Russia's economy grew 3.3% in April in annual terms, the economy ministry estimated on Wednesday, up from a revised 0.7% year-on-year contraction in March, Reuters reported. The ministry said the growth reading was in part due to the low base effect of last year. Russia's economy contracted 2.1% in 2022 as a whole and was under particular pressure in the spring as the West imposed sweeping sanctions against Moscow over its invasion of Ukraine. Read more.

An investor has raised a question with a CDS panel on whether a bankruptcy credit event has occurred in respect to Casino Guichard Perrachon, potentially starting the process for a payout on the company's credit default swaps, Reuters reported. The French retailer announced on Friday it entered court-backed talks with creditors.

A Scottish Parliament committee has launched a public consultation to seek views on new Scottish bankruptcy laws, Scottish Legal News reported. The Bankruptcy and Diligence Bill will, among other provisions, create a “mental health moratorium”, meaning enforcement action against someone with serious mental health problems can be stopped. The bill will also make changes to the process for recovering money for creditors, including a requirement for creditors to provide a debtor with information about debt advice before enforcement.

An investigation could be launched into an energy company which went bust owing more than £1m to livid customers, the Dorset Echo reported. Dorset, U.K.-based Daylight Energy officially went into liquidation in early May after racking up extensive debts and leaving hundreds of customers out of pocket. According to the report, compiled by insolvency practitioners Verulam Advisory, there are 397 customers who paid deposits totalling £1,014,427 - all of which is unsecured.

The euro zone's top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank warned on Tuesday, Reuters reported. The ECB study looked into the risk of spillovers from so-called shadow banks -- such as funds and other financial companies that provide funding in one form or another -- to traditional lenders, and vice versa.

European Union governments decided on Tuesday to nearly double the amount of EU financial support to Moldova to a total of 295 million euros ($324.74 million), the Swedish presidency of the EU said, Reuters reported. The decision comes just days before a meeting of the European Political Community in Moldova on June 1, as the EU seeks to quell pro-Russian sentiments in parts of Moldova. "Moldova can continue to count on the EU. We will continue to support Moldova, also financially.

Romanian insolvent airline Blue Air won the lawsuit against the National Authority for Consumer Protection (ANPC) for the first fine of EUR 2 mln the company was given last summer, Ziarul Financiar reported. A second EUR 2 mln fine was issued in October for similar reasons, Romania-Insider.com reported. ANPC fined Blue Air a record amount of EUR 2 mln in July for the first time for cancelling over 11,000 flights between April 30, 2021 – April 30, 2022. Blue Air claimed that the fine was illegal and discriminatory. The District 1 Court decided on May 25 to reduce the fine to EUR 20,000.

Britain's Treasury chief said he would be prepared to see the U.K. economy slip back into recession if further interest rate hikes are necessary to bring down inflation, the Associated Press reported. With the Bank of England expected to keep raising rates following higher-than-anticipated inflation figures this week, Jeremy Hunt said it was necessary to prioritize measures to slow the pace of price increases. In an interview with Sky News that aired Friday, Hunt said the “only path to sustainable growth” is to bring inflation under control.

British ministers are considering sweeping reforms to the 39 billion pounds ($49.22 billion) Pension Protection Fund that protects savers in company pension plans, the Financial Times reported, according to Reuters. Proposals brought before ministers could see the government-backed fund being given an extended remit to take on struggling corporate “defined benefit” retirement schemes, the newspaper said citing people briefed on the matter.