Latest news with #AlvarezMarsal
CTV News
a day ago
- Business
- CTV News
B.C. mall owner's push to buy 25 Hudson's Bay leases faces landlord opposition: docs
A Hudson Bay Company store in Toronto is shown on Monday, January 27, 2014. THE CANADIAN PRESS/Nathan Denette New court documents show that the landlords of former Hudson's Bay properties overwhelmingly oppose the department store's sale of leases to a B.C. entrepreneur. The documents filed by a court monitor appointed to help the Bay through creditor protection say landlords representing 23 leases in a group of 25 Liu purchased won't approve the plan. Court monitor Alvarez & Marsal says the landlords have also said they will oppose any future moves that would force them to accept the lease deal the Bay signed with Liu. As well as the group of leases the landlords oppose Liu also plans to buy three real estate contracts the Bay had at B.C. malls she owns. The Bay will ask a court to approve that deal Monday. In addition to the Liu deals, Alvarez & Marsal say an unnamed party is interested in up to eight leases in Ontario, Alberta, Saskatchewan and Manitoba. It says another lease transaction the Bay signed fell through after an unnamed company refused to correct errors in an agreement and then backed away from the purchase. This report by Tara Deschamps, The Canadian Press, was first published June 19, 2025.
Yahoo
a day ago
- Business
- Yahoo
B.C. mall owner's push to buy 25 Hudson's Bay leases faces landlord opposition: docs
TORONTO — New court documents show that the landlords of former Hudson's Bay properties overwhelmingly oppose the department store's sale of leases to a B.C. entrepreneur. The documents filed by a court monitor appointed to help the Bay through creditor protection say landlords representing 23 leases in a group of 25 Liu purchased won't approve the plan. Court monitor Alvarez & Marsal says the landlords have also said they will oppose any future moves that would force them to accept the lease deal the Bay signed with Liu. As well as the group of leases the landlords oppose Liu also plans to buy three real estate contracts the Bay had at B.C. malls she owns. The Bay will ask a court to approve that deal Monday. In addition to the Liu deals, Alvarez & Marsal say an unnamed party is interested in up to eight leases in Ontario, Alberta, Saskatchewan and Manitoba. It says another lease transaction the Bay signed fell through after an unnamed company refused to correct errors in an agreement and then backed away from the purchase. This report by The Canadian Press was first published June 19, 2025. Tara Deschamps, The Canadian Press
Khaleej Times
11-06-2025
- Business
- Khaleej Times
Top 10 UAE banks' Q1 net income jumps 8.4% to Dh22.2b
The UAE's top 10 listed banks have posted a strong first quarter marked by healthy income growth, cost optimisation, and strategic repositioning —despite a backdrop of global economic uncertainty and regional interest rate adjustments. According to the latest UAE Banking Pulse from Alvarez & Marsal (A&M), aggregate net income of the 10 banks for the quarter ending March 2025 jumped by 8.4 per cent quarter-on-quarter (QoQ) to Dh 22.2 billion. This performance was powered largely by a substantial 59.3 per cent drop in impairment charges and an 18 per cent surge in fee and commission income. Though net interest income (NII) contracted by 2.1 per cent due to narrowing margins, overall profitability improved: return on equity (RoE) rose to 18.6 per cent, and return on assets (RoA) climbed to 2.1 per cent. The banks also reported a notable 3.6 per cent QoQ growth in loans and advances, largely led by corporate and wholesale lending, which increased by 5.1 per cent. On the deposit side, a 5.8 per cent QoQ rise—propelled by a robust 7.6 per cent increase in current and savings accounts (CASA)—outpaced loan growth. Consequently, the loan-to-deposit ratio (LDR) eased to 74.7 per cent, indicating bolstered liquidity across the sector. The Q1 snapshot reveals a sector exercising prudent cost control. Operating expenses dipped by 7.8 per cent, pushing the cost-to-income (C/I) ratio down by 234 basis points to 28.2 per cent—its lowest level in four quarters. Digital transformation initiatives and process automation appear to be playing a key role in boosting operational efficiency. Despite interest margin pressures — with net interest margin (NIM) shrinking by 15 basis points to 2.52 per cent — the sector's resilience is reflected in its improving asset quality. The cost of risk (CoR) fell to 0.29 per cent, while the non-performing loan (NPL) ratio dropped to 3.2 per cent, supported by healthier loan recoveries and a stronger lending profile. Coverage ratios also improved, climbing to 110.5 per cent, offering additional buffer against potential shocks. Strategic consolidation appears to be back in motion. Emirates NBD has initiated a full acquisition of Emirates Islamic, a move seen as a precursor to regional expansion. This signals a renewed confidence among top-tier banks in exploring inorganic growth opportunities amidst a more stabilised operating environment. The top 10 listed banks assessed in the report include First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, National Bank of Fujairah, National Bank of Ras Al-Khaimah, and Sharjah Islamic Bank. These institutions collectively shape over 80 per cent of the UAE's banking activity, providing a reliable proxy for sectoral trends. 'UAE banks have entered 2025 on solid footing. Despite margin pressures from rate cuts, we saw strong fee income and reduced impairments lifting overall profitability. This performance underlines the sector's adaptability and strategic focus,' Asad Ahmed, managing director and head of Financial Services at A&M, observed. Sam Gidoomal, managing director and head of A&M's Financial Services in the Middle East, added, 'With evolving financial dynamics, our enhanced M&A analysis helps C-suite leaders understand valuation shifts and peer performance, setting the stage for sharper strategic decisions.' Key performance indicators reinforce the strength of the quarter. While yield on credit declined from 11.9 per cent to 10.9 per cent amid softer lending rates, the cost of funds also improved—dropping to 3.9 per cent from 4.4 per cent—helping to cushion margin pressure. Meanwhile, non-interest income rose to 35.7 per cent of total operating income, reflecting diversification efforts beyond traditional lending. From a capital perspective, the sector remains well-buffered with a capital adequacy ratio (CAR) of 16.6 per cent—comfortably above regulatory minimums—despite a slight decline from the previous quarter. This gives banks ample room to support future loan growth, M&A activity, and dividend payouts. This upbeat performance comes as the broader UAE banking industry continues to benefit from macroeconomic stability, steady government reforms, and a thriving business environment. The Central Bank of the UAE forecasts GDP growth of around 5 per cent in 2025, with non-oil sectors driving expansion—further supporting credit demand. According to data from the UAE Banks Federation, total banking sector assets crossed Dh 4.2 trillion as of March 2025, up nearly 12 per cent year-on-year. Lending to SMEs and green finance initiatives have also seen a notable uptick, as banks align with the nation's sustainability goals and entrepreneurship agenda.
Sky News
06-06-2025
- Business
- Sky News
Administrators lined up for UK arm of Microsoft-backed Builder.ai
Why you can trust Sky News Administrators are on standby to handle the collapse of the UK arm of a Microsoft-backed start-up which has filed for bankruptcy protection in the US. Sky News has learnt that Alvarez & Marsal (A&M) has been lined up to oversee the insolvency of UK entities. News of the impending appointment comes days after which was founded by Sachin Dev Duggal, collapsed in the US. Mr Duggal stepped down earlier this year. had raised hundreds of millions of dollars from investors, including a Qatari sovereign wealth fund, helping it to achieve a 'unicorn' valuation of more than $1bn. The company said it used artificial intelligence to make the process of building an app "as easy as ordering pizza". In recent weeks, however, media outlets including the Financial Times have alleged that the company used potentially bogus sales figures to attract investment. The newspaper also reported that Mr Duggal had sounded out potential backers to buy the business out of insolvency proceedings. It was unclear on Friday whether any meaningful assets remained within UK corporate entities.
CTV News
30-05-2025
- Business
- CTV News
RioCan REIT asks court to put joint venture with Hudson's Bay into receivership: docs
People cycle past the Hudson's Bay department store in downtown Montreal on Monday, March 17, 2025. THE CANADIAN PRESS/Christinne Muschi TORONTO — RioCan Real Estate Investment Trust is pushing to put a joint venture it owned with Hudson's Bay into receivership. A court filing from the real estate firm asks the Ontario Superior Court to appoint FTI Consulting Canada Inc. receiver of the companies that span the venture. The filing says RioCan is pursuing a receivership because it thinks that is the best way to protect the venture's stakeholders and maximize value. Receivers are empowered by courts to take control of a company's assets, oversee their liquidation and repay creditors. The Hudson's Bay-RioCan venture was formed in 2015 and is made up of 12 properties the department store chain leases from the partnership. Alvarez & Marsal, a monitor appointed by the court to guide the Bay through creditor protection, says in its own filing that a process to find buyers for Bay leases did not nab any bids for the joint venture or its properties. This report by The Canadian Press was first published May 30, 2025. Tara Deschamps, The Canadian Press
