Headlines

Canada's annual inflation rate accelerated again in October, matching a February 2003 high, led by sharp rises in gasoline and housing prices, data showed on Wednesday, with analysts expecting more heat ahead. Inflation rose to 4.7%, in line with expectations, up from 4.4% in September, Statistics Canada data showed. It was the seventh consecutive month in which headline inflation topped the Bank of Canada's 1-3% control range. Prices rose in all eight major component groups for the second month in a row. Analysts said that trend was likely to continue.

Shares in Brazilian state-run power company Eletrobras plunged on Wednesday after it reported third-quarter net income of 965 million reais ($175.4 million), down 66% year-on-year, hit mainly by provisions relating to ongoing litigation, Reuters reported. The lawsuits relate to a compulsory energy loan program, which required industrial energy customers to provide money to pay for Brazil's electricity sector. The government promised to repay the companies but this has been repeatedly postponed.

Italian prosecutors have asked a judge to drop a case against Vivendi's owner and CEO for alleged market manipulation and obstruction of regulators in the French group's stakebuilding in Italy's Mediaset, one judicial and one legal source said, Reuters reported. Prosecutors had investigated allegations that Vivendi's billionaire owner Vincent Bollore and CEO Arnaud De Puyfontaine used the prospect - and then collapse - of a deal to buy Mediaset's pay TV arm to drive down the Italian firm's shares and buy them on the cheap in 2016.

Richter Advisory Group has announced that it has been named trustee for Toronto’s Junction Craft Brewing, which has declared insolvency and entered a bankruptcy protection period during which it is soliciting buyers to take over the business, Canadian Beer News reported. Junction operates primarily as a brewer and seller of hand-crafted beers and other beverage products from an approximately 16,513 square foot leased premises located at 150 Symes Road, Toronto, Ontario.

Peru is joining the global push to develop a central bank digital currency (CBDC), central bank President Julio Velarde said on Tuesday, as policymakers worldwide seek to keep pace with fast-spreading cryptocurrencies, Reuters reported. Speaking at a conference with business leaders in Lima, Velarde said that Peru's central bank is working with the central banks of India, Singapore and Hong Kong in developing a CBDC. "We are not going to be the first, because we don't have the resources to be first and face those risks," Velarde said, "But we don't want to fall behind.

The International Monetary Fund on Tuesday said that it was precluded from providing financial support to Zimbabwe due to its "unsustainable debt and external arrears," and any lending arrangement would require a clear path to a comprehensive restructuring of the African country's external debt, Reuters reported. The IMF said that its staff completed a virtual mission to Zimbabwe from Oct. 16 to Nov. 16, and noted "significant" efforts by authorities there to stem inflation, contain budget deficits and reserve money growth.

The Irish High Court has refused to approve a Personal Insolvency Arrangement (PIA) for a businessman with over €3m in debts, the Irish Examiner reported. Mr Justice Mark Sanfey said that he could not approve the PIA for Daniel Drew. In his judgement, the judge said the court had no jurisdiction to entertain an application to approve the PIA, which had been rejected at a meeting of Mr Drew's creditors in 2019. In his judgement, the judge said that Mr Drew operates a petrol and convenience store in Turner's Cross, Cork.

Ireland could face a sharp rise in company insolvencies as government pandemic supports are wound down, and a higher rate of company failure could persist for some time, according to a new paper from the National Competitiveness and Productivity Council (NCPC), the Irish Times reported. It says that the Government faces a difficult balancing act as the pandemic supports are wound down, with the risk that moving too quickly could push some viable companies to the wall.

Suning.com, a Chinese retail and e-commerce conglomerate, posted a statement Tuesday morning on Twitter-like social media platform Weibo, saying that the topic reading “Suning.com to declare bankruptcy at the end of December” was a rumor and that the company was operating normally, Pandaily.com reported. It has also reported the incident to public security officials, and the rumormongers will be investigated for legal responsibility according to law. At the end of October, Suning.com released its financial report for the third quarter of 2021.

Canadian retailer Le Chateau is making its comeback from bankruptcy today with the online launch of an evening wear collection ahead of the holidays, the Canadian Press reported. The so-called glamour capsule offers shoppers a hint of what to expect with the brand’s relaunch under new owner Suzy’s Inc., the company behind Suzy Shier, set for this spring. Franco Rocchi, senior marketing director of Suzy/Le Chateau, says the curated, limited-edition collection highlights the brand’s focus on high-fashion occasion wear.