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

To: Steve Fancy who wrote (11244)	1/6/1999 2:20:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

489K shares on UBB and we're up a teenie. This is hard work. Man is it snowing here. Haven't seen a whiteout yet this year but darn close. Kinda like someone standing on the roof of your car pouring bushels of snow down the windshield. sf

To: Steve Fancy who wrote (11244)	1/6/1999 2:34:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Senate Starts Deliberating CPMF Tax Rise Dow Jones Newswires BRASILIA -- The Brazilian Senate Wednesday started deliberations on the extension and increase of the CPMF financial transactions tax, considered a key component of the government's emergency three-year fiscal stability plan. The plan is the backbone of the international $41 billion credit line granted to Brazil. The first vote on the measure - which seeks to extend the CPMF to the year 2001 and increase its rate to 0.38% from 0.20% for the next 12 months - is expected later Wednesday. The controversial tax rise and extension is the first of a series of fiscal measures to be voted during an extraordinary sesson of Congress this month, when the legislature is traditionally in recess for the Brazilian summer holidays. The CPMF - a temporary levy on all banking transactions - expires Jan. 23. If approved, the measure needs a second-reading vote in the senate and two rounds of voting in the volatile lower house, or Chamber of Deputies. Because of Congress' failure to approve the measure last year, the government announced last week a "mini-package" of other tax increases aimed at compensating for an estimated 5.4 billion reals (BRR) ($1=BRR1.20) loss in revenue due to the delay. Under Congressional procedures, the new CPMF might take effect only in June, market analysts said Wednesday. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org