An Ontario judge has decided which law firm will represent employees in the Hudson's Bay creditor protection case, the Canadian Press reported. An endorsement filed by judge Peter Osborne on Monday named Ursel Phillips Fellows Hopkinson LLP as representative counsel to the faltering department store's more than 9,000 employees and 3,000 retirees.

India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports in its trade negotiations with the U.S., Bloomberg News reported. Beyond this threshold, imported industrial goods would attract the regular level of duties. The offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal expected by fall this year. Read more.

A manufacturer of capsules and tablets for the pharmaceuticals industry is scouting Asia for new partners. A steel component maker, with a client base in the United States stretching back 35 years, is telling customers to expect to pay higher prices, Reuters reported. Another company, that produces mascot costumes for sporting or school events, is lowering its prices so as not to lose American customers.

U.S. prosecutors said on Monday that UBS, which rescued Credit Suisse from the brink of collapse two years ago, would pay $510 million in fines for the role Credit Suisse played in helping clients evade taxes, the New York Times reported. Credit Suisse, among other moves, helped clients hide more than $4 billion from the Internal Revenue Service in at least 475 accounts, prosecutors said. Credit Suisse’s Singapore office was singled out for holding undeclared accounts for people who owed taxes. The bank pleaded guilty to, in the words of prosecutors, enabling “U.S.

The court-appointed monitor for Lion Electric says the vehicle maker is very likely to be liquidated after the Quebec government refused to invest more public funds in the company, the Canadian Press reported. Jean-François Nadon, a representative of Deloitte, said in a court hearing this morning that government aid would have been a condition of any sale of the struggling company. Nadon says that Deloitte sought offers over the weekend from companies interested in liquidating Lion Electric, and is hoping to finalize a transaction by next Monday.

Beleaguered retailer Hudson’s Bay has attracted a bid from Canadian Tire, two sources familiar with the sales process say, the Canadian Press reported. The sources say that the household goods chain has made a bid for some of the faltering department store’s intellectual property. Anyone interested in owning Hudson’s Bay assets had until 5 p.m. on Wednesday to make a formal bid as part of the retailer’s creditor protection court case. Toronto investment manager Urbana Corp. has made a bid for the company’s intellectual property, while billionaire B.C.

U.S. President Donald Trump on Sunday said that the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal, Reuters reported. Trump told reporters aboard Air Force One that he had no plans to speak with Chinese President Xi Jinping this week, but U.S. officials were speaking with Chinese officials about a variety of different things. Asked if any trade agreements would be announced this week, Trump said that could "very well be" but gave no details.

Mexican officials on Monday laid out a plan to keep the nation on the path toward growth after narrowly avoiding a technical recession in the first quarter, Reuters reported. The nation's annual gross domestic product could tick up 0.7 percentage points if the plan goes into effect, Finance Minister Edgar Amador said, speaking alongside President Claudia Sheinbaum at her morning press conference.

The entertainment industry reacted with a mixture of alarm and bafflement on Monday after President Donald Trump said he would put a 100% tariff on all movies produced outside the U.S., but issued few details on just how such a levy would work. Trump's Sunday announcement was the latest in his series of levies and threats on various global industries in an effort to boost industrial activity in the United States.

Canadian manufacturing activity contracted in April at the steepest rate since shortly after the start of the COVID-19 pandemic as the uncertain nature of U.S. trade policy weighed on production and new orders, Reuters reported. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to 45.3 last month from 46.3 in March, its lowest level since May 2020. A reading below 50 indicates contraction in the sector.