In mid-May, cryptocurrency exchange Binance got some bad news in a far-flung corner of its sprawling universe. Binance’s payments partner in Australia had abruptly cut it off, meaning local customers couldn’t deposit Aussie dollars on the platform via bank transfer. The hit to business was immediate, with Binance halting all Aussie trading pairs about two weeks later, along with bank withdrawals of the local currency, Bloomberg News reported.
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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
Canada’s economy hasn’t buckled under the weight of higher borrowing costs. On the contrary: strong growth has more economists predicting the central bank will resume raising interest rates soon, Bloomberg News reported. Thirteen of 17 economists surveyed by Bloomberg say the Canadian economy is proving less sensitive to higher rates than previously believed. Almost half now say the Bank of Canada will raise its benchmark overnight rate, currently 4.5%, between now and September. In the March survey, analysts unanimously said Governor Tiff Macklem’s next move would be a cut.
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The cancer-treatment specialist GenesisCare has filed for bankruptcy protection, after struggling under a debt load enlarged by a $1.5 billion takeover, the Wall Street Journal reported. Australia-based GenesisCare said today that it would split its U.S. business from operations in Australia, Spain and the U.K. as part of the U.S. chapter 11 reorganization. GenesisCare didn't say how much debt would be affected by the filing. GenesisCare is backed by the U.S. private-equity giant KKR.
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The Canadian economy started off strong in the second quarter, extending a streak of better-than-expected growth and boosting the likelihood of another Bank of Canada rate hike, Bloomberg News reported. Preliminary data suggest gross domestic product rose 0.2% in April, Statistics Canada reported Wednesday in Ottawa, led by mining, oil and gas, transportation and real estate. That followed a flat reading in the previous month, exceeding expectations for a 0.1% contraction in a Bloomberg survey of economists.
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A growing number of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making difficult for the Houston-based refiner to compensate them all, but some payments can be negotiated, said on Wednesday the chief of a board supervising the company, Reuters reported.
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The bankruptcy liquidator in charge of Silicon Valley Bank’s Canadian unit is set to receive offers for its loan book on Monday, and the biggest asset is a loan to e-commerce lender Clear Finance Technology Corp., Bloomberg News reported. Toronto-based Clear Finance, which operates under the name Clearco, is an alternative lender that offers cash advances to e-commerce and software startups. It’s struggling amid the tech sector downturn after its cost of capital jumped. The company has done extensive staff cuts and exited markets outside North America.
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U.S. appeals court judges on Wednesday appeared skeptical of the U.S. Environmental Protection Agency's claim that it can require an idled oil refinery in the U.S. Virgin Islands to obtain a costly new pollution permit before restarting operations, Reuters reported. During oral arguments in St. Croix, a three-judge panel of the Third U.S. Circuit Court of Appeals questioned whether the federal Clean Air Act allows the agency to require Port Hamilton Refining and Transportation LLLP, the refinery's owner, to obtain the permit, since they are typically only necessary for new projects.
Analysts from Goldman Sachs & Co and XP Investimentos are betting a fresh bout of dollar weakness can fuel gains in the Mexican peso, the world’s best performing currency, Bloomberg reported. The bullish calls come after the currency — dubbed the “super peso” because of its astounding rally — gave up some of its gains amid political noise at home and a global selloff amid U.S. debt-ceiling talks. Despite recent losses, the peso is still up 9.5% against the dollar this year, the best major currency in the world in that span.
A group of over 200 shareholders of Credito Real, a troubled Mexican payroll lender, this week issued a legal letter demanding the company hold a general assembly within the next 15 working days in their latest bid to recoup billions in losses, Reuters reported. Credito Real defaulted on a 170 million Swiss franc ($175.98 million) bond last year, kicking off a commercial liquidation process in Mexico criticized by shareholders for lacking transparency.
On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK's Companies Act 2006, which raised questions regarding the jurisdiction of the Court, cross-class cramdowns, pari passu issues and competing valuations, Mondaq reported. Following the introduction of a new restructuring regime in the Cayman Islands this analysis delves into the ramifications of the recent Adler Group decision and its potential impact on further revisions to the Cayman Islands' Companies Act.