Saks Global is laying off around 5% of its US corporate workforce, according to a person familiar with the plan, as the department store integrates its recent acquisition Neiman Marcus.

Meanwhile, Dallas civic leaders have united to urge Saks Global to resolve a land lease issue the retailer says is forcing Neiman's downtown Dallas store to close.

The global debt-to-GDP ratio rose for the first time since 2020 last year, as the world's debt stock hit a new year-end record of $318 trillion and economic growth slowed, an Institute of International Finance report showed on Tuesday.

Global debt increased by around $7 trillion in 2024 to reach $318 trillion, a record annual high and a reason for financial markets to be cautious, according to the Institute of International Finance.

According to a report from the Institute of International Finance (IIF), global debt increased by $7 trillion in 2024, reaching a total of $318 trillion. This marks a new record for debt levels. Approximately 65% of the increase in global debt in 2024 stemmed from emerging markets,

The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US treasury

The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned Wednesday at a G20 finance meeting in South Africa marked by the absence of the US Treasury secretary.