Brazil’s government will cut its stake in power company Centrais Eletricas Brasileiras SA , or Eletrobras, to 45% from its current 61% in a planned privatization process, a senior official in the Energy Ministry announced on Wednesday.
Brazilian President Jair Bolsonaro's government unveiled a bundle of wide-ranging reforms on Tuesday, aimed at cutting spending and reducing the size of the state to drive down its chronic fiscal deficit.
Brazilian jailed former president Luiz Inacio Lula da Silva pledged on Friday to block or undo privatizations if he is returned to the office he held from 2003 to 2010.
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.