P&O Ferries is confident of avoiding a fine for sacking nearly 800 seafarers without notice. The annual report of the DP World-owned ferry operator, seen by the PA news agency, said its directors think an ongoing inquiry by the Insolvency Service will not result in any punishment, PAMedia reported. Some 786 of the company’s workers were made redundant without consultation on March 17 2022, leading to widespread criticism from politicians and trade unions. They were replaced by cheaper agency staff. A criminal investigation into what happened did not result in a prosecution.

Corporate insolvencies in the Republic rose by 22 per cent in the first quarter of 2023, according to Deloitte. The consultancy said there were 146 business failures recorded in the first three months of the year, up from 120 in the same quarter last year, the Irish Times reported. However, Deloitte noted the number of insolvencies was marginally down from 152 reported in the final quarter of 2022, “which means we are not currently experiencing a steep increase in corporate insolvency activity, which many have forecasted”, it said.

Credit Suisse Group AG gave a glimpse of its chaotic final weeks before a rescue last month by UBS Group AG in a first-quarter earnings report that showed operating revenue diving and customers rushing to pull deposits, the Wall Street Journal reported. The Swiss bank lost more than $2 billion from its businesses in the first quarter, but posted a prodigious net profit because of the paper gains realized from writing off $17 billion in bonds. Customers withdrew around $75 billion in deposits, in a run that the bank says has moderated since the UBS deal announcement on March 19.

Switzerland's UBS said on Monday it will retain Christian Bluhm as chief risk officer for the "foreseeable future" as it bolsters controls during the takeover of Credit Suisse, Reuters reported. Chief Executive Sergio Ermotti is reshaping the ranks of UBS as it works on integrating Credit Suisse, the 167-year-old Swiss banking rival which it rescued in March. UBS had said in November that Bluhm, who has been its risk chief since 2016, would step down to focus on his photography business. Damian Vogel, who currently overseas risk in its wealth management unit, was set to replace Bluhm in May.

Italy's Treasury and Germany's Lufthansa have agreed to extend exclusive talks over the sale of ITA Airways until May 12 from the previous deadline of April 24, a source close to the matter told Reuters on Monday. State-controlled ITA officially replaced the money-losing Alitalia airline in 2021. The source, speaking on condition of anonymity, said Treasury granted Lufthansa's request for extra time for the talks. ITA's chairman said last week the main elements of a deal were defined and the parties hoped to announce it soon.

The economic problems in the German fashion industry are getting more and more companies into trouble. The men's fashion manufacturer Ahlers announced that it would file for insolvency at the District Court of Bielefeld for Ahlers AG and seven subsidiaries due to impending insolvency, IndoNewYork.com reported. The trigger for the decision was essentially the business development, which was below planning, said company boss Stella Ahlers.

Credit Suisse Group AG bondholders have launched a legal challenge in Switzerland against regulators’ decision to write down $17 billion in securities as part of UBS Group AG’s rescue of the troubled bank last month. Bondholders holding about 4.5 billion Swiss francs ($5 billion) of Credit Suisse’s canceled debt want the decision to write down their bonds revoked or amended, according to an outline of their appeal made in a Swiss administrative court and reviewed by the Wall Street Journal.

British health minister Steve Barclay said on Friday that he intends to pursue legal action against the Royal College of Nursing's upcoming strike action, Reuters reported. "Following a request from NHS Employers I have regretfully provided notice of my intent to pursue legal action to ask the courts to declare the Royal College of Nursing's upcoming strike action planned for 30 April to 2 May to be unlawful," he said. "Bullying nurses and dragging us through the highest courts would not be a good look for government," the Royal College of Nursing (RCN) said in a response to his statement.

Food prices have risen dramatically across Europe in recent months, jumping 19.6% in March from a year earlier and becoming the main driver of inflation as energy costs have fallen. But in Hungary, food prices have surged more than 45% over the year, according to EU statistics office Eurostat, far surpassing the next highest figure of just over 29% in Slovakia, the Associated Press reported.

The European Union is set to propose a ban on many goods from transiting through Russia as the bloc attempts to tighten the screws on the enforcement of sanctions imposed over the past year, Bloomberg News reported. he transit ban would extend to numerous technologies and other goods, including several types of vehicles, but not all items would be barred from traveling via Russia en route to third countries. The ban would be part of a new package of sanctions that’s being prepared by the European Commission. Moscow has been able to get around restrictions on several sanctioned technologies.