Eletrobras says Compensation for Hydro Plants Could be $330 mln
Brazil's state-run utility Eletrobras said on Friday a report into six hydroelectric plants found the assets had a remaining value of 1.3 billion reais ($332 million) after amortization and depreciation. Under Brazilian law, Centrais Eletricas Brasileiras SA, as the company is formally known, may be entitled to compensation for that amount if the figure is approved by the national energy agency ANEEL. ($1 = 3.92) (Reporting by Stephen Eisenhammer; Editing by David Gregorio)
Brazilian Police to Probe Nuclear Submarine Program
Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S. Paulo reported on Wednesday. Folha said police searched for documents that could prove their suspicions of fraud in the program. The search was part of a wider probe that led to the arrests on Tuesday of two executives involved in building a nuclear power plant for state-run utility Eletrobras. Federal police did not respond to a request for comment on whether they were investigating the submarine program. The newspaper did not say how it had obtained the information.
China, Brazil Close Plane, Finance, Infrastructure Deals
China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and Dilma Rousseff, the two nations agreed to join forces to build railways to help Brazil cut its infrastructure deficit and feed China's appetite for commodities. Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports, making China the South American nation's biggest trade partner.
