$550 million operation will be for bank financing, says Eneva

Eneva stated that it will raise the amount of R $ 2.75 billion for the operation with AES Tietê through bank financing until it is possible to refinance the amount under better conditions in the debentures market, after the coronavirus pandemic. The company opted to use traditional credit lines, maintaining the loans until the conditions of the Brazilian capital market become more attractive.

Source: Agência Estado

Petrobras postpones directors’ remuneration by 30%

Petrobras’ board of directors decided to join the initiative of the executive board and will postpone the remuneration of its members by 30% during the second quarter. The payment of this percentage will be made in September. The Board of Directors’ decision is in line with the series of measures adopted by Petrobras to reduce costs and preserve cash in the current scenario of uncertainties.

Source: Agencia Estado

Ipea estimates a 1.8% drop in GDP

The Brazilian economy will retract at least 0.4% this year as a result of the coronavirus pandemic, estimates the Ipea (Institute of Applied Economic Research), which works with three scenarios for GDP, depending on the confinement period imposed by the disease. In the worst-case scenario, which foresees three months of confinement, the economy would contract by 1.8% in 2020. Ipea projected, before the Covid-19 pandemic, an expansion of 2.1% in economic activity.

Source: Reuters

Eletrobras profit falls 77% to $ 620 million

Eletrobras announced a net profit of R$ 3.1 billion ($ 620 mn) in the fourth quarter of last year, a result 77% lower than that recorded in the same period of the previous year, the company said in a statement. According to the state company, the drop in performance is explained by the positive non-recurring effects that influenced the company’s results in the last quarter of 2018.

Source: Money Times

Grinding of sugarcane has high of 88% in Brazil

Mills in the Center-South region of the Brazil processed 88% more sugar cane in the first half of March compared to the same period last year, according to data recently released by the Union of the Sugarcane Industry (Unica) . According to the survey, the milling in units that concentrate around 90% of national production was 2.99 million tons, compared to 1.59 million registered a year ago.

Source: G1

Central Bank will help SME’s in $ 8 bn

Brazilian Central Bank stated that the R$ 40 billion ($ 8 billion) payroll financing program for small and medium-sized companies is being put into operation. The bank also emphasized the innovative character of the initiative, announced last Friday, the 27th, and which targets businesses with annual revenues between R$ 360 thousand ($72 thousand) and R$ 10 million ($ 2 million).

Source: Agência Estado