Mexico’s President Andres Manuel Lopez Obrador may be poised to foot a titanic bill for the world’s most-indebted oil producer. Petroleos Mexicanos Chief Executive Officer Octavio Romero told lawmakers on Wednesday that the federal government will take over its bond payments, fueling a rally in notes from the beleaguered company, Bloomberg News reported. Payments could total $36 billion if the government takes on all the debt coming due by the time Lopez Obrador’s term expires in September 2024, according to data compiled by Bloomberg.

Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy, Reuters reported. Offshore driller Seadrill Ltd yesterday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will also raise $350 million in new financing.

The Bank of Canada ended its bond-buying stimulus program and accelerated the potential timing of future interest rate increases amid worries that supply disruptions are driving up inflation, Bloomberg News reported. In a statement Wednesday, policymakers led by Governor Tiff Macklem announced they would stop growing holdings of Canadian government bonds, ending a quantitative easing program that has poured hundreds of billions into the financial system since the start of the Covid-19 pandemic.

Luckin Coffee Inc. reached a $175 million settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue, Reuters reported. Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an “excellent result,” citing Luckin’s liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code.

The Bank of Canada will continue pulling back its support for the economy at a policy decision this week, paving the way for the start of interest rate increases next year amid inflation worries, Bloomberg News reported. Governor Tiff Macklem is expected to reduce weekly government bond purchases by one half on Wednesday to C$1 billion ($809 million). That will mark the fourth time over the past 12 months the central bank has rolled back a program that has poured hundreds of billions into the financial system since the start of the Covid-19 pandemic.

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.