{"id":107807,"date":"2021-02-24T00:40:37","date_gmt":"2021-02-24T00:40:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=107807"},"modified":"2021-02-24T00:40:37","modified_gmt":"2021-02-24T00:40:37","slug":"bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress\/","title":{"rendered":"Bolsonaro delivers Eletrobras privatization measure to Brazil's Congress"},"content":{"rendered":"

BRASILIA (Reuters) – Brazilian President Jair Bolsonaro went to Congress on Tuesday to deliver a provisional measure associated with his government\u2019s plans to privatize state-run electricity provider Eletrobras.<\/p>

FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS\/Brendan McDermid<\/figcaption>

Bolsonaro, who is under fire for announcing a shakeup at Petrobras that sent the oil company\u2019s stock tumbling due to fears of government meddling, delivered the measure in person to show his commitment to privatizing state firms.<\/p>\n

\u201cOur privatization agenda is going full steam ahead,\u201d he said after meeting with the leaders of Congress.<\/p>\n

Senate head Rodrigo Pacheco and lower chamber Speaker Arthur Lira said the measure, a decree that requires congressional approval, would be fast-tracked.<\/p>\n

Preferred and common shares in Eletrobras soared after a Reuters report on Tuesday that the government was to unveil the privatization measure. Preferred shares rose more than 10% by end of afternoon trading.<\/p>\n

\u201cThe provisional measure signed by President Bolsonaro authorizes the start of the procedure needed to enable a future privatization of Eletrobras and its subsidiaries,\u201d said a statement issued by the ministries of Economy and Energy.<\/p>\n

The measure, which would allow development bank BNDES to work on the privatization of Eletrobras, excludes only two of its units: Brazil\u2019s nuclear energy company Eletronuclear and its stake in the Itaipu dam, a partnership with Paraguay.<\/p>\n

A government source said the measure should \u201csignal\u201d to the market Bolsonaro\u2019s commitment to the sale after his decision to replace the CEO of Petrobras, announced on Friday in a social media post, led to doubts over his divestiture plans.<\/p>\n

Petrobras shares plunged 22% on Monday, wiping out 71 billion reais ($13 billion) in market value, as Bolsonaro again slammed its pricing policies after he moved to replace the company\u2019s market-friendly CEO with a retired army general.<\/p>\n

Shares recovered by rising 12.7% on Tuesday, but uncertainty remains in the market as to possible interference by Bolsonaro in the company\u2019s fuel pricing policy with a view to boosting his popularity ahead of a 2022 re-election bid.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BRASILIA (Reuters) – Brazilian President Jair Bolsonaro went to Congress on Tuesday to deliver a provisional measure associated with his government\u2019s plans to privatize state-run […]<\/p>\n","protected":false},"author":3,"featured_media":107806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nBolsonaro delivers Eletrobras privatization measure to Brazil's Congress - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bolsonaro delivers Eletrobras privatization measure to Brazil's Congress - Fin2me\" \/>\n<meta property=\"og:description\" content=\"BRASILIA (Reuters) – Brazilian President Jair Bolsonaro went to Congress on Tuesday to deliver a provisional measure associated with his government\u2019s plans to privatize state-run [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-24T00:40:37+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/02\/cnewsfotor26-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress\/\",\"url\":\"https:\/\/fin2me.com\/business\/bolsonaro-delivers-eletrobras-privatization-measure-to-brazils-congress\/\",\"name\":\"Bolsonaro delivers Eletrobras privatization measure to Brazil's Congress - 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