Canada's annual inflation rate accelerated again in October, matching a February 2003 high, led by sharp rises in gasoline and housing prices, data showed on Wednesday, with analysts expecting more heat ahead. Inflation rose to 4.7%, in line with expectations, up from 4.4% in September, Statistics Canada data showed. It was the seventh consecutive month in which headline inflation topped the Bank of Canada's 1-3% control range. Prices rose in all eight major component groups for the second month in a row. Analysts said that trend was likely to continue.
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Richter Advisory Group has announced that it has been named trustee for Toronto’s Junction Craft Brewing, which has declared insolvency and entered a bankruptcy protection period during which it is soliciting buyers to take over the business, Canadian Beer News reported. Junction operates primarily as a brewer and seller of hand-crafted beers and other beverage products from an approximately 16,513 square foot leased premises located at 150 Symes Road, Toronto, Ontario.
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Canadian retailer Le Chateau is making its comeback from bankruptcy today with the online launch of an evening wear collection ahead of the holidays, the Canadian Press reported. The so-called glamour capsule offers shoppers a hint of what to expect with the brand’s relaunch under new owner Suzy’s Inc., the company behind Suzy Shier, set for this spring. Franco Rocchi, senior marketing director of Suzy/Le Chateau, says the curated, limited-edition collection highlights the brand’s focus on high-fashion occasion wear.
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The Bank of Canada will not raise its benchmark interest rate until the slack in the country's economy is absorbed, which has not yet happened but is getting closer, Governor Tiff Macklem said in a newspaper opinion piece on Monday, Reuters reported. Macklem also noted that while inflation risks have increased - driven by pandemic-induced demand shifts, supply disruptions and higher energy prices - the central bank continues to view the recent dynamics as transitory.
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Airline Grupo Aeromexico SAB received a proposal to emerge from bankruptcy by having lead lender Apollo Global Management Inc. convert some debt into equity. A previous exit package didn’t include the U.S. firm getting a stake, Bloomberg News reported. The carrier, which filed for chapter 11 in 2020 after the pandemic decreased travel, said that a group of new and existing creditors and investors will repay the rest of the loan held by Apollo, which led the carrier’s debtor-in-possession financing. Amounts were not disclosed.
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Canadian injection molding machinery manufacturer Niigon Machines Ltd. has filed for bankruptcy and is now in receivership, Yahoo Finance reported. Infinity Asset Solutions in Toronto has been authorized to liquidate the two state-of-the-art manufacturing facilities. Niigon manufactured eight basic models - from 30 to 600 metric tons - of injection molding machinery. According to one industry source, Niigon covered "60 percent of the injection molding machinery market" in its recently constructed custom-designed and built 155,000 square foot plant, which opened in 2016.
The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent those in China in pursuit of the latest fashion trends, according to a study released Thursday by the Bain consultancy, the Associated Press reported. Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is forecast to spike by 29% this year, to 283 billion euros ($325 billion).
The crippling debt crisis that has plagued the Trinidad and Tobago FA (TTFA) took another turn yesterday with the TTFA seeking protection from outstanding litigation via the islands’ bankruptcy and insolvency laws, Inside World Football reported. A number of claims against the TTFA had now progressed through the courts to the point where the TTFA was getting dangerously close to being wound up. The court filing on November 8 automatically stops further progression of those cases.
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Airlines started flying thousands of Europeans and others to the U.S. after Washington reopened its borders to citizens of 33 countries who had been barred by Covid-19 restrictions for more than 18 months, the Wall Street Journal reported. As of Monday, vaccinated non-American citizens from previously restricted countries—predominantly in Europe—are allowed to travel to the U.S. if they have proof of vaccination and a negative Covid-19 test taken within the prior three days. The countries formerly on the banned list accounted for 53% of all overseas visitors to the U.S.
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The Bank of Canada risks cutting short the current economic expansion if it shifts its focus from reducing slack in the economy to tamping down inflation, potentially setting the stage for the next cycle of rate cuts, Reuters reported. The dilemma for the central bank comes from a situation where inflation is driven not so much by economic strength but by factors, such as supply shortages, that are outside of its control and could lead to more enduring price increases if inflation expectations were to rise.
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