The Jersey City-based firm has more than 100,000 creditors and between US$1 billion and US$10 billion in both assets and liabilities, it said in its petition to file for Chapter 11 bankruptcy in New Jersey. (The Logic)
Treasurer Jim Chalmers said at a conference in Sydney on Friday that Australia’s Treasury would work with its Foreign Investment Review Board to undertake a review of investments in sectors like lithium and rare earths. (Bloomberg)
The Conservative government announced Thursday that it will seek to amend the Online Safety Bill and make it an offence to share “manufactured intimate images” without a subject’s consent, with successful prosecutions potentially resulting in jail time. (The Logic)
In the agency’s latest survey of Canadian business conditions, 58.4 per cent of respondents expected inflation to pose their biggest obstacle over the next three months, a sentiment felt most acutely in retail trade (74.6 per cent), accommodation and food (71.3 per cent) and energy (62.9 per cent). With inflation still running high, almost a third of businesses (32.4 per cent) expect to raise prices over the next three months. (The Logic)
The Canada Infrastructure Bank and the private bank are each investing $135 million in expansion plans at Markham District Energy, a municipal utility that delivers central heating and cooling to multiple buildings. The loans will broaden the company’s reach in the northeastern suburb of Toronto, it said, and will cut greenhouse-gas emissions by 33,700 tonnes a year by displacing higher-carbon sources of energy. (The Logic)
TD Bank told CBC the MyMoney program was temporarily paused because of “processing issues” after it was launched online and in physical locations. The program was intended to provide small loans between $1,000 and $30,000 in remote communities that have post office access but lack full banking services. (CBC)
The deal represents a 25 per cent stake in SSE’s electricity transmission network business, which transports electricity from renewable sources, like wind and hydro, from northern Scotland to more than a quarter of the U.K.’s land mass. (The Logic)
Bitove and former business partner Paul Rivett are said to have reached a deal after moving into mediation-arbitration to split the assets of NordStar Capital, which they used to purchase the parent company of the Toronto Star in a $60-million deal in 2020. Sources told The Globe and Mail Bitove will also retain a stake in VerticalScope Holdings. (The Globe and Mail)
The antitrust agency’s four commissioners must vote to pursue a lawsuit challenging the deal, but staff have not accepted the two firms’ reasoning for the US$69-billion takeover, sources told Politico. The Federal Trade Commission (FTC) may launch its case before the end of the year. (Politico)
The largest cryptocurrency-trading platform by volume has deployed the equivalent of US$1 billion in Binance’s stablecoin BUSD to a fund it said it will use to support high-quality crypto companies that “through no fault of their own, are facing significant, short term, financial difficulties.” (The Logic)