Laurentian University’s board of governors voted unanimously earlier this month to replace the university's long-standing auditors, KPMG, with the firm BDO, Sudbury.com reported. The university continues to undergo restructuring under the Companies’ Creditors Arrangement Act (or CCAA) after declaring insolvency in the winter of 2021. The decision to replace KPMG as the university’s auditors was made at a June 2 special meeting of Laurentian’s board of governors.

Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in coming weeks, Bloomberg News reported. Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported Wednesday in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. The inflation gauge rose 1.4% from a month earlier with gasoline, hotel rates and cars among the largest contributors to the gains in May.

The Art Gallery of Sudbury can continue to operate out of the Bell Mansion until 2025, under the terms of an agreement reached with Laurentian University, CTVNews reported. Laurentian has also agreed not to sell the art to help settle its debts as it works its way through insolvency under the Companies' Creditors Arrangement Act. After that process is completed, LU has agreed to give the AGS 90 days notice if it intends to sell the collection. The future of the AGS was in question after its assets were included in Laurentian University's insolvency declaration.

Canadians continued to show a willingness to spend, according to retail sales data out on Tuesday, even as accelerating inflation erodes their purchasing power, Bloomberg News reported. The nation’s retailers recorded a 0.9% sales increase in April, Statistics Canada reported, driven primarily by higher volumes. In May, receipts were up 1.6%, according to initial preliminary estimates also released on Tuesday. The numbers suggest rising interest rates, higher inflation and slumping consumer confidence have yet to impact household spending in a major way.

Canadian Finance Minister Chrystia Freeland expressed confidence on Thursday in the Bank of Canada's ability to rein in surging inflation and keep price gains from becoming entrenched, but said there was no guarantee the economy would avoid a recession, Reuters reported. "The Bank has begun the work of bringing inflation back within target, and it has the tools and the expertise it needs to keep inflation from becoming entrenched," Freeland told a business audience in Toronto.

Mexico's financial system is resilient and solid despite international economic and geopolitical volatility, the central bank chief said on Wednesday during the introduction of the monetary authority's financial stability report, Reuters reported. "The Mexican financial system maintains a solid and resilient position," the central bank said in its biannual stability report, stressing that the country meets minimum capitalization levels. Earlier on Wednesday, the U.S.

A judge declined to end exiled Chinese businessman Guo Wengui’s personal bankruptcy, siding with the Justice Department and some of his creditors who asked that a neutral party be brought in to take charge of his finances, WSJ Pro Bankruptcy reported. Judge Julie Manning of the U.S. Bankruptcy Court in Bridgeport, Conn., yesterday ordered that an independent trustee be appointed to take over Mr. Guo’s chapter 11 case and work with his creditors on a plan to pay his debts and potentially resolve civil lawsuits against him. The ruling is a blow to Mr.

Mallinckrodt plc on Monday announced that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days, according to a press release. On the effective date of emergence, all of Mallinckrodt's existing ordinary shares will be canceled pursuant to the company's reorganization plan and the Irish scheme of arrangement. Mallinckrodt expects to issue at emergence 13,170,932 new ordinary shares to its guaranteed unsecured noteholders in accordance with the provisions of the plan and the scheme.

El Salvador's bet on bitcoin was slashed on Tuesday by half as the more than $100 million in the country's publicly disclosed purchases dropped more than 50% in value, Reuters reported. The 10 purchases announced by President Nayib Bukele via Twitter have a market value of just over $51 million, with the biggest single trade - 420 coins at more than $59,000 per coin - down almost 63%. Bukele has said on Twitter at least four times that El Salvador has bought a "dip", a term used by traders to mean they took advantage of a price dislocation that resets for a quick gain.

Mexican President Andres Manuel Lopez Obrador criticized the use of monetary policy to curb inflation, saying high interest rates stop economic growth, one week before the nation’s central bank may deliver its biggest hike yet, Bloomberg News reported. AMLO, as the president is known, likened repeatedly raising rates to turning off the engine of a car when it overheats and said he would rather focus on increasing production to avoid supply shortages.