North America

Ontario ‘Crypto King’ Allegedly Held Ransom by Investor Who Lost $740K

Five men have been charged with kidnapping Ontario’s self-proclaimed ‘crypto king’ Aiden Pleterski in a bid to recoup their allegedly misappropriated investments, CBC Toronto has learned, the same day that a video of him visibly injured at the hands of kidnappers was shared with the outlet, Protos reported. 39-year-old Akil Heywood lost $740,000 in investments to the ‘crypto king’ and has been accused alongside four other men of kidnapping Pleterski last December.

Canada
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US Dollar’s Status as Global Reserve Currency on Slow Long-Term Decline, but Not Going Down in a Straight Line

The U.S. dollar being the dominant global reserve currency has been on a slow long-term downward trend, interrupted by upticks — and now we had an uptick, when the dollar gained share, Wolf Street reported. The share of the USD as global reserve currency rose to 59.0% in the first quarter of 2023, after having dropped to 58.6% in Q4, which had been the dollar’s lowest share since 1994, according to the IMF’s recent COFER data. The U.S.

Europe
United States
Japan
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Cinepolis Exec Eduardo Acuna to Become Cineworld CEO

Cineworld Group said on Thursday that Eduardo Acuna, who runs the Americas operations of Mexican theatre operator Cinepolis, will become its CEO when the company emerges from bankruptcy proceedings, expected this month, Reuters reported. The group, which filed for U.S. bankruptcy protection in September, said lenders had agreed to appoint Acuna as CEO of the newly formed parent company after its restructuring plan becomes effective. Shares in London-listed Cineworld were trading up 11% at 0.4 pence by 1145 GMT, but remain more than 99% below their all-time high of 310.7 pence hit in 2017.
United Kingdom
United States
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Bank of Canada Hikes Again, Threatens More as Inflation Lingers

The Bank of Canada raised interest rates for a second straight meeting, keeping the door open for more hikes as it pushed back inflation’s return to its 2% target, Bloomberg News reported. Policymakers led by Governor Tiff Macklem increased the overnight lending rate on Wednesday by 25 basis points to 5%, the highest in 22 years. The move was expected by most economists in a Bloomberg survey, and markets had put the odds at around three quarters. The bank provided little guidance on the future path of borrowing costs in the rate statement.
Canada
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Canada Taps Mediator to Craft Deal to End Strike at Ports

Canadian Labor Minister Seamus O’Regan said negotiators have made progress toward a deal to end a strike by dockworkers at some of Canada’s busiest ports and he’s asked a mediator to get a final agreement done, Bloomberg News reported. The strike, which began July 1, has blocked the flow of goods through major maritime hubs on the Pacific coast, including at the Port of Vancouver and Port of Prince Rupert. The disruption has already hampered the exports of commodities and inbound shipments of manufacturing materials, while fertilizer giant Nutrien Ltd.
Canada
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Poll: Canadians Reporting Insolvency Hits Record High

The quarterly MNP Consumer Debt Index out this morning showed that Canadians who report being insolvent have reached a record high, the Financial Post reported. More than half of the 2,000 Canadians interviewed for the survey conducted by Ipsos reported that they were $200 or less away from not being able to meet their financial obligations, up six percentage points from the last quarter.
Canada
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EU Seals New U.S. Data Transfer Pact But Challenge Ahead

The European Commission announced a new data transfer pact with the United States on Monday, seeking to end the legal uncertainty plaguing thousands of companies which transfer personal data across the Atlantic, Reuters reported. However, the move was immediately criticised by non-profit group noyb, led by privacy activist Max Schrems, which said it would challenge the agreement.
European Union
United States
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Yellen Appeals to China to Revive Talks and Not Let Technology Tensions Disrupt Ties

Treasury Secretary Janet Yellen appealed to China’s No. 2 leader to not let frustration over U.S. curbs on access to processor chips and other technology disrupt economic cooperation during a visit Friday aimed at improving strained relations, the Associated Press reported. Meeting with Premier Li Qiang, Yellen said Washington and Beijing have a duty to cooperate on issues that affect the world. She appealed for “regular channels of communication” at a time when relations are at their lowest in decades due to disputes over technology, security and other irritants.
United States
China
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U.S. Appeals Court Upholds Venezuela Creditors’ Ability to Sue

A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets, Reuters reported. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September.
United States
Venezuela
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