March, 2016

• 21 March

  ‘I quit over welfare plan, not EU vote’

  

  Bloomberg Iain Duncan Smith, who resigned as U.K. work & pensions secretary last week, denied accusations that his move was aimed at undermining Prime Minister David Cameron amid Conservative Party divisions over the European Union. Duncan Smith told BBC Television’s “Andrew Marr Show” on Sunday he quit solely because the government’s tax and welfare changes are unfair. “This is not ...

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• 21 March

  Telecom Italia CEO Patuano to step down after Vivendi clash

  

  Bloomberg Telecom Italia SpA Chief Executive Officer Marco Patuano will resign after clashing with Vivendi SA, the company’s biggest investor, two officials at the carrier said, ending a 2 1/2-year tenure leading Italy’s former phone monopoly. Chairman Giuseppe Recchi will assume Patuano’s duties until a replacement is appointed, the officials said. They asked not to be named because Patuano, 51, ...

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• 21 March

  Czech CB candidate sees low probability of negative rates

  

  Bloomberg Czech policy makers will probably use negative interest rates only if they need another instrument to deter “excessive” capital inflows, according to Jiri Rusnok, the top candidate to become the next central bank governor. “We can’t give up that tool, but at the same time I think the probability of it being used is really low,” Rusnok, who joined ...

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• 21 March

  Spain’s political stalemate starts taking economic toll

  

  Madrid / AFP This year was supposed to be a good one for Spanish builders but the lack of a government three months after an inconclusive general election has put the brakes on economic activity. “Everything that has to do with construction in this country is blocked,” said Carlos Luaces, director general of Spain’s association of sand and gravel producers, ...

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• 21 March

  Weaken the $: The dovish Fed’s hidden agenda?

  

  Washington / AFP In lowering its likely path of future interest rate increases this week, the Federal Reserve pushed down the dollar, perhaps aiming to ease strains caused by clashing monetary policies. Economists and investors alike were surprised when the US central bank announced on Wednesday that it only sees two rate hikes in 2016, half the number it envisioned ...

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• 21 March

  TransCanada buys a plant only to sell it six weeks later

  Bloomberg Six weeks ago, TransCanada Corp.closed a deal to buy a power plant in Pennsylvania. On Friday, the company put it back up for sale. The 704-megawatt Ironwood natural gas-fired power complex that TransCanada bought for $657 million from Talen Energy Corp. is back on the block as the company looks for ways to finance another acquisition worth 15 times ...

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• 21 March

  Mexico keeps rate steady as peso strengthens and Fed holds

  

  Bloomberg Mexico kept its overnight interest rate unchanged after the peso’s rebound from a record low eased inflation pressures and the Federal Reserve left borrowing costs on hold. Banco de Mexico’s Governor Agustin Carstens, held the overnight rate at 3.75 percent. The central bank said it will pay special attention to the exchange rate and its possible pass-through to consumer ...

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• 21 March

  Brazil biz world bets on Rousseff exit

  

  Rio De Janeiro / AFP The Federation of Sao Paulo Industries is lit up in the green and yellow of the Brazilian flag, a giant black banner cutting across its facade with a blunt message: “Resign now.” The powerful industry group is not the only major player in the Brazilian economy that is openly hostile to embattled President Dilma Rousseff. ...

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• 21 March

  US tourists seek preserved Cuba — and Cubans seek change

  

  havana / AFP American Sue Pemberton rushed to Havana to experience authentic Cuba before the communist island gets swamped by capitalism. The only problem: millions of other foreigners had exactly the same idea. Already booming tourism is set to explode in the wake of President Barack Obama’s visit to Havana on Sunday, when he’ll bury an almost six decades-long conflict ...

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• 21 March

  EMEA buyers to invest more in real estate in the current year

  

  Emirates Business Real estate investors across the Europe, Middle East and Africa (EMEA) region intend to be very active in 2016. According to CBRE’s 2016 EMEA Investor Intentions Survey almost half (48 per cent) of all surveyed expect their purchasing activity to be higher than last year, compared with just 15 per cent who expect to be less active buyers. ...

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