Global newsbriefs from the Economist

Business Briefs from the economist

Ex-VW chief got 2014 memo on emissions

Volkswagen acknowledged that its former boss, Martin Winterkorn, had been handed a memo in May 2014 that mentioned inconsistencies in emissions from its diesel cars. That was more than a year before the German carmaker admitted to cheating on emissions tests in the United States, though VW says it is not known whether Winterkorn read the memo, as it was included in a batch of "extensive weekend mail."

The People's Bank of China cut its reserve requirement ratio — the amount, relative to deposits, that banks must keep with the central bank — by half a percentage point. It is the fifth reduction in just over a year. By freeing money for lending, the PBOC hopes to stimulate the slowing economy.

The eurozone slipped back into deflation for the first time since September. Consumer prices fell by an annual 0.2 percent in February; economists had expected the figure to be flat.

Sweden's economy grew by a respectable 1.3 percent in the fourth quarter of last year compared with the previous three months, and by 4.1 percent for all of 2015.

A potential bidding war for the London Stock Exchange loomed when ICE, which owns the New York Stock Exchange, said it was considering making an offer. The LSE is already in advanced talks with Deutsche Börse about a merger.

After a century of doing business on the continent, Barclays said it would leave Africa and focus on its core banking activities in Britain and America.

Glencore reported a net loss for 2015 of $5 billion. Its debt pile remained high, at $26 billion at the end of the year. But Chief Executive Ivan Glasenberg Glencore's chief executive, said the company had "learned lessons" from the past and was on track to reduce its debt to $15 billion by 2017.

Disney introduced variable pricing for tickets to its American theme parks. The new system has three pricing bands, with the peak ticket costing about a fifth more than previously. New "value days" will be priced about 5 percent lower than the old flat rate. Parents with school-age children will feel the market is again working against them, but the changes are similar to those already implemented by other theme parks.

Global Politics from the economist

U.N. deals more harshly with North Korea

The U.N. Security Council adopted tougher-than-expected sanctions on North Korea after its nuclear test and rocket launch earlier this year. They include mandatory inspections of all shipments to the country, a ban on sales of aviation fuel and a halt to iron and coal exports from the North. China will need to be the chief enforcer if the sanctions are to work.

Chinese Internet companies shut down the microblogs of Ren Zhiqiang, a property tycoon. He had used an account with 38 million followers to criticize President Xi Jinping's efforts to tighten Communist Party control over the media. China's Internet regulator accused Ren of publishing "illegal" messages.

The European Union announced that it will provide $760 million in aid to accommodate migrants in countries overwhelmed by the refugee crisis. Most of the money is expected to go to Greece. Angela Merkel, Germany's chancellor, scolded Austria and other countries for clamping down on refugee arrivals, and vowed not to abandon Greece.

Argentina reached an agreement to pay four of the largest creditors whose refusal to accept earlier debt-restructuring offers led to a default by the country in 2014. Argentina is to pay Elliott Management of New York and three others $4.7 billion, 25 percent less than they claimed. If completed, Argentina will be able to again borrow on international markets.

The E.U. and U.S. revealed details of their proposed deal for companies to share digital information, which replaces the Safe Harbour agreement that was thrown out by Europe's courts.