Councils have warned that neighbourhood services will have to be cut despite a Government bailout, with fears that more authorities will go bust over the coming years, PA Media reported. If further funding is not made available in the Budget on March 6, communities will face the consequences of a worsening financial crisis across local government, the Local Government Association (LGA) said. An LGA survey of council chief executives found 85% of local authorities continue to plan reductions in spending on key services after the Government made an extra £600 million available for 2024/25.

Alternative investment managers including Arini, Eicos and Squarepoint have tens of millions of euros at risk with their investments in a unit of the insolvent real estate conglomerate Signa, Bloomberg News reported. Arini, a hedge fund founded by former Credit Suisse trader Hamza Lemssouguer, holds about half of the €300 million ($326 million) of bonds issued by Signa Development, making it one of the biggest creditors of the company, according to a company filing circulated on Monday and seen by Bloomberg News.

The Bank of England may sell all the U.K. government bonds bought under quantitative easing to better prepare for a future crisis, a move that would put it at odds with the U.S. Federal Reserve, Bloomberg News reported.

German Finance Minister Christian Lindner favours using the interest accrued from frozen Russian assets to support Ukraine in its war against Moscow, he said on Wednesday on the sidelines of a Group of 20 meeting which was discussing the issue, Reuters reported. Finance ministers from the G20 want to increase the pressure on Russia and strengthen Ukraine, said Lindner in Sao Paulo. "The European Union is working on how the proceeds from Russian assets can be used for Ukraine.

Newcastle United co-owner Amanda Staveley will ask the High Court to block a billionaire from bankrupting her on Wednesday, the Daily Telegraph reported. Staveley has been plunged into a multi-million pound legal battle with Greek shipping tycoon Victor Restis over claims she failed to repay a loan of more than £35 million dating back more than a decade. Lawyers for Staveley applied to the High Court in June to have a statutory demand issued by Restis “set aside” – a move that would prevent him from presenting her with a bankruptcy order if the debt is not paid within 21 days.

Digital bank Qiwi, whose Russian license was revoked by the Russian central bank earlier this month, said on Monday it saw no sign of bankruptcy in its operations and a liquidation process agreed in January should proceed without difficulty, Reuters reported. Nasdaq-listed Qiwi, a Russian analogue to PayPal, had 29 million users at the end of 2022 and 13.8 million active wallets. The Russian central bank, which has taken regulatory action against Qiwi five times in the last year, said Qiwi Bank had engaged in high-risk operations.

A city council has said it will have to effectively declare bankruptcy if its application for emergency government help is refused, BBC.com reported. Southampton City Council said that it had ended efforts to meet a £39m budget shortfall for 2024-25 on its own.

Leading German sportscar racing outfit Project 1 Motorsport has filed for bankruptcy and will not contest the DTM in 2024, MotorSport.com reported. The team entering its 30th season, run by Hans-Bernd Kamps, has also announced that its event company Project 1 Drivetime, which ran the BMW M2 Cup on the DTM undercard, will also close down.

As fears about U.S. commercial real estate roiled German banks this month, their message was clear: don’t worry, the vast majority of our property exposure is domestic. That may not prove the comfort it seems, Bloomberg News reported. While the country has so far avoided the rapid market corrections that rattled the US, experts argue that reflects arcane accounting practices shielding its lenders and investors from taking immediate hits.

Textile recycler Renewcell revealed Sunday that it intends to file for bankruptcy, after failing to secure additional funding and consecutive quarters of slow sales, WDD reported. The Swedish company, a pioneer in textile-to-textile recycling and maker of the Circulose fiber, was due to report its full fiscal year earnings Friday, but postponed that release until Thursday.