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

To: jayray who wrote (11326)	1/8/1999 3:44:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares turn negative on lingering debt woes Reuters, Friday, January 08, 1999 at 14:14 SAO PAULO, Jan 8 (Reuters) - Brazilian share prices lost their earlier gains and went into negative territory as concerns over the fallout of the Minas Gerais debt moratorium linger, traders said. The market is mainly worried about Brazil's ability to roll over its debts over the next months after the Minas Gerais state government declared Wednesday a 90-day moratorium on debt to the federal government, they said. At 1655 local/1855gmt, one hour before closing, the Sao Paulo Stock Exchange's Bovespa Index (INDEX:$BVSP.X) was down 1.9 percent at 6819. Up to mid-afternoon, the Bovespa was rebounding from Thursday's 5.1 percent plunge as the market believed that the selling on the Minas announcement had been overdone. it gained as much as 2 percent. But market participants are believed to be rethinking the the consequences of the moratorium in Friday's late trade. "Think about how bond rollovers and new loans will be in the next three months,' said one trader. "This episode (the Minas moratorium) complicates the rollover of debt and the country's ability to receive financing." Copyright 1999, Reuters News Service

To: jayray who wrote (11326)	1/8/1999 3:53:00 PM
From: Steve Fancy	Respond to of 22640

Brazil denies Finance Minister Malan's resignation Reuters, Friday, January 08, 1999 at 15:34 BRASILIA, Jan 8 (Reuters) - The second in command at Brazil's Finance Ministry denied market rumors on Friday that Minister Pedro Malan was planning to resign from his post. "I can categorically deny that he is not going to resign," Finance Ministry Executive Secretary Pedro Parente told Reuters in a telephone interview. Traders said the stock market was inundated late Friday with unsubstantiated rumors that Malan was going to resign. At the same time, the Sao Paulo Stock Exchange's Bovespa Index (INDEX:$BVSP.X) lost its earlier gains and went into negative territory, falling by 2.5 percent at closing time to 6781. Parente said that Malan spent Friday working normally at the ministry's Rio de Janeiro branch. He had traveled there from Brasilia to visit a dentist and attend to family commitments, aides said. Earlier Friday, police received a bomb threat from an anonymous caller, claiming that a device had been placed in Malan's office. Police evacuated the ministry, but found no bomb. Copyright 1999, Reuters News Service