A private foundation co-founded by former real estate tycoon Rene Benko has collapsed into insolvency after a court ruled it owed sovereign wealth fund Mubadala Investment Co about €1 billion on soured investments, Bloomberg News reported. Laura Privatstiftung filed for insolvency in Innsbruck, deeming it didn’t have the means to meet its obligations to Mubadala, it said in a statement. The foundation was co-founded by Benko in 2006, and some of its units became deeply intertwined with the financing of his sprawling Signa real estate and retail empire.

The Union Cabinet on Tuesday gave its approval to amendments in the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013, according to the Economic Times of India. Detailed information about the changes has not been released yet. The amendments, cleared by the Cabinet, fall under the purview of the Ministry of Corporate Affairs, which oversees the implementation of both laws.

The British industrial group Langley Holdings had announced that Manroland Sheetfed's financial situation was "unsustainable" and that several options were being considered for the future of the business, PrintIndustry.news reported. The owner of the sheetfed offset press manufacturer has now taken the next step. Manroland Sheetfed, based in Offenbach am Main, Germany, has filed for insolvency under the "Schutzschirmverfahren" regime.

BrewDog had “no money left” by the time it was rescued in a cut-price deal, the company’s new US owner has said, The Telegraph reported. The British brewer would have been unable to pay employees if it had not been bought by Tilray Brands last week, according to Irwin Simon, the cannabis firm’s chief executive. He said that “a tonne of money” would need to be ploughed into BrewDog “just to get it started again”. He added: “Day one, there was no money left.

World leaders announced their most forceful response to the surge in oil prices since the war in Iran began at the end of last month, with Japanese and German officials saying they would release oil from their strategic reserves, the New York Times reported. Prime Minister Sanae Takaichi said Japan would begin releasing oil as early as next Monday. Less than an hour later, Germany’s economy minister, Katherina Reiche, said her country would also release oil. Austria will also release oil from its reserves, the country’s economy minister, Wolfgang Hattmannsdorfer, said.

A surge in ​energy prices since the start of the U.S.-Israeli war on Iran piles further pressure on the retail sector ‌in Europe, already struggling with weak consumer demand and diminished spending power, Reuters reported. Shares in retailers, from Zara-owner Inditex to Britain's Marks & Spencer, fell on Monday as investors and analysts expected a knock-on impact from higher petrol and gas prices, even as the sector has barely recovered from the inflation cycle triggered ​by spiking gas prices after Russia's invasion of Ukraine.

Millions of households are facing higher water bills after five of Britain’s biggest suppliers were allowed to raise charges to help fund debt costs, The Telegraph reported. The Competition and Markets Authority (CMA) said it had decided to allow Anglian Water, Northumbrian Water, South East Water, Southern Water and Wessex Water to increase customers’ bills by an extra 2.2pc on average. This is on top of previous bill increases allowed by Ofwat.

A site run by Domo Chemicals, which makes compounds that end up in fuel tanks, swimsuits and food packaging, unexpectedly filed for insolvency after running short on the cash needed to operate equipment to convert benzene into nylon. An uncontrolled shutdown risked leaking toxic substances, threatening nearby operators as well as the 14,000 residents living in the east German industrial town of Leuna.

More than two thirds of Irish companies operating in the UK plan to increase their workforce over the next 12 months, according to a survey by Enterprise Ireland, the Irish Times reported. The agency said that the finding revealed that its client companies are no longer just trading partners “but are deeply embedded, permanent contributors to the UK economy”. Enterprise Ireland companies which include Version 1, Fexco, Sisk Group, CWSI employ about 150,000 people in the UK while the market accounted for €10.5 billion in exports in 2024.