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

To: Steve Fancy who wrote (9396)	11/4/1998 11:59:00 AM
From: Steve Fancy	Respond to of 22640

Job insurance extension could benefit 700,000 workers - President Fernando Henrique Cardoso signed yesterday a provisional measure (MP) extending job insurance for workers inactive for at least one year. In addition to extending the benefit, the government has also created a temporary contract suspension system. Labor minister, Edward Amadeo, estimates that the change in job insurance should benefit some 500,000 to 700,000 workers who lost their jobs in the metropolitan regions by the second half of 1997, when the Asian crisis began. The additional job insurance corresponds to three payments of R$100 each and should only be conceded to those unemployed for a maximum period of 18 months. The alteration will cost the Worker Support Fund (FAT) some R$150m to R$210m. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de S.Paulo/ Gazeta Mercantil/ Jornal do Brasil/ O Globo) Embratel's stocks rejected in NYSE - The US Securities Exchange Commission (SEC) announced yesterday it was approving stocks trading in the New York Stock Exchange (NYSE) of 11 of the 12 Telebrás System privatized holdings. Embratel was the only company rejected. SEC has not given any reasons to justify the rejection, but rumors are that Embratel's assets balance reportedly has some flaws. (Gazeta Mercantil) Cardoso criticizes fiscal package detractors - President Fernando Henrique Cardoso classified yesterday as "demagogy" the attitude of those who ask for economic growth and lower interest rates, without proposing alternative measures to make that possible. "This is no time for retreat or empty words," he said. Cardoso has conditioned the interest rates reduction to the approval of the fiscal adjustment program and constitutional reforms and added that he did not believe in recession. He recalled that in 1997 the economy grew 3.67%, whereas many people estimated nil growth. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de S.Paulo/ Jornal do Brasil) Delinquency declines 36.5% in October - Delinquency steeply declined in São Paulo in October after hitting record level in the month before. The number of overdue booklets fell 36.5%, compared to September, and 5.9%, in relation to the same month last year. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de S.Paulo) Basket of basic goods price falls in SP - São Paulo's basket of basic goods price fell 1.55% in October, as estimated by Procon/Dieese. The average price of 31 items declined to R$119.13 by October 30 from R$121 in September. Foodstuff prices were down 1.6%, while cleaning products were 1.65% cheaper and personal hygiene products went down 0.98%. (O Estado de S. Paulo)

To: Steve Fancy who wrote (9396)	11/4/1998 12:00:00 PM
From: Steve Fancy	Respond to of 22640

Chamber to vote on Welfare reform today São Paulo, 4 - The Chamber of Deputies is expected to analyze today the three Highlights for Separate Votes (DVS's) left for the promulgation of the Welfare reform. The vote is fundamental for the government because it could indicate the legislators' willingness to approve the fiscal adjustment program, of which the Welfare reform is part. President Fernando Henrique Cardoso and leaders of the allied parties have tried to persuade the so-called rebel deputies to approve the highlights since early this week. "Tomorrow (today), nobody will take risks because if the government loses, the fiscal adjustment vote will get into a black hole", PTB leader, Paulo Heslander, alerted. Today, the government's preoccupation is to gather at least 470 deputies in the Chamber so as to guarantee a safer vote. (O Estado de S. Paulo/ Jornal da Tarde/ Folha de S.Paulo/ Jornal do Brasil/ O Globo. Edited by Sergio Caldas)