Bloomberg Long before President Donald Trump has made good on his pledge to spend $1 trillion on US infrastructure projects — including using only American metal in new pipelines — investors already are seeing a big payoffs from domestic steel producers. The VanEck Vectors Steel ETF delivered an 82 percent return in the past year as shares surged in ...

  Bloomberg Central London office values will probably fall as much as 20 percent this year as the economy slows and investors are deterred by uncertainty in the face of the UK’s exit from Europe and increased business rates, according to Deutsche Bank AG’s asset management unit. Spending on properties in the British capital slowed sharply before and after the ...

  Bloomberg Chancellor of the Exchequer Philip Hammond said the UK economy will grow faster than previously forecast this year as he set the course for government spending with Britain preparing to leave the European Union. Opening his Budget speech in Parliament on Wednesday, Hammond said the Office for Budget Responsibility now sees 2017 economic growth of 2 percent compared ...

  Bloomberg State Farm Mutual Automobile Insurance Co., the largest U.S. property-casualty insurer, said annual profit fell 94 percent on car insurance claims costs. Net income dropped to $400mn from $6.2bn in 2015, when results included one-time gains in the stock portfolio tied to pharmaceutical deals, the Bloomington, Illinois-based firm said. The underwriting loss from auto insurance widened to $7bn ...

  Bloomberg The European Union will for the first time bring its military operations under a single command in a symbolic move that signals the bloc’s renewed push to cooperate on defense matters. EU governments are showing a readiness to pull together military resources and decision-making capabilities as statements from the US have called into question American commitment to European ...

  Bloomberg US airports estimate they need almost $100 billion for capital projects during the next five years and can only fund about half of that on their own, according to a study by a group representing commercial airport owners. Airports are coping with a number of changes that have stretched existing facilities, including higher passenger and cargo activity, aging ...

  DUBAI / Reuters Etihad Airways is advising some passengers to run travel plans by United States diplomatic missions after President Donald Trump signed a revised executive order banning visits by nationals of six Muslim-majority nations. Monday’s order, which takes effect on March 16, keeps a 90-day ban on travel to the United States. by citizens of Iran, Libya, Syria, ...

  Bloomberg Delta Air Lines Inc. cut its forecast for a key revenue figure after fares failed to rebound as quickly as the company had expected. Airline stocks fell. Passenger revenue for each seat flown a mile — a closely watched measure of pricing power — will be flat this quarter, the Atlanta-based carrier said in a presentation. That marked ...

  Bloomberg Vodacom Group Ltd.’s Tanzanian unit will begin an initial public offering on Thursday, the first in a series of listings expected on the domestic exchange that may spur mergers and acquisitions, Managing Director Ian Ferrao said. The company plans to raise 476bn shillings in an offering of 560mn shares at 850 shillings each, according to a prospectus issued ...

  LAGOS / Reuters Etisalat’s Nigerian affiliate is in talks with local banks to renegotiate a $1.2 billion loan it took out four years ago to expand its network in the country after it missed payments, a senior executive told Reuters. Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria, said Etisalat missed payments due to an economic downturn ...