March, 2023

• 12 March

  Biden World Bank pick urges private lenders to step up

  

  BLOOMBERG President Joe Biden’s nominee to lead the World Bank called on private-sector lenders to increase efforts to fight poverty across world, citing the need for trillions of dollars in lending that public institutions alone can’t meet. The World Bank needs to leverage its current balance sheet and maximize existing resources, but the total resources of development banks are in ...

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• 12 March

  UK plans £11 billion 3-year business tax break in budget      

  

  BLOOMBERG Chancellor of the Exchequer Jeremy Hunt will hand business a three-year tax break worth about £11 billion by replacing the UK’s most generous ever investment allowance with a temporary measure in next week’s budget, according a government official with knowledge of the matter. Corporation tax rises from 19% to 25% in April, when the so-called super-deduction also expires, a ...

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• 12 March

  The 4% yield on UK bonds lures investors who never buy gilts

  

  BLOOMBERG Before this year, Dan Boardman-Weston hadn’t bought UK government bonds in more than a decade. Now yields close to 4% are putting short-dated gilts on his radar. New investors like Boardman-Weston, who runs BRI Wealth Management, are a boon for Chancellor Jeremy Hunt. He’s expected to focus the UK government’s bond sales on closer maturities when he unveils the ...

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• 12 March

  Finance-savvy Rome mayor has $13.8b to revamp Eternal City

  

  BLOOMBERG Rome’s mayor is betting an unprecedented investment surge will help the Eternal City present a more modern face to the world. Roberto Gualtieri, a former finance minister, has secured €13 billion ($13.8 billion) in national and European funding over four years to spruce up the Italian capital, after it lost ground to Milan and other European centers in terms ...

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• 12 March

  Germany becoming a roadblock for more EU business

  

  BLOOMBERG The unpredictable behavior of Germany’s ruling coalition is becoming a disruptive influence in Europe and raising hackles across the continent. A last-ditch move this month to block a European Union push to phase out combustion-engine vehicles was only the latest example. On issues ranging from financial aid for Ukraine to reform of state-aid and budget rules, Germany’s EU partners ...

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• 12 March

  German airports face severe disruption

  

  BLOOMBERG German airline passengers are facing severe disruption on Monday, with commercial departures canceled at Berlin’s biggest airport as ground staff plan to strike amid a protracted pay dispute. Hanover and Bremen will also be affected by walkouts and flight cancellations are likely, the Verdi labour said in a statement. Hamburg has joined the capital’s BER airport in calling of ...

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• 12 March

  Japan Air ends $48 promo fares after demand crashes website

  

  BLOOMBERG Japan Airlines Co. ended a campaign to sell steeply discounted tickets for domestic flights after demand overwhelmed the carrier’s website. “In light of the fact that there is no prospect of restoration at this time” and the impact on other customers, Japan Airlines said it would cancel the promotional sale of flights and April and May, as well as ...

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• 12 March

  UK to spend $24 billion on carbon capture projects

  

  BLOOMBERG Chancellor of the Exchequer Jeremy Hunt will announce $24 billion for domestic carbon capture projects over the next 20 years in his budget next week, as the UK seeks to hit its net zero targets and spur green jobs. “It’s time for a clean energy reset,” Hunt said in an e-mailed statement, which also trailed plans to boost Britain’s ...

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• 12 March

  French nuclear revival hits trouble as new reactor defects found

  

  BLOOMBERG France’s troubled nuclear industry is supposed to be in revival, but the discovery of further defects at some reactors this week is stoking fears that the year ahead could be just as difficult as the last. Electricite de France SA’s fleet of 56 atomic power plants has long been the backbone of Europe’s energy system, but in 2022 it ...

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• 12 March

  Cloud computing is pricy. These startups want to help

  

  BLOOMBERG Cloud computing is expensive. As the tech economy stumbles and businesses pare back, growth at the largest cloud-computing companies has slowed. That’s created an opportunity for startups that want to help trim those bills. Vantage, a New York City-based company has raised $21 million from investors. The haul follows two larger investment rounds in recent months by competing companies ...

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