On Friday, Oct. 7, 2022, the Russian government moved forward by presidential decree to disenfranchise the owners of the Sakhalin-1 energy project, including the foreign nationals of several countries that the Russian government designated as "unfriendly countries," Mondaq reported. Russia has applied the "unfriendly country" designation to any country, including the U.S., that has joined in international sanctions against Russia.

Statistics Canada says consumer insolvencies rose 22.5 percent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years, The Canadian Press reported. Statistics Canada says consumer insolvencies rose 22.5 percent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years. Bankruptcy filings by both businesses and consumers were down throughout the pandemic because of government subsidy programs.

Mexican leasing firm Unifin said on Tuesday a Mexican court approved its voluntary application for declaration of bankruptcy, Reuters reported. The firm said in a statement it was forced to advance the bankruptcy filing to "protect" assets from legal proceedings, adding that the ruling will allow continued talks with creditors and the implementation of a liability restructuring plan. In addition, Unifin continues to evaluate financing opportunities to minimize disruptions in its operations and finances, the statement said.

Mexican telecommunications company Altan Redes has emerged from bankruptcy with government assistance, according to a statement published by the firm on Thursday, Reuters reported. Altan Redes announced it filed for bankruptcy in July 2021 and said it was seeking protection under Mexican law to renegotiate its debts. Mexican President Andres Manuel Lopez Obrador announced in June that the government had signed an agreement to become the majority stakeholder in Altan Redes and would bail it out.

The International Monetary Fund (IMF) on Friday forecast Mexico's economy will grow 2.1% in 2022 and 1.2% in 2023, saying "economic growth is expected to slow in the near term reflecting weaker U.S. growth and tighter global financial conditions," Reuters reported. The IMF said in a statement that Mexico is well-placed to navigate a turbulent global environment due to "very strong" macroeconomic policies and policy frameworks. The fund also said it welcomed the "proactive approach" from Mexico's central bank, known as Banxico, in tackling inflation with interest rate hikes.

Workers are in demand in Canada, and they’re using their leverage to extract higher pay. That’s one factor shifting the odds, again, that interest rates will go higher, Bloomberg News reported. Average hourly wages rose 5.6% annually in October as the economy added 108,000 jobs, more than 10 times the consensus forecast. It was the fifth straight month wages were up more than 5%. Workers in construction, professional services, accommodation and food saw even bigger gains than that.