Headlines

Within the U.S., cannabis is now legal in 16 states including Washington, D.C., with legalization taking effect in two more states, Virginia and New Mexico, later this year, Mondaq reported. This state-level trend toward legalization in the U.S. continues even though cannabis remains illegal at the federal level. However, in Canada, cannabis has been legal at both the federal and provincial levels since 2018. The opening of these markets has generated significant investment on both sides of the U.S./Canadian border.

Canada on Monday said it will begin to ease pandemic restrictions at the U.S./Canada border next month, allowing U.S. citizens and permanent residents living in the U.S. who are fully vaccinated with Canadian-authorized vaccines to enter for nonessential travel without quarantining, The Washington Post. The decision, which takes effect Aug. 9, follows months of criticism from U.S.

Kenyatta International Convention Centre (KICC) has once again come under scrutiny after Auditor-General Nancy Gathungu reported that the top bosses at the center spent Ksh6.8 million that cannot be accurately accounted for, kenyans.co.ke reported. The auditor-general revealed serious breaches of protocol and fund misuse by KICC bosses who spent the money while attending a trip to Mauritius for an award ceremony where KICC had been named Africa’s leading meeting and conferences destination.

The recovery as a percentage of gross nonperforming assets moderated to 12.8 percent in 2020-21 from 15.8 percent in the previous fiscal year against the backdrop of the pandemic, Minister of State for Finance Bhagwat K Karad informed India’s Parliament on Monday, the Business Standard reported. As per Reserve Bank of India data on global operations, he said, scheduled commercial banks (SCBs) have recovered an amount of Rs 4,18,687 crore during the last three financial years.

Another front has opened up in the Pacific telecom cold war, with the Australian government committing to fund Telstra's acquisition of debt-laden Digicel Pacific, Lightreading.com reported. Telstra has confirmed it is in talks with local management of the Digicel Group, a Jamaica-headquartered firm that runs around 30 small telcos in the Caribbean, Central America and the south Pacific. The operator said in a statement Monday that the Australian government had promised to provide most of the funds should a deal be reached.

Ben & Jerry’s said Monday it was going to stop selling its ice cream in the Israeli-occupied West Bank and contested east Jerusalem, saying the sales in the territories sought by the Palestinians are “inconsistent with our values,” The Washington Post reported. The announcement was one of the strongest and highest-profile rebukes by a well-known company of Israel’s policy of settling its citizens on war-won lands. The settlements are widely seen by the international community as illegal and obstacles to peace.

Cameroon expects its economy to rebound this year, with the growth rate coming close to pre-pandemic levels, Bloomberg reported. The government sees output expanding 3.4% in 2021, compared with 0.7% last year, Cameroonian Economy Minister Alamine Ousmane Mey said. The central African economy grew 3.7% in 2019. As part of its 2030 strategy, Cameroon is focused on “the structural transformation of its economy toward industrialization, more integration, and growth that is more inclusive, sustainable and green,” he said.

Creditors of bankrupt miner Samarco Mineracao SA, a joint venture between Vale SA and BHP Group Plc, objected to the company's restructuring plan on Thursday, according to a court document, Reuters reported. Creditors said the plan's main goal is to protect Samarco's giant shareholders, Vale and BHP, and reduce future payments to creditors. They also rejected Samarco's offer to apply an 85% haircut to all creditors, including shareholders Vale and BHP, which extended 24 billion reais in loans to the company. Debt payments to creditors would occur in 2041.

Canadian companies are on track to sell a record volume of bonds in their own currency this year, taking advantage of low rates to refinance and fund post-pandemic investments, Bloomberg News reported. Almost C$78 billion ($52.5 billion) has been issued already this year, more than 70% of the record C$111 billion sold in all of 2020, according to data compiled by Bloomberg. Bankers expect a new high, despite a slower pace through year-end as borrowers shift from stockpiling liquidity to rightsizing balance sheets and protecting ratings.

Across Europe, governments and businesses are maneuvering to try to stop a surge in coronavirus cases — driven by the rapid spread of the Delta variant — from hampering the continent’s recovery, the New York Times reported. For the past few months, the relaxation of pandemic restrictions and the growing ranks of the vaccinated have propelled the economy forward. The European Commission recently upgraded its forecasts for the region.