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.
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
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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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Canadian banks and insurers can resume dividend increases, share buybacks and increase executive compensation, the country's financial regulator said on Thursday, lifting a moratorium it has imposed on them since March 2020, Reuters reported. The Office of the Superintendent of Financial Institutions (OSFI) said in a statement these measures were effective over the past year and a half, but they are no longer necessary or fit-for-purpose and are being unwound. Canadian banks index has risen 83% during the 20 months the moratorium has been in place. The U.S.
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The owner of Canada’s most valuable shopping mall is planning to add apartment buildings to that property and two others around Toronto, creating mixed-use neighborhoods that invite renters to live where they shop, Bloomberg News reported. Oxford Properties Group’s plans for rental apartment towers at Yorkdale Shopping Centre, Canada’s most productive mall by sales per square foot, are still in an early stage, Chief Executive Officer Michael Turner said.
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Airline Avianca Holdings will move its domicile to the United Kingdom and its stock will no longer be traded on the Colombian stock exchange, the company said on Wednesday, a day after a U.S. court's approval of the company's restructuring plan, Reuters reported. Colombia's flag carrier had filed for chapter 11 protection at a U.S. court in New York in 2020 amid the coronavirus pandemic. It now expects to exit the measure by the end 2021, after receiving around $2 billion in new financing under a debt-for-equity deal.
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Mexico's first economic contraction since a recovery began from the coronavirus pandemic poses a challenge to the central bank's monetary policy tightening cycle, but stubbornly high inflation appears likely to take precedence, analysts said on Friday, Reuters reported. The Mexican economy shrank 0.2% in the July-September period compared with the previous quarter after a resurgence in the coronavirus pandemic dragged down service sector activity and disrupted global supply chains, preliminary data showed.
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Canadian defense firm Telemus Systems Inc. has filed for bankruptcy months after Ottawa canceled export permits for military goods and technologies to Turkey over Ankara’s role in the Nagorno Karabakh war, the Defense Post reported. The decision prevented the Ontario-based electronic warfare systems manufacturer from fulfilling pre-existing deals with Turkish Aerospace Industries Inc. According to Middle East Eye, Telemus had been selling a range of electronic warfare systems to the Ankara-based company for its Anka drone.
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