TORONTO (AP) — An Ontario court on Friday gave Hudson’s Bay, Canada’s oldest company, permission to start liquidating all but six of its stores on Monday.

The approval from Ontario Superior Court Judge Peter Osborne allows the retailer, which dates back to 1670, to begin selling off inventory at most of its 80 Hudson’s Bay stores, three Saks Fifth Avenue locations and 13 Saks Off 5th shops in Canada.

“This is the art of the possible and we are where we are today. In my view, there is no other alternative,” Judge Osborne said.

The Canadian retail icon retailer was founded as a trading firm for furs and other goods. The company became part of Canada’s social fabric, and was famous for its trademark product: a thick,…

Every year, UNCTAD prepares the United Nations Secretary-General´s report to the General Assembly on external debt, which reviews the most recent developments and analyses key issues related to the external debt of developing countries.

Some additional topics raised in the General Assembly report include the role of credit rating agencies, the need to develop an international sovereign debt workout mechanism, the risks posed by the shift towards greater accumulation of domestic debt, the need for improved data reporting, progress in debt relief initiatives, delivery of ODA.

In recent months, debt relief initiatives across Brazil have seen remarkable engagement as consumers seek to manage their financial burdens. Among the most significant of these is the Feirão Limpa Nome, a nationwide effort that has already helped thousands of Brazilians negotiate their debts at phenomenal discounts.

In Maranhão, over 72,000 consumers have successfully completed a total of 125,958 agreements during the Serasa Limpa Nome Fair, garnering more than R$ 392 million in discounts on their overdue accounts. The Fair’s success has coincided with a notable 5.8% increase in the usage of the dedicated service telephone number, 0800 591 5161, compared to the same period last year, indicating a growing…

Americans have deeply integrated credit cards into their financial lives, with most cardholders maintaining at least a few credit cards simultaneously. Recent Experian statistics reveal that the average American carries approximately four different credit cards. But while these short-term borrowing instruments offer convenience and purchasing flexibility to cardholders, they can quickly become a significant source of financial anxiety when…

A leading teachers union announced Wednesday that it is suing the Trump administration for cutting off public service workers with federal student loans from affordable repayment and debt relief programs.

“By effectively freezing the nation’s student loan system, the new administration seems intent on making life harder for working people, including for millions of borrowers who have taken on student debt so they can go to college,” said American Federation of Teachers (AFT) president Randi Weingarten in a statement. “The former president tried to fix the system for 45 million Americans, but the new president is breaking it again.”

“The AFT has fought tirelessly to make college more affordable by limiting student debt for public…

Brief Facts:

The Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor (CD) commenced on an application filed under Section 7 of the Code by an order dated 02.05.2019.

The Gujarat Industrial Development Corporation (“GIDC”) had granted 99 years lease to the…

Banks have written off a total of Rs 16.35 lakh crore in non-performing assets (NPAs) or bad loans over the past decade, Parliament was informed on Monday.
The highest write-off occurred in FY 2018-19, amounting to Rs 2,36,265 crore, while the lowest was in FY 2014-15, with Rs 58,786 crore written off, news agency PTI reported.
In the financial year 2023-24, banks wrote off Rs 1,70,270 crore in bad loans, a decrease compared to Rs 2,16,324 crore written off in the previous fiscal year.
Finance Minister Nirmala Sitharaman explained that banks write off NPAs, including those for which full provisioning has been made after four years, in accordance with Reserve Bank of India (RBI) guidelines and the policies approved by their boards….