$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