Economy

• Tuesday, January 31st 2017 - 23:19 UTC

  Argentina declares 2017 Renewable Energy Year; 20% electricity share by 2025

  

  Argentina has declared 2017 as the ‘Renewable Energy Year’ as the country looks to increase awareness about the advantages of renewable energy and the important of sustainability. A decree issued by the government calls for energy diversification through the use of renewable energy sources in the electricity generation as well as thermal energy sector.

• Tuesday, January 31st 2017 - 22:21 UTC

  Volkswagen overtakes Toyota as world's top leading automaker in 2016

  

  Toyota lost its crown as the world's top-selling automaker in 2016, company figures showed Monday, with the Japanese giant overtaken by Volkswagen as the industry prepares for an uncertain trade environment under Donald Trump. The German automaker moved back into the top spot despite being hit by a massive emissions cheating scandal that rocked its reputation.

• Tuesday, January 31st 2017 - 22:06 UTC

  Deutsche Bank fined in US and UK for helping Russians money launder

  

  Deutsche Bank has been fined US$630m by US and UK regulators in connection with a Russian money laundering plan. Under the scheme, clients illegally moved US$10bn out of Russia via shares bought and sold through the bank's Moscow, London and New York offices.

• Tuesday, January 31st 2017 - 21:56 UTC

  Brazil to lift restrictions on foreign ownership of airlines and farm land

  

  President Michel Temer will propose legislation to lift restrictions on foreign ownership of airlines and agricultural land in Brazil as he strives to pull the economy out of a two-year recession, government sources said on Monday.

• Tuesday, January 31st 2017 - 21:14 UTC

  House of Commons begins two-day debate on Brexit formal process

  

  British MPs are to begin on Tuesday two days of debate over the government's parliamentary bill to get the formal process of Brexit under way. Discussions on the European Union Bill have been extended to midnight on Tuesday to accommodate more speakers, with a vote to take place on Wednesday.

• Tuesday, January 31st 2017 - 21:03 UTC

  Brazilian government is “meeting its budget deficit”, says minister Meirelles

  

  Brazil's central government registered a primary budget deficit of 154.255 billion reais (US$49.40 billion) in 2016, meeting its target but recording a third consecutive annual deficit that reflects the dire state of the country's finances. In December, the country posted a primary deficit of 60.124 billion reais (US$19.25 billion).

• Monday, January 30th 2017 - 11:36 UTC

  Chile arrests 43 people suspected of stoking some of the forest fires

  

  Authorities in Chile have detained 43 people suspected of stoking some of the deadly forest fires that have killed 11 people and destroyed large swaths of land, according to President Michelle Bachelet.

• Saturday, January 28th 2017 - 12:00 UTC

  Consumer spending helps UK economy surprise and grows faster than expected in 2016

  

  Strong consumer spending helped the UK's economy to grow faster than expected at the end of last year. The economy grew by 0.6% in the October-to-December period, the same rate as in the previous two quarters, according to an initial estimate from the Office for National Statistics.

• Saturday, January 28th 2017 - 11:53 UTC

  US economy expands at an annual 1.6%; “Trumpconomics” promises 4% growth

  

  The US economy grew at an annual pace of 1.9% in the fourth quarter of last year, according to official figures. That was slower than the 2.2% growth rate economists had been expecting and below third quarter growth of 3.5%, which means annual GDP rose by 1.6%, the slowest since 2011 and down on 2015 when the world's largest economy expanded by 2.6%.

• Thursday, January 26th 2017 - 20:04 UTC

  UPM comments market speculations concerning an alleged pulp mill investment in Uruguay

  

  UPM states that it is not engaged in negotiations on a pulp mill investment with the Uruguayan government. As earlier announced, the company is considering prospects and prerequisites for long-term development in Uruguay. Currently UPM is engaged in discussions with the Government of Uruguay on infrastructure development.