TSP » Topics » The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Brazilian political and economic conditions have a direct impact on our business, operations and the market price of our preferred shares

This excerpt taken from the TSP 20-F filed Apr 14, 2008.
The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. This influence, as well as Brazilian political and economic conditions, could adversely affect us and the trading price of our preferred shares and ADSs.
 
In the past, the Brazilian government has intervened in the Brazilian economy and occasionally made drastic changes in policy and regulations. The Brazilian government’s actions to control inflation and affect other policies have often involved wage and price controls, currency devaluations, capital controls, and limits on imports, among other things. Our business, financial condition, results of operations and the market price of our preferred shares and ADSs may be adversely affected by changes in government policies, as well as general economic factors, including:
 
 
·
currency fluctuations;
 
 
·
exchange control policies;
 
 
·
internal economic growth;
 
 
·
inflation;
 
 
·
price instability;
 
 
·
energy policy;
 
 
·
interest rates;
 
 
·
liquidity of domestic capital and lending markets;
 
 
·
tax policies (including reforms currently under discussion in the Brazilian Congress); and
 
 
·
other political, diplomatic, social and economic developments in or affecting Brazil.
 
Uncertainty over the possibility of the Brazilian government implementing changes in policy or regulation affecting these or other factors in the future may contribute to economic uncertainty in Brazil and heightened volatility in the Brazilian securities markets and securities issued abroad by Brazilian companies. In addition, possible political crises may affect the confidence of investors and the public in general, which may result in economic deceleration and affect the trading prices of shares issued by companies listed on the stock exchange, such as us.
 
This excerpt taken from the TSP 20-F filed Apr 12, 2006.

The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Brazilian political and economic conditions have a direct impact on our business, operations and the market price of our preferred shares and our ADSs.

In the past, the Brazilian government has intervened in the Brazilian economy and occasionally made drastic changes in policy. The Brazilian government’s actions to control inflation and affect other policies have often involved wage and price controls, currency devaluations, capital controls, and limits on imports, among other things. Our business, financial condition, results of operations and the market price of our preferred shares and ADSs may be adversely affected by changes in government policies, as well as general economic factors, including:

 

    currency fluctuations;

 

    exchange control policies;

 

    internal economic growth;

 

    inflation;

 

    price instability;

 

    energy policy;

 

    interest rates;

 

    liquidity of domestic capital and lending markets;

 

    tax policies (including reforms currently under discussion in the Brazilian Congress); and

 

    other political, diplomatic, social and economic developments in or affecting Brazil.

Uncertainty as to future government policies may contribute to an increase in the volatility of the Brazilian securities markets and securities issued abroad by Brazilian companies. The Brazilian economy grew 2.3% in 2005, 4.9% in 2004 and 0.5% in 2003. Due to the limited economic growth in recent years, it is not certain whether the current economic policy will succeed. We can not predict whether Brazil’s monetary, tax, social security and other policies will cause an adverse impact to the economy, to our business and results of operations or to the market price of our preferred shares and ADSs.

 

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Table of Contents
This excerpt taken from the TSP 20-F filed Apr 15, 2005.

The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Brazilian political and economic conditions have a direct impact on our business, operations and the market price of our preferred shares and our ADSs.

 

In the past, the Brazilian government has intervened in the Brazilian economy and occasionally made drastic changes in policy. The Brazilian government’s actions to control inflation and affect other policies have often involved wage and price controls, currency devaluations, capital controls, and limits on imports, among other measures. Our business, financial condition and results of operations may be adversely affected by changes in government policies, as well as general economic factors, including:

 

    currency fluctuations;

 

    inflation;

 

    price instability;

 

    energy policy;

 

    interest rates;

 

    tax policy; and

 

    other political, diplomatic, social and economic developments in or affecting Brazil.

 

"The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Brazilian political and economic conditions have a direct impact on our business, operations and the market price of our preferred shares" elsewhere:

Tele Norte Leste Participacoes S.A. (TNE)
TIM PARTICIPACOES SA (TSU)
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