The Bank of Mexico is expected to raise its key interest rate by 75 basis points, a Reuters poll showed on Monday, following the U.S. Federal Reserve's three-quarters of a percentage point hike last week in an effort to tame stubbornly high inflation. All 17 analysts consulted for the poll expect Banxico, as Mexico's central bank is known, to raise its benchmark rate to a record 10% this week, from 9.25%.
Read more
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 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.
Garrett Motion Inc., a maker of turbochargers and other automotive equipment, is exploring strategic options including a sale, Bloomberg News reported. The Rolle, Switzerland-based company is working with an adviser on a possible sale. Garrett is expected to attract interest from companies looking to enhance their electric-vehicle operations. Garrett, originally known as Honeywell Transportation Systems, was spun off in 2018. It filed for chapter 11 bankruptcy protection in 2020 after struggling with loan repayments.
Read more
The largest pilots union of Latam Airlines in Chile voted to strike on Wednesday, a day before the company said it was planning on concluding its exit from bankruptcy, Reuters reported. The Union of Latam Pilots (SPL) said it represents 313 of Latam Airlines's approximately 500 pilots and that 99% of its members voted to approve the strike.
Read more
Prime Minister Justin Trudeau’s government will propose a tax on corporate stock buybacks in an effort to encourage companies to invest in domestic operations and workers, Canadian Press reported, Bloomberg News reported. The story, which cited an unnamed government official, didn’t elaborate on the plan that will be part of Finance Minister Chrystia Freeland’s budget update on Thursday. A person familiar with the document told Bloomberg News the report was accurate, without providing additional details.
Read more
The Bank of Canada has not ruled out another oversized interest rate hike to fight sky-high inflation, governor Tiff Macklem said on Tuesday, acknowledging Canadians feel "ripped off" by fast rising prices, Reuters reported. Macklem, answering questions in the Senate's banking, trade and economy committee, said that while the central bank is starting to see signs rate increases are slowing the economy, it is still in excess demand.
Read more
The Bank of Canada on Wednesday said it would take a flexible, risk-based approach in its nascent role as a digital payment regulator, aiming to ensure confidence in the safety and reliability of the fast-growing electronic payment segment, Reuters reported. The central bank became the regulator for payment service providers (PSPs) like card networks, digital wallets and money transfer services under Canadian law last year. It is now working with the federal government on setting out how that supervision will work.
Read more
Court documents released this week outline a long-term borrowing agreement between Laurentian University and the provincial government to replace $35 million in bridge loans taken out by LU during its insolvency, Sudbury.com reported. In early 2021, Laurentian declared insolvency and filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), making widespread cuts to its programs and employees in April of that year. The university hopes to exit the CCAA in November after creditors voted in favour of a debt plan.
Read more
Canada’s economic growth rate fell by half in the third quarter, ahead of what’s expected to be an even sharper downturn later this year, Bloomberg News reported. Preliminary industry-based data show gross domestic product expanded 0.1% in September, Statistics Canada reported Friday in Ottawa. That followed an unexpected gain of 0.1% in August, versus a flat reading expected by economists for that month. Overall, the pace of monthly gains was enough to produce annualized growth in the third quarter of 1.6%, according to an initial estimate from the statistics agency.
Read more