The Italian Sea Group, a megayacht builder based near La Spezia, has purchased the assets of sailing yacht builder Perini Navi at bankruptcy auction for $80 million, The Maritime Executive reported. The auction award includes Perini Navi's shipyards in Viareggio and La Spezia, one incomplete newbuild project under construction, a building complex in Pisa, and all IP and business relationships. The firm has already acquired two additional Perini Navi vessel projects under construction and is completing them at its NCA Refit division.

The European Union's relationship with Switzerland could fall apart if negotiations over Switzerland's place in the EU internal market fail, European Commission Vice President Maros Sefcovic said, Reuters reported. Brussels has pushed for years for a treaty to cap an array of bilateral accords and require the Swiss to routinely adopt changes to single market rules. Talks between Bern and its biggest trading partner broke off in May over concerns about yielding too much sovereignty to the bloc.

A former sales executive found guilty of involvement in a Unaoil Group-linked bribery scheme has appealed his conviction at a London court, arguing the U.K.’s Serious Fraud Office failed to disclose secret communications between agency officials and a private investigator for other individuals implicated in the wrongdoing, the  Wall Street Journal reported. Paul Bond, a former sales manager for Unaoil client SBM Offshore, said the SFO “fundamentally failed to comply” with its duty to disclose evidence and stopped him from receiving a fair trial. Mr.

Credit Suisse has launched legal action against SoftBank in an effort to recoup hundreds of millions of dollars it claims it is owed by the Japanese investor, marking a further deterioration in a relationship that has grown increasingly acrimonious following the collapse of Greensill Capital, Asia Nikkei reported. The lawsuit relates to $440m in funds that were owed to the Swiss bank's wealthy customers by Katerra, a U.S. construction company.

Record-high power and gas prices have crippled energy suppliers worldwide, leaving some running at a loss and causing many to collapse altogether, Bloomberg News reported. Energy providers are closing down in the U.K., the Netherlands, Germany, the Czech Republic, Belgium, Finland and Singapore. That’s reducing choice for consumers, triggering government intervention and threatening innovation. It’s been especially damaging for suppliers who sold energy at fixed prices to withstand volatility.