Headlines

At its annual public meeting on Tuesday, Canada Post revealed that it continues to bleed cash and hinted at big job cuts through attrition, CBC.ca reported. "Canada Post is effectively insolvent," said the Crown corporation's chief financial officer, Rindala El-Hage. She announced that Canada Post's operating loss so far for 2025 totals more than $1 billion, and that its latest quarterly loss — $541 million before tax — was unprecedented. "It was the largest quarterly loss in the company's history," said El-Hage.

German Bionic Systems GmbH, a leading innovator in AI-powered exoskeleton technology, has officially filed for insolvency at the Augsburg District Court, CrispNG.com reported. Despite the financial setback, the company assures that daily operations will continue uninterrupted, supporting around 70 employees across its German sites. The court has appointed Oliver Schartl from Müller-Heydenreich Bierbach & Kollegen as the provisional insolvency administrator.

Brazil’s government on Tuesday shut down Banco Master, a bank worth up to $16 billion in assets, following a sprawling federal police fraud investigation, the Associated Press reported. Central Bank executive Fabio Carlos Ferreira said in a statement that all assets belonging to Banco Master and its current and former administrators have been seized. The bank, which has faced liquidity problems for months, is now under the control of a government-appointed administrator.

The rise in U.S. taxes on imports has had a lighter impact on the global economy than many policymakers and businesses had feared, but it nonetheless is having an impact that will likely persist through next year and beyond, the Wall Street Journal reported. Figures released on Monday showed the economies of Japan and Switzerland both contracted in the three months through September, in part because of the higher taxes U.S. businesses must pay if they buy goods made in either country.

Inflation in the U.K. fell to a four-month low in October, official figures showed Wednesday, in a move that has raised expectations of another Bank of England interest rate cut next month, the Associated Press reported. The Office for National Statistics said the annual rate of inflation, as measured by the consumer prices index, fell to 3.6% in October from 3.8% the previous month. Though the rate was the lowest since June, it was a bit higher than the 3.5% that most economists were forecasting for the month.

Liverpool cult hero Steve Finnan is facing a bankruptcy battle following a multi-million pound row between the Champions League winner and his brother, the Daily Mail reported. Irish full-back Steve Finnan, 47, enjoyed a successful Premier League career, winning Champions League and FA Cup winners' medals while with Liverpool in the 2000s, but has been embroiled in a decade-long legal tussle with his brother Sean after the pair got involved in a disastrous property business together.

The U.S. is the biggest recipient of China's lending activities globally, according to a study which tracked Beijing's credit activities and found it is increasingly lending ​to higher-income countries over developing countries, Reuters reported. The report, published on Tuesday by AidData, a research lab ‌at U.S. university William & Mary, said China's lending and grant giving totalled $2.2 trillion across 200 countries in every ‌region of the world from 2000 to 2023.

China escalated its retaliation against Japan, suspending imports of Japanese seafood and halting approvals for new films — the latest signs that their diplomatic spat is far from over, Bloomberg News reported. Chinese Foreign Ministry spokeswoman Mao Ning told reporters on Wednesday that Japan had not met the conditions for resuming seafood shipments, effectively confirming earlier Japanese media reports that imports would be suspended. The move comes just months after Beijing lifted a similar ban.