Headlines

Ukraine's central bank said on Thursday it would keep its main interest rate steady at 25% as inflation remained high so far this year, Reuters reported. The bank has kept the interest rate at 25% since June 2022 as it sought to keep inflation under control following Russia's large-scale invasion, which has disrupted supply chains and battered the economy.

Argentina’s central bank is considering raising its benchmark rate Thursday for the first time since September after annual inflation surged above 100% last month, Bloomberg News reported. The monetary authority’s board will consider an increase after leaving the key Leliq rate unchanged at 75% for several months, the people said, asking not to be named discussing internal decisions. The board hasn’t decided on the size of the hike in case they opt for such move, they said.

A business tycoon long sought by the government of China and known for cultivating ties to Trump administration figures including Steve Bannon was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy, the Associated Press reported. Guo Wengui and his financier, Kin Ming Je, faced an indictment in federal court in Manhattan charging them with various crimes, including wire, securities and bank fraud. Guo was charged in court papers under the name Ho Wan Kwok. U.S.

Canada's competition watchdog called for stronger merger review rules on Wednesday and recommended some 50 improvements to what it said was outdated antitrust legislation, Reuters reported. "Canada needs more competition. And Canadians need a modern and effective competition law to support that," the Competition Bureau said in a statement. Canadians have been left with fewer and pricier choices in everything from telecoms to banking after decades of industry consolidation, consumer advocates say. Soaring inflation has worsened the issue of affordability.

Latin America has a "very resilient and well-managed" financial system, Inter-American Development Bank President Ilan Goldfajn said on Wednesday, following the collapse of Silicon Valley Bank, which has roiled markets, Reuters reported. "We hope that we are prepared for what is coming in the region," Goldfajn added, speaking at an IDB meeting in Panama City. Stocks and currencies in the region tumbled on Wednesday as traders showed worries over the stability of Swiss lender Credit Suisse following the crash of Silicon Valley Bank, raising international fears of financial contagion.

The British government ramped up its efforts to get more people into work and make Britain an enticing investment destination as it announced on Wednesday an expansion of free child care, extended household energy subsidies and bolstered business investment incentives, the New York Times reported. Amid double-digit inflation, rising interest rates and widespread labor strikes, Jeremy Hunt, the chancellor of the Exchequer, detailed his plan to help Prime Minister Rishi Sunak keep the promise he made in January to expand the economy this year and pull it out of stagnation.

The collapse of Silicon Valley Bank has shown the need to build a larger and more diverse financial system by bolstering the stock market and unlocking cash in pension schemes, Britain's finance minister Jeremy Hunt said on Wednesday, Reuters reported. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC over the weekend to avoid disrupting its customers in Britain. SVB was heavily focused on lending to the technology sector. Fallout from the collapse continued to roil banking shares in Europe on Wednesday.

Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank's CEO to make new assurances on its financial strength, Reuters reported. Saudi National Bank, which holds 9.88% of Credit Suisse, said it would not buy more shares on regulatory grounds. Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17% in early afternoon trading, after shedding as much as 30% to a new record low.

A Brazilian Senate committee on Tuesday extended formal invitations to central bank chief Roberto Campos Neto and five former executives from beleaguered retailer Americanas SA, asking them to provide details on a pair of sagas that have gripped the country in the opening months of Luiz Inacio Lula da Silva’s presidency, Bloomberg News reported. The Senate’s economic affairs committee wants Campos Neto to explain his position on Brazil’s benchmark interest rate, as Lula and his economic team continue to push for lower borrowing costs in an effort to boost economic growth.

Latin America’s largest airline is planning a return to US capital markets after cutting nearly $4 billion of debt during a years-long restructuring, Bloomberg News reported. Latam Airlines Group SA will seek to re-list its American depositary receipts on the New York Stock Exchange this year after they were suspended during the bankruptcy, Chief Financial Officer Ramiro Alfonsín said in a video interview. It also expects to return to international bond markets next year, he said.