Declining world supply chain pressures are being challenged by new disruptions in China tied to the coronavirus pandemic, the New York Federal Reserve reported on Friday, Reuters reported. The regional Fed bank's December Global Supply Chain Pressure Index ticked down to 1.18 from November's revised 1.23 reading. According to the report, supply chain pressures have been easing notably since the spring of last year and bottomed in September, and have since then been bouncing around in a tight range.
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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
The United States and Japan on Friday launched a new task force to promote human rights and international labor standards in supply chains and said they would invite other governments to join the initiative, Reuters reported. U.S. Trade Representative Katherine Tai signed a memorandum on the initiative in Washington with Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura.
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Mexico's government said on Friday that it will issue a new decree for a temporary exemption on import tariffs for various items, a measure intended to tame inflation, Reuters reported. The new decree, set to be published in the official gazette on Friday, will extend a prior order to temporarily waive tariffs and include more items, according to a government statement.
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Canada posted a trade deficit of C$41 million ($30.20 million) in November as exports were dragged down by energy products, while pharmaceuticals and other consumer goods drove a decline in imports, Statistics Canada said on Thursday, Reuters reported. The deficit missed analysts' forecast of a C$610 million surplus in November. Statscan also revised October's surplus down to C$130 million from an initial C$1.21 billion. Inflation hit a four-decade high last year that prompted the Bank of Canada to raised rates at a record pace to tame prices.
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Mexican President Andres Manuel Lopez Obrador said on Wednesday the government would help Petroleos Mexicanos (Pemex) if needs be, when asked about the state oil company's ability to shoulder its debt obligations in 2023, Reuters reported. The president, a resource nationalist who has made reviving the cash-strapped Pemex a priority, has given tax breaks and capital injections to the firm as it battles to increase oil and gas output while laboring under a hefty debt load.
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Canadian Imperial Bank of Commerce plans to appeal a New York judge's order that it pay about $848 million in damages to private equity firm Cerberus Capital Management, in a contract dispute tied to the 2008 global financial crisis, Reuters reported. In a statement on Wednesday, the Toronto-based bank said it expects to take a C$1.16 billion pre-tax charge, or about C$850 million ($629 million) after taxes, in its first-quarter results, reducing its ratio of capital to assets.
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Cineworld, the British cinema operator in bankruptcy proceedings, said today that it would not sell any of its assets individually, and that it had not held discussions with AMC Entertainment about the sale of any of its theaters, Reuters reported. The British company said it would focus on selling the group as a whole rather than disposing of individual assets, along with its restructuring efforts, and was expecting to start reaching out to potential parties for a sale later this month.
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Canadian manufacturing activity contracted at a slightly faster rate in December as an uncertain economic outlook and high inflation undercut demand, while the recent trend of easing cost pressures reversed, data showed on Tuesday, Reuters reported. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 49.2 in December from 49.6 in November. It was the fifth straight month that the index was below the 50 threshold that marks contraction in the sector.
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FTX on Friday disputed claims by the Securities Commission of the Bahamas (SCB) that the regulator was holding $3.5 billion of the bankrupt cryptocurrency exchange's assets, Reuters reported. When the Commission seized the digital assets of FTX in November, they were worth just $296 million, FTX said in a statement. FTX urged the commission to "clear up any confusion" about the assets it holds and their value. The regulator began liquidation proceedings against FTX Digital Markets Ltd., the company's Bahamas-based unit, in November.
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Aeromexico has formally completed its chapter 11 bankruptcy filing in the U.S., Simple Flying reported. Last week, the U.S. Bankruptcy Court for the Southern District of New York issued a final decree, closing the chapter 11 cases of the company and its subsidiaries. Although Aeromexico had successfully emerged from the chapter 11 process in March 2022, the case was still open. On Dec. 22, 2022, the court closed the case, considering, among other things, that Aeromexico’s plan of reorganization “has been substantially consummated,” the airline announced in a statement.