Headlines

The European Union has experienced a "breakthrough year" with the United States even if not all trade irritants are gone and now wants to work with its transatlantic ally to start forging trade rules for the future, the EU trade chief said, Reuters reported. A year on from Joe Biden's defeat of Donald Trump in the U.S. presidential election, the two sides have suspended their disputes over aircraft subsidies and steel and aluminium tariffs and launched an alliance to cooperate on future technologies. "One can say that this year was indeed a breakthrough year for EU-U.S.

KPMG risks a ban on bidding for public contracts if there is a repeat of recent scandals at one of the UK government’s biggest providers of consulting services, the cabinet office has warned, the Irish Times reported. The threat was made in a letter from the department to the Big Four consultant seeking assurances that there would be no further misconduct at the firm. KPMG’s reputation has suffered in recent years after a series of fines for misconduct. It is also under investigation over other allegations of malpractice.

The Bank of Mexico on Wednesday raised its inflation forecast and lowered its growth expectations for this year, saying the balance of risks for inflation had deteriorated and were biased to the upside, Reuters reported. Banxico, as the bank is known, projected gross domestic product growth of 5.4% for 2021, down from a prior view of 6.2%. It forecast 3.2% growth in 2022, up from a previous estimate of 3.0%.

Ukraine has appealed to the European Union for additional financial aid as the country struggles to meet its obligations and faces the threat of a potential invasion from Russian troops massing on its borders, Bloomberg News reported. “We have formally requested from the European Commission a long-term, macro-financial program to ensure sustainable financing in the upcoming years,” Yuriy Butsa, Ukraine’s commissioner for public debt management, said via WhatsApp.

Prime Minister Kyriakos Mitsotakis said the Greek economy could grow more than projected next year, saying he was "very bullish" about prospects for the economy and a successful tourism season unless there are further big complications from COVID-19, Reuters reported. Greece's economy attracts particular scrutiny after a decade of financial turmoil which saw the nation of 11 million people almost topple out of the euro zone as recently as 2015.

Canadians who have spent less than 72 hours in another country will no longer need a Covid-19 test to return to Canada, making it easier and cheaper for residents near the 5,500-mile border to make quick trips to the U.S. to pick up groceries, fill gas tanks or go holiday shopping, the Wall Street Journal reported. U.S. businesses along the Canadian border say they are anticipating a boost in cross-border shopping and tourism after nearly 20 months of suffering from Washington’s decision to ban tourists from entering the U.S. via northern land-border crossings.

The European Union will seek to mobilize 300 billion euros ($340 billion) in public and private infrastructure investments by 2027 to offer developing countries an alternative to China’s massive Belt and Road program, Bloomberg News reported. The EU’s “Global Gateway” project unveiled on Wednesday outlines spending on digital, transport, energy and health projects. And while the proposal doesn’t mention China directly, it offers a counter to Beijing’s overseas development plan that critics say has pushed countries to unsustainable levels of indebtedness.

Grupo Aeroméxico SA B de CV is roiling some of its creditors with a restructuring plan that sets aside an ownership stake for its partner and part-owner Delta Air Lines Inc. while paying a fraction of some of its debts, WSJ Pro Bankruptcy reported.

The specter of freezing weather in Japan and surging energy prices are raising risks the nation’s power retailers could follow their U.K. and Singaporean peers into bankruptcy, Bloomberg News reported. Japan’s government and utilities, stung by last year’s record rally in spot electricity prices, are now preparing for what could be the tightest power supply in a decade. Liquefied natural gas inventories have been boosted to their highest seasonal level in five years, while some regional utility companies are curbing power output.

The National Company Law Appellate Tribunal (NCLAT) has initiated insolvency proceedings against NCR-based real estate firm MGF Developments Limited, on a petition filed by a group of homebuyers, the Economic Times of India reported. The NCLT has also appointed a Interim Resolution Professional. “Since, the financial creditor satisfies all the requirement of section 7 of IBC, 2016. We are therefore, satisfied that the applicant/financial creditor has made out a case under Section 7 IBC for admission and a clear case of default has been established.