The Bank of Mexico cut its forecast for economic growth this year and next, according to the central bank's quarterly report on Wednesday, citing weaker foreign manufacturing demand while inflation remains stubborn, Reuters reported. The central bank for Latin America's No. 2 economy now expects 2024 gross domestic product growth of 1.5%, down from a previous forecast of 2.4%, and 1.2% growth next year from a prior forecast of 1.5%.

The Central American country of El Salvador, the first country in the world to declare bitcoin legal tender, now has more than $340 million in bitcoin, according to Arkham Intelligence, TheStreet.com reported. The country has been gradually accumulating new bitcoin at a rate of approximately one bitcoin a day since March, indicating the country may scoop up over 100 bitcoins by the close of 2024. The country’s current bitcoin reserves stand at 5,856 bitcoin, reflecting holdings of $344 million in cryptocurrency based on current bitcoin prices.

After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board, Bloomberg News reported. The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.

Canadian credit card holders carried over C$4,300 ($3,200) in balances on average in the second quarter, according to Equifax Canada, marking the highest level since the agency began collecting the data in 2007, Bloomberg News reported. A high interest-rate environment and rising unemployment are straining borrowers, especially younger Canadians, the credit bureau warned in a report released Tuesday. Consumer debt levels topped C$2.5 trillion last quarter, jumping 4.2% from a year earlier.

Staff at The Guardian and Journal Pioneer say they have been assured the newspapers will continue to publish as usual under their new owner, CBC.ca reported. The Guardian, based in Charlottetown, currently publishes on Tuesday through Friday, with a weekend edition on Saturdays. The Summerside-based Journal Pioneer operates as a weekly print publication. Postmedia reported Monday it had successfully closed the $1-million deal to acquire the P.E.I. newspapers, as well as several others in the Atlantic region, from SaltWire. SaltWire, which also owned The Halifax Herald Ltd.

Beyond the common challenges like currency fluctuations and supply shocks that keep the world's central bankers up at night, in Mexico there is an additional foe for those conjuring monetary policy: protection rackets, Reuters reported. Extortion has become a massive problem in Mexico, with powerful drug cartels exerting deep influence over swathes of the country. Keen to establish new revenue streams, these groups have been turning to extorting businesses by forcing them to pay protection money. One unintended consequence: inflation.

The International Monetary Fund on Monday named Jamaican Finance Minister Nigel Clarke to a top post at the agency, after the official spearheaded fiscal reforms in the Caribbean nation, Reuters reported. Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF's three deputy managing directors at the end of October.

China on Tuesday accused Canada of protectionism after Prime Minister Justin Trudeau's government imposed a 100% tariff on imports of Chinese-made electric vehicles, matching U.S. duties on Chinese EVs, the Associated Press reported. The Chinese Commerce Ministry said the tariffs would disrupt the stability of global industrial and supply chains, severely impact China-Canada economic and trade ties and damage the interests of enterprises in both countries. “China is strongly dissatisfied and firmly opposes this,” it said in a statement.

Elliott Investment Management is the leading bidder in a U.S. court-ordered auction of the parent company of Venezuelan-owned refiner Citgo Petroleum Corp., Bloomberg News reported. Elliott was competing against bidders including independent refiner Vitol Group and Canadian miner Gold Reserve Inc., which was working on a joint bid with billionaire Carl Icahn’s CVR Energy. Elliott has now been granted exclusivity to negotiate a deal. The auction process has been long and winding, and Elliott’s emergence as the top contender doesn’t necessarily mean it will end up with the asset.