North America

Miniso Canada says it has reached a preliminary agreement with Miniso Guangzhou LLC in a case that has threatened to force the Chinese discount retailer's Canadian operations into bankruptcy, the Canadian Press reported. In a statement posted to its Instagram page on Monday evening, Miniso Canada said the two parties are currently in the process of settling their business issues and finalizing details on the agreement. Miniso Canada's remarks stemmed from a Dec.

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The Mexican government, labor and business sectors agreed Monday to raise the minimum wage by 16.2% in 2019, a third consecutive year of double-digit increases aimed at restoring the purchasing power of the country’s lowest earners, the Wall Street Journal reported. The minimum wage will rise to 102.68 pesos ($5.10) a day from 88.36 pesos on Jan. 1, while along the northern border with the U.S. the minimum daily wage will double to 176.72 pesos ($8.80), said Labor Minister Luisa María Alcalde.
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Holders of about half of the $6bn in debt issued to finance a Mexico City airport project that is now destined to be scrapped rejected the government’s enhanced proposal on Wednesday, saying it was better, but still nowhere near good enough, the Financial Times reported.

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The Mexico City Airport Trust – the financial backer of a new Mexico City airport project that President Andrés Manuel López Obrador has vowed to scrap– has boosted the terms of its bond buy-back offer to try to woo the approximately 50 per cent of bondholders who rejected the initial deal, the Financial Times reported. The new deal offers to buy back $1.8bn of the $6bn in bonds as before.

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Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country’s U.S.-based Citgo Petroleum Corp from seizure by creditors. A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine. Separately, Venezuela’s $1.3 billion settlement in October with Rusoro Mining of Vancouver, also over expropriated mining assets, has been upended by U.S.

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Insolvencies filed by Canadian consumers jumped by the most in two years amid signs recent interest rate increases are filtering through to the economy, Bloomberg News reported. Insolvencies climbed to 11,641 in October, an increase of 9.2 percent from a year earlier, according to a report from the Office of the Superintendent of Bankruptcy Canada. Insolvencies surged 16 percent from September, and are 1.5 percent higher than 2017 on a year-to-date basis.

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Investors in Mexico City’s planned airport project want a lot more from the government before they agree to its buyback offer, Bloomberg News reported. An explicit federal guarantee to honor the debt would go a long way toward resolving concerns, according to chats with more than half a dozen bondholders who asked not to be identified before any formal talks are held.

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Canada kept interest rates on hold on Wednesday, as a recent spate of disappointing economic readings and the renewed sell-off in crude prompted policymakers to take a more cautious stance, the Financial Times reported. The Bank of Canada held its benchmark rate steady at a 10-year high of 1.75 per cent, as widely expected. However the Canadian dollar slumped to trade 1 per cent lower at C$1.3397 per dollar — the lowest since June 2017 — as policymakers warned that the economy could be heading for a slowdown in the fourth quarter.

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Holders of more than $1bn of the bonds issued to finance a new Mexico City airport that President Andrés Manuel López Obrador wants to scrap have rejected an offer by the government to buy back some of the debt, the Financial Times reported. The bondholder group said it could not support the plan, which would also alter the terms of the remaining debt — bonds that currently have a claim on revenues from the new airport.

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