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Saks Global to close majority of off-price stores amid bankruptcy restructuring
Saks Global will shut 62 off-price retail outlets, including 57 Saks OFF 5th stores and all five Neiman Marcus Last Call locations, as part of its ongoing bankruptcy proceedings and shift toward full-price luxury retail. The group cited projected losses of $139m from its off-price operations in fiscal 2025. Just 12 Saks OFF 5th stores…
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Massachusetts Gov. proposes postponement of federal tax cuts
Massachusetts Gov. Maura Healey is working to mitigate the financial impact of federal tax changes under President Donald Trump’s One Big Beautiful Bill Act on Massachusetts. She has proposed legislation to delay the implementation of the five most costly federal tax changes until next year, allowing the state to manage the estimated $442m impact on…
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UBS wants U.S. court to axe $400m Libor suit
UBS has asked a Connecticut court to throw out a suit filed by former trader Tom Hayes that accuses the Swiss lender of handing him over to global prosecutors to protect the bank and its senior leadership during the Libor rigging scandal. Lawyers for UBS described Hayes’ allegations as “spurious” and said that he cannot…
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GOP pushes $100bn tax refund boost to sway 2026 voters
President Donald Trump and congressional Republicans have engineered a $100bn boost in tax refunds for 2026, aiming to win voter favor ahead of the midterm elections. The surge stems from retroactive provisions in the “One Big Beautiful Bill Act,” which expands tax cuts for middle-income households, tipped workers, and parents, while preserving benefits for high-income…
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TBI advisor: Replace business rates with a land tax
James Browne, a senior policy adviser for the Tony Blair Institute, says business rates hikes spark predictable crises and temporary relief schemes that are costly and destabilising. While tenants feel the pain upfront, economic evidence shows that in the long run higher or lower business rates are actually felt by landlords through rent adjustments. He…
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Boston Mayor Wu stands firm on tax shift
Mayor Michelle Wu of Boston remains committed to her controversial property tax shift bill, despite significant opposition. She said: “We cannot let it be that our state and our community can find the funds to host the World Cup but not get worked up about our seniors not being able to stay in their homes.”…
