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Singapore’s top financial regulator reprimanded the cryptocurrency hedge fund Three Arrows Capital, saying that it supplied false information to officials and managed more assets than allowed, the Wall Street Journal reported. The firm, which was recently ordered to liquidate by a court in the British Virgin lslands, previously gave false or misleading information to regulators when it transferred management of its fund in September 2021 to an entity in the offshore tax haven, the Monetary Authority of Singapore said Thursday.
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A new federal private member’s bill aims to protect your pension in the bankruptcy process if your employer ends up as the next Nortel or Sears Canada, the Toronto Star reported. It’s the latest in a string of attempts to change Canada’s laws to give underfunded pension plans with insufficient assets to cover their liabilities a “super priority” over large creditors and the payout of executive bonuses in a bankruptcy or insolvency process.
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Canada's British Columbia province said on Wednesday it reached a C$150 million ($116.50 million) settlement with OxyContin maker Purdue Pharma Canada over healthcare costs related to the opioid crisis, Reuters reported. Purdue had been named as one of more than 40 defendants - drugmakers and distributors - in a proposed class-action lawsuit brought by British Columbia in 2018 on behalf of all provincial and federal Canadian governments.
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Canada’s banking regulator moved to rein in a number of home-loan products that have exploded in popularity during the country’s pandemic housing boom as the market starts to turn, Bloomberg News reported. Consumers who hold mortgages that are combined with a revolving home-equity line of credit and exceed a 65% loan-to-value ratio must use some of their principal payments to pay down their mortgage balance until it’s below that threshold, the Office of the Superintendent of Financial Institutions said in a statement Tuesday.
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Hong Kong's financial watchdog is tightening oversight on derivatives markets after the collapse of Archegos Capital Management, a senior official at the city's Securities and Futures Commission (SFC) said on Tuesday, Reuters reported. Archegos, a U.S.-based family office of investor Bill Hwang which had $36 billion in assets, blew up last year when it was caught short on highly leveraged trades and left global banks with $10 billion in losses.
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Costa Rica has told the International Monetary Fund (IMF) it is interested in obtaining a nearly $700 million loan to invest in infrastructure from a newly created fund, the Central Bank said, Reuters reported. Costa Rican authorities told the IMF that the country aims to be the first to secure financing from the IMF's Resilience and Sustainability Trust (RST), announced in April, the Central Bank told Reuters on Friday.
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Mexico’s central bank accelerated the pace of its interest rate increases Thursday, delivering the country’s biggest ever hike and signaling willingness to keep boosting rates at the same pace if needed, Bloomberg News reported. The board of Banxico, as the bank is known, unanimously voted to raise its key rate by 75 basis points to 7.75%, as expected by all 27 economists in a Bloomberg survey.
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Mexican President Andres Manuel Lopez Obrador said on Friday that during a planned visit to Washington next month he would propose to his U.S. counterpart Joe Biden that they craft a joint anti-inflationary plan to tackle surging prices, Reuters reported. Mexico's leftist president did not set out details of what such a plan could entail, but he pointed to three measures his administration had taken to keep down the price of household staples like foodstuffs and fuels.
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Mexico's troubled payroll lender Credito Real said in filing to the Mexican stock exchange late Wednesday that it was aware of claims of a filing of an involuntary chapter 11 bankruptcy petition, which it would fight once the petition was served, Reuters reported. "The company believes the Involuntary Petition is improper and was filed as a litigation tactic in the U.S. by certain alleged minority creditors to gain leverage in negotiations with the company," Credito Real said. Read more.
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Insolvency practitioners yesterday said the Attorney General’s ambition for The Bahamas to become “the near shore Delaware of corporate structuring” was both “achievable” and “appropriate” if the correct reforms are made, the Bahamas Tribune reported. Ed Rahming, Intelisys (Bahamas) founder and managing director, told Tribune Business that this nation would need to ensure it has both the right legislative framework and necessary human capital expertise - both Bahamian and expatriate - to fulfill the vision unveiled by Ryan Pinder during the Senate Budget debate.

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