Headlines

Burgundy Diamond Mines Limited today announced that its subsidiary, Arctic Canadian Diamond Company Ltd. (ACDC), has filed for insolvency protection under the Companies’ Creditors Arrangement Act (CCAA), FinNewsNetwork.com reported. ACDC, which owns and operates the Ekati Diamond Mine, obtained an initial order from the Supreme Court of British Colombia, granting protection under the CCAA.

Realty developer Embassy Developments has secured relief from insolvency proceedings after the National Company Law Appellate Tribunal (NCLAT) set aside an earlier order admitting the company to the corporate insolvency resolution process (CIRP), the Economic Times of India reported. In a regulatory filing, the developer said the appellate tribunal has quashed the December 9, 2025 order passed by the National Company Law Tribunal (NCLT), New Delhi, which had admitted insolvency proceedings against it. As a result, the CIRP initiated against the company stands closed.

A judge has given the green light to the sale of the airport in Stephenville, CBC.ca reported. That decision ends the tumultuous ownership of Ottawa businessman Carl Dymond, who made big promises that never took off. On Thursday afternoon at Newfoundland and Labrador Supreme Court in St. John’s, Justice Alexander MacDonald approved a bid by a major creditor to take over the operation. BTG Capital had pushed the Dymond-directed numbered company behind the airport into receivership earlier this year.

The federal government is launching a new $1 billion loan program for steel, aluminum and copper businesses impacted by U.S. President Donald Trump’s tariffs, BNNBloomberg reported. Industry Minister Mélanie Joly and minister responsible for the Federal Economic Development Agency for Southern Ontario Evan Solomon made the announcement in Vars, Ont. on Monday morning. “The new measures announced today will protect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada’s strength at home,” Joly said in a statement.

Shipping companies said on Monday that President Trump’s offer to provide them safe passage through the Strait of Hormuz fell short of the sort of arrangements that would persuade them to make the trip, the New York Times reported. Mr. Trump said on Sunday that the United States would “guide” commercial vessels through the strait, which Iran has effectively closed since the war in the Persian Gulf started two months ago. But the president provided few details on how the program, Project Freedom, would work.

The United Arab Emirates is discussing a currency swap line with the United States, its ‌trade minister said on Monday, Reuters reported. "We have this discussion and conversation ‌with many, it's part of an elite group that the U.S. is having this swap policy ​with. They are only having it with five countries," Thani Al Zeyoudi said at a conference in Abu Dhabi. "Being part of that group means that transactions... trade, investments between both nations reach a level where that swap is highly ‌needed ... so it is ⁠an elite matter, (it) is not about bailing out," he said.

A mammoth economic stimulus passed last year in Germany was meant to jolt the country—and Europe—out of its economic slumber. The problem: Germany has been reticent to spend the money, according to a Wall Street Journal analysis. A year on, much of the planned $584 billion infrastructure plan remains unspent, locked behind bureaucratic bottlenecks set up to guard against excessive spending in the notoriously frugal country. Money from the “Big Berlin Bill”—as Deutsche Bank called it—has yet to show up in a meaningful way.

It’s highly likely that the European Central Bank will have to raise interest rates at its next meeting in June due to the Iran war, Governing Council member Peter Kazimir said, Bloomberg News reported. While officials aren’t pre-committing to any fixed path and more data are needed to assess the conflict’s fallout, “we remain firm in our approach,” the Slovak official said. “On this basis, policy tightening in June is all but inevitable,” he said Monday in an op-ed.

When potential providers and financiers for Venezuela's electric industry, including Siemens Energy and GE Vernova, held meetings with officials in Caracas in April, questions of how they might get paid to shore up the country's deteriorated grid were top of mind, Reuters reported. Those executives came away hesitant, the sources said, as ‌the nation tries to jumpstart a $100 billion reconstruction plan pushed by Washington.