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

To: BOB JOHNSON who wrote (9774)	11/18/1998 1:54:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Hey Bob, sorry...haven't had a lot of time. Nope, don't sleep enough. Glad to hear things are looking up for ya Bob. Are you in TBR for the long haul? Mind if I ask how you have handled the split...taking the 12, switched to TBH, options? Hey, I saved what I consider to be the best story for last. Although I believe today's vote may have been viewed as more of an formality also, it's progress...Progress! On a Tuesday no less. See next post. sf

To: BOB JOHNSON who wrote (9774)	11/18/1998 2:00:00 AM
From: Steve Fancy	Respond to of 22640

Brazil Congress panel approves pension reform bill Reuters, Tuesday, November 17, 1998 at 22:01 BRASILIA, Nov 17 (Reuters) - Brazil's long-delayed pension reform bill, a key part of the government's anti-crisis austerity plan, took a step closer to clearing Congress Tuesday when a lower house committee approved a final version of its text. A government spokeswoman in parliament said 20 members of the committee approved the text and seven voted against. The reform faces a last vote by a joint session of Congress, probably next month. That stage of the complex process for approving constitutional reforms is usually a mere formality. The bill has been stuck in Congress since 1995 but it passed the last important hurdle earlier this month when the lower house rejected opposition amendments to its text. The reform seeks to introduce minimum retirement ages and tie pensions to contributions in Brazil for the first time. The government hopes the bill will save around $3.4 billion next year, making it an important element in its $23.5 billion austerity plan for 1999. The government's spokeswoman said the government wanted Congress to approve a series of presidential decrees included in the austerity plan, several of which alter social security rules, before putting the reform bill to its final vote. william.schomberg@reuters.com)) Copyright 1998, Reuters News Service