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

To: Steve Fancy who wrote (8758)	10/2/1998 2:35:00 PM
From: DMaA	Respond to of 22640

Has this cutting off the puppy's tail approach been tried anywhere else? It may be 15% overvalued today, but after a year of severe recession it might be 25%. I was hopping they might get away with a year of 0 growth. Looks like that hope is forlorn. The question now is how long will the recession last. If the guess is a year, the phones might be a buy next summer. If two years, Summer 2000?

To: Steve Fancy who wrote (8758)	10/2/1998 3:21:00 PM
From: Steve Fancy	Respond to of 22640

Brazil customs workers vote against strike Reuters, Friday, October 02, 1998 at 14:30 SAO PAULO, Oct 2 (Reuters) - Customs workers throughout Brazil voted against restarting industrial action that crippled shipping activities in August, a customs union official said on Friday. The workers, eagerly awaiting a promised pay hike, instead opted at a meeting late Thursday to delay a decision until Oct. 14, after Brazil's Oct. 4 general elections when a salary raise would more likely be presented. "The idea was that the Customs Agency would probably announce something after the elections, so we decided not to strike," a customs union spokesman at Brazil's key port of Santos said. A series of strikes and work slowdowns in August waged customs workers hampered coffee exports and choked off the supply of imported components for the nation's car manufactures and other industries, causing multi-million dollar losses in sales. The workers are demanding a 28 percent across-the-board pay raise. (Phil Stewart, Sao Paulo newsroom 55 11 248 5417) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8758)	10/2/1998 3:27:00 PM
From: Steve Fancy	Respond to of 22640

BOC (ISEL:BOC) to build C02 plant in Brazil Reuters, Friday, October 02, 1998 at 13:56 MURRAY HILL, N.J., Oct 2 (Reuters) - BOC Gases said Friday it plans to build, own and operate a 100-tons-per-day carbon dioxide purification and liquefaction plant in Cubatao, in the Brazilian state of Sao Paulo . The $10 million (US) plant, which is expected to come on stream in the summer of 1999, will capture and recycle raw C02 from the Ultrafertil SA <UTF.RJ> petrochemical plant as part of a long-term agreement, the BOC Group Plc subsidiary said. "To assure supply to our customers throughout Sao Paulo, BOC will also invest in downstream transportation and customer storage equipment," said Milo Schaefer, vice president for BOC Gases - Latin America. "BOC is very fortunate to have a source of C02 from a partner such as Ultrafertil -- one of the leaders in Brazil's petrochemical industry," said Dick Grant, chief executive of BOC Process Systems. "Without our long-term agreement with Ultrafertil, this investment would not be possible." BOC pointed out its C02 plants do not manufacture the raw gas, but capture and recycle it from industrial processes. nyc.equities.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8758)	10/2/1998 3:29:00 PM
From: Steve Fancy	Respond to of 22640

Brazil customs workers vote against strike Reuters, Friday, October 02, 1998 at 14:30 SAO PAULO, Oct 2 (Reuters) - Customs workers throughout Brazil voted against restarting industrial action that crippled shipping activities in August, a customs union official said on Friday. The workers, eagerly awaiting a promised pay hike, instead opted at a meeting late Thursday to delay a decision until Oct. 14, after Brazil's Oct. 4 general elections when a salary raise would more likely be presented. "The idea was that the Customs Agency would probably announce something after the elections, so we decided not to strike," a customs union spokesman at Brazil's key port of Santos said. A series of strikes and work slowdowns in August waged customs workers hampered coffee exports and choked off the supply of imported components for the nation's car manufactures and other industries, causing multi-million dollar losses in sales. The workers are demanding a 28 percent across-the-board pay raise. (Phil Stewart, Sao Paulo newsroom 55 11 248 5417) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8758)	10/2/1998 3:30:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's Franco--will not resort to forex controls Reuters, Friday, October 02, 1998 at 15:05 NEW YORK, Oct 2 (Reuters) - Brazil's top central banker repeated recent government assertions that the struggling nation will not enact foreign exchange controls to stabilize its economy. "Brazil will not resort to (foreign) exchange controls," said Gustavo Franco, Brazil's central bank president, in a speech to a conference sponsored by the Wall Street Journal here. Franco cautioned against excessive market expectations of a sweeping fiscal package in the days immediately after this Sunday's presidential elections. "The structural reforms take time," he said. "The markets are intelligent enough to see that." Franco said President Enrique Fernando Cardoso's government will present a three-year fiscal package likely to be unveiled in stages, assuming it wins the election, as is widely expected. Franco said he expects to have active consultations with the International Monetary Fund in Washington at the annual IMF/World Bank meetings next week. Franco added that the only controls on capital flows Brazil might entertain would be potential limits on inflows in times of abundance and "never on its exit." Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8758)	10/2/1998 3:30:00 PM
From: dougjn	Read Replies (1) \| Respond to of 22640

Steve, why wouldn't a one time say 10% devaluation of the Real make sense? Announced at the same time as Cardozo's budget cutting plan (but before the legislature enacted anything)? Doug

To: Steve Fancy who wrote (8758)	10/2/1998 3:32:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

World ready to help Brazil, Rubin says Reuters, Friday, October 02, 1998 at 15:05 WASHINGTON, Oct 2 (Reuters) - U.S. Treasury Secretary Robert Rubin said on Friday the international community supported Brazil's economic reform program and stood ready to help Latin America's largest economy. "The international community is very supportive of President (Fernando Henrique) Cardoso's reform program and is very much orientated to being helpful," Rubin told a news conference ahead of this weekend's Group of Seven meeting. washington.economic.newsroom@reuters.com)) Copyright 1998, Reuters News Service