A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses, Reuters reported. Gregoire Tournant admitted to two counts of investment adviser fraud at a hearing before Chief Judge Laura Taylor Swain of the federal court in Manhattan. He faces up to 10 years in prison at his Oct. 16 sentencing. Tournant also agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud.

Canada’s unemployment rate rose for the third time in four months, but rising wages and a strong US labor report prompted some economists to express caution on the pace of Bank of Canada rate cuts, Bloomberg News reported. The country added 26,700 positions in May and the jobless rate rose 0.1 percentage points to 6.2%, Statistics Canada reported, roughly in line with expectations in a Bloomberg survey of economists. The unemployment rate has risen 1.1 percentage points since April last year.

Venezuela’s opposition is ramping up lobbying efforts in Washington, trying to persuade the Biden administration to intervene in the court-ordered sale of Citgo Petroleum Corp.’s parent company in the U.S., Bloomberg News reported. The company is the South American nation’s most important foreign asset and its shares are due to be auctioned by July 15. The opposition fears Nicolas Maduro could blame them for Citgo’s loss ahead of crucial presidential elections set for the end of next month.

A group of investors in Credit Suisse Group AG bonds that got wiped out when UBS Group AG rescued the bank in a Swiss government-brokered deal are suing the European country in a U.S. court, Bloomberg News reported. The lawsuit, filed Thursday in federal court in New York, seeks more than $82 million plus interest and is the latest legal fight taking place in the US and Europe related to the bond write-down. Holders of Credit Suisse’s additional tier 1 bonds effectively saw about $17 billion of their notes written down to zero after the sale.

Canadian cannabis retail chain Four20 Premium Markets, one of the largest dispensaries in Alberta, has announced plans to file for bankruptcy, BusinessofCannabis.com reported. The parent companies of the 35-store retail chain, 420 Premium Markets Ltd., 420 Investments Ltd. and Green Rock Cannabis, filed a ‘notice of intent’ to file for bankruptcy under. According to Stratcann, the notice was filed on May 29, 2024, following an extended and costly legal battle with Tilray.

The Bank of Canada cut interest rates by a quarter of a percentage point, making it the first Group of Seven central bank to kick off an easing cycle, Bloomberg News reported. Policymakers led by Governor Tiff Macklem lowered the benchmark overnight rate to 4.75% on Wednesday, as widely expected by markets and economists in a Bloomberg survey. Officials say they’re more confident that inflation is headed to the 2% target, and said it’s “reasonable to expect further cuts,” if progress continues.

The parent company of Montreal’s Just For Laughs comedy festival, Groupe Juste Pour Rire Inc., has agreed to sell select assets as part of a court-directed bankruptcy protection, the Hollywood Reporter reported. Quebec City-based ComediHa! announced it picked up unspecified assets as part of a sale and solicitation process initiated Just for Laughs as it looks to restructure. The sales agreement awaits the approval of the Québec Superior Court, with a hearing set for June 3. Until that court date, both parties said they will not comment publicly on the proposed asset sale.

An Ontario judge issued an order on Tuesday that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada, the Canadian Press reported. The order from Judge Michael Penny was requested by lawyers for the beleaguered seafood restaurant chain's Canadian business, who told a virtual court their client is working to steady its operations. "Everything we are trying to do today is to stabilize the business," said Linc Rogers, a lawyer representing Red Lobster Canada, Inc.

While expectations for lower borrowing costs are building, it will take as long as three quarters for interest-rate cuts “to really bear fruit” for bank customers, according to a Bank of Nova Scotia executive, Bloomberg News reported. “There’s some talk about rate decreases in June and July,” Scotiabank Chief Risk Officer Phil Thomas said Tuesday on the lender’s fiscal second-quarter earnings call, referring to moves by the Bank of Canada.

Canadian consumer spending sharply rebounded last month, according to preliminary data, after weaker-than-expected retail sales in the first quarter, Bloomberg News reported. Receipts for retailers jumped 0.7% in April, the fastest pace since September, according to the advance estimate from Statistics Canada released Friday. That followed a 0.2% drop in March. With a larger-than-forecast decline in March, retail sales were down 0.2% overall in the first quarter. Despite the April bounce, retail sales are still below levels seen in December.