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During a hearing Friday, lawyers for the University of Sudbury supported efforts to have a historic sexual assault claim removed from Laurentian University's insolvency process, CTVNews.ca reported. Under the Companies' Creditors Arrangement Act (CCAA), all claims against LU are to be dealt with as a whole. But Aron Zaltz, lawyer with Preszler Injury Lawyers, argued Friday that a complex claim like this should not be dealt with as part of insolvency. The $5 million claim dates to 1979 and involves a late professor who worked at the University of Sudbury.
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Canada has an ambitious plan to double the pace of homebuilding within a decade but the first big challenge is finding enough skilled workers, as the country grapples with the tightest labor market on record and with construction already at a multi-year high, Reuters reported. Building more homes is a key peg of the C$9.5 billion ($7.5 billion) in housing spending outlined by Prime Minister Justin Trudeau's Liberal government in their budget on Thursday.
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Once conduits for hundreds of millions of dollars looted from 1MDB, a group of offshore entities are being repurposed to try to track down the Malaysian sovereign wealth fund’s stolen money, Bloomberg News reported. Three British Virgin Islands-based companies linked to 1MDB on Tuesday filed for chapter 15 bankruptcy in Florida, utilizing the section of the U.S. code that allows foreign debtors to bring proceedings in the states. Their aim is to recover a portion of the $8.5 billion allegedly stolen from 1MDB, some of which may be in the U.S., the companies said.
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The U.S. Senate overwhelmingly backed legislation today that would remove "most favored nation" trade status for Russia and its close ally Belarus over the invasion of Ukraine, allowing for higher tariffs on imports from the two countries, Reuters reported. As voting continued, the tally in the 100-member Senate was 65-0 in favor of the measure removing Permanent Normal Trade Relations (PNTR) status.

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The derivatives market is flashing signals that the tit-for-tat between the U.S. Treasury and the Kremlin is increasing the likelihood of a Russian government default after Russia’s Ministry of Finance announced Wednesday it will restrict the ability of some foreign investors to convert their payments into dollars, the Wall Street Journal reported.
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Canada's dollar will strengthen over the coming year as the Bank of Canada potentially hikes interest rates aggressively but gains could be capped by the economy's dependence on the housing market, a Reuters poll showed. The median forecast in the poll was for the Canadian dollar to edge 0.4% higher to 1.25 per U.S. dollar, or 80 U.S. cents, in three months' time, matching last month's forecast. It was then expected to climb to 1.23 in a year's time.
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French financial prosecutors have opened a preliminary investigation into suspected tax fraud by American management consulting firm McKinsey & Company, the Associated Press reported. The national financial prosecutor’s office said Wednesday the investigation was launched last week for alleged “money-laundering aggravated by tax fraud.” French President Emmanuel Macron said he was “shocked” by the suspicions of tax evasion on the part of consulting firms. “The response will be European, since we have passed a reform which will allow ...
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Cuba is struggling to cover a fuel deficit as imports from Venezuela and other countries remain below historical levels and global prices boosted by Russia's invasion of Ukraine make purchases almost unaffordable, according to analysts and data, Reuters reported. The Caribbean country, which is dependent on fuel imports mostly from political ally Venezuela to cover more than half of its demand, is since last month dealing with diesel and gasoline shortages leading to long lines in front of stations.
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A U.S. jury began deliberations on Tuesday in the trial of a former Goldman Sachs banker accused of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund, Reuters reported. Prosecutors say Roger Ng, Goldman's former top investment banker for Malaysia, helped his former boss Tim Leissner embezzle money from 1MDB, launder the proceeds and bribe officials to win business for Goldman. The Malaysian fund had been founded to pursue development projects in the Southeast Asian country. Ng has pleaded not guilty to conspiring to launder money and violating an anti-corruption law.
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