economists say the country must cut between $17 billion and $25 billion in 1999, dwarfing the $5 billion in new spending cuts announced earlier this month. "(Malan) is probably going to show the IMF what Brazil's intentions are and which fiscal adjustment measures are being proposed," said Abate. "Brazil is making a last-ditch attempt to effectively rescue the credibility of its economic stability." Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:21:00 PM
From: Steve Fancy	Respond to of 22640

IMF sees growth slowdown, recommending rate cuts Reuters, Wednesday, September 30, 1998 at 17:53 By Janet Guttsman WASHINGTON, Sept 30 (Reuters) - The International Monetary Fund forecast on Wednesday a steep slowdown in global growth and said countries should stand ready to cut interest rates to guard against the risk of recession. An unusually pessimistic report from the international lending agency said world economic growth would fall to 2.0 percent this year, less than half the 4.1 percent growth rate seen in 1997 and down sharply from the 3.1 percent global growth rate forecast in the spring. Output growth would recover to 2.5 percent next year, but IMF chief economist Michael Mussa said the "balance of risks" was clearly stronger on the downside -- indicating the forecasts might still have to be revised down. "Even allowing for significant downside risks we would not quite reach the threshold of a global recession, but clearly we have been approaching that state," he told a news conference. "It is a risk with which policymakers need to be concerned." The IMF, along with other international institutions, has been revising its growth forecasts down steadily since the start of last year's Asian crisis -- a financial storm which started in Thailand, moved to engulf most of the developing world and is now affecting rich industrialized countries too. Its World Economic Outlook predicted a deep recession in many Asian countries this year, including a steeper than earlier expected 2.5 percent fall in Japanese output, where the authorities urgently needed to solve banking sector problems. The IMF, which put together multibillion dollar rescue deals for Thailand, Indonesia and South Korea last year, said Thailand and South Korea could return to growth next year. Russia, which devalued the rouble and defaulted on some debt this summer, had replaced Asia as "the epicenter of global financial market pressures" and the IMF said Russia would lurch back into recession with a 6.0 percent decline in 1998 output. This would hit growth prospects across the region. Mussa said the IMF, often criticized for recommending that borrowing countries raise interest rates to defend their currencies, was now recommending easier policies for countries accounting for 90 percent of global gross domestic product. "The need is to move to easier monetary policy around the world and that is what we are recommending for 90 percent of the world's economy," he said. He said Tuesday's U.S. interest rate cut, a reduction of a quarter of a basis point in the key Federal Funds rate, was appropriate and further rate cuts could be on the cards. "The Fed is right in its general policy stance to recognize that the world economic environment has changed and that is going to have an impact on the U.S. economy," he said. "They've sent the right signal about the direction of the movement." The IMF forecast 1998 growth of 3.5 percent in the United States, slowing to 2.0 percent next year. It had earlier predicted growth of 2.9 percent and 2.2 percent respectively. But Mussa also said the IMF was suggesting high interest rates for countries facing external pressures and credibility problems at home. "For these countries, unfortunately there is no easy way out of present difficulties through the pursuit of easy monetary policies," he said. Mussa said "substantial financial package" could be helpful for Brazil, which is the latest victim of what was once described as the Asian economic flu. He said the Brazilian government and the IMF agreed on the need for vigorous action to reduce Brazil's fiscal deficit, and so restore investor confidence and bring interest rates down. "The details are yet to be fully elaborated," he said. The chance of a global recession was an outlying risk "in the distribution of probability outcomes" but not an extreme one, Mussa said. "We could get a worse (global) outcome than we are projecting if we saw both a continuation of negative growth in Asia, a sharper falloff than we are forecasting in Latin America and other emerging markets and a more substantial slowdown in North America and Western Europe," he said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:31:00 PM
From: Steve Fancy	Respond to of 22640

IMF says help for Brazil under discussion Reuters, Wednesday, September 30, 1998 at 18:38 (Adds IMF package for Brazil, IMF news conference) By Anthony Boadle WASHINGTON, Sept 30 (Reuters) - The International Monetary Fund said on Wednesday that discussions were under way on a substantial financial package to help Brazil restore confidence on financial markets and defend its currency. IMF Chief Economist Michael Mussa said the details of the package were still being worked out. "The details are yet to be fully elaborated," Mussa said in response to a question at a Washington news conference, called to discuss the IMF's World Economic Outlook, a periodic report issued by the multinational lending organization. The report said Latin America was the worst hit by the "dramatic deterioration" in confidence since the Russian economic crisis raised the specter of default on financial markets. The investor flight has slowed the region's economies and the IMF lowered its estimate for Latin American growth to 2.8 percent this year, down from a 3.4 percent forecast in May. The fund warned that the crisis of confidence may not subside soon, and Latin America and other emerging markets are likely to face higher borrowing costs for some time, and their access to international finance may remain constrained. The IMF said Brazil, in particular, had to rein in spending to reduce its vulnerability to the hostile financing climate. Latin America's largest economy weathered the Asian crisis by promptly tightening its fiscal and monetary policies, but widening deficits and a large stock of short-term public debt remain a problem. Mussa said Brazil agreed on the need for vigorous action to restore confidence and bring interest rates down, and President Fernando Henrique Cardoso would announce a program for 1999. However, fiscal measures alone might not be enough to win back investors without the backing of international money. "In the present adverse financial environment for virtually all emerging markets, relying exclusively on fiscal measures may not be enough to support the necessary restoration of confidence, and the provision of a substantial package of external financial support could be helpful in supporting the efforts of the Brazilian authorities," Mussa said. The Brazilian currency, the real, has come under great strain since late August, raising fears that a collapse may bring down other Latin American economies, Argentina in particular. Investors have expected Brazil to announce an agreement with the IMF shortly after next Sunday's presidential election, when Cardoso is expected to win re-election. The IMF sees Brazil's growth slowing considerably to 1.5 percent in 1998 from 3.2 percent in 1997. Venezuela has suffered the worst impact from the Asian crisis because of depressed world oil prices and its economy's dependence on oil revenues. The IMF forecast a 2.5 percent economic decline this year after surging forward 5.1 percent last year. "Venezuela also has a pending agenda of structural reforms that are needed to put the economy on a sustainable recovery path and to promote economic diversification," it said. Confidence in Argentina's currency board arrangement has survived the crisis, and there are no indications of capital flight, the fund said. The currency board is part of the so-called Convertibility system, implemented in 1991. Under the system, the Argentine peso is pegged to the dollar at par. It requires that for every peso in circulation there must be a dollar in reserve. "Nonetheless, a relatively heavy debt service burden for 1999 and a still-large current account deficit point to a difficult financing situation if the external turbulence were to continue for an extended period," it said. Argentina's growth forecast was reduced to 5.0 percent from 5.5 percent in May, compared with 8.6 percent in 1997. The IMF warned that unemployment could be on the rise again. Banking reform, improved public debt management and recent steps to cut fiscal spending in 1998 and freeze public spending in 1999 helped Argentina's financial situation, the IMF said. "Nevertheless, the economy, which has substantial trade exposure to Brazil, remained vulnerable," it said. Mexico's bond prices have fallen less sharply than in other parts of Latin America, thanks to a more flexible exchange rate, a smaller current account deficit and stronger links to the still-buoyant U.S. economy, the IMF said. But the widening current account deficit shows the need for further fiscal restraint and structural reforms, the fund added. Low oil prices and higher interest rates will mean growth of 4.5 percent for Mexico, down from 4.8 percent forecast in May. Mexico's economy grew 7.0 percent in 1997. Chile's balance of payments has been hurt by low copper prices and dependence on Asia for a third of its exports. The IMF marked down its growth forecast for Chile this year to 4.5 percent from 6.0 percent in May, reflecting a tightening credit policy and the weak demand in Asia. In 1997 Chile's economy grew 7.1 percent. Oil price declines have meant slower-than-expected growth for Colombia, where the IMF revised its estimate down to 2.7 percent. Colombia's economy grew 3.1 percent in 1997. Fellow oil producer Ecuador will grow 1.5 percent this year compared with 3.4 percent in 1997, the IMF forecast. Peru has slowed to 3.0 this year from 7.2 percent in 1997, it said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:33:00 PM
From: Steve Fancy	Respond to of 22640

Latin America to grow 2 pct in 1999 - World Bank Reuters, Wednesday, September 30, 1998 at 20:32 WASHINGTON, Sept 30 (Reuters) - Latin America will grow an average 2.0 percent in 1999, down from 2.9 percent this year, the World Bank's chief economist for the region, Guillermo Perry, estimated on Wednesday. Perry said the region's growth proyections will depend on the success of Brazil's stabilization program to be announced soon after Sunday's election, and the lowering of financial costs for Latin America. The World Bank's forecast differed widely from that of the International Monetary Fund, which sees the region growing by 2.7 percent next year in its World Economic Outlook. The IMF estimated Latin America will end this year with a 2.8 percent growth rate. washington.economic.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:35:00 PM
From: Steve Fancy	Respond to of 22640

Buyers of Telesp to speed up payments Reuters, Wednesday, September 30, 1998 at 22:02 Mendonca de Barros said details of the agreement would be announced at a news conference Thursday. The Brazilian government has been negotiating with the winning bidders at July's $19 billion for the subsidiaries of federal telephone company Telebras to speed up payment of the outstanding bids. The government wants to bring in dollars to offset massive outflows of capital from the country during an ongoing financial crisis. About $30 billion left Brazilian foreign exchange markets in September amid fears that Latin America's biggest economy might be forced to devalue its currency amid global financial turmoil. A group led by Spain's Telefonica (MADRID:TEF) agreed to pay 5.8 billion reais ($4.9 billion) for Telesp, a fixed-line unit of Telebras and the biggest of its 12 subsidiaries. Under rules for the privatization, 40 percent of the minimum price of the subsidiaries, plus any premium, had to be paid in a first installment within a week of the auction. Buyers were given two years to pay the remaining 60 percent. The minimum price for Telesp was 3.52 billion reais ($3 billion). Mendonca de Barros said he was confident the government would reach agreements similar to the Telesp deal with the buyers of other Telebras companies. The minister said Brazil could receive as much as $8 billion by convincing foreign investors who bought into Telebras to bring forward their payments. Mendonca de Barros said the agreement was of interest to the foreign investors who can take advantage of Brazil's interest rates -- currently close to 50 percent a year -- by bringing their cash into the country now. william.schomberg@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8661)	9/30/1998 10:39:00 PM
From: Steve Fancy	Respond to of 22640

Telefonica Agrees To Move Up Payment For Brazil's Telesp September 30, 1998 Dow Jones Newswires BRASILIA -- Spain's Telefonica SA (TEF) will move up its two outstanding installments of its purchase of the fixed-line telephone company Telesp Participacoes, the Brazilian government said Wednesday. Communications Minister Luiz Carlos Mendonca de Barros said at a news conference that Telefonica will sign in Sao Paulo Thursday the advance payment agreement with the federal National Development Bank, known as BNDES. He said the amount is equal to 60% of the purchase price. Telefonica paid 5.8 billion reals (BRR)($1=BRR1.18) for the controlling stake in Telesp at a July 29 privatization auction of 12 units of the federal holding Telecomunicoes Brasileiras SA, better known as Telebras (TBR, TBH). It already made a down payment of 40% and was to pay the remaining 60% in two installments in 1999 and 2000. The money will enter the Treasury this week, the minister said. The early payment for Telebras units is "the first in a series of new mechanisms by the BNDES to attract foreign capital in a different way now that foreign capital inflows have dwindled because of the international crisis," Mendonca de Barros said. Earlier Wednesday, Spanish conglomerate Grupo Iberdrola (E.IBR) said it subscribed to $266 million in Brazilian public debt issued by the BNDES to pay for what it owes from the Telebras privatization. Iberdrola, in conjunction with Telefonica, bought stakes in three of the Telebras units. Mendonca de Barros said he expects other consortia that purchased units of Telebras to also move up payments. Agreements of early payment could bring in a total of $7 billion to $8 billion, he said. Telebras was sold for a combined price of $18.85 billion. The minister said the BNDES is also considering issuing bonds of state companies scheduled for privatization next year. Those bonds can be used as payment by companies buying the public sector assets. -By William Vanvolsem and Mary Milliken; (55-11) 813-1988.

To: Steve Fancy who wrote (8661)	9/30/1998 10:45:00 PM
From: Steve Fancy	Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 09/30/1998 ******* The 12 Baby Bra preferred shares should add up to the US ADR closing price Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4 13.10 13.40 12.30 12.50 - 7.40% 115 226,700,000 TELE CL SUL PN * TCSL4 1.67 1.75 1.66 1.67 - 4.57% 38 173,400,000 TELE CTR OES PN * TCOC4 0.85 0.86 0.81 0.86 - 1.14% 66 345,300,000 TELE CTR SUL PN * TCSP4 13.00 13.00 12.00 12.50 - 5.30% 106 279,700,000 TELE LEST CL PN * TLCP4 0.45 0.48 0.45 0.46 - 4.16% 62 292,300,000 TELE NORD CL PN * TNEP4 0.82 0.85 0.66 0.66 -25.00% 58 275,800,000 TELE NORT CL PN * TNCP4 0.36 0.39 0.30 0.32 -17.94% 84 295,300,000 TELE NORT LE PN * TNLP4 13.50 13.81 13.20 13.81 + 0.72% 76 154,400,000 TELE SUDESTE PN * TSEP4 3.85 4.00 3.70 3.70 - 5.37% 53 158,100,000 TELEMIG PART PN * TMCP4 0.96 0.96 0.88 0.88 -11.11% 80 368,500,000 TELESP CL PA PN * TSPP4 8.60 8.70 7.70 8.00 -11.11% 67 190,800,000 TELESP PART PN * TLPP4 29.50 30.00 28.02 28.50 - 5.00% 115 245,200,000 ------ R$ 83.86 R$ 83.86 / 1.1835 = US$ 70.86 Closing figures for the Baby Bras Common shares on the Bovespa for: 09/30/1998 These shares trade only in Brazil (Control or Voting shares), will not match up to US ADR Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CL SUL ON * TCSL3 0.90 0.90 0.88 0.90 = 0.00% 16 51,700,000 TELE CTR OES ON * TCOC3 0.60 0.64 0.60 0.63 + 5.00% 22 282,700,000 TELE CTR SUL ON * TCSP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE LEST CL ON * TLCP3 0.33 0.33 0.32 0.33 - 5.71% 18 179,300,000 TELE NORD CL ON * TNEP3 0.60 0.60 0.50 0.51 -15.00% 27 178,800,000 TELE NORT CL ON * TNCP3 0.27 0.28 0.25 0.25 -16.66% 9 74,000,000 TELE SUDESTE ON * TSEP3 2.00 2.00 2.00 2.00 -16.66% 1 400,000 TELEMIG PART ON * TMCP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP CL PA ON * TSPP3 5.00 5.00 5.00 5.00 -16.66% 1 400,000 TELESP PART ON * TLPP3 18.60 18.60 18.60 18.60 = 0.00% 3 28,900,000 Closing figures for Telebras receipts on the Bovespa for: 09/30/1998 These symbols are kind of the US TBH equivalent without the crazy premium. I believe the first two are the normal receipts, don't know about rest...anyone? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBR RCTB RON* RCTB30 52.00 52.00 49.00 51.00 - 4.67% 130 113,400,000 TELEBR RCTB RPN* RCTB40 84.00 86.20 82.50 82.60 - 5.60% 713 1,654,000,000 TELEBR RCTB RON* RCTB30T 52.34 52.34 52.32 52.33 0.00% 6 12,200,000 TELEBR RCTB RPN* RCTB40T 86.86 86.86 86.08 86.08 0.00% 3 1,040,000 RCTB RPN* RCTBJ23 1.00 1.10 0.65 0.65 -50.00% 856 1,876,000,000 RCTB RPN* RCTBJ24 0.31 0.45 0.31 0.33 -28.26% 91 277,000,000 RCTB RPN* RCTBJ25 0.20 0.22 0.16 0.16 -40.74% 14 28,600,000 RCTB RPN* RCTBJ26 0.07 0.09 0.05 0.06 -53.84% 6 36,100,000 RCTB RPN* RCTBJ41 9.70 10.70 7.50 7.50 -36.44% 43 777,600,000 RCTB RPN* RCTBJ42 5.00 5.70 4.00 4.20 -34.88% 740 1,632,000,000 RCTB RPN* RCTBJ43 2.30 2.70 1.70 1.80 -40.98% 1625 3,394,000,000 RCTB RPN* RCTBJ45 0.01 0.01 0.01 0.01 / 0.00% 1 109,000,000 RCTB RPN* RCTBJ66 25.30 25.30 25.30 25.30 -20.68% 1 1,000,000 RCTB RPN* RCTBT90 40.00 40.00 39.00 39.00 + 6.84% 2 104,000,000 TELEBR RCTB RPN* RCTB40F 84.00 85.50 82.51 83.00 / 0.00% 53 1,157,520 TELEBR RCTB RON* RCTB30F 50.01 52.00 48.51 50.49 / 0.00% 36 908,293 Closing figures for other Baby Bra related symbols on the Bovespa for: 09/30/1998 Have no idea what these are...options? Anyone know or want to help figure it out? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4F 12.70 13.49 12.00 12.99 / 0.00% 10 275,066 EMBRATEL PAR ON * EBTP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CL SUL ON * TCSL3F 0.80 0.80 0.80 0.80 / 0.00% 5 44,200 TELE CL SUL PN * TCSL4F 1.63 1.63 1.52 1.52 / 0.00% 2 73,066 TELE CTR OES ON * TCOC3F 0.50 0.51 0.50 0.51 / 0.00% 5 44,200 TELE CTR OES PN * TCOC4F 0.80 0.80 0.78 0.78 / 0.00% 2 73,066 TELE CTR SUL PN * TCSP4F 13.00 13.00 11.80 12.50 / 0.00% 6 151,395 TELE CTR SUL ON * TCSP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE LEST CL PN * TLCP4F 0.47 0.47 0.43 0.43 / 0.00% 4 73,066 TELE LEST CL ON * TLCP3F 0.29 0.29 0.29 0.29 / 0.00% 4 44,200 TELE NORD CL ON * TNEP3F 0.41 0.51 0.41 0.50 / 0.00% 8 152,497 TELE NORD CL PN * TNEP4F 0.80 0.80 0.77 0.77 / 0.00% 2 73,066 TELE NORT CL PN * TNCP4F 0.32 0.32 0.26 0.26 / 0.00% 6 136,897 TELE NORT CL ON * TNCP3F 0.23 0.23 0.23 0.23 / 0.00% 1 10,200 TELE NORT LE ON * TNLP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE NORT LE PN * TNLP4F 13.00 13.00 12.40 12.40 / 0.00% 2 21,466 TELE SUDESTE PN * TSEP4F 3.80 4.00 3.53 4.00 / 0.00% 8 230,066 TELE SUDESTE ON * TSEP3F 1.50 1.50 1.50 1.50 / 0.00% 2 11,200 TELEMIG PART ON * TMCP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PART PN * TMCP4F 0.90 0.90 0.82 0.82 / 0.00% 2 73,066 TELESP CL PA ON * TSPP3F 5.42 5.42 5.15 5.15 / 0.00% 2 11,200 TELESP CL PA PN * TSPP4F 8.50 8.50 7.90 7.90 / 0.00% 4 98,466 TELESP PART ON * TLPP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP PART PN * TLPP4F 27.10 28.50 27.10 28.50 / 0.00% 3 128,066 Closing figures for other Telebras related symbols on the Bovespa: 09/30/1998 These symbols are for the 52 individual companies, no match to anything, provided FWIW. Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5 21.50 21.50 19.00 20.60 + 4.04% 21 3,550,000 TELEBAHIA CL PNC* TBAC7 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS PN EC TELB4 0.42 0.43 0.34 0.40 - 9.09% 52 266,300,000 TELEBRAS ON EC TELB3 0.25 0.25 0.25 0.25 -28.57% 5 10,200,000 TELEBRASI CL PNB* TBRC6 43.01 45.00 43.01 45.00 = 0.00% 2 100,000 TELEBRASI CL ON * TBRC3 35.10 35.10 35.10 35.10 / 0.00% 1 10,000 TELEBRASILIA ON * TBRS3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4 90.01 97.00 90.00 95.00 = 0.00% 7 120,000 TELEMIG PND* TMGR8 40.00 40.00 40.00 40.00 -11.11% 1 70,000 TELEMIG ON * TMGR3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PNB* TMGR6 42.00 42.00 41.00 42.00 = 0.00% 6 910,000 TELEMIG CL PNC* TMGC7 13.30 13.30 12.50 12.50 - 5.30% 9 9,360,000 TELEMIG CL PNE* TMGC11 13.00 13.00 13.00 13.00 / 0.00% 4 80,000 TELEMIG CL ON * TMGC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR PN * TEPR4 193.00 195.00 193.00 193.00 - 3.50% 16 971,000 TELEPAR ON * TEPR3 119.00 120.00 119.00 120.00 + 9.09% 4 14,000 TELEPAR CL ON * TPRC3 35.11 36.30 35.11 36.30 - 4.49% 8 638,000 TELEPAR CL PNB* TPRC6 62.15 63.00 62.12 63.00 - 5.26% 9 1,316,000 TELERJ PN * TERJ4 34.01 35.00 33.50 33.50 - 4.14% 155 40,410,000 TELERJ ON * TERJ3 21.90 22.00 21.00 22.00 + 2.27% 4 50,000 TELERJ CL ON * TRJC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELERJ CL PNB* TRJC6 26.50 26.80 24.50 24.50 -10.90% 77 22,170,000 TELESP PN * TLSP4 172.00 178.00 168.00 172.00 - 5.49% 495 140,290,000 TELESP ON * TLSP3 127.00 127.00 116.00 116.00 -10.07% 20 870,000 TELESP CL ON * TSPC3 31.00 31.00 29.52 29.52 - 9.44% 21 8,970,000 TELESP CL PNB* TSPC6 52.49 53.00 49.00 49.00 - 8.41% 107 39,330,000 TELESP PN * TLSP4T 180.57 180.57 180.56 180.56 0.00% 2 200,000 TELEBRAS PN EC TELB4T 0.43 0.43 0.42 0.42 0.00% 2 10,000,000 TELEBAHIA PNA TEBA5F 20.00 20.00 19.03 20.00 / 0.00% 4 18,901 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA ON * TEBA3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6F 17.60 17.60 17.60 17.60 / 0.00% 1 8,962 TELEBAHIA CL ON * TBAC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS PN EC TELB4F 0.40 0.40 0.33 0.36 / 0.00% 6 59,466 TELEBRAS ON EC TELB3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 42.00 42.00 42.00 42.00 / 0.00% 1 2,202 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 90.03 90.03 90.01 90.01 / 0.00% 3 8,496 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PNB* TMGR6F 40.00 40.00 40.00 40.00 / 0.00% 1 6,277 TELEMIG ON * TMGR3F 23.01 23.01 23.00 23.00 / 0.00% 2 6,278 TELEMIG PNA* TMGR5F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7F 10.01 10.01 10.01 10.01 / 0.00% 1 3,635 TELEMIG CL PNE* TMGC11F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3F 10.00 10.00 10.00 10.00 / 0.00% 1 3,636 TELEPAR PN * TEPR4F 190.00 192.01 190.00 190.01 / 0.00% 4 1,548 TELEPAR ON * TEPR3F 100.00 110.00 100.00 110.00 / 0.00% 3 1,588 TELEPAR CL PNB* TPRC6F 61.51 61.51 61.50 61.50 / 0.00% 3 805 TELEPAR CL ON * TPRC3F 31.01 31.01 31.01 31.01 / 0.00% 1 589 TELERJ ON * TERJ3F 21.10 21.50 20.06 20.80 / 0.00% 8 18,522 TELERJ PN * TERJ4F 33.30 34.31 33.30 33.60 / 0.00% 20 57,932 TELERJ CL PNB* TRJC6F 26.10 26.50 24.00 24.00 / 0.00% 18 54,862 TELERJ CL ON * TRJC3F 20.01 20.01 20.01 20.01 / 0.00% 3 2,408 TELESP ON * TLSP3F 122.60 125.00 119.00 119.50 / 0.00% 14 45,262 TELESP PN * TLSP4F 170.00 177.00 169.00 169.00 / 0.00% 37 167,761 TELESP CL PNB* TSPC6F 54.00 54.00 46.00 48.90 / 0.00% 18 65,200 TELESP CL ON * TSPC3F 30.00 30.00 28.00 28.01 / 0.00% 7 39,755