German department store chain Galeria is not holding back in its insolvency plan: either creditors settle for a pittance, or the chain goes bankrupt and they get nothing at all, Retail Detail reported. Belgian subsidiary Inno may face a surprising twist. On 27 March, Galeria will face its creditors in some cut-throat negotiations: the department store chain is working on a restructuring plan under the protection of the court in Essen, but creditors will have to agree to a hefty debt rescheduling.
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A New York judge rejected a bid by the former Lehman Brothers' bankrupt European unit to claw back $485 million from bond insurer Assured Guaranty Ltd over transactions that were canceled amid the global financial crisis, Reuters reported. In a decision on Wednesday, Justice Melissa Crane of a New York state court in Manhattan said Assured's AG Financial Products unit instead deserved to recover about $20 million from Lehman Brothers International (Europe). The case stemmed from Assured's July 2009 termination of 28 credit default swaps on which Lehman had bought credit protection.
Credit Suisse's head of regulatory compliance, Julian Gooding, is leaving Switzerland's second-biggest bank as part of a sweeping overhaul involving thousands of job cuts, Reuters reported. Gooding was one of the most senior managers in compliance, overseeing anti-fraud measures as well as matters relating to market conduct and investors protection. He had been in the role since January 2022 and previously held senior positions as general counsel in various parts of the bank.
The Swiss National Bank cannot rule out that it will have to raise interest rates again to bring inflation under control, Chairman Thomas Jordan said on Tuesday, Reuters reported. "We cannot rule out that we will have to further tighten monetary policy," said Jordan in his final public appearance before the SNB makes its next decision on interest rates on March 23. The central bank was also ready to intervene in currency markets, buying and selling foreign currencies, to achieve its goal of price stability, Jordan told an event in Zurich.
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Ukraine's gross domestic product fell by 26% in February after a 32% drop in January, the economy ministry said on Wednesday, Reuters reported. Economy Minister Yulia Svyrydenko said in a statement that economic activity had recovered in February because of a better situation in the energy sector and a lower energy deficit. "The 'energy war' won by Ukraine added to the optimism of businesses, which improved their sentiment about the future and intensified its activities," Svyrydenko said.
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French energy infrastructure from natural gas import terminals to oil refineries and power plants were disrupted on Tuesday by protests against government plans to increase the retirement age, Bloomberg News reported. The labor protests are putting additional pressure on French energy supplies, which have been hit by prolonged outages at some nuclear reactors and reduced gas flows from Russia. A cold snap in the UK — which trades electricity with France — is temporarily adding strain to the region’s power grid.
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UK Prime Minister Rishi Sunak’s deal to solve the bitter dispute with the European Union over Northern Ireland’s trading arrangements has sparked hope in the City of London that the two sides could finally formalize a pledge to work together on setting rules for banks and financial markets, Bloomberg News reported. The so-called memorandum of understanding on financial rules may seem like a fairly low bar for such economically-tied neighbors. But in the recent history of post-Brexit relations, it would count for progress.
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Britain's markets regulator and police have swooped on suspected illegal crypto cashpoints (ATMs) across east London as authorities step up attempts to disrupt unregistered businesses deemed high risk for consumers, Reuters reported. The Financial Conduct Authority (FCA), which last month launched a similar crackdown in the northern English city of Leeds, said on Wednesday it was reviewing evidence gathered from "a number of sites" and might take further action.
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Vivre Deco, one of the online retailers of home & deco active in Central and Eastern Europe (CEE) until recently under pre-insolvency procedures due to financial difficulties, entered insolvency on March 6, at its own request, Romania-Insider.com reported. Vivre raised some EUR 10 mln with two bond issues listed at Bucharest Stock Exchange (BVB). All partner banks were instructed not to operate payments from Vivre's accounts without an order from the syndic judge, Profit.ro reported.
Railsbank Technology Ltd., a onetime darling of the UK payments scene that says it’s raised more than $100 million from investors, may be sold off through an insolvency process as it faces mounting financial and regulatory problems, Bloomberg News reported. Directors are close to selling Railsbank through a pre-pack administration, a form of bankruptcy that involves lining up a buyer beforehand, according to people familiar with the matter. The London-based company has appointed restructuring firm Alvarez & Marsal to advise on the process. A sale hasn’t been finalized and may not occur.
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