The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago. Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.
BEIJING (AP) – On the first trip by a Canadian leader to China in eight years, Prime Minister Mark Carney said Thursday that the two countries are entering a new era of relations. Carney, who became prime minister 10 months ago, is attempting to repair ties with China following several years of acrimony over 100% Canadian tariffs on China-made electric vehicles.
The Trump administration placed new security requirements on Nividia’s semiconductor sales to China, but essentially greenlighted the export of its powerful H200 artificial intelligence chips to Chinese buyers. Nvidia must ensure that there is an adequate supply in the U.S., and the H200 chips must undergo a third-party review before being exported to China.
Excerpts from recent editorials in the United States and abroad:
NEW YORK (AP) – Setting aside their current fight with the White House, things are looking good on Wall Street. The latest trio of big banks reported their results Wednesday – Bank of America, Citigroup and Wells Fargo – and while each of them do different flavors of banking the theme is the same: profits are up, dealmaking is healthy, and the consumer is doing just fine.
WASHINGTON (AP) – U.S. wholesale prices rose modestly in November, the government said in report delayed by the federal government shutdown. The Labor Department reported Wednesday that its producer price index – which measures inflation before it reaches consumers – rose 0.2% in November from October and 3% from a year earlier.
HONG KONG (AP) – China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the U.S. under President Donald Trump’s onslaught of higher tariffs.
NEW YORK (AP) – Fintech giant Bilt announced an overhaul of its credit cards on Wednesday, which notably will include an introductory rate on all card users’ interest rates at 10% for one year. The promotion comes at a time with President Donald Trump announcing last week that he also is seeking a one-year cap on credit card interest rates of 10%.
The U.S. housing market slump dragged into its fourth year in 2025 as sales remained stuck at a 30-year low with rising home prices and elevated mortgage rates keeping many prospective home shoppers out of the market.
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