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Montevideo, June 28th 2017 - 03:36 UTC

Economy

  • Saturday, May 27th 2017 - 14:04 UTC

    A quarter of UK power on Friday was solar, helped by sunshine and high temperatures

    Duncan Burt, head of control room operations at National Grid, called it the “beginning of a new era”.

    A record amount of solar power was generated on Friday as Britain basked in sunshine and temperatures of up to 28C, the National Grid has said. A total 8.7 gigawatts (GW) had been generated at lunchtime, representing 24.3% of total generation across the UK, beating the previous record of 8.48GW set on 10 May.

  • Saturday, May 27th 2017 - 08:32 UTC

    Moody's lowers Brazil's credit outlook; Meirelles confident the reform agenda will be approved

    Meirelles said the economy recovered quickly from previous episodes of political turbulence when there was no doubt about the future of economic policy.

    Brazil's economy is clearly growing again after a severe recession and will be shielded from a political crisis by widespread support for the government's reform agenda, Finance Minister Henrique Meirelles said, despite the fact Moody's on Friday announced it was lowering the country's credit outlook.

  • Friday, May 26th 2017 - 08:02 UTC

    UK economy losing momentum as Brexit impact begins to be felt

    Although employment remains at a record high, the UK economy has lost a lot of its momentum of last year as the impact of Brexit has started to be felt.

    Britain's economy slowed more sharply than first thought in early 2017 as consumers felt the hit from the rise in inflation that followed the Brexit vote and exporters struggled to benefit from the weak pound. Thursday's downbeat official data - which contrasts with signs of acceleration in many other economies - comes two weeks before Britons vote in a national election.

  • Friday, May 26th 2017 - 07:34 UTC

    Odebrecht offices in Buenos Aires raided as part of an investigation into bribes

    Federal Judge Sebastian Casanello ordered the raid as part of a probe into the alleged bribe during the 2007-2015 presidency of Cristina Fernandez.

    Argentine federal agents searched the offices of the Brazilian construction conglomerate Odebrecht in Buenos Aires on Wednesday as part of an investigation into alleged bribes in the granting of construction contracts for a water treatment plant.

  • Thursday, May 25th 2017 - 19:07 UTC

    Today's stunted oil prices could cause oil price shock in 2020

    Eurasia Group forecasts about 7 million barrels per day (MMbbl/d) of new crude supply by 2022.

    As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil's immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U.S. shale production will continue to grow along with global demand.

  • Thursday, May 25th 2017 - 10:20 UTC

    Economists point out serious math errors in Trump's budget proposal

    “It appears to be the most egregious accounting error in a presidential budget in the nearly 40 years I have been tracking them,” wrote Larry Summers

    The White House has denied the president's budget proposal contains an “egregious” math error. Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts US$2trillion. But White House budget director Mick Mulvaney told reporters: “We stand by the numbers.”

  • Wednesday, May 24th 2017 - 09:06 UTC

    Argentina economy grows 0.8% in March from a year earlier

    The Argentine economy grew 1.9% in March versus February, Indec said.

    Argentina's economy grew 0.8% in March from a year earlier, the Indec statistics agency said on Tuesday. The economy also grew 1.9% in March versus February, Indec said.On Tuesday the Argentines central bank also kept its benchmark interest rate at 26.25% and said it believes the country's inflation rate is easing in May.

  • Wednesday, May 24th 2017 - 08:36 UTC

    World's second largest economy has its credit rating downgraded by Moody's

    The Chinese economy expanded by 6.7% in 2016 compared with 6.9% the previous year, the slowest growth since 1990.

    China has received a downgrade on its credit score, on worries about the future state of the economy. Moody's Investors Services brought down China's long-term local currency and foreign currency issuer ratings by one notch to Aa3 from A1, a move that could lead to a rise in the cost of borrowing for the Chinese government and state-owned enterprises. The ratings agency also changed its outlook for China to stable from negative.

  • Wednesday, May 24th 2017 - 07:22 UTC

    US households debt at new record high and manageable, but students loans remain “stubbornly high”

    Total indebtedness is now 14% above the 2013 trough of household deleveraging brought on by the 2007-2009 financial crisis and Great Recession.

    The United States debt level reached a record high this year, surpassing the peak touched just as the worst of the recession was taking hold in 2008, and marking a milestone for households that now lean less on mortgages and more on auto and student loans

  • Wednesday, May 24th 2017 - 07:10 UTC

    Record number of investments from overseas in Scotland during 2016

    The EY Scotland Attractiveness Survey showed Scotland was the second most popular part of the UK to invest in behind London.

    Scotland won a record number of investments from overseas in 2016, although growth was substantially lower than the previous year. There were 122 foreign direct investment deals done over the course of last year, up from 119 in 2015.