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

To: Steve Fancy who wrote (8987)	10/14/1998 11:11:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Malan May Announce Fiscal Plan Next Wk - Govt Dow Jones Newswires BRASILIA -- Finance Minister Pedro Malan has been named as the person who will "possibly" make the announcement of the Brazilian Government's promised fiscal austerity program, presidential spokesman Sergio Amaral said Tuesday. Amaral said the measures won't be unveiled by President Fernando Henrique Cardoso in person "but rather by a member of the president's economic advisory team - possibly Minister Malan - around Oct. 20." Cardoso said in a nationally televised election victory address last week that his economic team would present a multi-year fiscal adjustment plan for his review by that date. The fiscal clampdown is a requirement to receive eventual funding from the International Monetary Fund and other international lenders. Amaral said the proposals will be sent to Congress for approval after the official announcement. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap,org

To: Steve Fancy who wrote (8987)	10/14/1998 11:12:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Govt Tax Reform Bill Before Congress Oct 27 Dow Jones Newswires BRASILIA -- The Brazilian government's long-awaited revamped Tax Reform Bill will be presented to Congress Oct. 27, two top government Congress leaders said after a meeting at the Finance Ministry Tuesday. The bill's original text was first proposed almost five years ago. A second version was then worked out in September last year but again suspended for review after the outbreak of the Asian crisis in October. After meeting Finance Ministry executive secretary Pedro Parente, the government leader in the Chamber of Deputies, Benito Gama, and the bill's sponsor, deputy Mussa Demes, told reporters the government had made several concessions on some of its latest tax proposals to secure a smooth passage of the bill. The two Congressmen said Parente told them the government agreed that revenue of a new value-added tax, known as IVM, will go to the individual states and not to the federal government as originally proposed. In a second change of mind, the government also scrapped the idea of introducing a retail sales tax, as it would turn out "to have a low revenue-generating potential". Gama and Demes added that the government didn't seem to have any decision yet on what to do with the Temporary Financial Transactions Tax, known as CPMF, currently at 0.2% and running out Jan. 1. The Tax Reform Bill is considered by the goverment as one of the key constitutional amendments needed to enact urgent structural reforms to keep public accounts from spinning out of control. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap,org

To: Steve Fancy who wrote (8987)	10/14/1998 11:14:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Weakens Real Vs Dlr Mini-Band By 0.10 Centavo Dow Jones Newswires SAO PAULO -- Brazil's Central Bank on Wednesday weakened the real slightly against the dollar, by adjusting the mini-band in which the two currencies trade. The Central Bank regularly weakens the real every two to five working days. The last time it did so was last Thursday. The new band will value the dollar at 1.1790-1.1900 reals (BRR), up 0.10 centavos from the BRR1.1780-1.1890 previously, according to a Central Bank computer transmission. The Central Bank will now buy dollars at BRR1.1790 per dollar and sell them at BRR1.1900 per dollar. The adjustment was carried out via the usual practice of an electronic auction called by the Central Bank. Traders consider the move a "mini-devaluation" within a larger band that is seldom modified. The change was made by shifting the "mini-band" at which the real and dollar trade within the BRR1.12-1.22 per dollar "wide band." The wide-band was last modified by the Central Bank on Jan. 20, after being at BRR1.05-1.14 for nearly a year. After the auction, the real was trading at BRR1.1881 per dollar, compared to Tuesday's closing mark of BRR1.1875.