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

To: Steve Fancy who wrote (8728)	10/1/1998 10:13:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 22640

Rubin Will Support Brazil... Steve: It was good to hear Robert Rubin say that Brazil is very important to us... I think the U.S. will do whatever it has to to keep Brazil afloat... Jim

To: Steve Fancy who wrote (8728)	10/1/1998 11:22:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares end off 9.6 pct, crisis looms larger Reuters, Thursday, October 01, 1998 at 17:21 SAO PAULO, Oct 1 (Reuters) - Brazilian shares closed sharply down on Thursday as declines in overseas bourses heightened concern that the global financial crisis is far from over, traders said. "The market is dying of fear ... of the possibility which is more real every day of a global recession," a trader at a local brokerage said. Sao Paulo's key Bovespa (INDEX:$BVSP.X) index plunged 9.6 percent to 5960 points, tracking a steep drop on Wall Street. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8728)	10/1/1998 11:24:00 PM
From: Steve Fancy	Respond to of 22640

Brazil seen luring $1.5 mln net inflows Thursday Reuters, Thursday, October 01, 1998 at 17:57 SAO PAULO, Oct 1 (Reuters) - Brazil was seen attracting $1.5 billion in net inflows through its foreign exchange markets Thursday as foreign companies pay for recent privatization purchases ahead of schedule, traders said. The advance payments were seen turning around a trend of huge dollar flight and giving Brazil its biggest one-day net dollar inflow since July 31. As of 1815 local/2115 GMT, some $410 million had left Brazil through its forex markets, but traders said they expected a $1.5 billion surplus by the time late inflows were registered. Spain's Telefonica (MADRID:TEF), Iberdrola (MADRID:IBE) and Portugal Telecom (LIS:PTCO) signed an agreement with the Brazilian government on Thursday to advance $3.885 billion of the money they owe for a Brazilian telephone company privatized in July. The government has been in talks with the companies that bought the 12 Telebras units to bring their cash into the country ahead of schedule and invest it in high-yielding domestic debt until the payments are due. The inflows help offset dollar flight. More than $30 billion have fled Brazil through forex markets since the beginning of August, draining reserves and putting pressure on the government to devalue its currency. As of 1815 local/2115 GMT, some $240 million had left Brazil through the commercial forex market, according to the Central Bank, while another $170 million had left through the floating forex market. shasta.darlington@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8728)	10/1/1998 11:25:00 PM
From: Steve Fancy	Respond to of 22640

U.S. supports Brazil, watching Venezuela-Summers Reuters, Thursday, October 01, 1998 at 19:53 WASHINGTON, Oct 1 (Reuters) - U.S. Deputy Treasury Secretary Lawrence Summers said on Thursday he held talks with Brazilian Finance Minister Pedro Malan and that the United States was "very supportive" of the government's policies. Summers also told reporters that the international community was closely monitoring conditions in Venezuela.

To: Steve Fancy who wrote (8728)	10/1/1998 11:27:00 PM
From: Steve Fancy	Respond to of 22640

World Bank says won't become lender of last resort Reuters, Thursday, October 01, 1998 at 20:24 By Adam Entous WASHINGTON, Oct 1 (Reuters) - World Bank President James Wolfensohn said on Thursday the bank was not an IMF-style lender of last resort, and that its role combating global financial crises had its limits. Wolfensohn stressed that World Bank finances were strong, but he said member states "shouldn't think of the bank as a second-level IMF." "We are not that. We are not a lender of last resort or a liquidity funder. We don't make loans for short-term. We make loans for long-term, and typically they're related to structure and to projects," he told a news conference in Washington. The World Bank has been under pressure from some member states to speed shorter-term loans to countries caught up in the fast-moving crisis, which hit Asia last year and has spread to Russia and Latin America. Bank management has resisted that idea, saying it might need a cash injection from members states to create the proposed short-term loan facility. The World Bank made the largest new loan commitments in its history in its fiscal year that ended June 30, 1998, with pledges totaling nearly $29 billion, including $16 billion to crisis-ravaged Asian states in support of rescue packages put together by the IMF. Commitments were $19 billion in 1997. Demands on the bank's resources have also shifted dramatically over the past year, with a greater focus on structural adjustment lending, used to support broad economic policy reform -- usually the IMF's domain. Structural adjustment lending rose to $8.29 billion in fiscal year 1998, from $1.30 billion in 1997 and $350 million in 1996. The World Bank has denied that the increase in adjustment lending was due to a cash shortage at the IMF, which has been warning for months that its reserves were nearly depleted. Since June 30, the World Bank has pledged billions of dollars more to Russia, in the grip of its own crisis, although officials said on Wednesday the loans were on hold until the new Russian government came up with a coherent economic policy. The bank might also soon announce billions of dollars in new loans for Brazil and other Latin American economies caught up in the contagion. But Wolfensohn insisted that the World Bank's finances remained sound, despite record demand for loans. "I have absolutely no worries at the moment about the capital strength of the bank," he said. But Wolfensohn added: "The maintenance of a triple-A rating is a cardinal principle for me and everybody else on the board as well. I am simply not going to let that get into any question." The World Bank's AAA credit rating, the highest offered by international rating agencies, allows the bank to raise money in capital markets to fund its lending operations in poor nations. "So I am just sounding the alarm very early to make sure that I don't get pressed. And I believe that my voice is being heard and I would hope that we don't get pressed," Wolfensohn said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8728)	10/1/1998 11:28:00 PM
From: Steve Fancy	Respond to of 22640

Brazil to see crisis before recovery- U.S. analyst Reuters, Thursday, October 01, 1998 at 21:02 By Hugh Bronstein NEW YORK, Oct 1 (Reuters) - Before recovering from its economic ills, Brazil will suffer through a deep crisis brought on by the financial reforms expected to be introduced after this weekend's presidential election, a leading U.S. economist said Thursday. The tax increases and public spending cuts that must come if Brazil is to receive help from international lenders will drive the country into a deep recession, according to Rudi Dornbusch, Professor of Economics and International Management at the Massachusetts Institute of Technology. "In the end, (Brazil) is going to get a mess of debt default and exchange collapse," Dornbusch said. "It's going to be a catastrophe for the region." The professor made his comments in a panel discussion at The Wall Street Journal's Conference on the Americas. He spoke together with a more optimistic Domingo Cavallo, Argentine congressman and the nation's former economic minister who recently launched a bid to run for president next year. Cavallo believes that when Brazilian president, Fernando Henrique Cardoso is re-elected Sunday, as is widely anticipated, the economic reforms he must introduce will help restore confidence in the country, rather than push it into a debilitating recession, as Dornbusch suggested. The country, which is laboring under a budget deficit of roughly eight percent of gross domestic product, must undergo a drastic fiscal adjustment along with social security and labor reform, Cavallo said. "They should also speed up the process of privatization and deregulation including Petrobras as a company to privatize," Cavallo said, referring to Brazil's state oil company. "This would generate revenue to reduce domestic debt. And deregulation combined with privatization will push productivity up all across the economy." Brazil's oil industry is slowly being opened up to competition, but none of Petrobras has been privatized so far. Ideally, Cardoso would like to come out with reforms next week. But analysts say that is complicated by a series of gubernatorial elections that could drag on until late October. Governors in Brazil have a lot of influence on their states' congressional representatives. Analysts said Cardoso will bank on his allies winning gubernatorial elections in Brazil's three largest states -- Sao Paulo, Rio de Janeiro and Minas Gerais -- so they can help him push reforms through Congress. Though Dornbusch's near-term outlook is pessimistic, he said Brazil's long-term future could be quite robust once the painful lessons of the next few years are absorbed. "The more crisis we get the more governments will have to understand they need total radical reform, pulling out all the stops," he said. "Until that comes (to Brazil) we could not have confidence," Dornbusch said. "When it comes, we should go totally crazy about Brazil because it will have the most wonderful assets on God's earth." Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8728)	10/1/1998 11:32:00 PM
From: Steve Fancy	Respond to of 22640

LatAm stocks dive, Brazil real spectre haunts region Reuters, Thursday, October 01, 1998 at 22:57 (Updates with markets closing) By Martin Roberts MEXICO CITY, Oct 1 (Reuters) - Latin American stocks tumbled on Thursday as a global equity slump revived fears of devaluation in regional giant Brazil, dealers said. Bourses from Mexico City down to Buenos Aires awoke with a jolt to news Japanese stocks had reached a new 12-year low and sank on cue from a session-long slid on Wall Street. Jorge Mariscal, head Latin America strategist at Goldman Sachs in New York, said doubts over Brazil centered on whether it could fend off a resurgent world market storm rather than the results of this weekend's presidential elections. "The fundamental problem is whether the newly reelected government will be able to undertake substantial fiscal tightening that will allow it to avoid devaluation," he said. Polls in Brazil show President Fernando Enrique Cardoso is likely to win his bid for reelection on Sunday and beat rival Luiz Inacio Lula da Silva. Mariscal said additional doubts existed over the ability of the U.S. Treasury and the International Monetary Fund to put together a rescue package for Brazil. "There is very widespread nervousness worldwide which makes it difficult for Brazil to get over this difficult situation... Brazil is swimming against the tide and hasn't much strength left," he added. Brazil's leading Bovespa stock index (INDEX:$BVSP.X) fell hardest out of the region's bourses, diving 9.6 percent to close at 5960 points. A closely controlled real currency has been the main plank in preventing Brazil return to four-digit inflation over the past four years, and Cardoso its main architect. But currency stability has cost a burgeoning short-term domestic debt and a wide budget deficit, Mariscal noted. Brazil posted its worst capital outflow for five years in September, thus leaving it with less reserves to defend the real against fresh speculative onslaughts. Stockwatchers across Latin America said this revived fears of a repetition of the December 1994 "tequila" crisis which followed a fumbled devaluation in Mexico. "The recession persists in Asian markets, risk persists in Brazil... High prices and a poor earnings outlook persist in the U.S. market," said Francisco Blanco, research chief at Mexico City's Arka brokerage. The IPC index <.MXX> of leading shares traded in Mexico City fell 5.03 percent to 3390.23 points, where losses in tandem with Wall Street were undercut by fears over Brazil. On Wall Street, Dow industrials meanwhile shed 2.68 percent to end at 7632.53 points. Dealers said a new record low yield of 4.88 percent for the benchmark U.S. 30-year Treasury bond clearly showed investors were fleeing from risky equities around the world. Brazil's next-door neighbour Argentina also fell victim to world and regional jitters, with Buenos Aires' MerVal <.MERV> index dropping 7.71 percent to 350.94 points. "The global financial context is completely upside down. These stock market losses are really worrying," a trader said. Although still ahead of crisis levels reached Sept. 10, Latin stocks are still deeply in the red for the year. Brazilian shares have lost 44.7 percent for the year to date, Argentina 48.9 percent, and Mexico has retreated 49.7 percent in dollar terms. Chilean traders echoed loud concerns voiced all over Latin America as they saw investors bale out of local stocks and wipe 2.84 percent off the leading IPSA <.IPSA> index, which ended at 63.93 points. "Some pessimistic foreign investors are anticipating a recessive period detonated by the economic convulsion in some emerging countries," a Santiago trader said. Venezuelan stocks joined in the regional chorus with a 7.5-percent dive by the 15-share IBC <.IBC> index to 3602 points. mexicocity.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8728)	10/1/1998 11:45:00 PM
From: Steve Fancy	Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 10/01/1998 ******* 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 12.10 14.00 12.00 12.30 - 1.60% 111 144,200,000 TELE CL SUL PN * TCSL4 1.55 1.63 1.55 1.61 - 3.59% 57 271,200,000 TELE CTR OES PN * TCOC4 0.77 0.86 0.77 0.79 - 8.13% 64 305,100,000 TELE CTR SUL PN * TCSP4 12.30 12.40 12.00 12.21 - 2.32% 79 148,900,000 TELE LEST CL PN * TLCP4 0.40 0.43 0.40 0.40 -13.04% 63 241,500,000 TELE NORD CL PN * TNEP4 0.62 0.70 0.62 0.65 - 1.51% 79 478,200,000 TELE NORT CL PN * TNCP4 0.28 0.32 0.27 0.27 -15.62% 73 259,900,000 TELE NORT LE PN * TNLP4 13.50 13.50 11.00 12.00 -13.10% 70 115,000,000 TELE SUDESTE PN * TSEP4 3.50 3.65 3.00 3.00 -18.91% 63 132,800,000 TELEMIG PART PN * TMCP4 0.83 0.84 0.80 0.81 - 7.95% 107 539,600,000 TELESP CL PA PN * TSPP4 7.80 7.90 7.10 7.20 -10.00% 82 184,300,000 TELESP PART PN * TLPP4 27.00 27.50 23.50 24.00 -15.78% 112 272,400,000 ------ R$ 75.24 R$ 75.24 / 1.1835 = US$ 63.57 Closing figures for the Baby Bras Common shares on the Bovespa for: 10/01/1998 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 8.80 8.80 8.51 8.51 -14.04% 4 7,500,000 TELE CL SUL ON * TCSL3 0.80 0.80 0.80 0.80 -11.11% 4 25,100,000 TELE CTR OES ON * TCOC3 0.62 0.63 0.62 0.63 = 0.00% 10 95,000,000 TELE CTR SUL ON * TCSP3 6.16 6.50 6.15 6.50 / 0.00% 7 10,400,000 TELE LEST CL ON * TLCP3 0.32 0.34 0.32 0.34 + 3.03% 4 15,600,000 TELE NORD CL ON * TNEP3 0.48 0.51 0.48 0.50 - 1.96% 8 52,300,000 TELE NORT CL ON * TNCP3 0.25 0.25 0.23 0.25 = 0.00% 6 34,700,000 TELE NORT LE ON * TNLP3 6.44 6.44 5.99 5.99 / 0.00% 5 4,700,000 TELE SUDESTE ON * TSEP3 2.30 2.30 1.90 1.90 - 5.00% 2 3,100,000 TELEMIG PART ON * TMCP3 0.75 0.75 0.56 0.60 -40.00% 5 29,900,000 TELESP CL PA ON * TSPP3 4.65 4.65 4.65 4.65 - 7.00% 3 16,800,000 TELESP PART ON * TLPP3 16.50 16.50 16.00 16.00 -13.97% 3 3,800,000 Closing figures for Telebras receipts on the Bovespa for: 10/01/1998 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 48.50 49.00 44.01 44.50 -12.74% 161 167,900,000 TELEBR RCTB RPN* RCTB40 79.00 80.00 74.50 74.70 - 9.56% 838 1,583,800,000 TELEBR RCTB RON* RCTB30T 48.20 48.21 46.15 46.15 0.00% 4 7,500,000 TELEBR RCTB RPN* RCTB40T 81.87 81.88 81.87 81.88 0.00% 4 200,000 TELEBR RCTB RPN* RCTB40T 80.64 80.64 80.63 80.63 0.00% 2 2,000,000 RCTB RPN* RCTBJ23 0.70 0.70 0.30 0.33 -49.23% 398 1,452,200,000 RCTB RPN* RCTBJ24 0.25 0.29 0.15 0.15 -54.54% 81 456,800,000 RCTB RPN* RCTBJ25 0.10 0.12 0.08 0.09 -43.75% 21 66,000,000 RCTB RPN* RCTBJ26 0.05 0.05 0.04 0.04 -33.33% 7 63,000,000 RCTB RPN* RCTBJ41 6.40 7.00 4.00 4.20 -44.00% 420 872,000,000 RCTB RPN* RCTBJ42 2.80 3.40 1.65 1.70 -59.52% 1582 3,521,000,000 RCTB RPN* RCTBJ43 1.80 1.80 0.65 0.70 -61.11% 1084 2,552,000,000 RCTB RPN* RCTBJ45 0.01 0.01 0.01 0.01 = 0.00% 1 80,000,000 RCTB RPN* RCTBJ52 13.00 13.00 9.30 9.70 -47.56% 30 94,000,000 RCTB RPN* RCTBL18 8.50 8.50 8.50 8.50 / 0.00% 1 19,000,000 TELEBR RCTB RPN* RCTB40F 78.00 79.50 75.50 75.50 / 0.00% 58 1,015,305 TELEBR RCTB RON* RCTB30F 47.00 48.50 45.50 45.50 / 0.00% 19 340,085 Closing figures for other Baby Bra related symbols on the Bovespa for: 10/01/1998 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 ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELE NORD CL PN * TNEP4T 0.71 0.72 0.71 0.72 0.00% 2 20,000,000 EMBRATEL PAR ON * EBTP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 EMBRATEL PAR PN * EBTP4F 11.80 13.00 11.80 12.70 / 0.00% 9 285,417 TELE CL SUL PN * TCSL4F 1.55 1.70 1.55 1.70 / 0.00% 5 151,431 TELE CL SUL ON * TCSL3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CTR OES ON * TCOC3F 0.55 0.60 0.55 0.60 / 0.00% 2 159,999 TELE CTR OES PN * TCOC4F 0.76 0.79 0.76 0.79 / 0.00% 3 76,431 TELE CTR SUL ON * TCSP3F 6.00 6.00 6.00 6.00 / 0.00% 1 11,040 TELE CTR SUL PN * TCSP4F 11.70 12.20 11.50 11.80 / 0.00% 4 50,526 TELE LEST CL ON * TLCP3F 0.30 0.30 0.30 0.30 / 0.00% 1 60,000 TELE LEST CL PN * TLCP4F 0.40 0.40 0.35 0.40 / 0.00% 3 76,431 TELE NORD CL ON * TNEP3F 0.50 0.50 0.50 0.50 / 0.00% 1 8,297 TELE NORD CL PN * TNEP4F 0.63 0.65 0.63 0.65 / 0.00% 4 151,431 TELE NORT CL ON * TNCP3F 0.23 0.23 0.23 0.23 / 0.00% 1 34,000 TELE NORT CL PN * TNCP4F 0.27 0.27 0.27 0.27 / 0.00% 3 51,431 TELE NORT LE ON * TNLP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE NORT LE PN * TNLP4F 13.50 13.50 10.85 10.85 / 0.00% 9 156,190 TELE SUDESTE ON * TSEP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE SUDESTE PN * TSEP4F 3.50 3.90 3.50 3.50 / 0.00% 6 200,190 TELEMIG PART ON * TMCP3F 0.51 0.51 0.51 0.51 / 0.00% 1 10,200 TELEMIG PART PN * TMCP4F 0.77 0.78 0.77 0.78 / 0.00% 3 76,431 TELESP CL PA ON * TSPP3F 5.50 5.50 5.50 5.50 / 0.00% 1 50,000 TELESP CL PA PN * TSPP4F 7.70 7.70 7.40 7.40 / 0.00% 2 30,190 TELESP PART PN * TLPP4F 26.80 27.00 25.50 25.50 / 0.00% 7 105,328 TELESP PART ON * TLPP3F 18.60 18.60 18.60 18.60 / 0.00% 2 58,050 Closing figures for other Telebras related symbols on the Bovespa: 10/01/1998 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 PNA* TEBA5 19.42 19.42 19.42 19.42 - 5.72% 4 300,000 TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNC* TBAC7 15.00 15.00 15.00 15.00 / 0.00% 1 10,000 TELEBAHIA CL PNB* TBAC6 17.00 18.50 17.00 18.50 - 6.56% 3 160,000 TELEBAHIA CL ON * TBAC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS ON * TELB3 0.21 0.21 0.18 0.21 -16.00% 25 244,700,000 TELEBRAS PN * TELB4 0.36 0.39 0.35 0.38 - 5.00% 78 391,800,000 TELEBRASI CL PNB* TBRC6 43.00 43.00 43.00 43.00 - 4.44% 3 420,000 TELEBRASI CL ON * TBRC3 35.00 35.00 35.00 35.00 - 0.28% 1 120,000 TELEBRASILIA ON * TBRS3 80.00 80.00 80.00 80.00 -27.27% 2 80,000 TELEBRASILIA PN * TBRS4 92.99 92.99 92.99 92.99 - 2.11% 1 10,000 TELEMIG ON * TMGR3 26.00 26.00 26.00 26.00 + 4.00% 1 10,000 TELEMIG PNB* TMGR6 38.98 38.98 36.00 37.98 - 9.57% 26 9,230,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7 12.20 12.20 11.70 12.00 - 4.00% 9 6,570,000 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3 11.80 11.80 11.80 11.80 - 2.55% 2 220,000 TELEPAR ON * TEPR3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR PN * TEPR4 180.01 180.01 175.50 175.50 - 9.06% 24 2,333,000 TELEPAR CL ON * TPRC3 36.00 36.00 36.00 36.00 - 0.82% 4 127,000 TELEPAR CL PNB* TPRC6 61.00 61.00 59.80 60.00 - 4.76% 12 2,523,000 TELERJ ON * TERJ3 20.60 20.60 20.00 20.00 - 9.09% 5 110,000 TELERJ PN * TERJ4 32.00 32.50 29.21 29.99 -10.47% 294 106,000,000 TELERJ CL PNB* TRJC6 23.00 23.10 21.00 21.01 -14.24% 100 74,380,000 TELERJ CL ON * TRJC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP ON * TLSP3 116.00 116.00 112.00 113.00 - 2.58% 23 1,920,000 TELESP PN * TLSP4 170.00 170.00 156.00 158.00 - 8.13% 454 114,020,000 TELESP CL PNB* TSPC6 48.49 48.49 41.23 41.23 -15.85% 133 47,890,000 TELESP CL ON * TSPC3 25.00 27.00 24.00 25.00 -15.31% 14 830,000 TELESP CL PNB* TSPC6T 49.75 49.76 49.75 49.76 0.00% 2 7,000,000 TELEBAHIA PNA* TEBA5F 19.00 19.00 18.18 18.18 / 0.00% 2 8,065 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 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS ON * TELB3F 0.30 0.30 0.16 0.16 / 0.00% 4 68,036 TELEBRAS PN * TELB4F 0.35 0.35 0.30 0.30 / 0.00% 2 51,431 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 87.00 87.00 87.00 87.00 / 0.00% 1 2,103 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG ON * TMGR3F 22.00 22.00 22.00 22.00 / 0.00% 2 6,047 TELEMIG PNA* TMGR5F 30.05 30.05 30.05 30.05 / 0.00% 1 22 TELEMIG PNB* TMGR6F 33.00 33.00 33.00 33.00 / 0.00% 1 6,026 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7F 10.02 10.02 10.02 10.02 / 0.00% 1 4,252 TELEMIG CL PNB* TMGC6F 10.10 10.10 10.10 10.10 / 0.00% 1 22 TELEMIG CL ON * TMGC3F 9.51 9.51 9.50 9.50 / 0.00% 2 4,272 TELEPAR ON * TEPR3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR PN * TEPR4F 175.00 175.00 174.00 174.01 / 0.00% 4 1,389 TELEPAR CL PNB* TPRC6F 57.00 58.00 57.00 58.00 / 0.00% 2 770 TELEPAR CL ON * TPRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELERJ ON * TERJ3F 20.01 20.01 19.10 19.10 / 0.00% 8 15,413 TELERJ PN * TERJ4F 31.50 31.99 30.00 30.10 / 0.00% 13 35,133 TELERJ CL PNB* TRJC6F 23.01 23.01 21.91 21.91 / 0.00% 10 41,951 TELERJ CL ON * TRJC3F 20.00 20.00 20.00 20.00 / 0.00% 3 5,835 TELESP ON * TLSP3F 110.00 115.00 110.00 111.00 / 0.00% 14 49,023 TELESP PN * TLSP4F 158.00 165.00 157.00 158.01 / 0.00% 33 123,354 TELESP CL PNB* TSPC6F 46.99 47.00 44.00 44.00 / 0.00% 23 80,065 TELESP CL ON * TSPC3F 28.45 29.00 25.00 25.00 / 0.00% 8 29,922

To: Steve Fancy who wrote (8728)	10/1/1998 11:48:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Gov't studies rising IOF tax to restrict short-term capital - The Brazilian government is planning to rise the Financial Operations Tax (IOF), today at 2%, in order to restrict the inflow of foreign short-term capital. The idea is to select foreign investments as a means of improving the quality of reserves. According to the Central Bank director for Monetary Policy, Franscisco Lopes, who, yesterday, pointed out the negative effects of short-term capital in the economy, the measure will only be adopted after the crisis is under control and foreign investments regain momentum. Lopes said the US$20bn that entered the country right after the onset of the Asian crisis only aimed at the lofty return provided by high interest rates, which, therefore, could not be interpreted as being part of Brazil foreign exchange reserves. Lopes affirmed that "the country had never had reserves of US$70bn, as they were concretely at US$50bn." This concept proposed by Lopes is new and only emerged after Brazil began registering mounting losses -- totaling US$22bn by August 31. It was very common to members of the government's economic team to boast the tranquillity that the US$70bn reserves brought the country amid the international crisis. Nowadays, according to the IMF's liquidity concept, Brazil's reserves are at US$45.3bn. (O Estado de S. Paulo/ Jornal da Tarde/ Gazeta Mercantil/ O Globo) ========================================= President Cardoso's reelection practically confirmed - President Fernando Henrique Cardoso's electoral committee interpreted yesterday the last opinion poll conducted by Ibope-TV Globo-Estado as a practical confirmation of the president's re-election in the first round of voting. The poll gave president Cardoso 47% of vote intentions, representing a lead of 11 points over all other candidates put together, while his main opponent, Luiz Inácio Lula da Silva, received 24% of vote intentions. An outstanding alteration in relation to previous polls was the 3 points rise posted by the candidate of the Popular Social Party (PPS), Ciro Gomes, now with 9% of vote intentions, followed by Eneas Carneiro, with 2%. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de São Paulo/ Jornal do Brasil/ O Globo)