The U.S. Supreme Court review of Purdue Pharma’s $6 billion opioid settlement could open the door for Canada’s municipalities and indigenous First Nations—the only two groups not made up of individual claimants that have opposed the deal—to seek compensation they say has been denied them, WSJ Pro Bankruptcy reported. Purdue’s bankruptcy plan would compensate thousands of individuals, healthcare providers, and U.S. state and local governments accusing the maker of the OxyContin painkiller of helping to fuel the opioid epidemic.
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Resources Per Country
- Anguilla
- Bahamas
- Barbados
- Belize
- Bermuda
- British Virgin Islands
- Canada
- Cayman Islands
- Costa Rica
- Cuba
- Dominica
- Dominican Republic
- El Salvador
- Grenada
- Guadeloupe
- Guatemala
- Haiti
- Honduras
- Jamaica
- Mexico
- Montserrat
- Netherlands Antilles
- Nicaragua
- Panama
- Puerto Rico
- Saint Kitts and Nevis
- Saint Lucia
- Trinidad and Tobago
- Turks and Caicos Islands
- United States
- United States Virgin Islands
Mexico kicked off 2024 emerging-market sovereign bond sales with the largest deal on record for the Latin American country, Bloomberg News reported. The nation raised $7.5 billion with the sale of benchmark global dollar notes due in five, 12 and 30 years, according to people with knowledge of the matter, who asked not to be identified because they’re not authorized to speak about it. While sentiment across global markets was negative, orders for the deal had reached $20 billion, the people said.
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Electric scooter rental giant, Bird, amidst bankruptcy proceedings in the United States, has conveyed that its Canadian operations will remain unscathed, BNNBreaking.com reported. The assurance comes from Bird Canada’s COO, Alex Petre, who confirmed to CBC News that the Canadian branch operates independently of the U.S. filing. Alex Petre emphasized the significance of the Canadian market for the company and reassured that the availability of scooters in cities like Windsor would endure unimpeded. Bird Global, the parent company, is currently navigating a restructuring phase.
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Mexicana de Aviación is back in the air, Air Data News reported. One of the oldest airlines in the world, founded in 1921, completed the first flight of its new phase on Dec. 26, as Mexican President Andrés Manuel López Obrador intended. The carrier, which had gone bankrupt in 2010, had its remaining assets acquired by the Mexican government, which funded its return to the skies as an airline focused on cheap air tickets. Although he launched the project in August with ambitious goals, Obrador had to wait until almost the end of the year for Mexicana to complete its first flight.
The Cuban government said Friday it will have to either increase prices for fuel and electricity, or reduce rations for basic supplies, the Associated Press reported. President Miguel Díaz-Canel said that such difficult measures were needed for difficult times, after the minister of the economy said Cuba’s economy contracted between 1% and 2% this year, and inflation ran at about 30%. There were problems in the tourism industry — Cuba's main source of income — and in farm production. “This is a question of complicated measures, as complicated as are these times," Díaz-Canel said.
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Canadian retail spending flattened heading into the holiday season, an indication consumers may be hesitating in an environment of high interest rates and with signs showing the broader economy is struggling, the Wall Street Journal reported. Retail sales were relatively unchanged last month, according to an advance estimate of receipts released Thursday by Statistics Canada. That comes after sales in October rose 0.7% to a seasonally adjusted 66.95 billion Canadian dollars, the equivalent of about $50.08 billion, the data agency said.
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Canada's federal government will give C$471 million ($354 million) to Toronto, the country's largest city, to help it build more housing and alleviate a shelter crisis, the Globe and Mail reported. The newspaper said Prime Minister Justin Trudeau, whose popularity has slumped in recent months amid complaints about housing, would make the announcement in Toronto. The money will come from a special C$4 billion fund which pays cities that agree to loosen zoning rules that protect neighborhoods dominated by single-family homes.
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Panama's economic growth next year is now estimated at about 2.5%, down "in light of new scenarios," Economy and Finance Minister Hector Alexander said on Tuesday, Reuters reported. Speaking at a 2024 draft budget presentation, Alexander said the reduced figure did not include inflation. Alexander did not give further detail on the reasoning behind the cut, but a ministry official told Reuters earlier this month that the country could slash its 2024 GDP forecast after the closure of a lucrative copper mine.
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Insolvent European property company Signa is holding talks to potentially sell its stake in New York's Chrysler Building and is shedding its private jet, its administrator said on Tuesday, a significant development in the salvaging of founder Rene Benko's real estate empire, Reuters reported. The efforts, announced to Signa's creditors in Vienna, mark a first update by the court-appointed insolvency administrator on plans for Signa, the biggest casualty so far of Europe's property crisis.
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The U.S. Securities and Exchange Commission (SEC) on Monday filed charges against Nigerian businessman Dozy Mmobuosi and three companies of which he is CEO, alleging they inflated the financial performance of the companies and key subsidiaries to defraud investors, Reuters reported. The SEC said in a statement that it filed charges in U.S. District Court in New York against Mmobuosi, who made headlines this year following a bid to buy an English premier league team.
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