U.S. lawyers for units of the troubled Indian tech firm Byju’s want to quit defending their clients in a bankruptcy dispute, blaming “an irreparable breakdown” with the companies and a board member accused of lying in court to help hide $533 million from disgruntled lenders, Bloomberg News reported. In an unusual move, two law firms representing Riju Ravindran, brother of Byju’s founder, filed papers Friday in federal court in Wilmington, Delaware, claiming their clients have failed to cooperate in their own defense. Lawyers representing Byju’s ally William C.

Canada’s retailers faced a further pullback in sales in recent months, yet another sign of the stresses consumers are under that argues for additional rate relief from the central bank, the Wall Street Journal reported. Retail sales dropped by the most in more than a year in May and an early tally of receipts points to further belt-tightening by Canadians in June, data released Friday by Statistics Canada showed.

Trans Mountain Corp. plans to borrow in the bond market to refinance some of its outstanding debt ahead of the Canadian government’s eventual sale of the oil pipeline operator, Bloomberg News reported. The debt deal may still be months away from coming to the market, with size and structure yet to be set, said the people, who asked not to be identified discussing a private matter. The company hasn’t issued debt previously and does not currently have a credit rating. The company reported that it had C$25.3 billion ($18.4 billion) debt as of March 31.

Ontario's self-described Crypto King will likely remain bankrupt until criminal fraud and money laundering charges are resolved against the 25-year-old, CBC.ca reported. Justice William Black dismissed Aiden Pleterski's application for a discharge from his nearly two-year-long bankruptcy in a ruling released on Thursday. "Mr. Pleterski's conduct warrants an emphasis on public protection and accountability," wrote the Ontario Superior Court judge.

The Bank of Canada needs to wrap up its quantitative tightening program or fix distortions in short-term funding markets that are keeping effective interest rates higher, according to Canadian Imperial Bank of Commerce strategists, Bloomberg News reported. Canada’s central bank has been shrinking its balance sheet for more than two years, withdrawing the extraordinary stimulus it provided during the Covid-19 crisis.

With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months, Reuters reported. In Toronto, a city where two-thirds of the country's condominiums are sold, considered a bellwether for other big metropolitan areas, inventories have pushed past highs reached 10 years ago, data showed. At the same time, sales have lagged.

A subsidiary of Spanish highway operator Abertis is considering borrowing $424 million to fund capital projects for four Puerto Rico toll roads, Bloomberg News reported. The Public Finance Authority, a Wisconsin-based issuer, approved the bond sale for Puerto Rico Toll Roads LLC, at a June 26th board meeting. PFA would loan the proceeds it borrows to Puerto Rico Toll Roads, which is part of Metropistas, an Abertis subsidiary that operates numerous toll roads and one bridge in Puerto Rico.

Mexico’s inflation accelerated more than expected in June, complicating central bank’s efforts to cut interest rates that remain near an all-time high, Bloomberg News reported. Consumer prices rose 4.98% from a year earlier, above the 4.87% median estimate of analysts in a Bloomberg survey. Core inflation, a metric that strips out volatile components and that the Mexican central bank watches closely, slowed to 4.13%, slightly below the 4.14% median estimate.

A solar panel maker in Georgia that has booked $230 million in federal tax credits stands to collect hundreds of millions more as it pursues plans to create the first end-to-end solar manufacturing chain in the US, easing reliance on China and related concerns about the use of forced labor, Bloomberg News reported. But at least through the end of this year, the Qcells solar plant, which South Korea’s Hanwha Solutions Corp. opened in Dalton, Georgia, in 2019 and almost doubled in capacity last year, is making panels with base components from China.

Hiring in Canada ground to a halt last month, pushing the unemployment rate to a fresh more than two-year high and taking some of the heat out of the recent surprise acceleration in inflation ahead of the central bank’s next rate decision, the Wall Street Journal reported. The job market was effectively stalled in June, with 1,400 jobs lost for the month, allowing the unemployment rate to climb 0.2 percentage point to 6.4%, Statistics Canada reported Friday. The result undershot market expectations for the addition of a modest 25,000 jobs and a unemployment rate of 6.3%.