The head of the Securities and Exchange Commission is encouraging the UK and others to shorten the settlement time for currency trading to better align their markets with those in Asia and North America, Bloomberg News reported. The UK is debating a transition to next-day settlement, known as T+1, for securities transactions, with its Treasury calling for the shift by the end of 2027. But SEC Chair Gary Gensler is nudging the UK to go bigger by adding more asset classes for shorter settlement. The US, Canada, Mexico and other countries already pressed ahead.

Canadian retail sales likely dropped last month, nearly wiping out all of April’s gains and highlighting weakness in consumer spending that will keep more Bank of Canada rate cuts on the table this year, Bloomberg News reported. Receipts for retailers fell 0.6% in May, the biggest monthly decline since January, according to an advance estimate from Statistics Canada released Friday. April’s increase — the only gain in retail sales so far this year — was primarily driven by gasoline stations and fuel vendors, which likely benefited from higher prices. In volume terms, retail sales rose 0.5%.

An Ontario court has approved a sales process and stalking-horse bid for Red Lobster Canada, which is operating under court protection from creditors, CBC.ca reported. The move comes after a U.S. court approved the sales process for the company which launched chapter 11 bankruptcy proceedings last month. Court filings made on June 11 say the steps are meant to "preserve" Red Lobster's business in Canada and the employment of the company's 2,000 workers stationed at 27 restaurants across the country.

Mexico’s central bank opened the door to intervening in the peso, an acknowledgment of the turmoil roiling the market after a post-election rout sent the currency tumbling to a 15-month low, Bloomberg News reported. Banco de Mexico Governor Victoria Rodriguez told reporters Wednesday that there are tools available to restore market order, if needed. She blamed the volatility mostly on external factors, and insisted policymakers aren’t trying to defend a specific level for the currency.

A federal judge moved to untangle the complex bankruptcy case of a Byju’s unit by offering to rule out the arrest of a Florida hedge fund manager if he helps locate $533 million that the Indian tech company allegedly tried to hide, Bloomberg News reported. Bankruptcy Judge John Dorsey, during a court hearing yesterday in Wilmington, Del., agreed to drop an arrest order for William C. Morton, the founder of Camshaft Fund. Byju’s invested $533 million of loan proceeds with the fund last year, according to court records. The money was later moved to a U.K.

U.S. hedge fund manager Elliott Investment Management has offered support to troubled Canadian miner Nevada Copper Corp. after the company filed for chapter 11 protection, Bloomberg News reported. Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one, Chief Financial Officer Gregory J. Martin said in a court filing. To help pay for the chapter 11 restructuring case, the company agreed to borrow as much as $60 million from Elliott affiliates.

Moody’s Ratings downgraded Allied Properties Real Estate to junk status on Tuesday, citing the Canadian office landlord’s high debt levels, as well as weakening occupancy rates that will weigh on its ability to meet its obligations, Bloomberg News reported. The bond grader cut the company’s senior unsecured rating to Ba1, the highest junk rating, from Baa3, the lowest investment-grade level. The outlook remains negative. Allied Properties is a real estate investment trust that specializes in turning old downtown industrial and warehouse space into offices for industries including technology.

Apollo Global Management Inc. and other investors are seeking to raise as much as $500 million in an initial public offering of Grupo Aeromexico SAB, the Mexican carrier that emerged from bankruptcy protection more than two years ago. The alternative asset manager, which owns about 22% of Aeromexico, and other selling shareholders are aiming to raise about $400 million to $500 million in the Mexico City-based carrier’s listing, said the people, who asked not to be identified discussing confidential information.

U.S. cities aiming to convert half-filled office towers into residential buildings are looking north of the border to Calgary, Alberta, which has one of the most aggressive programs in North America to promote these conversions, the Wall Street Journal reported. American officials have been studying the Calgary program, and some cities have even sent delegations to visit the western Canadian city. Early returns show the promise—and limitations—of conversion plans.

Legislation seeking to block holdout bond investors from using New York courts to sue defaulted foreign governments stalled in the state assembly, Bloomberg News reported. New York lawmakers ended the legislative session early Saturday without voting on the so-called champerty doctrine. The bill would have prohibited “litigious holdout investors” from purchasing emerging-market government bonds governed under New York laws for the sole purpose of bringing defaulted nations to court.