Latest news with #RoyalCharter
Yahoo
16-05-2025
- Business
- Yahoo
Canadian Tire buying Hudson's Bay stripes and brand name for $30M: 'Meant to stay Canadian'
Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire Corp. for about $30 million, as part of its effort to pay back about $1 billion to its creditors. The deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' Liz Rodbell, HBC's chief executive, said in a statement on Thursday. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' In a separate statement, Canadian Tire CEO Greg Hicks said that the 'choice' to buy HBC's intellectual property was 'strategic' as well as patriotic. 'Some things are just meant to stay Canadian,' he said. 'It's disheartening to witness the final days of another great Canadian retailer, and while the circumstances are unfortunate, we're proud to step in for customers. Ultimately, customers are at the core of all we do.' He said that the Stripes would 'add beautifully' to Canadian Tire's portfolio and that the other brands have long been 'known for their strength' and would be sought after by Canadian Tire's customers. The agreement is part of HBC's efforts to raise enough money to pay back its creditors. Aside from looking to sell its intellectual property, it is also in the process of liquidating all of its stores, monetizing its leases and selling its artifacts, which includes the historical charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670. Canada's oldest department store went to court on March 7 to get an order that would protect it from its creditors as it struggled to pay its dues to landlords, vendors and service providers. It took the step after a landlord locked it out of a store in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from a store in Toronto's Sherway Gardens mall. The move was supposed to provide the company, which struggled to cope with the shift to online shopping, with 'breathing room' as it looked for financing. That plan, however, didn't work out, as trade tensions between the United States and Canada pushed potential financiers to the sidelines, it said. HBC previously said that it had received bids from 17 parties for either the company's intellectual property. While the company did not state the name of the bidders, Urbana Corp., a Toronto-based investment firm with about $500-million worth of assets, in April said it had placed a bid to purchase HBC's brand name and the Royal Charter. 'Canadian Tire and the Hudson's Bay Company are among the nation's longest-standing companies, with a combined Canadian heritage measured in centuries,' said Hicks. ' We are honoured to welcome many of HBC's leading brands — including the iconic HBC coat of arms and the Stripes — into our Canadian Tire family.' Aside from the IP, Canadian Tire has also bid on a handful of lease locations, the company said. Toronto firm wants to buy Hudson's Bay's brand and charter, but expects tough contest Hudson's Bay to liquidate all remaining stores: court docs Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Hudson Bay gets court approval to extend creditor protection to July 31
An Ontario court has extended an order that protects Hudson's Bay Co. ULC from its creditors until July 31, giving Canada's oldest department store more time to pay back what it owes. 'The extension to the end of July is appropriate and will certainly be necessary given the steps that remain,' said Judge Peter Osborne, who has been hearing the case at the Ontario Superior Court of Justice in Toronto since March 7. The 355-year-old company first went to court on March 7 to seek protection under the Companies' Creditors Arrangement Act (CCAA). The application was granted by the court that same day, and the stay order was eventually extended till May 15. HBC has been trying to raise money by liquidating its stores, auctioning its artifacts, monetizing its leases and selling its intellectual property (IP) to pay back about $1 billion to its creditors since March. The deadline to bid for the company and its IP ended April 30, and bids for leases had to be made by May 1. HBC received bids from 17 parties for either the company's IP, such as its brand name, or its leases. The company hasn't said who made the bids, but they are currently being reviewed. Deals have to seek court approval by May 30, according to court documents. The extension of the stay period 'is necessary and appropriate' to provide (HBC) 'the ability to complete the liquidation process, lease monetization process and SISP process, to maximize value for the benefit of the applicants and their stakeholders,' a court document filed by HBC's lawyers on May 7 said. Urbana Corp., a Toronto-based investment firm with about $500-million worth of assets, in April said it had placed a bid to purchase HBC's brand name and the Royal Charter, a historical document that gave the company exclusive trading rights over a portion of Canada in 1670. Media reports also suggested Canadian Tire Corp. Ltd. and a Vancouver-based billionaire are potential bidders. The court also approved HBC's request to pay back about $165 million to some of its senior lenders. 'I think that those distributions should be made,' Osborne said. 'They're clearly, obviously sought by those lenders and, in my view, they're beneficial to the estate as well, given the interest that continues to accrue on these not insignificant amounts and that will be reduced by these paydowns.' HBC's lawyer, Ashley Taylor, said he expects the company to return to court in about two weeks' time for the approval of 'one or more transactions.' The company's representatives are having discussions with various parties, including government officials, about the art collection it is trying to sell. Some groups have expressed concerns about the auction since HBC possesses artifacts that represent important milestones in Canadian history, including the Royal Charter. Hudson's Bay has received 'several' bids, but none from insiders, court documents show Howard Levitt: Stiffing employees is a blight on Hudson's Bay legacy Taylor said a large number of parties were given access to the list of artifacts in order to 'see and inspect' them. He also said many of the artifacts had already been donated to the Museum of Manitoba, 'particularly the more cultural, the significant and sensitive artifacts.' • Email: nkarim@
Daily Record
28-04-2025
- Business
- Daily Record
TV licence fee is ‘unenforceable' and could be replaced by sliding payment scale
The Culture Secretary has said the TV licence fee is 'unenforceable and unfair to women'. Lisa Nandy has previously said she could be open to replacing the flat licence fee with a sliding payment scale after a suggestion by the BBC's new chairman Samir Shah. She has ruled out the licence fee being replaced by general taxation, and in November last year, said the UK Government would use a review of the BBC's Royal Charter to consider alternative ways of funding the corporation. The BBC TV licence fee increased from £169.50 to £174.50 at the start of April and will continue to go up each year in line with inflation each year until the review in 2027. That rise follows years in which the licence fee was first frozen and then increased at a slower rate than the BBC expected, leaving the corporation increasingly cash-strapped. As more households shift away from traditional methods of viewing and opt for streaming services and on-demand, the UK Government has previously said it will be 'keeping an open mind' about the future of the annual payment. The MP for Wigan told the Telegraph : 'We recognise there are problems with the licence fee. Fewer and fewer people are paying it. It's unenforceable and particularly I've been very concerned about the way it's been enforced in the past, with women - particularly vulnerable women - targeted for enforcement action, and the BBC itself has accepted that. 'So we know that there are problems with the licence fee system as it currently exists. We're about to kick off the charter review and as part of that we're reviewing the licence fee.' She also said that she is 'open to a different system, but we haven't put forward any preferred options at this stage', and called on the public to suggest what 'a fairer, more sustainable system would look like'. 'We know that the licence fee and the BBC as a whole has to command public support in order to survive and thrive, and that's why we're putting the power back into the public's hands to be able to drive that conversation,' Ms Nandy said. The BBC launched a poll in March, which it called the corporation's 'biggest-ever public engagement exercise', and said it would inform the upcoming charter review. Questions included: That rise follows years in which the licence fee was first frozen and then increased at a slower rate than the BBC expected, leaving the corporation increasingly cash-strapped. In 2023, the corporation published a review into gender disparity and the licence fee, which said 'societal factors' explain the gender disparity, not enforcement, after noting that around 75 per cent of those convicted for evasion are women. It also outlined a 10-point action plan for the TV licensing body, which included supporting 'people in financial hardship and debt', and helping 'people stay licensed and avoid prosecution'. A BBC spokeswoman said: 'The public cares about the BBC and we have launched our biggest-ever public engagement exercise, so audiences can help drive and shape what they want from a universal and independent BBC in the future. 'We want to continue to reform and evolve and look forward to engaging with the UK Government on the next charter and securing the long-term future of the BBC.' According to the 2024 TV Licensing annual review, 'approximately 89 per cent of addresses that need a TV licence have one, with evasion estimated at around 11 per cent'. You can check if you need a TV licence on the TV Licensing website here . A TV licence now costs £174.50. You can pay it all in one go, or: Certain groups are entitled to TV licence discounts such as those who live in care homes, who could get it for free or pay a reduced amount if they are part of an Accommodation for Residential Care scheme - find out more here. People who are registered blind are entitled to a half price TV Licence (£87.25) and may be eligible for a refund on payments made in previous years - if they have been the registered TV licence holder. If you already receive Pension Credit, you can apply for your free over-75 TV Licence when you are 74 years old. TV Licensing will update your payments to cover you until your 75th birthday, at which point you'll then be covered by your free licence. They will confirm this in writing. If you think you're eligible for a free licence but don't currently have a TV licence, call 0300 790 6117 and speak to an advisor to request an application form. Lines are open Monday to Friday between 8.30am and 6.30pm.
Daily Express
27-04-2025
- Politics
- Daily Express
GRS Govt's best gift to Sabah's natives
Published on: Sunday, April 27, 2025 Published on: Sun, Apr 27, 2025 By: Dharma Lingam Text Size: Flashback: Our front page report on April 18. THE Hajiji-led Gabungan Rakyat Sabah (GRS) Sabah Government deserves the highest accolade for doing what no other previous State Government dared to do – put an end once and for all to the land scandals, some involving big plantation companies, arising from fraudulent land transactions. Where genuine innocent land applicants don't even know their lands had been approved and changed hands without their knowledge many times over. The amendments to the Land Ordinance at the State Legislative Assembly on April 17 and which was the front page lead story in the Daily Express the following day would now make it an offence to acquire Native Title lands through fraudulent means and without exercising due diligence. There have been many instances, for example, of natives giving their Mykad particulars in the hope of being included in bloc applications but ending up being deceived. Owners of such lands now face the prospect of having to surrender these lands, if it has been established that they have been acquired illegally. The Daily Express had over the years published related reports on such land scams. These were in: 18-09-2014 – Daily Express - and in 20-12-2014 – Daily Express - Before the colonial administrator set foot on Sabah (North Borneo), native customary laws which have immense influence on local communal tribes had existed. When the British North Borneo Company acquired the various territories which now comprise present day Sabah, they had considered it imperative to recognize the significance native customary laws and it was preserved under Article 9 of the Royal Charter in verbatim 'In the administration of justice by the Company to the people of Borneo, or to any of the inhabitants thereof, careful regard shall always be had to the customs and laws of the class or tribe or nation to which the parties respectively belong, especially with respect to the holding, possession, transfer and disposition of land and goods, and testate or intestate succession thereto, and marriage, divorce and legitimacy, and other rights of property and personal rights.' Subsequently the colonial administration introduced a number of legislation specifically relating to native affairs with written law that specifically dealt with rights of the natives over land entitled the Native Rights to Land Proclamation of 1889 with the preamble 'for the protection of Native Rights to Land'. The 1902 legislation was a code of native land tenure which made native land rights registrable and provided for the procedures regarding the practice of cultivation. The Native Rights to Land Proclamation of 1889 read together with the 1902 legislation was to form the basis for the introduction of the Land Ordinances of 1901, 1913 and 1930 culminating in the renaming of the 1930 legislation as the present day Land Ordinance. The concept of native lands was introduced to prevent lands held by the natives in North Borneo (Sabah) from being disposed of to the non-natives with the primary beneficiaries of native lands land being 'the rural poor natives' or 'small-scale farmers'. These native lands are restricted from sale, lease, transfer of title and charge (mortgage) to non-natives similar to the concept of Malay Reservation Land that were introduced by the British in the Federated Malay States of Perak, Selangor, Negeri Sembilan and Pahang in 1913 to avoid lands held by the Malays in those states from being disposed of to non-Malays. The native land is a special law and the Sabah Land Ordinance 1930 prohibits the attachment in execution of any NT land. Section 17 of the Sabah Land Ordinance 1930 repeats the provisions first introduced in 1883 against dealings in native lands with non-natives. The purpose of the restriction is to keep such lands in the hands of natives and to prevent access of non-native in areas where their presence is not favoured. The restriction applies also to charges but an exception is made to enable natives to obtain credit from specified financial institutions on the security of their native titles. However any sale and enforcement of a charge is limited to natives. Moreover, a trust cannot be created on such land to persons who are non-native. Now the world will be able to see what is being exposed about public listed company, businessmen, professionals, plantation, investors and developers engineering an exceptionally dubious and intricate scam to grab native lands by exploiting the land system of the Sabah Land Ordinance 1930. A cleverly concealed modus operandi concocted by these public listed firms, businessmen, professionals, plantation, investors and developers are by coordinating and obtaining Land Applicants (PT) involving naïve and vulnerable natives induced into believing that they would be able to secure lands by furnishing their ICs to these middlemen orchestrated by these public listed company, businessmen, professionals, plantation, investors and developers. The intention and blatant act of these public listed company, businessman, professionals, plantation, investors and developers as main conspirator are in furtherance of their plan to exploit native lands for logging timber, property development, agriculture, palm oil plantations and pure greed to own and deal in native lands that is explicitly forbidden by law. They mobilised their clandestine operation through using natives NRICs in applying for unalienated lands of the standard procedure under section 70(1) that allows Natives to apply without delay for State land at PPHTs throughout the Sabah. When the State Authority approves the application, the land will be alienated and a land title will be issued to the applicant. Land applications means property of native land's designee who applies by submitting land use applications regarding the unalienated lands. Land applications approved for native titles are subject to cultivation conditions as to commencement. It is basic law that land applicants are not conferred any land law rights. The Land Rules (Section 46) (G.N. 505 of 1930) - Section 2 subsection (4) clearly states that, LAs are not conferred with any right whatsoever to the land applied and acceptance of any such payment shall not constitute any undertaking that the application will be approved. It is important to remember that a person is presumed to have legal capacity unless it is proven that one lacks capacity as in the case of land applicants. Capacity is a legal concept that describes whether a person can legally enter into a contract. Legal capacity is the ability to: (i) make a binding legal agreement, (ii) sue another person and (iii) make other decisions of a legal nature such as land transaction. Yet, public listed company, businessman, professionals, plantation, investors and developers had regularly pursued LAs (PTs) in almost all their land dealings. They exploited the land system of the Sabah Land Ordinance 1930, a unique and a modified Torren's system that is exemplified by indefeasibility, charges and compliance of land law requirements on entry, registration and notation of interests. It is prudent to note that this is not the result of any 'innocent error' on their part but a vital element in the furtherance of their illegal exploit of native land grabs, corrupt practice, backhanders and gross tax evasion. The using of vulnerable native and employees by way of nominees are clearly to deploy as their native land grab industry foot soldiers. Indefeasibility is the key principle of the Torren's system. Under it, a title is made conclusive on registration and the Sabah Land & Survey Department (JTUS) guarantees that the titles are unimpeccable (validity) based on Section 88 of Sabah Land Ordinance. Indefeasibility simply means that something is impossible to be defeated or made invalid or cancelled and is adopted based on the principle of (i) Immediate indefeasibility is a situation where the transferred title is valid regardless of any element of fraud or forgery while (ii) deffered indefeasibility ((concedes or complies) only protects a subsequent purchaser to a title that is defeasible. In other words, if one obtains a title where fraud or forgery is involved, this title could be cancelled. However if the same party sells it to another purchaser who seemingly 'bona fide purchaser' that title is considered to be indefeasible. The indefeasibility therefore defers across one transfer of the title where fraud or forgery is involved to the next purchaser who buys it supposedly in good faith and valuable consideration. Herein lays, the problem the basic element of good faith is described as the absence of fraud, deceit or dishonesty and the knowledge or means of facts of such at the time of entry into a transaction while bona fide (valuable consideration) in general terms clearly refers to the absence of fraudulent intent or deceit. Since the Land Applications (PTs), Power of Attorney, Substitution Under Power of Attorney, Sublease Agreements, Sale and Purchase Agreements, Trust Deed Agreements, Memorandum of Transfer and Memorandum of Charge are dealings in native lands that is explicitly forbidden by law and are shrouded in illegality, it follows therefore that neither parties can acquire good title to pass on the purchaser as the current law passed under Section 88A (2) – explicitly confirms that titles obtained through (i) fraudulent means, (ii) forgery or (iii) unlawful methods would render the title VOID - not valid. The Remedy Lies in the Restitutionary Provision for Lands By invoking the Land Rules (Section 46) G.N. 505 of 1930 – Procedure under section 34 breach of conditions of title, empowers the State Authority to recall these NT lands. Rule 12 (1) owing to the breach or default in observing the conditions of the title and section 12(1) that would render the Public listed company, businessman, professionals, plantation, investors and developers and/or their proxies/nominees in breach or default and is not capable of being repaired or made good due to the circumvention of law/illegality shall revert to the State Authority all right, title and interest of Public listed company, businessman, professionals, plantation, investors and developers and/or their proxies/nominees will subsequently cease and be extinguished. Under the Sabah Land Ordinance, the Director can cancel permits and licenses for prospecting or other land-related activities if there's a breach of conditions or provisions of the Ordinance. The Director of Lands and Surveys, acting under the Sabah Land Ordinance 1930 (Cap 68), the main legislation governing land matters in Sabah, including the issuance and cancellation of land titles may cancel a title deed under specific circumstances, such as surrender or cancellation under sections 112, or orders by the Director under Section 118. The Director can cancel a title deed under the following circumstances: @ Surrender or Cancellation under Section 112: This section likely outline specific procedures and grounds for surrendering or cancelling a title deed. @ Orders by the Director under Sections 119: These sections likely outline specific circumstances where the Director can issue orders related to land titles, leading to cancellation of these NT titles. At first, it may appear that the State Authority can do nothing much about these NT lands but legally; there may be two options available. Firstly, the State Authority can proceed in Public listed company, businessman, professionals, plantation, investors and developers and/or their proxies/nominees to Court. The State Authority may apply for an injunction as one of the equitable remedies that the High Court by its discretion may grant an order to restrain or prohibit the continuance of business operation in these said native lands as the central basis for the State Authority is to impeach the proxies/nominees titles rights to the native lands. The State Authority may also obtain a declaratory order to the effect that this conversion exercise is unlawful, inconsistent and null and void to the policy of the Land Rules and the Sabah Land Ordinance. Hence, the State Authority by invoking 'the new Section 88A (2)' owing to the breach of conditions and provisions by way of forfeiture would cause these lands to revert back to the State Authority. It is a principle of antiquity that whatever that is invalid from the beginning cannot be binding by a subsequent act - meaning whatever is inherently defective cannot be rectified later by validity. There is also nothing to prevent the amendment that allows such power to legislate from having retrospective effect as Article 74 of the Federal Constitution (9th Schedule, list II- State List) states that land is State matter. Dharma is a lawyer specialising on land matters. The views expressed here are the views of the writer and do not necessarily reflect those of the Daily Express. If you have something to share, write to us at: [email protected]
Telegraph
25-04-2025
- Politics
- Telegraph
BBC licence fee targets women, claims Culture Secretary
The BBC licence fee unfairly targets women, Lisa Nandy has declared. The Culture Secretary said there were 'problems' with the annual fee and that women had been unfairly targeted for not paying it in the past. In her strongest criticisms of the tax to date, Ms Nandy went on to insist that a 'fairer' and 'more sustainable' funding model must be found, declaring the current system 'unenforceable'. A formal review of the BBC's Royal Charter, which sets out the agreement between the broadcaster and the Government, will be launched in the coming months. The current charter expires at the end of 2027 and Ms Nandy has faced calls to use the review to make the £174.50-a-year fee voluntary or abolish it entirely. In an interview with the Telegraph, Ms Nandy was asked how the existence of the licence fee could be justified and that the Government would be reviewing the licence fee ahead of the Charter review. She said: 'We recognise there are problems with the licence fee. Fewer and fewer people are paying it. 'It's unenforceable and particularly I've been very concerned about the way it's been enforced in the past, with women – particularly vulnerable women – targeted for enforcement action, and the BBC itself has accepted that. 'So we know that there are problems with the licence fee system as it currently exists. We're about to kick off the Charter review… and as part of that we're reviewing the licence fee.' Women are more likely than men to be prosecuted over TV licence evasion. Research in 2019 found that women accounted for 74 per cent of the 114,000 convictions for licence fee evasion, representing 30 per cent of all convictions for women in that year. Meanwhile an investigation by the Telegraph in 2021 found that official letters have been sent to elderly people threatening them with criminal convictions for non-payment of the licence fee. Tens of thousands of people are prosecuted and convicted for non-payment of the licence fee every year. The fee rose by £5 this month as Labour pledged to increase payments in line with inflation every year until 2027. Power 'in the public's hands' Insisting that 'no options are off the table', Ms Nandy added: 'We're open to a different system, but we haven't put forward any preferred options at this stage. 'We want the public to get involved in the conversation, and we want your readers to be able to tell us what they think a fairer, more sustainable system would look like. 'We know that the licence fee and the BBC as a whole has to command public support in order to survive and thrive, and that's why we're putting the power back into the public's hands to be able to drive that conversation.' Options for future BBC funding models include a Netflix-style subscription service. Senior media figures including Mark Thompson, a former director-general of the public broadcaster, have supported this idea. Earlier this year, Ms Nandy explicitly ruled out funding the broadcaster through general taxation. Samir Shah, the chairman of the BBC, last month suggested that wealthier households should have to pay more for the broadcaster's services. BBC sources noted 80 per cent of households pay the licence fee. They pointed to two independent reviews that concluded 'societal factors' led to the gender disparity seen in prosecutions. A BBC spokesman said: 'The public cares about the BBC and we have launched our biggest ever public engagement exercise, so audiences can help drive and shape what they want from a universal and independent BBC in the future. 'We want to continue to reform and evolve and look forward to engaging with Government on the next Charter and securing the long-term future of the BBC.' Ms Nandy also addressed last week's Supreme Court ruling that transgender women are not legally women. During a Labour leadership campaign event in 2020, she said trans women were women and trans men were men who should be 'accommodated in a prison of their choosing'. But asked whether she stood by those remarks, Ms Nandy replied: 'I did also say as part of the same sentence that I thought the Gender Recognition Act largely struck the right balance.' Ms Nandy said safety was always her 'paramount consideration' and that the court ruling made it 'absolutely clear' that decisions about prisoners must now be based on biology. She added: 'That means that trans women will be accommodated in male prisons and trans men will be accommodated in female prisons. 'There are safety concerns on both of those fronts and we're working with the prison authorities, despite the overcrowding crisis that we inherited from the last government, to make sure that we can navigate this in a way that keeps people safe.' Ms Nandy said that before the ruling, trans women who had been through a gender recognition process would be treated as a woman for the purposes of the law. 'The Supreme Court ruling has made crystal clear that that is not the case. And so, yes, I have changed my view of the legislation… and I welcome the clarity,' she added. Pressed on whether she still believed trans women were women, she replied: 'I think the Supreme Court ruling is absolutely clear that biology is the determinant when it comes to the law. So, for legal purposes, trans women are not women. 'But I do think that trans people should be treated with dignity and respect, and that for people who are living in a gender other than their own, we have to find ways to include them and accommodate them in society.' Ms Nandy also vowed to protect the arts after a backlash to new proposals that would allow big tech companies to use copyrighted material to train AI software unless the rights holder explicitly opted out. She said she recognised the 'serious concerns amongst the creative industry' about the proposals. 'And that's why Peter [Kyle] and I are working with them to design a system that works for them. If it doesn't work for the creatives, it doesn't work for us, and we're happy to give that guarantee,' she said. Ms Nandy was also challenged on the protracted sale of The Telegraph more than a year after Parliament effectively blocked an attempted Abu Dhabi takeover. She said her quasi-judicial role in the review meant she was unable to comment on the process, but went on to say she did not want to be 'prescriptive' about the right threshold for foreign ownership of newspapers. She added: 'We want to make sure we don't deter investment, but we also recognise that the media has a unique place in British society.'
