Sun, Feb 21, 2016 - Page 15 News List

World Business Quick Take

Agencies

AGRICULTURE

DuPont chooses Wilmington

Delaware government and business officials are celebrating the decision by the DuPont Co and Dow Chemical Co to locate in Wilmington, Delaware, the corporate headquarters of the agriculture company, to be spun off after their planned merger. The companies announced on Friday that Wilmington will be home of the agriculture company’s chief executive officer and key corporate support functions. Leadership of business lines and support functions, research and development are to be based in Indiana.

ECONOMY

Interest rates increased

Colombia became the second Latin American nation this week to raise interest rates, cut government spending and announce steps to shore up its currency, as commodity prices tumble. A majority of the seven-member board on Friday voted to increase the policy rate one-quarter point to 6.25 percent, bank governor Jose Dario Uribe told reporters in Bogota after the meeting. The Colombian central bank cut this year’s growth forecast to 2.7 percent this month, the slowest pace since 2009.

BRAZIL

Budget spending cut

President Dilma Rousseff’s economic team is stepping up efforts to contain spending this year, as the recession crimps tax collection and threatens to inflate Brazil’s record budget deficit. The government is freezing 23.4 billion real (US$5.8 billion) in spending from this year’s budget, Minister of Planning Valdir Simao said on Friday. A government official said early this month the administration was studying proposals to cut expenditures by as much as 50 billion real to ensure it achieves a so-called primary budget surplus equivalent to 0.5 percent of GDP this year.

BANKING

Citigroup selling units

Citigroup Inc plans to sell retail-banking and credit-card operations in Brazil, Argentina and Colombia. The businesses are to be moved into the Citi Holdings unit, which houses the company’s unwanted assets, effective this quarter, the New York-based company said on Friday in a statement. Citigroup operated branch networks in 24 nations at year-end, down from 40 as recently as March 2012.

INTERNET

Yandex to buy in Moscow

Yandex NV agreed to buy its Moscow headquarters after surging rent payments that are linked to the US dollar curbed profits, as the ruble lost half of its value in the last two years. The company, which operates Russia’s largest search engine, will finance the purchase of seven buildings from Cyprus-based Krasnaya Roza 1875 Ltd by issuing 12.9 million new Class A ordinary shares and approximately US$490 million of debt, the company said in a statement on Friday.

UNITED STATES

Fannie Mae to pay Treasury

Fannie Mae, a government-controlled mortgage company, is to pay the Department of the Treasury US$2.9 billion after reporting net income of US$2.5 billion for the fourth quarter. The company will have returned US$147.6 billion in dividends to the federal government, a regulatory filing on Friday showed. Washington-based Fannie Mae has received US$116.1 billion from the Treasury since 2008.

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