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

To: Telemarker who wrote (12100)	1/20/1999 8:03:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

-------------------------------------------------------------------------------- Brazil's Lower House OKs Crucial Pension Reform Measure Dow Jones Newswires BRASILIA -- The Brazilian government scored a crucial victory on the path to fiscal responsibility late Wednesday when the lower house of Congress approved a pension reform bill that seeks to save some 4 billion reals (BRR)($1=BRR1.58) per year. The measure, which calls for increased social security taxes for civil servants and requires some retired public workers to contribute to the federal pension system, still needs to go through a final vote in the Senate. While it's not immediately known when the measure will be taken to a vote in the upper house, Senate leader Antonio Carlos Magalhaes said earlier this week that Congress would convene weekend sessions to vote key fiscal legislation. The measure was approved by the lower house with 335 votes in favor and 147 against.

To: Telemarker who wrote (12100)	1/20/1999 8:12:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Done Deal! By a large majority no less. If this is any indication of what's to come, they oughta get through the remaining votes with flying colors. I figure this is good for a move to the 73-78 range, but always possible sudden liquidity could move them higher. Also possible that Itmar comes back to haunt yet, but regardless, I think 70 may be the new low. With each successful vote, the fear of darkness dissipates further, perhaps finally allowing fundamentals to start coming into play here. Now, looking roughly for 20 from TNE, 30 from TSP and 25 from UBB, 95 from TBH...then time to reevaluate. Wouldn't mind a slow start tomorrow so I can clear out the very expensive puts I bought today. sf