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Bank of Canada Governor Tiff Macklem said in an interview with the Globe and Mail that banks that are prolonging amortization periods for mortgage holders are not significantly blunting the effects of monetary policy,  Reuters reported.

Peru's central bank expects the country's inflation rate to be higher in July versus June, which saw a contraction in prices, the head of the bank's economic studies unit said during a presentation on Friday, citing seasonal variation, Reuters reported. Adrian Armas also said that May GDP figures, set to be published on Saturday, are likely to be in the negative realm when asked by reporters, with the fishing sector having taken a notable hit.

Word that Uruguay was seeking a trade deal with China prompted exultation at El Álamo ranch, a lush expanse of grass punctuated by cactus and herds of cattle on the eastern plains of Uruguay, the New York Times reported. Most of the cattle are destined for buyers in China, where they confront tariffs of 12 percent — more than double the rate applied to meat from Australia, the largest exporter of beef to China. Ranchers in New Zealand, the second-largest exporter, enjoy duty-free access to China.

Nigeria declared a state of emergency that will allow the government to take exceptional steps to improve food security and supply, as surging prices cause widespread hardship, Reuters reported. The move will trigger a range of measures, including clearing forests for farmland to increase agricultural output and ease food inflation, Dele Alake, a spokesman for President Bola Tinubu, told reporters late Thursday. It follows the president’s removal of fuel subsidies and exchange-rate reform, which has seen the naira fall by 40% after its peg to the dollar was removed last month.

The gleaming skyscrapers of London’s east skyline, built almost 40 years ago, are home to the headquarters of the world’s biggest banks and tens of thousands of their office workers. But when the workweek starts these days, the towers in Canary Wharf are quieter and the nearby restaurants are emptier — the result of a shift to remote work during the pandemic that sent office markets around the world plunging and vacancy rates rising, the New York Times reported. As firms adjust to hybrid work, many are downsizing their physical footprint.

The resolution plan put in place to revive Jet Airways is not workable due to the Jalan-Kalrock Consortium (JKC) failing to make the promised payments to creditors, Simple Flying reported. In a recent hearing, the lawyers stated that if creditors were to see any of their promised monies, Jet Airways would need to be wound up. The JKC has already received multiple extensions since 2022, both from the creditors and the court, but they seem to have failed to keep their promise. Jet Airways was originally launched in 1993 and became a household name with premium air travel in India.

The U.S. dollar being the dominant global reserve currency has been on a slow long-term downward trend, interrupted by upticks — and now we had an uptick, when the dollar gained share, Wolf Street reported. The share of the USD as global reserve currency rose to 59.0% in the first quarter of 2023, after having dropped to 58.6% in Q4, which had been the dollar’s lowest share since 1994, according to the IMF’s recent COFER data. The U.S.