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Hudson’s Bay Battles Lender Over Ruby Liu Lease Deal in Ontario Court

Hudson’s Bay Co. is pushing back against a motion filed by its senior lender, Restore Capital LLC, which seeks to terminate a controversial lease sale to billionaire Ruby Liu. The retailer has asked the Ontario Superior Court to dismiss the motion, arguing that the deal represents its best chance to recover funds for creditors amid its ongoing liquidation. The dispute centers on Hudson’s Bay’s plan to sell up to 28 store leases—25 of which remain pending court and landlord approval—to Liu’s company, Central Walk. While three leases have already been approved for $6 million, Restore claims the remaining transaction is draining resources, citing over $18 million in rent and professional fees with no clear path to completion. Hudson’s Bay CFO Michael Culhane defended the deal, stating that Restore was fully aware of the risks and had previously supported the transaction. He emphasized that Liu has already made a $9.4 million deposit and that the sale could generate significant recoveries ...
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Ottawa’s Foreign Service Faces Budget Axe Amid Push for Efficiency

Ottawa is preparing to implement sweeping budget cuts that will impact Global Affairs Canada, including the foreign service, according to Foreign Affairs Minister Anita Anand. The move comes as part of Prime Minister Mark Carney’s broader plan to reduce government spending by 7.5% starting next spring.

Anand emphasized the need to eliminate “red tape and inefficiencies,” though she declined to specify which programs or positions might be affected. The announcement has sparked concern among former diplomats and the Professional Association of Foreign Service Officers, who warn that trimming diplomatic resources could weaken Canada’s global influence and its ability to protect citizens abroad.

The cuts arrive at a time when Global Affairs Canada is aiming to expand its international footprint, creating a paradox between fiscal restraint and diplomatic ambition. Critics argue that reducing Canada’s foreign service could undermine key strategies in the Indo-Pacific and Africa, especially as rival powers like China and Russia bolster their global presence.

Finance Minister François-Philippe Champagne has asked all departments to identify areas for savings, with a focus on streamlining operations rather than across-the-board reductions. While the government insists the cuts are not intended to eliminate jobs, attrition and restructuring may be inevitable.

The debate continues over how Canada can balance its fiscal goals with its international responsibilities.

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