A Moscow court on Monday accepted a bankruptcy application by Google's Russian subsidiary and started initial bankruptcy proceedings, placing the company under supervision, Russian news agencies reported, according to Reuters. Alphabet Inc.'s Russian unit filed for bankruptcy this summer after authorities seized its bank account, making it impossible to pay staff and vendors. Free services, including search and YouTube, have continued operating. Read more.

Investors placed orders for over $1 billion of Russian bonds as part of a long-anticipated credit-default swap auction on Monday, more than three months after the Kremlin was ruled in default for failing to pay back creditors, WSJ Pro Bankruptcy reported. The high demand for Russia’s sovereign bonds reflects growing investor appetite for its bonds despite punishing sanctions on the Kremlin. While U.S. investors were forbidden from purchasing Russian debt this summer, the U.S.

Britain's jobless rate hit its lowest since 1974 but the drop was due mostly to a fall in the size of the workforce and there were other signs that the country's jobs boom is petering out, adding to the Bank of England's inflation headache, Reuters reported. The unemployment rate sank to 3.6% in the three months to July, the Office for National Statistics said. Economists polled by Reuters had expected it to hold at 3.8%. However, the fall was not a sign of health in Britain's economy which is at risk of a recession.

Link Fund Solutions, which managed the collapsed LF Woodford Equity Income Fund, could be forced to pay up to 306 million pounds ($358 million) in redress, Britain's Financial Conduct Authority said on Monday, Reuters reported. The FCA was responding to news that Dye and Durham is proposing to take over LFS and six other companies in the Australian share registry firm Link Group, all authorised by the UK financial watchdog.

Germany's justice minister is planning a temporary relaxation of insolvency rules to help keep afloat companies that have fundamentally sound business models but are struggling with debts due to high energy costs, he said on Friday, Reuters reported. Marco Buschmann, whose portfolio includes insolvency rules, said his plan would exempt firms from the obligation to file for insolvency if an expert finds they have a "positive going concern prognosis" for four months, down from 12 months now.

Britain's economy grew by less than expected in July, raising the risk that it is already in a recession, with the sharp climb in energy tariffs hurting demand for electricity and a leap in the cost of materials hitting the construction sector, Reuters reported. With inflation at a 40-year high of more 10%, gross domestic product expanded by 0.2% from June, official data showed on Monday, weaker than a median forecast of 0.4%. In the three months to July, GDP was flat compared with the previous three-month period.

The European Union's securities watchdog said on Monday it was "actively considering" potential measures to ease strains in energy markets where some participants face difficulties in finding enough cash to cover positions, Reuters reported.

Germany imported goods from Russia valued at 2.9 billion euros ($2.95 billion) in July, according to data released on Monday, as elevated energy costs frustrated German efforts to wind down trade with Russia, Reuters reported. The value of German imports from Russia rose by 10.2% compared to July 2021, the Federal Statistical Office said. The office attributed the surge mainly to higher prices, particularly in the energy sector, as cuts to Russian gas deliveries drive up energy bills for households and businesses in Europe's largest economy.

German pilots at flagship carrier Lufthansa have agreed not to strike until mid-2023 under an initial wage dispute agreement that includes a 980-euro ($998.23) pay rise, both sides said on Monday, Reuters reported. During the truce period, which runs until June 30 next year, the union and the company aim to expand the deal into a broader agreement, Lufthansa said. Under the initial agreement, cockpit crews are to receive an increase in their basic monthly pay of 490 euros each in two stages, with retroactive effect from 1 August 2022, and as of 1 April 2023, VC said.

The governor of the Irish Central Bank has warned the Government that budgetary measures to cushion the impact of inflation need to be temporary and targeted to limit the risk of fueling further price growth, the Irish Times reported. In a pre-budget letter to the Minister for Finance, Gabriel Makhlouf also highlighted the significant budgetary risk posed by corporation tax receipts, suggesting the public finances were now “highly exposed to business decisions of a small number of firms”.