Reuters: Bankruptcy News: Brazil's Rousseff to announce power rate reduction-reports

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Brazil's Rousseff to announce power rate reduction-reports Sep 6th 2012, 12:09 Thu Sep 6, 2012 8:09am EDT SAO PAULO, Sept 6 (Reuters) - Brazilian President Dilma Rousseff, concerned over the eroding competitiveness of industry and stubbornly high consumer prices, plans to announce a reduction in electricity rates and terms for the renewal of expiring power distribution licenses, newspaper reports said on Thursday. Rousseff is expected to unveil cuts on industrial electricity rates of as much as 20 percent when she addresses the nation late on Thursday, newspaper Brasil Econômico said. Consumers are likely to get a 10 percent cut in their electricity bills, Valor Econômico reported, citing people with knowledge of the plans. A spokeswoman at the presidential palace in Brasilia did not have an immediate comment on the reports. The plan is part of a broader package of measures by Rousseff to trim the costs of doing business in Brazil, where manufacturers have been burdened by higher labor and operating costs and increasing foreign competition. Industrial output in Brazil contracted 2.5 percent in the second quarter on a sequential basis.

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