North America

Mexican airline Grupo Aeromexico said on Tuesday the U.S. Bankruptcy Court for the Southern District of New York, presiding over its chapter 11 restructuring process, gave it 75 more days to present a reorganization plan, Reuters reported. “The court approved the extension because, among other reasons, of the good progress the company has made with its restructuring,” Aeromexico said. Read more.
Read more
Future cooperation between Canadian miner Centerra Gold Inc. and Kyrgyzstan’s government in operating a gold mine in the Central Asian nation is unlikely, according to the nation’s finance minister, Bloomberg News reported. The government took over Kumtor mine late last month, using environmental concerns and tax issues to justify the move. It is now the subject of international arbitration initiated by Toronto-based Centerra, while the mine’s operating company Kumtor Gold filed for chapter 11 protection in New York on May 31.
Read more
The Canadian government will loosen Covid-19 travel restrictions for fully vaccinated people amid warnings that a return to a completely open border will take awhile longer, Bloomberg News reported. Canadian citizens and residents who’ve received two shots will be exempt from a 14-day quarantine on arrival to the country, Prime Minister Justin Trudeau’s government said in a statement Monday. Travelers will still need to show they’ve tested negative for Covid-19 before they cross into Canada and take a second test at the border.
Read more
The number of first-year students attending Laurentian University is expected to drop significantly this fall with many who applied and were accepted now getting cold feet, CTVNews.ca reported. Ken Steele, a Canadian expert in higher education, student recruitment and strategic planning, said statistics from the Ontario Universities' Application Centre show first-year enrolment confirmations are down 30 per cent at LU. That's significant because most of the students would have applied in January, before the university declared insolvency Feb. 1.
Read more
President Joe Biden’s administration rejected Nicolas Maduro’s call for relief from U.S. sanctions, saying the Venezuelan leader needs to do more toward restoring democracy before penalties would be lifted, Bloomberg News reported. Maduro, a target of crippling U.S. sanctions under former President Donald Trump, reached out to Biden in an exclusive Bloomberg interview last week, calling on him to lift sanctions, normalize relations and end the “demonization of Venezuela.” Responding to Maduro’s comments, a State Department spokesman said a U.S.
Read more
With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada's next tightening cycle, expected to begin in 2022, will result in interest rates climbing above the previous peak for the first time in decades, Reuters reported. In four major tightening cycles since the early 1990s, the Bank of Canada's key interest rate has peaked at a level that was lower than the preceding endpoint.
Read more
EAGLE Hospitality Real Estate Investment Trust (EH-Reit), which is part of Singapore-based Eagle Hospitality Trust (EHT), has received net proceeds of about U.S. $153.9 million following the sale of five chapter 11 properties, the Singapore Business Times reported. The net proceeds have been partially used to repay the debtor-in-possession facility and the stalking horse "break up" fee, EH-Reit trustee DBS Trustee said in a bourse filing on Thursday. The balance remaining is around $109.7 million, which will go to repaying ongoing post-petition expenses and pre-petition creditors.
Read more
Canada’s banking regulator raised a key capital requirement for large domestic banks, a signal that it considers the economic risks of the Covid-19 pandemic to have largely subsided, Bloomberg News reported. The country’s bank superintendent said Thursday it will raise the domestic stability buffer to 2.5% from 1%, beginning in October. The regulator lowered the buffer in March 2020, giving banks more room to absorb losses while still lending through the crisis.
Read more
The Federal Communications Commission on Thursday proposed further restrictions on purchases of telecommunications equipment that pose national security risks, strengthening its opposition to Chinese providers of 5G wireless and other technologies, the New York Times reported. The F.C.C. voted unanimously to explore the proposal to ban U.S. companies from all future purchases of telecommunications equipment from companies like Huawei and ZTE of China.
Read more