Two weeks into its operations, Mexico state airline Mexicana de Aviacion’s slow ramp-up has allowed some passengers the experience of private travel, Bloomberg News reported. A report from YouTube user Jorge de Leon showed him ecstatic to fly in a completely empty plane from Ciudad Victoria, Tamaulipas, to Mexico City’s Felipe Angeles airport, on a flight in the airline’s first week of operation. Three people had flown that route the previous day according to the crew, he noted.
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- Mexico
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- Netherlands Antilles
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- United States
- United States Virgin Islands
Mexico’s consumer prices rose more than expected in December with increased spending during the holiday season keeping pressure on the central bank as it starts considering an interest rate cut in coming months, Bloomberg News reported. Consumer prices rose 4.66% compared to the same period a year earlier, up from 4.32% in November, the national statistics institute reported Tuesday. The print was also above the 4.57% median estimate of analysts in a Bloomberg survey.
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Armed with a multibillion-dollar war chest, Canada is offering money to cities to ditch zoning restrictions that thwart residential construction as the country deals with an acute housing shortage, the Wall Street Journal reported. Canada’s Liberal government is targeting municipal-government rules that, among other things, limit the number of units and stories per lot in a bid to increase density in the country’s cities.
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Supply chain pressures cooled down last month, the Federal Reserve Bank of New York said on Friday, but it's possible the benign reading may be the calm before some turbulence arrives, Reuters reported. The bank’s Global Supply Chain Pressure index moved to a reading of -0.15 in December from November’s upwardly revised 0.13. December's negative reading points to below-normal supply chain pressures, which suggests a diminished contribution to inflation pressures.
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Canada's economy gained a net 100 jobs in December, entirely in part-time work, and the jobless rate held at 5.8%, Statistics Canada data showed on Friday, Reuters reported. Employment in the goods producing sector fell by a net 42,900 jobs, largely in manufacturing. The services sector was up by a net 43,100 positions, mostly in professional, scientific and technical services, as well as health care and social assistance.
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Activity in Canada's service sector deteriorated for a seventh consecutive month in December as elevated borrowing costs weighed on the housing market, S&P Global Canada services PMI data showed on Thursday, Reuters reported. The headline business activity index edged up to 44.6 in December from a near three-and-a-half-year low of 44.5 in November. However, it remained well below the 50 threshold which separates expansion from contraction in the sector. The index has been below 50 since June.
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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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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.