Germany's largest real estate group Vonovia slipped to a 2 billion euro ($2.19 billion) second quarter loss and wrote down the value of its properties by 3 billion euros on Thursday in the latest sign of stress in the country's property sector, Reuters reported. After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended. Vonovia's quarterly loss compared to a profit of 1.8 billion euros a year earlier, and Germany's biggest landlord confirmed its forecast for a 2023 drop in a key profit measure.

British employers reduced the number of new permanent staff they hired through recruitment agencies by the most since mid 2020 last month due to concerns about the economic outlook, adding to signs that the market is becoming tougher for job seekers, Reuters reported. A gauge of permanent staff hiring by the Recruitment and Employment Confederation and accountants KPMG fell to 42.4, the lowest since the 34.3 in June 2020 when the country was in lockdown due to the COVID-19 pandemic.

The Bank of England on Thursday raised its key interest rate for the 14th time in a row and said it may do so again as it tries to cool the fastest rise in consumer prices in the Group of Seven advanced democracies, the Wall Street Journal reported. The U.K.’s central bank increased its bank rate to 5.25% from 5%, lifting it to its highest level since February 2008 and matching recent moves by both the Federal Reserve and the European Central Bank.

The downturn in euro zone business activity worsened more than initially thought in July as the slump in manufacturing was accompanied by a further slowing of growth in the bloc's dominant services industry, a survey showed, Reuters reported. HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, dropped to an eight-month low of 48.6 in July from June's 49.9. That was below the 50 mark separating growth from contraction for a second straight month and shy of a preliminary estimate for 48.9.

Thousands of jobs are at risk at Wilko Ltd. after the British low-cost retailer signaled it was at risk of insolvency proceedings due to “mounting cash pressures,” Bloomberg News reported. The privately-owned chain, which sells everything from stationery to hardware, has filed notice of its intention to appoint administrators at the UK’s High Court, following weeks hunting for a rescue deal. Wilko, which has 400 shops and employs about 12,000 people, started from a single hardware store in 1930.

VanMoof, the Dutch e-bike maker that gained a zealous following, tripled its sales in the pandemic and raised more than $180 million in funding, declared bankruptcy last month, leaving riders in limbo, the New York Times reported. That’s because the eye-catching e-bikes, which start around $2,000, are built from proprietary parts that only the company makes, available mostly at company-run service centers. And many of the bikes’ functions are linked to VanMoof’s smartphone app.

Robert Bull, the majority owner of British bungalow giant RoyaleLife, saw his public profile reach new heights this year when he entered The Sunday Times Rich List for the first time. In a piece to accompany his entry, Bull, 46, told of how he had become bankrupt in 2016, but had since recovered to build a £4-billion ($5.1 billion) business that specializes in selling pre-fabricated dwellings to over-45s. His net worth was estimated by The Sunday Times at around £1.9 billion. The actions of an alleged gangster could threaten all of that.

Ukraine's economy is expected to grow by about 5% next year driven by investment in reconstruction and stronger consumer demand, a senior Economy Ministry official said on Tuesday, Reuters reported. Natalia Horshkova, head of the ministry's department for strategic planning and macroeconomic forecasting, said the ministry expected gross domestic product to grow by around 2.8% this year. "We expect 5% growth in 2024. The driver will be investment dynamics," she told a roundtable on the economy.

Cineworld Group said it has emerged from chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board, Reuters reported. The world's second largest cinema chain operator behind AMC Entertainment said it has appointed former Chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna. The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt.

Gross domestic product in the eurozone grew 0.3 percent in the second quarter of 2023, a stronger result than economists predicted. But the recovery, after zero growth in the first quarter, was not consistent across countries, the New York Times reported. Germany, Europe’s largest economy, stagnated in the second quarter, and prospects for a recovery throughout the year remain low, as many of the country’s heavy industries rely on energy and have suffered from the price increases triggered by the war in Ukraine.