A privatization bill for state-controlled Brazilian power company Eletrobras SA will be sent to Congress by early November, the country's mines and energy minister said on Friday, sending the company's shares up almost 3%. "I plan to deliver this project to Congress in person," minister Bento Albuquerque told reporters on the sidelines of a power auction.
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Centrais Eletricas Brasileiras SA-Eletrobras and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
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Moody's Investors Service ("Moody's") has today affirmed the Ba3 rating of Centrais Eletricas Brasileiras SA-Eletrobras, including the company's senior unsecured debt and corporate family rating (CFR). At the same time, Moody's affirmed the company's baseline credit assessment (BCA) at b1. The change in Eletrobras' ratings outlook to positive reflect the ongoing progress of the company's multi-year business plan to enhance internal controls and improve profitability, including the divesture of non-core assets such as the sale of Amazonas Distribuidora de Energia (Amazonas D) in April, and the increasing diversification of its funding base, evidenced by the refinancing of U$1.0 billion notes in July with long-term debentures issued in local currency.
Brazil's mines and energy minister said on Monday it is "impossible" to say how much the privatization of state-run power company Eletrobras SA
Brazil's Economy Minister Paulo Guedes urged both Senate and lower house leaders late on Tuesday to speed up the government's economic reform agenda amid a worsening crisis triggered by the coronavirus outbreak. "Considering the worsening of the international crisis due to the spread of the coronavirus and the need to shield the Brazilian economy, the Economy Ministry proposes to accelerate the agenda it has been conducting with Congress," Guedes said.
* Chile's peso, stocks slide as unrest continues * Chile central bank expected to slash rates -poll * Trump speech feeds worries about global trade * Eletrobras dips after announcing job cuts By Sagarika Jaisinghani Nov 13 (Reuters) - Chile's peso slid for the fifth straight session on Wednesday and the country's stocks tumbled more than 2%, as anti-government unrest showed no signs of letting up and as traders predicted that the central bank would slash interest rates. Most other Latin American currencies eased as a speech by U.S. President Donald Trump had investors fretting anew about Washington's trade war with Beijing.
Brazilian President Jair Bolsonaro signed a decree that excludes Eletropar, controlled by the country's largest power company known as Eletrobras, from the national privatization program. The withdrawal of Eletropar from the program, published in Thursday's official gazette, comes after a recommendation from the national privatization council. The recommendation came as Eletrobras has been reorganizing its operations.
Shares in Brazilian power company Eletrobras SA jumped more than 4% on Tuesday on expectations that President Jair Bolsonaro will sign off on a plan to end state control of the company, one of his biggest privatizations yet. In a late Monday filing, the company said Bolsonaro would sign off on the plan on Tuesday, adding there would be several legislative hurdles before the proposed privatization of Centrais Eletricas Brasileiras SA, as it is formally known. Brazil's Mines and Energy Minister Bento Albuquerque told reporters on Tuedsay that Eletrobras would likely be privatized in the second half of 2020.
The economic team of Brazilian President Jair Bolsonaro wants to privatize state-controlled oil company Petroleo Brasileiro SA before the end of his term in 2022, Brazilian newspaper Valor Economico reported on its website on Wednesday, citing anonymous sources. The report also cites a speech by Economy Minister Paulo Guedes at an event hosted by Valor. "There are big guys thinking they won't be privatized, but we will get there," Guedes is reported as saying.
We at Insider Monkey have gone over 752 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of September 30th. In this article, we look at what those funds think of Centrais Eletricas Brasileiras S.A. - Eletrobras (NYSE:EBR) based […]
Brazil's Eletrobras SA said 1,300 employees would be laid off by the end of the year, as part of the state-run power company's second voluntary redundancy program of 2019. Eletrobras said in a statement that the dismissals would generate estimated savings of 490 million reais ($116 million) a year and that a further 444 employees would be let go by May 1.
The Norwegian central bank on Wednesday excluded four Canadian oil and gas companies from its $1-trillion wealth fund, the world's largest, for producing too much greenhouse gas emissions, its first use of carbon emissions as a criterion to blacklist firms. Canadian Natural Resources Ltd, Cenovus Energy Inc , Suncor Energy Inc, and Imperial Oil Ltd were excluded from the fund due to "unacceptable greenhouse gas emissions", Norges Bank said in a statement https://www.norges-bank.no/en/news-events/news-publications/News-items/2020/2020-05-13-spu. The decision was based on recommendations from the Council on Ethics, the fund's ethics watchdog, because of the companies' carbon emissions from production of oil to oil sands, the central bank said.
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Brazilian state-run power firm Centrais Eletricas Brasileiras SA estimated that it could raise up to 5.1 billion reais ($1.23 billion) via the potential issue of 9.99 billion reais worth of shares, according to a company presentation released Wednesday night. If the company, commonly known as Eletrobras, raises the full 9.99 billion reais, it estimates a minimum of 4.05 billion reais of the new shares would be associated with the so-called APACs programme. If 60% of minority shareholders participate, according to the presentation, the company would raise 1.9 billion reais.
The board of Brazilian state-run power firm Eletrobras has approved an extraordinary shareholders meeting to decide upon a capital increase of 9.99 billion reais ($2.42 billion) via a follow-on share offering, the firm said on Monday. In a securities filing, Centrais Eletricas Brasileiras SA , as the firm is formally known, said new preferential shares would be issued at 35.70 reais and new ordinary shares would be issued at 35.72 reais.
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(Bloomberg) -- Iconic Brazilian companies Vale SA and Eletrobras SA were removed from the world’s largest sovereign wealth fund due to environmental and human rights concerns.Norges Bank Investment Management said in a statement it’s excluded iron-ore giant Vale from Norway’s $1 trillion pension fund after repeated dam breaches in Brazil killed hundreds of people and caused environmental damage. Eletrobras was withdrawn because of the “unacceptable risk” that the country’s largest utility contributes to serious or systematic human rights violations.Norges’s move deals a blow to Vale, which has taken steps to improve its image after a dam collapse early last year killed 270 people. The Rio de Janeiro-based mining company replaced its top manager, committed to decommissioning riskier dams, and built a treatment plant to clean up polluted water.For Eletrobras, it’s also a reminder of the problems associated with the Belo Monte plant, where construction in the Amazon forest was marked by fierce opposition from environmental groups and a corruption scandal. Norges’s Council on Ethics said the project led to “increased pressure on indigenous lands, the disintegration of indigenous peoples’ social structures and the deterioration of their livelihoods,” with about 20,000 people displaced by the dam. The council also said the company has been involved in other projects that have been criticized for human rights violations.Eletrobras, controlled by the Brazilian government, said in a statement that it has taken “important strategic steps” to strengthen its commitment to human rights practices including closely monitoring subsidiaries like Belo Monte’s operator.Vale declined to comment.Norway’s wealth fund owned $375 million in Vale stock at the end of 2019, according to the latest figures available on the website of Norges Bank Investment Management. It also held $53 million in shares and $21 million in bonds of Eletrobras.Eletrobras fell 1.1% at 3:43 p.m. in Sao Paulo, extending this year’s decline to 46%. Vale rose 3%, reducing 2020’s losses to 9%.Other companies excluded from the fund include Canadian Natural Resources Ltd., Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. due to emissions. ElSewedy Electric Co was also excluded because of its participation in the development of a hydropower project in Tanzania.(Adds Eletrobras comment in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Retail brokerage XP Inc's founder and chief executive called on the Brazil's government to launch a Marshall Plan-style program to combat the economic effects of the coronavirus outbreak, according to local newspaper O Estado de S. Paulo, citing a Sunday call with other top executives. Guilherme Benchimol, founder of the brokerage which last year conducted one of Brazil's highest profile initial public offerings, said he feared the ranks of joblessness in the country could skyrocket to 40 million people from roughly 12 million as a consequence of the pandemic. "Measures taken by the Brazilian government so far are like a drop in the ocean," Benchimol said in the call, according to Estado, warning of a risk of people going hungry as well as a potential increase in murders.