Brazil may remove a proposed limit on foreign capital from the telecommunications regulations bill, newspapers quoted communications minister Sergio Motta as saying. In a draft of the bill to regulate the opening up of cellular and satellite services, the government had restricted foreign capital to 49% of voting shares and 83% of non-voting shares in private operating ventures. Motta said instead of limits fixed by law, the degree of foreign ownership may be set down by presidential decree or included in privatization tender details, case by case. About 10 groups, mostly made up of Brazilian banks and international telecommunications carriers, are thought to have been created in anticipation of the opening up of cellular and other services in Brazil. They include an as yet unnamed group comprising AT&T Corp and local bank Bradesco.
