German industrial production increased in July after three consecutive months of declines that have reflected supply chain problems, official data showed on Tuesday, the Associated Press reported. Overall production increased by 1% compared with the previous month, the Economy Ministry said. In June, it had dropped 1%. There were bigger increases in the production of cars and car parts, which was up 1.9%, and machinery, which rose 6.9%.

The European Union moved Tuesday to force Poland to comply with the rulings of Europe’s top court with plans to seek daily fines against the nationalist government in Warsaw in a long-running dispute over Poland’s judicial system, the Associated Press reported. In a rare move, the EU’s executive branch, the European Commission, said it wants the European Court of Justice to “impose financial penalties on Poland to ensure compliance” with one of the tribunal’s orders from July.

The $10 billion takeover battle for British supermarket group Morrisons between two U.S. private equity groups looks set to be decided by a rarely used auction process, Reuters reported. Morrisons said on Wednesday that it was in talks with Clayton, Dubilier & Rice (CD&R), Fortress Investment Group and Britain's takeover regulator about an auction to settle its future. Last month, Morrisons agreed a 7 billion pound ($9.6 billion) offer from CD&R, which has former Tesco boss Terry Leahy as a senior adviser.

German asset management company Deka Investment has taken action, and eyes further steps, to claim damages from the insolvent payment processing company Wirecard, a spokesperson for the company told IPE. Deka Investment has already notified possible claims for its invested capital in the context of the insolvency proceeding relating to Wirecard’s assets, the spokesperson added. Asked whether Deka was planning further legal action, the spokesperson said the asset management firm was in “close contact with a law firm” on possible action against other parties in the interests of its investors.

Credit Suisse Group AG said it made a $400 million payment to investors in its supply-chain finance funds that invested in Greensill products, its fourth such disbursement to clients hit by the liquidation, Bloomberg News reported. The Aug. 6 payment takes the total paid to investors in the funds to about $5.9 billion, according to an updated Q&A on the bank’s website on Tuesday. The funds’ total cash position is about $7 billion, or about 70% of assets under management when they were suspended, it said. The Aug.

August saw the lowest figure for proposed job cuts for seven years, despite the imminent end of the government's furlough scheme, BBC.com reported. Figures published by the Insolvency Service show that British employers planned 12,687 job cuts in August, a fall of 11% since July. The data suggests that the predicted surge in unemployment this autumn may be smaller than expected. At the height of the pandemic, firms proposed over 150,000 job cuts a month. Employers planning to make 20 or more staff redundant have to notify the Insolvency Service when they start the process.

EY auditors in Switzerland failed to raise the alarm over multimillion-dollar jewelery purchases and approved huge payments to opaque offshore companies in the years before one of the country’s biggest ever corporate collapses, the Irish Times reported. Zeromax, a conglomerate based in the Swiss canton of Zug, had a business empire in Uzbekistan with interests ranging from textile processing to natural gas extraction that made it the Asian country’s largest employer, accounting for as much as 10 per cent of GDP.

Serbia's Bankruptcy Supervision Agency said it is offering for sale the assets of insolvent gold refiner Majdanpek at an auction on October 5, SeeNews.com reported. The starting price is set at 129.8 million dinars ($1.3 million/1.1 million euro), the Bankruptcy Supervision Agency said in a notice on Tuesday. A deposit of 51.9 million dinars which should be paid by September 28 is required in order to participate in the auction. The list of assets put up for sale includes foundries, jewelry production facilities, a chemistry and metallurgy workshop, a warehouse and office premises.

German regulators have launched an investigation into the country's biggest financial company, Allianz, after the demise of some of its U.S. investment funds last year, people with direct knowledge of the matter told Reuters. The move heightens the pressure on the insurer, which is already facing a slew of investor lawsuits over its Structured Alpha Funds and related investigations by the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC).

UK music tech startup Roli has filed for bankruptcy and will reform, Digital Music News reported. The company says its niche target market and the coronavirus pandemic forced a reset. Both Pharrell and Grimes backed the British music startup. some Roli products will live on through Luminary, which is rising from the ashes of the Roli bankruptcy. CEO and Founder Roland Lamb raised £5 million to launch the rebooted company, Luminary. Roli’s 70 employees will shift to the new business, which closed $6.85 million in initial funding from Hoxton Ventures.