Headlines

The end of a duty exemption for small shipments to the United States was the last straw for Canadian luxury fashion retailer Ssense, according to a court filing in the company’s bankruptcy-protection case, Bloomberg News reported. A group of creditors led by Bank of Montreal were seeking repayment from Ssense under Canada’s Companies’ Creditors Arrangement Act and force a sale of the company. Both sides reached an agreement instead to have Ssense file the application for creditor protection, Justice Andres C. Garin of the Quebec Superior Court said in an order.

Complaints about debt advisers have soared more than 170 per cent, according to the Superintendent of Bankruptcy, which cites more awareness efforts alongside rising insolvencies for the increase, the Globe and Mail reported. Data from the Office of the Superintendent of Bankruptcy provided showed that as of March 31, the number of complaints it received involving debt advisers has grown roughly 174 per cent, from 42 complaints in the fiscal year 2023-2024 to 115 in 2024-2025.

Nearly 20% of Russian property developers are on the brink of bankruptcy due to falling sales and high interest rates, and that figure could soon exceed 30%, Pravda.com reported. The most vulnerable are companies that build mass housing and are dependent on mortgage demand. More than 19% of property developers are officially postponing completion dates, and delays of more than six months put projects in the "problem" category, the FISU said. Investment in property fell by 44% in the first half of 2025.

Brazilian Finance Minister Fernando Haddad said on Tuesday he expects interest rate cuts to begin in the coming months, citing a more favorable foreign exchange outlook in Latin America's largest economy, Reuters reported. "I believe there will be room for rate cuts ... in the coming months," Haddad told an event hosted by J. Safra Bank. He noted that at the start of the year he said he would not pay more than 5.70 reais per dollar, while the exchange rate now stands near 5.30. Although that level hurts government tax collection, he stressed it also brings "good news".

The United States has officially lowered its tariff on Japanese automobiles to 15% from 27.5%, finally addressing some unfinished business that had added extra uncertainty to an already unpredictable and protracted trade war, the Japan Times reported. Japan and the United States first agreed to the reduced rate on July 22 as part of a broader deal in which "reciprocal" tariffs, which cover most other exports, were taken from 10% to 15% — but less than the 25% threatened. Reciprocal duties were formally raised to 15% on Aug. 7.

The U.K.’s unemployment rate held steady as pay growth cooled slightly, likely keeping the Bank of England on course to keep its key interest rate unchanged at this month’s meeting, the Wall Street Journal reported. The jobless rate was 4.7% in the three months to July, the same as the three months to both May and June. The key metric of earnings growth excluding bonuses was 4.8% on year in the same period to July, easing from the 5.0% to June, the Office for National Statistics said Tuesday.

The United States and Britain plan to announce more than $10 billion in economic deals this week as part of U.S. President Donald Trump's state visit, senior U.S. officials said on Monday, Reuters reported. The two governments are expected to seal a trade agreement with three pillars: a new science and technology partnership to strengthen the tech sectors of both countries, cooperation in civil nuclear power, and advances in defense technology cooperation, the officials said in a telephone briefing. Several U.S.

Industrial production in the eurozone returned to growth in July, a reflection of resilience in the face of U.S. tariffs that threatened to crimp demand, the Wall Street Journal reported. Output edged up 0.3% on month, after a 0.6% slump in June, statistics agency Eurostat said Tuesday. That increase was driven by a strong 1.5% upswing in production in Germany, historically an engine of European industry but one that has struggled in recent years given high energy costs and increased competition from China.

New Zealand home prices edged lower in August, the Real Estate Institute of New Zealand (REINZ) said on Tuesday, as prospective buyers remained cautious despite aggressive interest rate cuts from the central bank to spur the economy, Reuters reported. Seasonally adjusted median house prices dipped 1.3% from July, and were 0.5% lower on the previous year, REINZ data showed. Seasonally adjusted national home sales fell 4.5% from July, but were up 0.6% from August 2024. "Across New Zealand, confidence in the property market is tempered with caution," REINZ Chief Executive Lizzy Ryley said.

A long-awaited sale hearing expected to complete a U.S. court-organized auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum is set to begin on Monday, with bidders and creditors locked in a bitter dispute over who should win, Reuters reported. The Delaware court will hear testimony from the involved parties, witnesses and experts in the four-day showdown before Judge Leonard Stark selects a final winner. Another set of arguments could be presented in October if the court decides more time and evidence are needed. At stake is the future of the seventh largest U.S.