Hasan Nawaz, son of Pakistan Muslim League-Nawaz (PML-N) President and former prime minister Nawaz Sharif, has been declared a “deliberate tax defaulter” in the United Kingdom and fined £5.2 million.

The UK government has updated its list of tax defaulters on its website, which now includes Hasan’s name.

According to the website, Hasan failed to pay approximately £9.4 million in taxes between April 5, 2015, and April 6, 2016. The UK tax authority imposed a £5.2 million penalty on him. Hasan has been declared a deliberate tax…

Liquidation sales remain on hold at Hudson’s Bay Co., as it continues talks with its landlords and lenders to determine a plan for the company’s next steps.

Canada’s oldest retailer was granted protection from its creditors under the Companies’ Creditors Arrangement Act (CCAA) on March 7, as it scrambled to find financing to keep its operations afloat. Initially, Hudson’s Bay was hoping to find a solution that would keep roughly half of its 80 department stores open.

But late last week, the company announced that it had secured only enough financing to support a full liquidation of the entire chain, as well as 16…

The Federal Reserve opted to keep interest rates steady at its latest meeting on March 18-19, a move that was widely expected given the recent uptick in inflation. While the Fed doesn’t directly set consumer borrowing rates, its decisions significantly influence what Americans pay for everything from mortgages to personal loans and credit card debt. 

But while the Fed’s pause means credit card interest rates…

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TORONTO – When the pre-lunch rush hit Wednesday at the flagship Hudson’s Bay store in Toronto, Brian Bursten was considering himself one of the lucky ones.

As he walked out the storied retailer’s Queen Street West location, he gripped a shopping bag containing a little treasure inside: a Hudson’s Bay striped pillow.

The purchase had been requested by his nephew who wanted a reminder of the retailer, which could be headed for liquidation as it grapples with financial troubles.

Bursten was amazed he succeeded.

“Everything…

Hudson’s Bay is still waiting to see if it will be granted approval to liquidate stores as the retailer requests more time to work out some of its differences with its myriad of landlords, lenders and other partners.

The department store giant was in court Wednesday, where its lawyers asked for up to two more days to resolve contested issues. During prior hearings, halting rent payments to RioCan Real Estate Investment Trust, which it holds property with through a joint venture, and other vendors were disputed.

Ashley Taylor, a lawyer representing Hudson’s Bay, told Ontario Superior Court judge Peter Osborne, “we have had good, constructive discussions,” but asked for more time to keep that dialogue going.

In…

Whether or not Hudson’s Bay Company will have to undergo a full liquidation or will be able to keep some stores afloat while it restructures is still unknown — the indebted retailer has received another extension from an Ontario judge that will push the decision to the end of the week. 

Ashley Taylor, lawyer for Hudson’s Bay, addressed a Toronto courtroom on Wednesday to request an extension on the formal approval of the liquidation plan until Friday, saying that the company was still engaging with stakeholders and having “good, constructive discussions.”

Canada’s oldest company officially filed for creditor protection earlier this month, admitting it was struggling with financial difficulties. Taylor said at the time that the…