Headlines

Laurentian University plans to ask permission to finally make public letters between LU and the province that were sealed by the courts at the beginning of its insolvency in early 2021, Sudbury.com reported. On Sept. 14, the university’s creditors voted narrowly in favour of Laurentian University’s plan of arrangement, allowing Laurentian to clear a major hurdle to finally being able to exit creditor protection. A plan of arrangement is essentially a plan put forward by an insolvent organization to pay out its creditors, and it must be approved by these creditors.

Developing countries in Africa are losing a champion that for years allowed them to borrow at cheaper rates than they could find in capital markets, Bloomberg News reported. China, Africa’s largest bilateral creditor, has been scaling back lending in the region amid its worsening growth woes. That comes at a time of rising interest rates globally and shrinking liquidity, factors that have already sent bonds of the riskiest African borrowers such as Ghana and Zambia crashing, and currencies including South Africa’s rand to near pandemic lows.

Porsche Automobil Holding SE won the dismissal of lawsuits from hedge funds seeking about 5.4 billion euros ($5.3 billion) in damages they say they incurred during Porsche’s failed takeover of Volkswagen AG more than a decade ago, Bloomberg News reported. Institutional investors and private shareholders had pursued Porsche for compensation for losses they suffered in the trading of Volkswagen stock.

Turkey began rounding up suspects in an investigation into alleged stock market fraud that led to a plunge in equities last month, according to state media, Bloomberg News reported. Istanbul’s chief prosecutor started the probe on suspicion of organized activity that violated Turkey’s capital markets law and issued a detention warrant for 10 people, two of whom remain at large, state news agency Anadolu said on Sunday. The arrests come after a sudden reversal in Turkey’s stock market, where banking equities dropped 39% in a three-week long rout that started on Sept.

Peru's government proposed on Friday "a new approach" for mining companies to end social gaps and avoid conflicts in the sector, a measure taken after several conflicts in the country in recent months, Reuters reported. Prime Minister Anibal Torres said during a conference between executives of large mining firms that the new "attitude" aimed to promote local and foreign investment. He added that the government of leftist President Pedro Castillo respects private initiative and wants to promote mining activity.

Saudi Arabia announced a spending boost that will sharply narrow next year’s budget surplus as it looks to tackle the impact of inflation and use its oil windfall to accelerate the development of economic diversification projects, Bloomberg News reported. The kingdom’s Finance Ministry said in a preliminary budget statement on Friday that it expects a surplus of 9 billion riyals ($2.4 billion) next year, or 0.2% of gross domestic product -- smaller than an earlier estimate of 27 billion riyals.

The commercial hub of Delaware is blocking startup ventures with past ties to Russia from maintaining their corporate standing in the state, ensnaring some tech firms that say they have little or no current connection to Russia following its invasion of Ukraine, WSJ Pro Bankruptcy reported.

The European Commission has warned EU countries that a broad cap on gas prices could be complex to launch and pose risks to energy security, amid calls from countries for Brussels to step in to tame high fuel prices, Reuters reported. The Commission shared a document with countries on Wednesday, analysing various options the EU could consider to curb high gas prices, after 15 of the bloc's 27 member states this week urged the EU to propose a cap on gas prices.

Germany on Thursday unveiled a wide-ranging price cap on energy in response to growing concerns among German businesses that a wave of insolvencies could wash over the country and disrupt the supply chains serving Germany’s largest industrial sectors, the Wall Street Journal reported. The government said that it would cap the prices of electricity and natural gas as part of a fourth package of measures aimed at shielding businesses and consumers from soaring energy prices following Russia’s attack on Ukraine.

The Bank of Mexico hiked its key interest rate on Thursday by 75 basis points to a record 9.25%, in line with forecasts and following in the footsteps of the U.S. Federal Reserve's own recent three-quarter of a percentage point increase, Reuters reported.