A High Court application seeking approval of a financial arrangement that would write off the bulk of restaurateur Jay Bourke’s €13.7 million debts has been withdrawn, the Irish Times reported. The withdrawal came following an objection from Pepper Finance, which is owed €12.2 million from a contingent liability arising from Mr Bourke’s loans on Co Meath hotel Bellinter House, which he co-owned. Pepper would be paid less than 1 per cent of its debt under his proposed insolvency arrangement. Mr.

Credit Suisse said on Monday that litigation related to Greensill supply chain finance funds (SCFF) could take around five years and warned that some investors would not be able to recover their money, Reuters reported. Credit Suisse racked up a 1.6 billion Swiss franc ($1.73 billion) loss last year when it was hit by the implosion of investment fund Archegos and the collapse of $10 billion in SCFFs linked to insolvent British financier Greensill.

The European Union said on Monday it has widened access for U.S. exchanges and clearing houses to investors in the bloc, a move which contrasts with Brussels' intention to shut off clearing houses in London in 2025, Reuters reported. The EU's executive European Commission said a number of exchanges in the United States which trade derivatives and are supervised by the U.S. Securities and Exchange Commission can now be used by investors from the EU. It also broadened EU market access for U.S. clearing houses, also known as central counterparties or CCPs, to allow EU investors to clear U.S.

A U.K. financial adviser who owed more than £350,000 to clients for services he never provided has been served with a nine-year restriction by the Insolvency Service, the Financial Times reported. Marc Jones worked as a self-employed adviser in Cardiff from January 2012 until October 2018, after which he worked on behalf of a financial institution selling various financial products for a year. The regulator said when Jones worked for himself, he “failed” to supply his customers with services they had paid for.

Spain's labour market withstood soaring inflation and a crippling truckers' strike in March to see a drop in unemployment, data showed on Monday, helped in part by reforms aimed at cutting the use of temporary contracts, Reuters reported. The number of people registering as jobless in Spain slipped 0.09% in March from February, or by 2,921 people, leaving 3.11 million people out of work, Labour Ministry data showed. Spain added 23,998 net jobs during the month, a 0.12% rise from February.

Britain’s insolvency service has started formal criminal and civil investigations into P&O Ferries to look into the company’s decision to fire hundreds of workers without notice last month, business minister Kwasi Kwarteng said on Friday, Reuters reported reported. The probe comes after P&O Ferries admitted to breaking the law in the manner in which it terminated about 800 staff last month to hire cheaper agency workers, a move that has since caused major backlash from politicians and workers.

At least a hundred companies worldwide have delayed or pulled financing deals worth more than $45 billion since Russia’s invasion of Ukraine, Bloomberg News reported. These include initial public offerings, bonds or loans and acquisitions. U.S. equity market deals were the worst hit by global volatility in the first quarter as a crop of firms postponed listings, while Japanese and European debt markets also suffered from delays.

Europe vowed to stay united against Russia's demand that they pay for its gas in roubles, as the threat of an imminent supply halt eased on Friday, Reuters reported. European capitals have been bracing for a disruption to gas imports as Russian President Vladimir Putin seeks retaliation over Western sanctions for the Feb. 24 invasion of Ukraine. Some buyers and governments were working on ways to potentially pay for gas in roubles as Moscow in recent days has raised the spectre of cutting gas supply if its payment terms are not met.

The European Union must discuss an import ban on Russian gas deliveries after Ukrainian and European officials accused Russian forces of committing atrocities near Kyiv, the German defence ministry said on Sunday, Reuters reported. "There has to be a response. Such crimes must not remain without a response," the ministry quoted Defence Minister Christine Lambrecht as saying in an interview.

The eurozone’s inflation rate jumped to another record high in March as Russia’s invasion of Ukraine pushed energy and food prices higher, increasing pressure on the European Central Bank to raise its key interest rate, the Wall Street Journal reported. Russia accounts for around 40% of the European Union’s imports of natural gas, a key source of energy for the bloc. It also supplies around a quarter of the bloc’s oil imports. While supplies of oil and gas have continued to flow from Russia into Europe, market prices have risen, reflecting worries about future availability.