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

To: Steve Fancy who wrote (9327)	11/4/1998 10:50:00 AM
From: Steve Fancy	Respond to of 22640

Brazil shares seen opening mixed, eyes on Congress Reuters, Wednesday, November 04, 1998 at 08:42 SAO PAULO, Nov 4 (Reuters) - Brazilian stocks are seen starting without a set trend on Wednesday as investors keep a nervous eye on a crucial social security reform vote in Congress slated for later today, traders said. The market's key Bovespa index (INDEX:$BVSP.X) had ended up 6.55 percent at 7,509 points on Tuesday lifted by optimism that Congress would approve the bills, paving way for the government to implement other structural reforms and carry out promised budget cuts. "All eyes are on Congress today because that could define the future of other government reforms," said one local trader. The lower house of Congress is expected to start voting on three outstanding amendments to the nation's heavily indebted social security system from 1600 local/1800 gmt. The vote is widely seen as a test for the government to gauge how much support it can earn to carry out other reforms, promised in the $86 billion austerity package it announced last week. The fiscal package was a prerequisite to secure financial backing from the International Monetary Fund (IMF). On Tuesday, Brazilian blue-chip Telebras receipts preferred (SAO:RCTB40) jumped 5.49 percent to 96 reais while Petrobras preferred (SAO:PETR4) rose 9 percent to 163.50 reais. However, the Bovespa was still down 26.3 percent so far this year by the end of trading on Tuesday. Local traders said higher closings in Asian bourses overnight, especially in Tokyo, where the Nikkei index <.N225> finished up 4.12 percent, should also help the Bovespa on Wednesday. In the Brazilian foreign exchange market, the local currency real weakened 0.13 percent against the dollar at 1.1928 in opening trade. noriko.yamaguchi@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9327)	11/4/1998 10:51:00 AM
From: Steve Fancy	Respond to of 22640

TABLE-Brazil's Banco Itau (SAO:ITAU3) 9-mth net rises Reuters, Wednesday, November 04, 1998 at 09:23 SAO PAULO, Nov 4 (Reuters) - Brazil's second largest private bank Banco Itau S.A. reported on Wednesday the following financial results for the first nine months of 1998. Jan-Sept 1998 Jan-Sept 1997 Net profit 599.825 mln 535.399 mln Net worth 4.550 bln 4.238 bln Oper profit 703.691 mln 627.184 mln EPS 0.05082 reais 0.04472 reais Note: All figures are in Brazilian reais and not adjusted for inflation. ($1=1.19 reais) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9327)	11/4/1998 10:52:00 AM
From: Steve Fancy	Respond to of 22640

Brazil gov't to win pension reform votes-minister Reuters, Wednesday, November 04, 1998 at 09:34 BRASILIA, Nov 4 (Reuters) - The Brazilian government has just enough support to defeat a final three amendments to its long-delayed pension reform bill in Congress later Wednesday, the country's Social Security Minister Waldeck Ornelas said. Ornelas told reporters the government could count on the support of at least 310 members of the lower house. To defeat each of the opposition amendments the government needs a minimum of 308 votes, equivalent to three-fifths of the 513-strong Chamber of Deputies. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9327)	11/4/1998 10:53:00 AM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Brazil's Embratel expects to be listed on NYSE Reuters, Wednesday, November 04, 1998 at 10:42 RIO DE JANEIRO, Nov 4 (Reuters) - Brazil's privatized long-distance telephone carrier Embratel (SAO:EBTP4)(SAO:EBTP3) said on Wednesday it expects to start trading on the New York Stock Exchange (NYSE) together with 11 other firms spun off of Telebras (NYSE:TBR). The U.S. Securities and Exchange Commission on Tuesday approved NYSE trading of 11 of the 12 telephone units carved out of former telephone giant Telebras, but left out Embratel. The SEC gave no reason for its exclusion of Embratel. Embratel said on Wednesday it does not need SEC approval to trade as it will inherit the registration number of the former Telebras's American Depositary Receipts (NYSE:TBR), which still trade on the NYSE. "Embratel was considered the successor of Telebras' registration number with the SEC, and that is why it did not get a new registration yesterday," Embratel's spokeswoman said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9327)	11/4/1998 10:55:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Hopes To Finalize IMF Aid Deal This Week - Newspaper Dow Jones Newswires SAO PAULO -- Brazil hopes to hammer out the final details of an aid package with the International Monetary Fund by the end of the week, local financial daily Gazeta Mercantil reported Wednesday. A delegation of Brazilian authorities has been in Washington since Saturday for meetings with IMF officials. The group is expected to return to Brazil Friday. Gazeta quoted Finance Ministry economic policy director Amaury Bier as saying that no final decisions have been made on the amount of an IMF package. Market sources expect an international credit line to total over $30 billion. Gazeta reported Tuesday that Brazil will likely release a letter of intent by Friday, with final IMF approval of a credit line expected before the Nov. 26 Thanksgiving holiday in the U.S.