North America

Treasury Secretary Janet L. Yellen rebuked China’s “opaque” lending practices and urged global financial institutions and other creditors to accelerate debt relief to low- and middle-income countries in an interview on Monday, the New York Times reported. Her comments came ahead of this week’s annual meetings of the International Monetary Fund and the World Bank, where global economic policymakers are gathering in Washington at a pivotal moment for the world economy. Inflation has eased, but war in the Middle East has threatened to jolt energy markets.

Mexico is considering tax credits to attract foreign firms to invest and produce domestically, targeted at electric vehicle (EV), semiconductor, rare earth minerals, battery and electronics sectors, a top Mexican trade official said in an interview, Reuters reported. The comments come as Mexico's new government assesses how to spark more investment as companies look to move supply chains closer to their main market, while simultaneously navigating a turbulent and more protectionist period in the U.S. ahead of presidential elections.

Key terms of a proposed court agreement with a U.S. hedge fund seeking to gain control of oil refiner Citgo Petroleum from Venezuela would lock in the fund's low-ball bid, the company's creditors said in new court filings against the deal, Reuters reported. The backlash to Elliott Investment Management's wholly-owned Amber Energy's offer ends any chance this year of a change to Citgo's ownership to satisfy debt defaults and expropriations by Venezuela.

Laurentian University has reported a $37.9-million surplus for the financial year 2023-2024, which ended April 30, Sudbury.com reported. The university’s board of governors approved LU’s 2023-24 financial statements, audited by the financial firm BDO, at the Oct. 18 meeting. You can view these financial statements in the board package. Laurentian’s financial report for the year 2023-2024, which provides commentary on Laurentian’s financial situation, is also included.

Europe's biggest debt collector, said on Friday that it will file for voluntary chapter 11 bankruptcy protection in the United States as it seeks to restructure its own finances, Reuters reported. The company has struggled as the pandemic, an energy crisis and two-decade-high interest rates failed to unleash a wave of loan defaults, with concerns mounting over Intrum's net debt, which reached 49.4 billion Swedish crowns ($4.69 billion) at the end of June.

Three U.S. education-software companies that bankrupt Indian tech-firm Byju’s bought for $820 million just a few years ago will be put up for sale in order to repay lenders, a court-appointed trustee said, Bloomberg News reported. It is unclear how much the units are worth and if all three — Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. — will attract offers, the trustee, Claudia Springer, said in an interview.

The United States will use restrictive tools like tariffs to push back against China's practice of making far more goods than it needs in order to dominate global markets, White House official Daleep Singh said on Thursday, Reuters reported. Singh, deputy national security adviser for international economics, said the Asian giant has amassed growing market power that it uses for economic and geopolitical leverage, and Washington viewed the costs as unacceptable. "So that's the problem, and it's not abstract.

Light has filed for bankruptcy protection in the U.S., a step by the Brazilian electric utility company to complete a restructuring deal that creditors approved in May in its home country, WSJ Pro Bankruptcy reported. Light on Tuesday filed for chapter 15 in the U.S. Bankruptcy Court in Houston. Light, which provides energy for most of Rio de Janeiro, began a reorganization in Brazil in 2023, as well as in England in July. The company has assets of $582.1 million and carries more than $2.1 billion in debt, including two issuances of U.S. notes totaling $600 million.

Aerospace and defense manufacturer Moog has agreed to pay $1.7 million to settle allegations its India subsidiary bribed officials to secure contracts with Indian government officials and to eliminate competitors from the bidding process, the Wall Street Journal reported. Moog, of East Aurora, N.Y., agreed to pay a civil penalty of $1.1 million and to pay disgorgement and prejudgment interest of around $600,000. The company, which didn’t admit to or deny the Securities and Exchange Commission charges, also agreed to cease and desist from future such conduct.