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BofA Chairman of Global Corporate, Investment Banking to Depart – BNN

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(Bloomberg) — Bank of America Corp.’s chairman of global corporate and investment banking, Anne Clarke Wolff, is leaving the firm.

Clarke Wolff plans to pursue a new career path, according to a memo from Matthew Koder, who runs the investment-banking division. A company spokesman confirmed the contents of the memo, which was seen by Bloomberg.

After joining the bank in 2011, the executive spent her first eight years expanding the corporate-banking and leasing business. Lisa Clyde took over those responsibilities when Clarke Wolff became chairman earlier this year.

Clarke Wolff covered some of the Charlotte, North Carolina-based lender’s biggest global clients, and was active in its women’s leadership initiatives. She also serves on the board of the Public Theater and is a vice chair of the board of trustees of Colby College.

©2020 Bloomberg L.P.

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Turkey announces $18.5 billion public investment programme for 2021 – The Journal Pioneer

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ANKARA (Reuters) – Turkey has announced a 2021 public investment programme worth 138.5 billion lira ($18.53 billion), with communication and transportation projects receiving the largest allocation of the investment funds.

The programme, published in the Official Gazette late on Friday, set aside nearly $6 billion for public investments in the transportation and communication sectors in 2021, and another $2.6 billion for education projects. Other investment areas include manufacturing, health, agriculture, tourism and energy.

Under the programme, Turkey’s Transport and Infrastructure Ministry will receive some $2 billion, while the State Hydraulics Works (DSI) will receive $1.8 billion and the Highways Directorate $1.75 billion.

President Tayyip Erdogan, who has been in power for nearly 20 years with five consecutive election victories, had until 2018 enjoyed steady annual growth of around 5% fuelled by cheap foreign credit and “mega projects” ranging from bridges and tunnels to highways, hospitals and other construction.

(Reporting by Tuvan Gumrukcu and Ebru Tuncay; Editing by Kirsten Donovan)

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Fraser Institute says oil execs find several US states more attractive than Alberta for investment – CTV Toronto

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CALGARY —
Alberta is a much less attractive place for petroleum executives to invest in, says a new poll released this week.

The report, published by the Fraser Institute, says Oklahoma, Kansas and Texas are the top three places for oil and gas investment out of 21 North American jurisdictions.

Alberta placed 12th overall on the list, which asked a group of petroleum executives a series of questions based on polices affecting energy investment.

The institute says investors were concerned about environmental regulations, the cost of regulatory compliance and regulatory enforcement in Alberta as well as the four other provinces included.

“Canada’s onerous and uncertain regulatory environment, along with our lack of pipeline capacity has created a significant competitiveness gap between Canadian and American jurisdictions,” said Elmira Aliakbari, associate director with the Fraser Institute and co-author of survey in a release.

It found 64 per cent of respondents were concerned over Alberta’s environmental regulations while 65 per cent said the cost of regulatory compliance here would lead to them spending their money elsewhere.

‘FIVE YEARS OF ECONOMIC DECLINE’

The Kenney government is still reviewing the content of the Fraser Institute’s report, but says it is confident its policies will help rebuild the economy after the policies of the previous government.

“Alberta is still recovering after five years of economic decline and stagnation made worse by the policies of the Notley NDP which drove billions of dollars and hundreds of thousands of jobs out of Alberta,” said Peter Brodsky, spokesperson on behalf of Alberta Energy Minister Sonya Savage, in an email to CTV News.

He says the UCP government’s work is already “paying off.”

“(On Wednesday) the Canadian Association of Petroleum Producers projected more than three billion dollars of additional investment in Alberta’s energy sector.”

calgary, alberta, ucp government, oil and gas, ene

NDP energy critic Kathleen Ganley says she isn’t so sure of the UCP government’s record of job creation and success with stimulating growth in the energy sector.

“After almost two years in office, the UCP have failed to create a single new job or attract new investment to the energy industry,” she wrote in a statement. “Instead, investment in the industry is still well below 2019 levels and we’ve seen companies such as Encana and Equinor pack up and move out of the province.”

Instead of having a government that blames others for its failures, Ganley says Albertans need one that is focused on economic recovery for everyone.

Saskatchewan, which placed eighth, was the highest among Canadian provinces while B.C., which has “the greatest barriers to investment” placed 20th.

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Turkey announces $18.5 billion public investment programme for 2021 – The Guardian

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ANKARA (Reuters) – Turkey has announced a 2021 public investment programme worth 138.5 billion lira ($18.53 billion), with communication and transportation projects receiving the largest allocation of the investment funds.

The programme, published in the Official Gazette late on Friday, set aside nearly $6 billion for public investments in the transportation and communication sectors in 2021, and another $2.6 billion for education projects. Other investment areas include manufacturing, health, agriculture, tourism and energy.

Under the programme, Turkey’s Transport and Infrastructure Ministry will receive some $2 billion, while the State Hydraulics Works (DSI) will receive $1.8 billion and the Highways Directorate $1.75 billion.

President Tayyip Erdogan, who has been in power for nearly 20 years with five consecutive election victories, had until 2018 enjoyed steady annual growth of around 5% fuelled by cheap foreign credit and “mega projects” ranging from bridges and tunnels to highways, hospitals and other construction.

(Reporting by Tuvan Gumrukcu and Ebru Tuncay; Editing by Kirsten Donovan)

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