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

To: Steve Fancy who wrote (11360)	1/10/1999 4:09:00 PM
From: David Petty	Respond to of 22640

Actually Steve, the more he talks the more he confirms the fool theorem. Can you guide me back to the first talk re: UBB sale. Thanks

To: Steve Fancy who wrote (11360)	1/11/1999 10:30:00 AM
From: Steve Fancy	Respond to of 22640

Dividend Declarations: AA, ARH, MAD, NFC, TBR, TCP, PHSB Dow Jones Newswires Company Period Amount Payable Record Extra Alcoa Inc - .02 3/4 2/25/99 2/ 8 Stock Asia Pacific Res Intl A s 2/15/99 1/18 s-.8539 shr of P.T. Inti Indorayon Utama Tbk for each shr held. Foreign Madeco ADR - t.2339 1/29/99 1/14 NFC PLC ADR - t.2511 3/ 1/99 1/29 Telcm Brslrs-Telebras ADS - t.2673 1/15 Telesp Celular Ptcps ADS - t.6552 1/15 Initial PHS Bancorp Inc PA - .07 2/ 4/99 1/21 t-Approximate U.S. dollar amount per American Depositary Receipt/Share before adjustment for foreign taxes.

To: Steve Fancy who wrote (11360)	1/11/1999 10:35:00 AM
From: Steve Fancy	Respond to of 22640

Brazilian Capital Flight Reaches $141 Mln Friday, Down From Previous Day Brazilian Capital Flight Reaches $141 Mln Friday: Chart Sao Paulo, Jan. 11 (Bloomberg) -- Brazilian net capital outflows were $141 million Friday, according to the central bank and Lloyds Bank Plc. Of that amount, $72 million left via the commercial market and $69 million left the country via the floating rate market. The total for Thursday was $256 million. The daily average outflow in January was $178.4 million compared with average daily outflows of $240 million in December and $107 million a day in November. January net outflows over five working days were $892 million. CURRENCY FLOWS ============================================================ Commercial Market $72 Mln outflow Floating Rate Market $69 Mln outflow ============================================================ TOTAL NET $141 Mln outflow ============================================================ AVERAGE DAILY NET OUTFLOW (MONTH TO DATE) $178.4 Mln outflow Notes: The commercial market is used for the exchange of proceeds for stock and bond trades, government currency transactions, and for companies wishing to bring money in or out of the country. The floating rate market is for all other official currency transactions including those for travelers. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Steve Fancy who wrote (11360)	1/11/1999 10:36:00 AM
From: Steve Fancy	Respond to of 22640

Brazilian Capital Flight Reaches $141 Mln Friday, Down From Previous Day Brazilian Capital Flight Reaches $141 Mln Friday: Chart Sao Paulo, Jan. 11 (Bloomberg) -- Brazilian net capital outflows were $141 million Friday, according to the central bank and Lloyds Bank Plc. Of that amount, $72 million left via the commercial market and $69 million left the country via the floating rate market. The total for Thursday was $256 million. The daily average outflow in January was $178.4 million compared with average daily outflows of $240 million in December and $107 million a day in November. January net outflows over five working days were $892 million. CURRENCY FLOWS ============================================================ Commercial Market $72 Mln outflow Floating Rate Market $69 Mln outflow ============================================================ TOTAL NET $141 Mln outflow ============================================================ AVERAGE DAILY NET OUTFLOW (MONTH TO DATE) $178.4 Mln outflow Notes: The commercial market is used for the exchange of proceeds for stock and bond trades, government currency transactions, and for companies wishing to bring money in or out of the country. The floating rate market is for all other official currency transactions including those for travelers. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Steve Fancy who wrote (11360)	1/11/1999 10:37:00 AM
From: Steve Fancy	Respond to of 22640

ING Barings Cuts Brazil Debt Rating, Benchmark Bond Falls in Early Trades ING Barings Cuts Brazil Debt Rating to Underweight From Neutral Buenos Aires, Jan. 11 (Bloomberg) - Investment bank firm ING Barings reduced its recommendation for Brazilian debt on concern about Brazil's deficit problems. In early trading, Brazil's benchmark ''C'' bond plunged to its lowest level in four months. Emerging market bond strategist Ruggero De' Rossi reduced Brazil to ''underweight" from ''neutral," dropping the weighting to 20.95 percent of its model investment portfolio from 22.95 percent. Benchmark portfolios compiled by J.P. Morgan and ING Barings weight Brazil at about 23 percent. Early Monday, the ''C" Bond plunged 148 basis points to 56.63, its lowest level since Sept. 14. ING Barings is recommending that investors shift those funds into Argentina and Mexico in equal proportions, lifting each by about 1 percentage point. Argentina's weighting has been increased to 31.5 percent, while Mexico's is now 20.7 percent. Argentina is weighted at about 29 percent in the benchmark indexes and Mexico is at about 20 percent. Brazil is attempting to cut its budget deficit this year as part of an agreement with the International Monetary Fund for $41.50 billion of emergency credit. It needs cash from the IMF to prevent a devaluation of the real. The government wants to raise taxes and cut spending to reduce the $64 billion deficit by a third. But congressional opposition has already hurt the process, said De' Rossi. 'It's frustrating,'' he said. ING Barings decided to reduce Brazil after its benchmark ''C'' bond dropped below 58 on Friday, its lowest since last September. Last week's decline was sparked after Minas Gerais, the country's second largest state, said it wouldn't pay debts to the federal government for three months for lack of cash. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Steve Fancy who wrote (11360)	1/11/1999 10:38:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's Rio State Won't Sell Cedae Water Company, New President Says Brazil's Rio State Won't Sell Cedae Water Co., Official Says Rio de Janeiro, Jan. 11 (Bloomberg) -- The Brazilian state of Rio Janeiro won't sell its water company to investors, a move that would have raised as much as $1.7 billion for the cash- strapped government, the company president said. ''Privatization is out of the question,'' said Marcos Helano Montenegro, who took over the top spot at the water company today. ''Neo-liberal solutions don't improve public services for the citizens of Brazil.'' The announcement comes as state governments are considering freezes on debt payments to the federal government, saying they don't have enough money. The state of Minas Gerais, Brazil's second most populous state, has already said it won't make debt payments for 90 days. The sale of Cia. Estadual de Aguas e Esgotos, Brazil's second largest water company, was suspended in November amid ownership battles among the state and municipalities in Rio de Janeiro, Brazil's third biggest state by population. Underscoring the need for improvements in the water company, some 1.8 million people in Rio were without water for parts of the weekend after a river overflowed and the company couldn't treat the water. Vivendi and Suez Lyonnaise des Eaux, two of France's biggest water companies, along with the U.K.'s Thames Water Plc, were among potential bidders for Cedae. The sale was to the last in Rio de Janeiro state's asset sale program, which has raised $3 billion. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Steve Fancy who wrote (11360)	1/11/1999 10:41:00 AM
From: Steve Fancy	Respond to of 22640

Brazilian Stocks Fall on Debt Relief Demand, Dimming Chance of Rate Cut Sao Paulo, Jan. 11 (Bloomberg) -- Brazilian stocks and bonds fell for a third day as a call by states in Brazil for a debt moratorium threatens the federal government's efforts to cut its budget deficit, damping hopes for lower interest rates. Minas Gerais, Brazil's second-most populous state, said last week it couldn't make payments for 90 days on the $15 billion debt it owes the federal government. Other states, such as Rio de Janeiro, Rio Grande do Sul and Mato Grosso, may follow suit. ''Investor patience with Brazil is running out,'' said Alexandre Povoa, who manages $200 million in equities at ABN Amro Bank. ''The demand for Brazilian stocks, which was getting a little better by the end of December, is likely to fall a lot within the next couple of weeks, as the moratorium of Minas Gerais increased the risk perception of the country.'' The Bovespa stock index fell as much as 2.9 percent, to 6583.78, its lowest level in almost a month. Chile's Ipsa index rose as much as 0.1 percent to 99.86. Brazilian bonds fell in Europe. A basket of Brazil's dollar debt fell as much as 0.62 percent, according to J.P. Morgan & Co., while emerging market debt overall rose 0.11 percent. The benchmark Brazilian ''C'' Bond fell for a fourth straight day, down 1.48, to 56.63, with its yield up to 17.1 percent. The states' maneuvering for debt relief is likely to reduce the chances of a cut on Brazil's benchmark interest rates -- which now stand at about 29 percent a year -- at the next meeting of the central bank's monetary policy committee set for Jan. 27. Stocks moving in early trading in Brazil included state oil company Petroleo Brasileiro SA, which fell 2.9 percent to 130 reais, iron ore exporter Cia. Vale do Rio Doce, falling as much as 2.5 percent, to 15.5 and state-run utility Cia. Energetica de Sao Paulo, which fell 2.6 percent to 26. Receipts for Telecomunicacoes Brasileiras SA declined 2.8 percent to 87, and Centrais Eletricas Brasileiras SA fell 4.5 percent to 19. In Chile, early stock market movers included utility Gener SA, up 1 percent, to 106 pesos and steelmaker Cia. Acero del Pacifico SA, down 0.7 percent, to 730. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Steve Fancy who wrote (11360)	1/11/1999 10:46:00 AM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Brazil Witholds Payment to Minas Gerais State in Debt Dispute Brazil Witholds Payment to Minas Gerais State in Debt Dispute Brasilia, Brazil, Jan. 11 (Bloomberg) -- Brazil's federal government withheld a transfer payment to Minas Gerais state in retaliation for the state's debt moratorium, as the government tries to defuse a dispute that has sent stocks and bonds reeling. The government said it withheld 11.7 million reais ($9.8 million) that would have been paid to the state this month, in response to the state's move to suspend for 90 days payments on its $15 billion debt to the government. The move is permitted under Brazilian law, and indicates the federal government is willing to stand up to the state government. The moratorium by Minas Gerais, and concerns that other states may follow suit, has sent Brazilian stocks down 10 percent in the last three sessions. The debt debate underscores Brazil's fragile finances, as the country is trying to slash almost in half its $64 billion budget deficit this year, to protect the currency and meet its obligations under a $41.5 billion aid package from the International Monetary Fund and other lenders. States want to renegotiate the terms of the debt accords signed with the government last year, claiming they have no money to pay. The state governors plan to meet in Minas Gerais with finance ministry officials on Jan. 18 to discuss the debt. -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.