Pepco Group's German unit has filed for insolvency proceedings as it seeks to revamp its loss-making store network in the country, Reuters reported. Pepco Germany filed for the proceedings at a Berlin court. The unit operates 64 stores and employs around 500 people. All stores will remain open until further notice. Read more.

The Frankfurt-based European Central Bank kept the deposit facility rate, the main interest rate influencing monetary policy, at 2% on Thursday, which is the lowest level in more than two years, EuroNews reported. As the economy is performing relatively well and the US trade talks are still underway, analysts were expecting no rush from the European Central Bank (ECB) to lower the benchmark interest rate. The ECB sets the monetary policy for the eurozone, mainly through three interest rates.

Euro zone business activity accelerated faster than forecast this month, supported by a solid improvement in the bloc's dominant services industry and with manufacturing showing further signs of recovery, a survey showed on Thursday, Reuters reported. HCOB's preliminary composite euro zone Purchasing Managers' Index, compiled by S&P Global and seen as a good guide to growth, rose to an 11-month high of 51.0 points from 50.6 in June. For the first time in over a year, overall demand did not decline, though there was no expansion.

Hungary's populist prime minister has spent years building a close political relationship with U.S. President Donald Trump and aligning himself with the MAGA movement, the Associated Press reported. But despite Viktor Orbán's success in gaining favor with the culturally conservative and nationalist wing of Trump's administration, his country is poised to be among those hard hit by Trump's tariffs against the European Union. Trump earlier this month announced he would levy tariffs of 30% against Mexico and the EU beginning Aug.

Corporate liquidations and receiverships in Scotland during the first quarter increased by 17.3% year-on-year, to a total of 332, Insider.co.uk reported. The new figures from Scotland's insolvency service Accountant in Bankruptcy also showed that this first quarter figure was up by 12.9%, compared with the previous quarter’s total of 294.

Mike Lynch’s estate looks likely to be wiped out after a High Court judge ordered it to pay more than £700 million in damages to Hewlett Packard Enterprise in one of the UK’s biggest corporate fraud cases, The Times reported. Mr Justice Hildyard ruled in 2022 that Lynch had defrauded Hewlett Packard Enterprise (HPE) over the US tech giant’s $11.7 billion (£8.7 billion) acquisition of his business software company, Autonomy, in 2011.

Balmanno House, a registered charity located in the West End of Glasgow which had been providing residential care for over 200 years, was placed in administration in April 2023, Scottish Financial News reported. The joint administrators continued to trade the business for a short period to ensure an orderly relocation of residents to alternative care. Following a considerable level of interest the property was sold to RSD Property Holdings Limited for residential development for an undisclosed sum.

The insolvency of Ardian-backed mountain biking company YT Industries highlights the escalating challenges facing the global biking industry, driven by a confluence of tariffs, post-pandemic market shifts, and overreliance on private equity-driven growth, according to a CoinWorld analysis. Founded in Germany, YT Industries had emerged as a standout brand during the 2020–2022 outdoor gear boom, leveraging high-profile partnerships, free beer-laden showrooms, and aggressive marketing to capture market share.

Latest figures revealed by the Insolvency Service show that £57.5 million has been returned to the UK economy in the past year, and over 69,000 people have been supported through emergency redundancy payments, according to a press release. The figures form part of the agency’s Annual Report and Accounts 2024-25: Insolvency Service Annual Report and Accounts 2024-2025 - GOV.UK.