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

To: Telemarker who wrote (11898)	1/18/1999 11:18:00 AM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Telemark, I need a little help here... It would appear the drop in the real is offsetting the stock gains in Brazil today? If I'm understanding this correctly, if the stock prices hold, and the real recovers somewhat as we see successful congressional votes this week, this by itself should produce gains in the US markets? On another note, I could swear I saw a comment from Malan on Friday that he may ask for an early release of IMF funds. Whether or not he asked, the previous story suggests he never intended on doing so. Hope they don't start contradicting themselves, we need to maintain credibility here. Thanks, sf

To: Telemarker who wrote (11898)	1/18/1999 11:28:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Malan To Meet Greenspan Mon At 1600 GMT - Estado Dow Jones Newswires SAO PAULO -- Brazilian Finance Minister Pedro Malan will meet with U.S. Federal Reserve Board Chairman Alan Greenspan at 1600 GMT Monday at the headquarters of the International Monetary Fund, the Estado news agency reported. Malan's chief of staff Joao Batista, who is accompanying the minister in Washington D.C. for a series of meetings, said Malan will likely give a news conference later in the day. Malan spent the weekend in Washington for talks with the IMF, World Bank, Inter-American Development Bank and the U.S. Treasury Department following the Brazilian government's decision to allow its currency, the real, to float freely against the dollar for one day. Early Monday, Brazil's Central Bank announced that the free-float policy had been formally adopted and that the government would only intervene to contain brusque currency market movements. Brazil agreed to terms last November with a group of international lenders led by the IMF for $41.5 billion in funding. The accord between the IMF and Brazil specified that Brazil wouldn't alter its long-standing policy of gradual adjustments of the mini-band in which the real traded against the dollar. President Fernando Henrique Cardoso said last Friday that the decision to allow a free-float was aimed at protecting the country's reserves, which had tumbled to below $30 billion, from over $70 billion last July. --------------------------------------------------------------------------------

To: Telemarker who wrote (11898)	1/18/1999 11:31:00 AM
From: Steve Fancy	Respond to of 22640

France's Strauss-Kahn Confident In Brazilian Economy Dow Jones Newswires BRUSSELS -- French Finance Minister Dominique Strauss-Kahn Monday reiterated his confidence in the fundamental strength of the Brazilian economy, following that country's decision to officially float its currency, the real. "I am confident in the Brazilian economy," he said, adding: "We have to watch how the markets react (to the latest statements on the real)." Earlier Monday, the Brazilian central bank decided to float the real, having allowed it to float temporarily Friday. Brazil's foreign-exchange market was calm in early trading Monday, with the real slightly weaker against the dollar. Strauss-Kahn Friday described the Brazilian crisis as "surmountable." Meanwhile, Strauss-Kahn rejected a proposal by his Belgian counterpart, Jean-Jacques Viseur, who earlier Monday said the introduction of euro notes and coins could be brought forward by three months to Oct. 1, 2001. "A majority (European Union ministers) is against bringing the date forward," he said. However, Strauss-Kahn said the European Union Commission will conduct a report into the issue of early introduction of euro notes and coins. Euro notes and coins are scheduled to be introduced within six months of Jan 1 2002. The choice of the exact date is left to national governments. U.K. Chancellor of the Exchequer Gordon Brown also dismissed the idea of an early introduction of euro cash: "The technical difficulties are quite big indeed," he said. Luxembourg's Finance Minister Jean-Claude Juncker, who is also the country's prime minister, supported the idea, in principle, but warned against labored discussion on the question. "If it were possible I'd be the first to throw my hat in the ring," he said, but added that such a decision would need to be taken quickly. -By Paul Meller;3222850132;pmeller@ap.org