Brazilian utilities extend drop as gov't pushes to cut rates
SAO PAULO, Sept 12 |
SAO PAULO, Sept 12 (Reuters) - Shares of Brazilian electric utilities extended their drop on Wednesday amid a government push to slash energy bills.
An index of electric utilities fell 7 percent in early trading, its biggest drop since the 2008 financial crisis, following a fall of over 3 percent on Tuesday.
Brazil announced a major cut in electricity taxes on Tuesday that will lower energy costs for industries and consumers, the latest attempt by President Dilma Rousseff to re-energize her country's once-booming economy.
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