Brazil's benchmark Bovespa index jumped more than 1% on Wednesday in low-volume trading on the U.S. Independence Day holiday, while shares of Brazilian power utility Centrais Elétricas Brasileiras SA soared.
Brazilian President Michel Temer signed a measure that paves the way for the privatization of Eletrobras, Latin America’s largest power company, according to a government official.
A senior official in Brazil said there are no current plans to privatize the national oil company to deal with its massive debt, according to a new report by Reuters. Fernando Coelho Filho, the minister of mines and energy, had suggested that Petrobras could face such a sale in the future, but did not provide a concrete timeline.
Executives of Brazilian state oil company Petrobras and Bolivian counterpart YPFB signed this week a contract for a US$1.2 billion natural-gas exploration venture in southern Bolivia. Bolivian President Evo Morales and Brazil's minister of mines and energy, Fernando Coelho Filho, traveled to Bolivia's eastern city of Santa Cruz for the signing ceremony.
Brazil's government is considering selling stakes in state-controlled assets including its postal company as well as holdings in transport, power and insurance firms in a bid to raise capital and streamline the public sector, a newspaper reported on Sunday.
Brazil’s top prosecutor asked the Supreme Court to open an investigation into opposition Senator Aécio Neves, the country’s leading opposition figure, as the vast Petrobras corruption probe engulfed more politicians. Neves, who narrowly lost the 2014 presidential election to Dilma Rousseff, was previously included in a list of some 50 politicians thought to have taken bribes originating from state-run companies.
Brazilian police on Tuesday arrested two executives involved in building a nuclear power plant for Eletrobras, pulling the state-run utility into a corruption scandal that has engulfed government-owned oil company Petrobras.
Rolling blackouts swept across parts of Brazil as the grid operator ordered select power cuts to avoid a larger crisis, drawing attention to a fragile electric system that is buckling under the strains of record-breaking heat and dryness.
A Brazilian court on Thursday lifted an order that suspended construction of the massive but controversial Belo Monte hydroelectric plant in the Amazon rain forest, a project expected to face barrage of lawsuits by environmental critics.