Canada

Canada's annual inflation rate surged more than expected to 3.3% in July as core measures eyed by the central bank remained stubbornly high, data showed on Tuesday, increasing the likelihood of another interest rate increase, Reuters reported. Analysts polled by Reuters had forecast inflation would rise to 3.0% from the 27-month low of 2.8% recorded in June. The consumer price index was up 0.6% on a month-over-month basis, Statistics Canada said, also higher than a forecast of a 0.3% gain.

A Burnaby-based company that designs and builds electric bikes and scooters has added Veemo’s covered electric tricycle to its catalogue, the Vancouver Sun reported. According to Envo Drive Systems CEO Ali Kazemkhani, his company is taking over the 122 orders for the electric trike that Veemo had in place before the business folded in January. Kazemkhani said all Veemo customers had been refunded their $250 deposits and would soon be asked whether they want to continue their order under the Envo banner.

A Scottish renewables company, backed by Scottish Enterprise, has been placed into administration as a result of problems with its Canadian subsidiary, Daily Business reported. Edinburgh-based Sustainable Marine Energy (SME), developed tidal energy systems and last year its Canadian business was successful in harnessing tidal currents in the country’s Bay of Fundy, in Nova Scotia, using its innovative, floating platform.

The United States, United Kingdom, and Canada slapped sanctions Thursday on Lebanon's embattled former central bank governor and a handful of close relatives and associates over allegations of corruption, the U.S. Treasury Department said, the Associated Press reported. Riad Salameh, 73, ended his 30-year tenure on July 31 under a cloud of investigation and blame for his country's historic economic crisis. France, Germany, and Luxembourg are investigating Salameh and close associates over alleged financial crimes, including illicit enrichment and the laundering of $330 million.

National Bank of Canada said on Tuesday it has agreed to buy collapsed U.S. regional lender Silicon Valley Bank's Canadian commercial loan portfolio, as the smallest of Canada's top six lenders looks to expand its footprint in the tech sector and diversify its loan book, Reuters reported. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. Around C$325 million of that is outstanding.

Lighthouse Immersive Inc., the company behind an interactive Vincent van Gogh exhibition displayed across the U.S., has filed for bankruptcy, Bloomberg News reported. The Toronto-based company filed for chapter 15 bankruptcy in Delaware yesterday alongside affiliates, a move that protects its U.S. assets while insolvency proceedings play out in its home country. While the company is best known for its van Gogh exhibit, it has also launched displays that feature Disney animation, as well as works of Frida Kahlo and Claude Monet.

BRON, the Canadian holding company for animation studio Bron Digital, live-action production company Bron Studios, and feature film studio Bron Creative has filed for bankruptcy in the U.S. and creditor’s protection in Canada, according to The Hollywood Reporter. Citing the pandemic as well as the current WGA/SAG-AFTRA strikes, the company “had no choice but to take this step in light of its financial circumstances,” said CEO Aaron Gilbert in a letter to shareholders.

Economists now see a soft landing for the Canadian economy, with no recession this year despite interest rates at a 22-year high, Bloomberg News reported. The economy will stall in the second half of 2023 but it won’t contract, according to a monthly Bloomberg survey of 27 economists. The median forecast sees the Bank of Canada holding its overnight rate at 5% well into next year — with no rate cuts until April. The results support the Bank of Canada’s view that economic growth is moderating, while core inflation remains elevated.

Mexico has been hit with three sets of trade arbitration proceedings in the past few days, according to the International Centre for Settlement of Investment Disputes (ICSID), Reuters reported. First Majestic Silver and Silver Bull Resources, both Canadian companies, as well as U.S. food firm Arbor Confections have filed cases against Mexico, ICSID said in brief statements issued between Thursday and Friday. The proceedings all invoked the North American Free Trade Agreement (NAFTA) and the United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA.