BRAZIL'S TELECOMMUNICATIONS GIANT PREPARES FOR PRIVATIZATION
RIO DE JANEIRO, Brazil -- Next month (July 29th), Brazil's telecommunications monopoly, Telebras
will move forward with privatization plans. The plan calls for dividing the company into 12 separate companies. There will
be three units of fixed phone line companies, eight cellular phone companies and Embratel, the long-distance service
holding company. The government now owns less than 20% of Telebras and expects this to be worth about US$20
billion in the sale.
Firms that expressed interest in buying up Brazil's telecommunications giant include: Air Touch, Sprint and
MCI of the United States, France Telecom, Portugal Telecom, Telefonica de Espana of
Spain, STET-Italia and Brazilian companies Lightel, Andrade
Gutierrez, Cowan and Splice do Brasil.
Reader's Comments
(Source: YOUR LINK HERE)
ECONOMIC IMPROVEMENTS IN FRANCE UNCERTAIN
PARIS, France -- The jobless rate in France continues to hover around 12%, despite
its first fluctuation below 12% since 1996 -- reported at 11.9% this past April -- forecasted to drop
further to 11.3% in 1999, but still one of the highest jobless rates in the European Union.
The socialist government came to power in France in June 1997 and is claiming credit for this
"economic improvement" as well as those that were already underway when they took office, including
a growing trade surplus and a renewed increase in domestic consumption.
Dominique Strauss-Kahn, head of the economic ministry acknowledges that a return to growth in Europe, in
general, a rise in the US dollar and low interest rates leading to
the launch of the EU's euro (single currency) have played a role. But he claims that the
government is making the most of these circumstances.
Despite the view that this slightly decling umemployment rate is seen as a positive economic sign,
it may not, in fact, represent an improved economic outlook, since the improved numbers reflect the increase
in French citizens who are now working in temporary or part-time jobs -- they are
no longer included in the calculation of workers seeking jobs.
France has announced plans to make the workforce more flexible and increase jobs by reducing work hours to 35/week, in an
effort to reduce the jobless rate. However, more fundamental reforms are likely to be needed to effect a true
and lasting change that will have a positive impact on the economy. Unfortunately, the cost of implementing
such needed programs may be too costly in light of complying to the conditions required for the euro.
(Source: YOUR LINK HERE)
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WORLD BANK GRANTS LOANS TO CHINA TO PRESERVE FOREST RESOURCES
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VIETNAM MODERNIZES MANUFACTURING TO BECOME MORE COMPETITIVE IN GLOBAL MARKET
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CHINA -- As the world's third largest consumer of timber, China's poor continue to
exploit its forest resources and face a severe imbalance between supply and demand for wood
products. To help preserve and develop forest resources in China, the World Bank approved
loans worth US$200 million, to be added to China's own contribution of US$164 million for this
effort. This reforestation effort will focus on the mountain regions in the central and western parts
of the country, where poor households will be taught and encouraged to plant bamboo, fruits, nuts
and medicinal trees.
China was granted an additional US$600 million in World Bank loans for infrastructure improvements, including
(re)building roads and sidewalks in Guangzhou and Hebei province and improving inland water transportion
in Guangdong and Jiangsu provinces.
(Source: YOUR LINK HERE)
Reader's Comments
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HANOI, Vietnam -- Vietnam will spent nearly US$200 million over the next two years to modernize its manufacturing facilities
to compete more effectively against its Southeast Asian neighbors. Nearly a third of this will be spent to upgrade
the garment industry. Garments have been among Vietnam's key exports, but sales were down considerably this
year. During the first five months of 1996, textile and garment exports grew 39%; but they grew only 7.1% in 1998
through May '98.
The balance of Vietnam's investment in modernization will be spent to upgrade its mechanical engineering industry,
including the manufacturing of fans, bicycles and ships.
Vietnam intends to act quickly to avert a similar demise as in Indonesia. But there has been a noted drop in exports
already. Economists reported that until last year, exports were growing at a rate of 25% per year. This year, the rate
is expected to be nearly half.
Reader's Comments
(Source: YOUR LINK HERE)
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TOBACCO BAN FROM CANADIAN ADVERTISING -- DELAYED
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CHILEAN TRADE MISSION SEEKS TO RECAPTURE ASIAN BUSINESS
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OTTAWA, Canada -- Canada's new bill, "The Tobacco Act", has been amended by the Ministry
of Health to gradually phase out tobacco advertising in Canada over the next five years. It was originally scheduled to
go into effect this October, but according to this new legislation, sports and other events organizers will be given a little
more time to get new corporate sponsors for future events.
According to the amendments, organizers of sporting and cultural events will be the first affected, with regulations to eliminate
tobacco sponsors from their events by the year 2000. In line with the global ban on tobacco products, the Canadian
government also plans to spend close to US$70 million (CAN$100 mil) on anti-smoking campaigns.
(Source: YOUR LINK HERE)
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SANTIAGO, Chile -- The government of Chile plans a trade mission to China, Japan and
S. Korea this month in an effort to recapture the Asian markets, where exports of agricultural and
forestry products have been declining. Chile's export prices have dropped 10% as a result of this decline.
(Source: YOUR LINK HERE)
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