North America

FTX Dubai, which was created just months before the global crypto exchange collapsed last November, is asking to be exempt from U.S. bankruptcy proceedings, TheStreet.com reported. “FTX Dubai is balance-sheet solvent. Therefore, the debtors believe that a solvent voluntary liquidation procedure in accordance with the laws of the United Arab Emirates would allow a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets," court documents said.

Asian regulators have stolen a march on the U.S. by clarifying crypto rules, exemplified by Hong Kong’s first licenses for trading platforms under the city’s new digital-asset framework, Bloomberg News reported. Hong Kong opened up to mass-market trading following confirmation Thursday that HashKey Exchange and OSL had won permits that legalize the retail trading of tokens, part of the city’s push to become a global hub for virtual assets.

The Cuban Central Bank issued rules this week banning state and private businesses from using ATMs and limiting cash transactions between them, as it seeks to tame runaway inflation and off-the-books business amid a grave economic crisis, Reuters reported. The regulations went into effect on Thursday. They limit cash transactions to 5000 pesos and will be implemented gradually over six months, official media said. The government pegs the dollar at 24 pesos and for select companies, tourists and residents at 120 pesos, though it has few to exchange.

National Bank of Canada said on Tuesday it has agreed to buy collapsed U.S. regional lender Silicon Valley Bank's Canadian commercial loan portfolio, as the smallest of Canada's top six lenders looks to expand its footprint in the tech sector and diversify its loan book, Reuters reported. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. Around C$325 million of that is outstanding.

Cineworld Group said it has emerged from chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board, Reuters reported. The world's second largest cinema chain operator behind AMC Entertainment said it has appointed former Chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna. The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt.

Mexico’s economy grew more than expected in the second quarter as private consumption remains robust and the country benefits from strong exports to the US, its largest trading partner, Bloomberg News reported. Gross domestic product rose 0.9% from the previous three months, above the 0.8% median estimate of analysts surveyed by Bloomberg. From the same period a year ago, GDP grew 3.7%, more than economists’ 3.3% forecast, according to preliminary data released by Mexico’s national statistics institute Monday.

Lighthouse Immersive Inc., the company behind an interactive Vincent van Gogh exhibition displayed across the U.S., has filed for bankruptcy, Bloomberg News reported. The Toronto-based company filed for chapter 15 bankruptcy in Delaware yesterday alongside affiliates, a move that protects its U.S. assets while insolvency proceedings play out in its home country. While the company is best known for its van Gogh exhibit, it has also launched displays that feature Disney animation, as well as works of Frida Kahlo and Claude Monet.

Petroleos Mexicanos’s profits fell in the second quarter as the company struggles with soaring debt, Bloomberg News reported. Pemex also confirmed it received fresh funds from the government in a capital injection worth 64.97 billion peso ($3.9 billion), said Alberto Jimenez, associate managing director of finance at the company, on a conference call with investors on Friday. In total, support under Lopez Obrador has amounted to nearly $49 billion in capitalizations, tax breaks and other assistance. “The amount of the contribution for 64.97 billion pesos is confirmed,” he said.

BRON, the Canadian holding company for animation studio Bron Digital, live-action production company Bron Studios, and feature film studio Bron Creative has filed for bankruptcy in the U.S. and creditor’s protection in Canada, according to The Hollywood Reporter. Citing the pandemic as well as the current WGA/SAG-AFTRA strikes, the company “had no choice but to take this step in light of its financial circumstances,” said CEO Aaron Gilbert in a letter to shareholders.

Mexico’s inflation extended its gradual slowdown in early July, roughly in line with forecasts, helped by double-digit interest rates and the strongest peso since 2015, Bloomberg News reported. Consumer prices rose 4.79% in the first half of the month compared to the same period a year earlier, down from 4.93% in late June, the national statistics institute reported Monday. The result was just above the 4.77% median estimate of economists surveyed by Bloomberg.