Atlas Technologies, the operating company responsible for the production of the Lightyear solar cars, has now been declared insolvent by a Dutch court. What will happen to the entire project is now very uncertain, Electrive.com reported. A few days ago, Lightyear had already announced the stop of production for the Lightyear 0 in order to concentrate on the Lightyear 2.

Ukraine will need an additional $17 billion in financing this year for energy repairs, de-mining and to rebuild infrastructure, Prime Minister Denys Shmyhal said on Friday, Reuters reported. He told a government meeting that five high-voltage substations in the central, southern and south-west regions were hit during Russia's air attacks on Thursday. The energy sector has been severely damaged following four months of Russian missile and drones attacks.

Hungary's January annual inflation is expected to rise above 25% but in February price growth will start slowing which could then allow the central bank to gradually start reducing its interest rates, the minister for economic development said on Sunday, Reuters reported. Marton Nagy, a former central bank deputy governor, told state radio that the "very high" interest rates made the government's job difficult and harmed the economy. Prime Minister Viktor Orban's government is trying to avoid economic recession at a time when inflation is still running well above 20%.

Britain’s Treasury chief said Friday that taming inflation is more important than cutting taxes, resisting calls from some in the governing Conservative Party for immediate tax breaks for businesses and voters, the Associated Press reported. At a speech in London, Chancellor of the Exchequer Jeremy Hunt said “the best tax cut right now is a cut in inflation.” The U.K.’s annual inflation rate hit a four-decade high of 11.1% in October, fueling a cost-of-living crisis and a wave of strikes by workers seeking pay raises to keep pace with rising food and energy prices.

More than 30,000 British companies went bust last year, with accountants warning of a “double whammy” to come in April that could trigger another wave of insolvencies, Bloomberg News reported. Big businesses were the worst hit, according to a report published Thursday by accountancy giant PwC. Insolvency activity among firms with revenues exceeding £1 million ($1.24 million) rose by more than 20%. Across all companies, the number of insolvencies climbed from 28,279 in 2021 to 31,606 last year, a jump of nearly 12%.

Italy is close to clinching a deal with European Union competition authorities to reintroduce a scheme under which the state provides guarantees to help banks offload bad loans, Reuters reported. Rome has been working to renew the "GACS" scheme, which expired in June, while also tightening the terms under which the state provides guarantees to investors who buy bad bank loans repackaged as securities. Discussions with Brussels are at a very advanced stage and the terms have been for the most part agreed, the four sources briefed on the matter told Reuters.

Ukraine's central bank said on Thursday it would keep its main interest rate unchanged at 25% as inflation pressure remained high due to continued Russian missile strikes on critical energy infrastructure, Reuters reported. The central bank said it expected very sluggish economic growth and a bigger trade deficit this year as the economy adapts to a war-time reality of regular power outages and disrupted supply chains and logistics, Reuters reported.

The European Union is floating a plan to cap the price of Russian diesel at $100 a barrel — a level that might help to stave off the very worst effects of a fuel-imports ban that the bloc will impose on Moscow in just 10 days’ time, Bloomberg News reported. The EU’s executive arm is considering cap levels after the Group of Seven nations offered a price range based in part on the existing cap on Russian crude oil. The thresholds are expected to apply from Feb. 5, the same date as the EU will ban almost all imports of refined Russian products as punishment for the nation’s invasion of Ukraine.

The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe’s largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs, the Associated Press reported. The 2023 outlook improved to an 0.2% expansion from a 0.4% contraction that was expected in October, when Germany feared it would run out of natural gas used to power factories, generate electricity and heat homes this winter.

The UK faces a wave of companies going bust as insolvency experts warn that the number of firms in “critical financial distress” has jumped by more than a third, MSN.com reported. A “red flag alert” by insolvency firm Begbies Traynor said tax authorities are chasing debts over Covid support which will send many smaller businesses over the edge into administration. It also highlighted the “intense strain an increasing number of companies are under as they are hit by rising labour and materials costs, higher energy bills and an economy likely heading into recession”.