March, 2016

• 24 March

  Puerto Rico utility wins one more week to draft rate proposal

  

  Bloomberg Puerto Rico gained another week to file a proposed rate charge to the island’s energy commission, a fee that would back debt used to restructure about $9 billion owed by its main electric utility. Puerto Rico Electric Power Authority creditors agreed to give officials until March 30 to submit their petition to implement a new customer fee, called a ...

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• 24 March

  TransCanada joins with JPMorgan on asset sale

  

  Bloomberg TransCanada Corp. is working with JPMorgan Chase & Co. to find buyers for more than $7 billion in assets to help finance its acquisition of Columbia Pipeline Group Inc., people with knowledge of the matter said. The people asked not to be identified because the information is private. Assets for sale include a portfolio of U.S. Northeast merchant power ...

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• 24 March

  Brazil currency leads LatAm losses on political woes

  Sao Paulo / Reuters Brazil’s currency led losses in Latin American markets on concerns that a political crisis threatening President Dilma Rousseff may drag on longer than expected, while the central bank moved to weaken the real for a third straight day. Latin American currencies weakened as traders reconsidered their bets on U.S. monetary policy after Federal Reserve policymakers encouraged ...

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• 24 March

  Brazil’s best-in-the-world stock rally masks tattered economy

  

  Bloomberg After a disastrous 2015, Brazilian stocks and bonds are posting the biggest gains among global peers this year. Speculation that President Dilma Rousseff could soon be ousted, ending a political stalemate that has paralyzed the country, is fueling the rally. Yet, whoever steps into Rousseff’s shoes would face daunting challenges, from closing a crippling budget deficit to pulling Latin ...

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• 24 March

  UAE restaurant industry poised for growth

  

  Ritika Sharma / Emirates Business Casual-dining Indian restaurants are reaping good dividends in the Emirates, thanks to a huge number of Indian expats and die-hard fans of authentic Indian cuisine across the country. Despite revenue slumps in various sectors due to oil fluctuations, the industry is flourishing rapidly in the country and is expected to grow. Around 19,000 extra restaurant ...

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• 24 March

  Communication gets more ‘instant’ in UAE

  

  Sunaina Rana / Emirates Business Instant messaging apps have emerged as favourite tools of easy communication for business and private use in the Emirates, according to a recent survey by YouGov in association with Huawei. They help entrepreneurs to connect with their business partners, thereby enabling them to enhance operations. Sandeep Saihgal, Middle East Vice President of Huawei Consumer Business ...

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• 24 March

  Takaful faces an uphill climb

  Ritika Sharma / Emirates Business The Islamic insurance industry is facing an uphill climb against severe competitive pressures with an added headwind coming from macroeconomic challenges, according to the Finance Forward Takaful Outlook Report 2016. However, the forecast is brighter with Takaful growing faster than the broader insurance market. This report will be discussed during the upcoming annual World Takaful ...

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• 24 March

  Late stone-age life excavated at Marawah island

  

  Emirates Business New archaeological excavations on Marawah Island have uncovered the earliest known inhabitants of the Emirate of Abu Dhabi providing a unique insight into life during the Late Stone Age in Abu Dhabi’s western region. A programme of archaeological surveys carried out by Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) since 2012 has identified more than 20 ...

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• 24 March

  Algeria woos investors it long ignored after oil boom fades

  

  Bloomberg Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades. “The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in sub-Saharan Africa countries. “The ...

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• 24 March

  Tehran’s dose of reality after sanctions deal

  

  Bloomberg International business executives looking at Iran invariably see plenty of dollar signs, but there is always a caveat or two whenever the discussion turns to how and when to enter the country. Some point out that while Iran has a large, young and well-educated population, the Revolutionary Guards Corp is deeply entrenched in the economy. Others note that there ...

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