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.
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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.
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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.
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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.
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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.
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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.
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German airline Lufthansa on Thursday signed a deal with the Italian government for a 41-percent minority share in the long-struggling ITA Airways, formerly Alitalia, the Associated Press reported. The deal calls for investments of 575 million euros in capital increases, 325 million euros from Lufthansa and the rest from the Italian Finance Ministry, providing capital for growth. Lufthansa will also have the option of buying the remaining shares at a later date.
The German economy was in recession in early 2023 after household spending in Europe's economic engine finally succumbed to the pressure of high inflation, Reuters reported. Gross domestic product fell by 0.3% in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed on Thursday. This follows a decline of 0.5% in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction.
Most British households, many feeling a cost-of-living squeeze, can expect cheaper energy bills from July after regulator Ofgem slashed its price cap to reflect a slump in wholesale costs, Reuters reported. Britain has the joint-highest rate of inflation among the Group of Seven nations along with Italy, and official data this week showed consumer prices rose 8.7% in annual terms in April, slowing from March, but still at elevated levels.
Investment firm Permira has acquired the majority of Gruppo Florence, in a deal which a source close to the matter said valued the hub of Italian luxury clothing and leather goods manufacturers at more than 1 billion euros ($1.1 billion), Reuters reported. The deal announced on Thursday highlights a trend among private-equity funds, which after running out of big brands to buy, have locked on to the challenges of the luxury industry's supply chain and turned to a "buy and build" strategy.