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

To: David Petty who wrote (9849)	11/18/1998 6:35:00 PM
From: Steve Fancy	Respond to of 22640

Brazil Congress approves another austerity measure Reuters, Wednesday, November 18, 1998 at 18:23 BRASILIA, Nov 18 (Reuters) - Brazil's two houses of Congress approved a decree raising a corporate social security levy, an important item in the government's cost-cutting plan to fight a deep economic crisis, a congressional official said on Wednesday. The decree was approved in a show of hands, giving the government a second victory Wednesday in its bid to get a the austerity plan through Congress. Under the measure, the COFINS social security levy on company revenues will be increased to 3 percent from a current 2 percent. The levy will also be extended to include banks and the financial sector for the first time. The decree is expected to raise an extra $3 billion next year, a significant chunk of the $23.5 billion fiscal target the government agreed with the International Monetary Fund in return for a $41.5 billion package of international loans. Earlier Wednesday, the lower and upper houses of Congress approved another important decree included in the austerity plan, setting tough new rules for public sector pension systems to save an estimated $3.4 billion next year. Congress was due to continue voting on four other, less important decrees. The government hopes to leave just two decrees of a total 12 in the plan for voting next week. One of those is a controversial measure which would increase social security contributions from civil servants. Several other cost-cutting items will be voted in Congress in the form of ordinary laws. Another controversial proposal to increase a financial transactions tax to raise an extra $6 billion next year was submitted to parliament Wednesday as a constitutional amendment, requiring especially strong majorities in both houses. william.schomberg@reuters.com)) Copyright 1998, Reuters News Service

To: David Petty who wrote (9849)	11/18/1998 6:39:00 PM
From: Steve Fancy	Respond to of 22640

I noticed that on some of the other symbols. For whatever reason it doesn't find the symbol consistently. Don't know if it's a general glitch or something specific to the babies. Thanks for the information. sf

To: David Petty who wrote (9849)	11/18/1998 6:41:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Congress Approves Key Fiscal Plan Measure Dow Jones Newswires BRASILIA -- The Brazilian Congress, in a joint session of upper and lower houses, Wednesday approved a first controversial key measure that is part of the recently unveiled fiscal emergency plan. In an important government victory, 269 deputies and 45 senators voted in favor while 162 deputies and 12 senators against a provisional measure that, among other things, calls on retired civil servants to contribute to the social security system. The measure is expected to earn the government 1.35 billion reals (BRR) ($1=BRR1.19) next year and is part of the Fiscal Stabilization Plan announced Oct. 28. The plan aims at saving BRR28 billion in 1999 alone. The plan is the basis of the agreement between Brazil and the International Monetary Fund for a $41.5 billion multilateral aid package announced last Friday. The measure approved Wednesday had been defeated twice by the Chamber of Deputies earlier this year when it was part of the landmark Social Security Reform Bill, but it was consequently proposed again by President Fernando Henrique Cardoso as a provisional measure. Such measures need to be endorsed by a joint session of Congress with a simple majority, as against two rounds of voting each with a three-fifths majority in both houses separately for constitutional amendments such as the reform bill. Opposition legislators called Wednesday's maneuver by the government unconstitutional. -By William Vanvolsem; 5561 244 3095; wvanvolsem@ap.org

To: David Petty who wrote (9849)	11/18/1998 6:42:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Senate Approves Limits On Cities' Spending Dow Jones Newswires BRASILIA -- The Brazilian Senate Wednesday unanimously approved in a second and final round a constitutional amendment that limits the amount municipalities can spend on their city councils. The limits range from 8% of revenue for cities with a population of less than 10,000 to 3% of revenue for cities with more than one million inhabitants. The amendment affects all expenditure of elected city council chambers. The sponsor of the amendment, Senator Espiridiao Amin, said the main aim is to curb what he termed "the abusive remuneration of city councillors". The amendment had already been approved - also unanimously - in a first round in the upper house. It now still needs to go through two rounds of voting in the Chamber of Deputies. -By Willia

To: David Petty who wrote (9849)	11/18/1998 6:44:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Congress Passes Second Vital Fiscal-Plan Measure Dow Jones Newswires BRASILIA -- In a second straight major government win in efforts to have its fiscal emergency plan approved rapidly, the Brazilian Congress on Wednesday passed a controversial increase of a social contributions tax and extended it into the banking sector. In a joint session of both upper and lower houses, 269 deputies and 45 senators voted in favor of increasing the social security financing tax, known as Cofins, from 2% to 3%. Those voting against the measure totaled 162 deputies and 12 senators. The Cofins is a compulsory social contribution on corporate billings but currently isn't charged to companies in the financial sector, which will now also be included. The measure has been calculated to earn the government 4.58 billion reals (BRR) ($1=BRR1.19) in 1999, as part of the total BRR28 billion target for 1999 alone of the Fiscal Stabilization Plan announced on Oct. 28. As reported, the same joint session of Congress earlier Wednesday night approved, with a similar majority, a first measure of the plan earning the government BRR1.35 billion for next year. In just one night session, legislators therfore guaranteed BRR5.39 billion toward the fiscal plan's 1999 target. The plan is the basis of the agreement between Brazil and the International Monetary Fund (IMF) for a $41.5 billion multilateral aid package announced last Friday. -By William Vanvolsem; 5561 244 3095; wvanvolsem@ap.org