Mexico's Grupo Posadas has filed for chapter 11 protection in a U.S. court, the hotel chain said yesterday after its business was hit by the global coronavirus pandemic, Reuters reported. The pre-packaged chapter 11, filed in the Southern District of New York, is expected to be complete in about 60 days, Posadas, one of Mexico's biggest hotel groups, said in a statement to the Mexican stock exchange.

Canadian home prices barely rose in September from August as a recent slowdown in housing sales weighed, data showed on Wednesday, Reuters reported. The Teranet-National Bank Composite House Price Index, which tracks repeat sales of single-family homes in 11 major Canadian markets, rose 0.1% in September from August, marking the fourth consecutive month in which the monthly price increase was lower than the previous month.

Grupo Aeromexico, which operates Mexico's largest airline, reported on Tuesday a net loss of 2.24 billion pesos ($108.7 million) in the third quarter, versus a net loss of 2.88 billion pesos from the same period last year, Reuters reported. Aeromexico, which has been undergoing a reorganization under chapter 11 of the Bankruptcy Code in the U.S., posted 13.23 billion pesos in revenue for the third quarter, up from 4.67 billion a year earlier.

Canada's Competition Bureau watchdog may have to rely more on litigation after its proposed veto of a takeover was overturned, and this could make life harder for companies seeking to merge, the agency head said on Wednesday, Reuters reported. Matthew Boswell, commissioner of competition, noted his bureau had tried this year to block western Canadian oil and gas waste firm Secure Energy Services Inc from buying rival Tervita Corp.

The Bank of Canada will raise its benchmark interest rate four times in the second half of next year and another four times in 2023, according to a top economist at the Bank of Nova Scotia, Bloomberg News reported. Policymakers led by Governor Tiff Macklem will begin a series of eight 25-basis-point hikes in July of next year, Scotiabank’s Derek Holt said Wednesday on BNN Bloomberg Television. That will be followed by moves in September, October, and December.

Credit Suisse Group AG has agreed to pay nearly $475 million to American and British authorities to resolve charges in connection with Mozambican bond offerings, the U.S. Securities and Exchange Commission said on Tuesday, Reuters reported. The charges centered on the Zurich-based bank's role in a $2 billion scandal involving government-guaranteed loans. The SEC said Credit Suisse fraudulently misled investors and violated U.S. bribery laws in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.

The Bank of Canada on Monday reiterated it has no plans to introduce a digital currency for the time being, but said that might change if people began using physical cash less, Reuters reported. The Canadian central bank says it is well into the development process on a cash-like digital currency that it could release to the public, should the need arise. A number of other central banks are doing similar work. "We haven't made a decision to issue one yet because we basically don't see a compelling need under current circumstances," said Bank of Canada Deputy Governor Timothy Lane.

Prime Minister Justin Trudeau's new government is set to impose higher taxes on Canadians, which will help fund some campaign promises but are not broad enough to also start paying down the country's record levels of debt, leaving Canada vulnerable to the next economic crisis, analysts say, Reuters reported. This could be a risky strategy for the country, which piled on new debt at a faster pace than any of its Group of Seven peers during the pandemic.

Upon learning the U.S. intends to reopen land border crossings in early November to fully vaccinated travelers from Canada and Mexico, Emily Pearce started planning a visit to the nearest Target store, located in upstate New York, the Wall Street Journal reported. The Ottawa resident said for months she has been eyeing a pair of wicker nightstands that the retailer sells. Target doesn’t ship to Canada, and she can’t find anything comparable in Canada at the same price point. Shopping trips, family reunions and vacations are back on the agenda for Canadians like Ms.

Canada is concerned about the challenges facing global supply chains and is watching the country's ports very closely, Finance Minister Chrystia Freeland said on Thursday, Reuters reported. Freeland, speaking to reporters in Washington after meetings of the World Bank and International Monetary Fund, said she was broadly optimistic about the strength of Canada's economic recovery from COVID-19.