Centrais Eletricas Brasileiras S.A. - Eletrobras (EBR) - NYSE
  • Mon, Jun. 6, 9:59 AM
    • Brazil's energy ministry said on Saturday it backed full independence for Petrobras (PBR +1.8%) to set domestic fuel prices.
    • PBR and other state-controlled companies, such as utility Eletrobras (NYSE:EBR), with shares owned by non-government investors should be free to act in their best interests without government interference, the ministry said in a statement.
    • Fuel-price controls were adopted by the government to control inflation bound slashed PBR's revenue, helping cause debt to balloon to nearly $130B, and starved Brazil's biggest company of its ability to finance one of the world's largest-ever capital spending plans.
    | Mon, Jun. 6, 9:59 AM | 2 Comments
  • Tue, May 31, 7:37 AM
    • Brazil Transparency Minister Silveira, whose job is to fight corruption, resigned yesterday after leaked recordings indicated he tried to subvert the government's corruption probe.
    • In the recordings, Silveira criticizes prosecutors in the Operation Car Wash probe focused on Petrobras (NYSE:PBR), which has implicated dozens of politicians and led to the imprisonment of top executives, and advises the president of the Senate on how to dodge the investigations.
    • Last week, the Planning Minister took a leave of absence after another recording appeared to catch him talking about the need to slow down the investigations.
    • Relevant tickers: BBD, BSBR, ITUB, GOL, VALE, EBR, CPL, CIG, ERJ
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Tue, May 31, 7:37 AM | 22 Comments
  • Wed, May 18, 10:22 AM
    • The NYSE suspends U.S. trading of Eletrobras (NYSE:EBR) and begins delisting procedures after the Brazilian power utility said it would miss today's deadline for submitting its 2014 financial results.
    • EBR says it plans to appeal the decision while continuing to work on finishing the delayed reports; the company already has delayed its SEC filing three times as it conducts internal investigations into corruption allegations.
    • A delisting may prompt investors to sell and Brazil’s government will end up buying the ADRs, says a senior director at Fitch Ratings; Brazil’s government has signaled that delisting would put pressure on its Treasury and is pressing EBR to complete its investigation.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAZ, UBR, DBBR, FBZ
    | Wed, May 18, 10:22 AM
  • Thu, May 12, 11:47 AM
    • Brazilian utility Eletrobras (EBR -2.6%) says its U.S.-traded shares are at risk of being delisted because it still cannot put a price tag on corruption related losses.
    • EBR, which has delayed its 2014 annual report to the SEC three times, says it does not yet know if it will meet its next deadline to submit the documents on May 18, as it has not completed its internal investigation into corruption allegations uncovered as part of Brazil's federal criminal probe.
    • KPMG reportedly has refused to approve the 2014 full annual report until EBR can specify its losses after builders on several key projects admitted to inflating contracts and paying kickbacks.
    | Thu, May 12, 11:47 AM
  • Mon, May 2, 10:58 AM
    • Eletrobras (EBR -1.8%) says its internal investigation into alleged graft is ongoing, and is working to file its long-delayed 2014 and 2015 20-F statements to the SEC by a May 18 deadline.
    • EBR postponed the filing three times since April 2015 after KPMG refused to sign off on the report while the Brazilian state-run utility investigated allegations of graft at its Angra 3 nuclear power plant in Rio de Janeiro.
    • Bloomberg reports EBR is planning to take a writedown because of the corruption, at least six company execs have been placed on temporary leave, and the probe reportedly is reviewing nine other projects to determine if losses were incurred because of graft.
    | Mon, May 2, 10:58 AM
  • Tue, Apr. 5, 2:47 PM
    • A year after Petrobras took a $2.1B writedown due to Brazil's sweeping corruption scandal, another state-run company - Eletrobras (EBR -2.2%) - is getting closer to reporting its own graft-related writedowns, Bloomberg reports.
    • Nearly a dozen execs from the Andrade Gutierrez construction firm have testified recently, and at least two of them are said to have described an illegal pay-to-play scheme in energy projects such as Belo Monte, which is controlled by an EBR unit.
    • According to the testimony, builders agreed to pay kickbacks equal to 1% of the 15B real ($4.2B) Belo Monte project, which were then allegedly routed to  political parties as official donations.
    • That testimony likely will be made public in coming weeks after prosecutors send it to a Supreme Court judge to sign off on this week, according to the report.
    • Now read Bloomberg: Petrobras management, chairman split on gasoline price cuts
    | Tue, Apr. 5, 2:47 PM
  • Wed, Mar. 23, 6:56 PM
    • Shares in Brazil tumbled today after construction giant Odebrecht agreed to cooperate with corruption investigators in exchange for leniency.
    • As reported by Barron's Dimitra DeFotis, Eurasia Group says the plea agreement from Odebrecht is an important signpost in potentially incriminating Pres. Rousseff, and now expects impeachment by late April or early May.
    • The Economist doubts Rousseff can survive past next month, remarking that by naming Lula da Silva as her new chief of staff, she “put the interest of her political tribe above the rule of law."
    • In today's U.S. trade: PBR -7.1%, PBR -5.8%, VALE -9.4%, BBD -5.9%, ITUB -5.7%, BSBR -2.5%, EBR -5.7%, CPL -5.1%, CIG -4.9%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Mar. 23, 6:56 PM | 48 Comments
  • Fri, Mar. 4, 7:21 PM
    • News that Brazil’s federal police detained former Pres. Lula da Silva for questioning in connection with the Petrobras (NYSE:PBR) corruption scandal sparked a rally in Brazilian assets today, as investors hoped the deepening political crisis would result in Pres. Rousseff's ouster and a more market-friendly government.
    • Brazil's real rose more than 3% vs. the U.S. dollar before settling to a 1% gain, and the Bovespa stock index jumped 4%.
    • Federal prosecutors who ordered today's raids said there was evidence that Lula personally received funds from the graft scheme through work on a luxury beachside penthouse and a country home; beyond the allegations of personal perks and payoffs, prosecutors today described the former president as leading a years-long scheme to divert money from Petrobras to fund election campaigns that would keep his Workers’ Party and its allies perpetually in power.
    • A presidential aide called the accusations against Lula a "turning point" in the  crisis, warning that if authorities do not quickly present concrete proof against Lula, "there is going to be violence in the streets. It could be a real war."
    • In today's U.S. trading of Brazil-based stocks: PBR +11.4%, PBR.A +12.9%, VALE +7.1%, EBR +4%, ELP +6.7%, CPL +3%, CIG +0.5%, BSBR +1.7%, BBD +11.6%, ITUB +7.4%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Fri, Mar. 4, 7:21 PM | 8 Comments
  • Wed, Feb. 24, 2:32 PM
    • Vale (VALE -6.1%) is among Brazilian stocks trading sharply lower after Moody’s becomes the third ratings agency to downgrade the country’s credit rating since September.
    • Moody’s cuts Brazil's sovereign credit rating to Ba2 from Baa3, two notches into junk territory, with a negative outlook, citing uncertainty over the effort to impeach Pres. Rousseff and the corruption scandal that has paralyzed the country’s leadership and slowed efforts to shore up its crumbling finances.
    • "Every day it’s something, and you don’t know what the next thing will be. There’s very little visibility on what the future will be," says Moody's lead analyst for Brazil.
    • Vale, which reports earnings tomorrow, also is hurt by news that Brazilian police are alleging homicide at Vale’s Samarco joint venture with BHP Billiton.
    • Also: PBR -1.9%, PBR.A, -1.2%, EBR -5.3%, ELP -3.1%, CIG -4.8%, CPL -1.4%, SBS -4.5%, BSBR -0.5%, BBD -0.9%, ITUB -0.9%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Feb. 24, 2:32 PM | 9 Comments
  • Fri, Feb. 5, 9:43 AM
    • U.S. power utility AES Corp. (AES -0.9%) as well as Brazilian rivals CPFL Energia (CPL -0.8%) and Equatorial Energia are among groups showing preliminary interest in buying state-controlled power distributor Centrais Elétricas de Goiás, Reuters reports.
    • The plan comes as Centrais Elétricas Brasileiras (EBR -0.6%), Brazil's largest power holding company, is considering selling stakes in several distribution companies; the move underscores Pres. Rousseff's efforts to streamline the size of state companies, whose rapid growth has put public finances under pressure.
    | Fri, Feb. 5, 9:43 AM | 1 Comment
  • Tue, Jan. 26, 9:22 AM
    | Tue, Jan. 26, 9:22 AM | 5 Comments
  • Nov. 18, 2015, 3:49 PM
    • Brazil stocks are mostly higher and the real is a top gainer among the world's currencies after the Congress upheld Pres. Rousseff’s vetoes of legislation that would have substantially increased spending at a time the government is trying to shore up its budget and prevent a credit rating downgrade.
    • By approving the vetoes, lawmakers granted Rousseff a rare political victory in a year when Congress has voted mostly against the administration.
    • "The votes were a positive sign for markets, although it is a bit early to say that the tide has changed for Brazilian assets," says a currency manager at TOV Corretora de Cambio in Sao Paulo.
    • PBR +3.9%, PBR.A +3.8%, VALE +3.3%, EBR +2.6%, ELP +3%, CIG +2.9%, CPL +4.7%, SBS +3.9%, BSBR +2.8%, BBD +3.4%, ITUB +2.6%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Nov. 18, 2015, 3:49 PM | 11 Comments
  • Nov. 16, 2015, 8:43 AM
    | Nov. 16, 2015, 8:43 AM | 4 Comments
  • Nov. 5, 2015, 9:10 AM
    | Nov. 5, 2015, 9:10 AM | 32 Comments
  • Sep. 21, 2015, 3:19 PM
    • Former Petrobras (PBR -2.4%) engineering chief Renato Duque and former Workers’ Party Treasurer Joao Vaccari are sentenced to jail for corruption and money laundering in Brazil’s kickback scandal, the first convictions against key figures connecting the scheme to higher-ups in Pres. Rousseff’s political party.
    • Duque was sentenced to more than 20 years in jail, and Vaccari got 15 years.
    • Brazil’s federal police also made a new arrest, this time a partner of a construction company for allegedly bribing officials of a unit of state-run electric utility Eletrobras (EBR +2.3%) to win contracts.
    | Sep. 21, 2015, 3:19 PM | 8 Comments
  • Sep. 10, 2015, 5:34 PM
    • Petrobras (NYSE:PBR) is downgraded to junk status with a negative outlook by Standard & Poor's, a day after cutting Brazil’s sovereign debt to junk.
    • The ratings agency cuts the state-run company's credit ratings by two notches, to BB from BBB-, joining Moody’s in moving PBR to junk; Fitch classifies PBR at the lowest investment grade with a negative outlook.
    • S&P also downgrades ~30 other Brazilian state companies, including electric utility Eletrobras (NYSE:EBR), which is lowered to BBB-; ratings and outlooks for Vale (NYSE:VALE), Embraer (NYSE:ERJ) and Gerdau (NYSE:GGB) are not changed.
    • Earlier: Petrobras' investment plans at risk from S&P downgrade
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Sep. 10, 2015, 5:34 PM | 7 Comments
Company Description
Centrais Eletricas Brasileiras SA is a joint stock company, which engages in the generation, transmission and distribution of electricity. It operates through the following business segments: Management, Generation, Transmission and Distribution. Centrais Eletricas Brasileiras SA activities... More
Sector: Utilities
Industry: Electric Utilities
Country: Brazil