U.K. inflation is on course to hit 18.6 per cent in January — the highest peak in almost half a century — because of soaring wholesale gas prices, according to a new forecast from Citigroup based on the latest market prices, the Irish Times reported. The investment bank predicted that the retail energy price cap would be raised to £4,567 (€5,386) in January and then £5,816 in April, compared with the current level of £1,971 a year — shifts it said would lead to inflation “entering the stratosphere”.

Italy's outgoing government is pressing ahead with plans to sell a majority stake in ITA Airways and hopes to choose its preferred bidder by the end of the month, Reuters reported. The government had aimed to complete the part-privatisation of the successor to Alitalia over the summer, but asked the two rival consortia to review their initial offers as it deemed they did not meet its goals. They have until midnight (2200 GMT) on Monday to do so. Shipping group MSC and Germany's Lufthansa are facing a rival bid led by U.S.

Cineworld Group Plc, the owner of Regal Cinemas, is preparing to file for bankruptcy within weeks after struggling to rebuild attendance from pandemic lows, WSJ Pro Bankruptcy reported. The British cinema company has engaged lawyers from Kirkland & Ellis LLP and consultants from AlixPartners to advise on the bankruptcy process, these people said. Cineworld is expected to file a chapter 11 petition in the U.S. and is considering filing an insolvency proceeding in the U.K., they said.

A panel of investors on Friday determined Ukraine had triggered a restructuring event after a two-year sovereign debt freeze, and a default insurance known as Credit Default Swap (CDS) should be payed, Reuters reported. The Credit Derivatives Determinations Committee (CDDC) said that its members voted 'yes' to a question to determine whether a "Restructuring Credit Event" occurred with respect to Ukraine and that a CDS auction should be held, according to a statement on its website. The committee still hasn't decided on the timing of the auction.

A panel of investors said on Friday that it expects to hold an auction to settle credit default swaps (CDS) related to Russia's defaulted debt in the first half of September, as it continues to work on the auction setup, Reuters reported. The Credit Derivatives Determinations Committee (CDDC) said the exact date is yet to be determined, according to a statement on its website. The auction, a usual way to settle CDS, was thrown into chaos in June when Washington said its sanctions on Russia imposed a total ban on U.S. entities buying Moscow's debt.

The Dubai-owned company P&O Ferries will not face any criminal action over its decision to sack nearly 800 British workers without notice, the Insolvency Service has said, the Epoch Times reported. P&O Ferries, which was bought by Dubai-based logistics giant DP World in 2019, sparked outrage on March 17 when it fired 800 seafarers without any prior notice and replaced them with cheaper agency workers, citing £100 million ($132 million) year-on-year loss.

Britain's Financial Conduct Authority said on Friday it had fined Citigroup Global Markets 12.5 million pounds ($15 million) for past failures to properly apply rules aimed at spotting suspicious trading in shares and commodities, Reuters reported. Banks are required to implement rules introduced in 2016 and known as the market abuse regulation (MAR) to monitor for potential insider trading and market manipulation. But until January 2018, the London-based international broker dealer arm of U.S.

An Ebbw Vale haulier business has collapsed due to soaring fuel costs. The winding up of Scott Commercials has resulted in the loss of 10 jobs with insolvency firm Begbies Traynor appointed liquidators, BusinessLive.com reported. Established in 2013 Scott Commercials provided road haulage services to transport operators across the UK. The liquidation is being handled by Bristol-based partner Paul Wood and Cardiff-based partner Huw Powell. They said that recent rises in PAYE, fuel, ad-blue (fuel additive) and tyres had created significant cash flow issues for the business.

Spain's trade deficit in the first six months of the year widened almost six-fold from the same period a year earlier to 32 billion euros ($32.6 billion), the Industry Ministry said on Thursday, Reuters reported. The outcome was wider than the deficit for the whole of 2021 and compared with a 5.4 billion euro deficit in the first six months a year ago, the ministry said in its monthly report. Excluding energy imports and exports, the trade deficit in the period was 6.1 billion euros, the ministry said.

Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU's statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up, Reuters reported. The European Union's statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1% month-on-month in July for a 8.9% year-on-year increase, the highest since the euro was created in 1999.