North America

The Canadian economy accelerated in the second quarter as the nation benefited from surging commodity prices and got a boost from the lifting of Covid lockdowns, though signs are emerging the momentum is waning, Bloomberg News reported. Gross domestic product rose at a 3.3% annualized rate after a 3.1% increase in the first three months of the year, Statistics Canada reported Wednesday. Growth was led by stronger household consumption and business spending on inventories. Economists surveyed by Bloomberg expected 4.4% annualized growth in the second quarter.
Read more
There was much relief for investors in U.S.-listed Chinese firms after Beijing and Washington struck a long-pending audit deal, but legal experts and China watchers warn the two sides could still clash over how the accord is interpreted and implemented, Reuters reported. U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let U.S. regulators inspect its accounting firms, citing national security concerns.
Read more
A U.S. judge on Friday recommended that victims of the Sept. 11, 2001, attacks not be allowed to seize billions of dollars of assets belonging to Afghanistan's central bank to satisfy court judgments they obtained against the Taliban, Reuters reported. U.S. Magistrate Judge Sarah Netburn in Manhattan said Da Afghanistan Bank was immune from jurisdiction, and that allowing the seizures would effectively acknowledge the Islamist militant group as the Afghan government, something only the U.S. president can do.
Read more
Creditors filed a lawsuit against Mexican multimedia conglomerate TV Azteca S.A.B. de C.V., controlled by business mogul Ricardo Salinas Pliego, after the company skipped out on payments to U.S. based investors for over a year while continuing to pay other debts in Mexico, WSJ Pro Bankruptcy reported.
Read more
Cineworld Group Plc equity holders are set to be left with nothing, a short seller warned after the cinema operator said this week that it was considering filing for U.S. bankruptcy, Bloomberg News reported. Argonaut Capital Partners LLP’s Barry Norris told Bloomberg Television that Cineworld’s pursuit of acquisitions that were funded by debt had left it with a “completely unsustainable” capital structure. A spokesman for Cineworld declined to comment on Argonaut’s position or interview but requested that Bloomberg highlight the firm’s Aug.
Read more
Canadian employers continue to report record levels of job vacancies, pointing to a drum-tight labor market that’s likely to keep the central bank on an aggressive hiking path, Bloomberg News reported. Unfilled positions rose by 32,500 in June to 1.03 million, Statistics Canada reported Thursday. It marks the fourth straight month of vacancies near or above the 1 million threshold. The job vacancy rate -- the number of unfilled jobs as a share of all positions -- was 5.9% in June, matching a record high.
Read more
Mexican consumer prices rose 0.42% during the first half of August, pushing annual headline inflation to 8.62%, both slightly ahead of market expectations, data from the national INEGI statistics agency showed on Wednesday, Reuters reported. The closely watched core price index, which strips out some volatile food and energy prices, climbed 0.49% in early August. Annual core inflation stood at 7.97%.
Read more
Prime Minister Justin Trudeau said Canada would be willing to consider easing the regulatory burden on new gas export facilities to Europe, while indicating the business case for investments may be a difficult one, Bloomberg News reported. Speaking to reporters in Montreal at a joint press conference with German Chancellor Olaf Scholz, Trudeau said the challenge is that any new liquefied natural gas terminal on Canada’s eastern shore would be far from country’s western gas fields.
Read more
Unifin Financiera SAB drove about a fifth of trading in its own stock in the weeks before a collapse that sent shares and about $2.4 billion in bonds from Mexico’s biggest non-bank lender spiraling, Bloomberg News reported. A buyback fund from Unifin spent 12.9 million pesos ($640,00) to buy 800,776 shares from the end of June through Aug. 4, according to stock exchange filings. That’s 22% of the total volume over that period, data complied by Bloomberg show.
Read more
Bank of Nova Scotia’s years-long turnaround of its Latin America-focused international unit faced a setback last quarter as the division’s lending margins contracted and non-interest revenue slipped, Bloomberg News reported. The unit’s total revenue came in at C$2.42 billion ($1.86 billion) in the fiscal third quarter, the Toronto-based bank said in a statement Tuesday. While that’s up 2.4% from a year earlier, it trailed analysts’ C$2.54 billion average estimate. Overall profit also missed expectations.
Read more