A community farm could soon reopen with a new owner, nearly two years after it was taken over by a local authority, BBC.com reported. The future of the Rising Sun community farm in Wallsend was put at risk when its owner filed for insolvency in October 2022. Five months later it was taken over by North Tyneside Council, which began making a number of repairs to the site. The council said it was continuing work to find an owner for the farm and hoped one would be in place in the coming months.
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German air taxi manufacturer Volocopter has declared insolvency as it seeks new funding, the company announced from its headquarters at Bruchsal near Stuttgart, DPA International reported. "The company needs funding that will allow it to take the final steps to entering the market," the new court-appointed insolvency administrator said. Volocopter still needs type certification from the European Union Aviation Safety Agency (EASA) for its electrical vertical take-off and landing (eVTOL) aircraft to be allowed to carry passengers.
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Terraform Labs Pte. co-founder Do Kwon will be handed over to the US for prosecution, the government of Montenegro said, potentially ending a standoff over competing extradition demands by the US and Kwon’s native South Korea, Bloomberg News reported. “Most criteria envisaged by the law are in favor of the extradition demands from the institutions of the United States of America,” the Montenegro’s Justice Ministry said in statement posted on its website. It said Minister Bojan Bozovic made the decision on Friday, without specifying when the handover may take place.
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Inflation in Spain rose for a fourth straight month, a signal to European Central Bank policymakers that price pressures remain ahead of its first meeting of 2025 next month, the Wall Street Journal reported. Consumer prices rose 2.8% in December compared with the same month of 2023, up from 2.4% in November, according to European Union harmonized data published Monday by Spanish statistics agency INE. Base effects in energy drove the rise, though core inflation—a measure of underlying inflationary trends that excludes food and energy prices—also ticked up in December, INE said.
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Russia’s Gazprom PJSC will halt natural gas supplies to Moldova starting on Jan. 1 due to an alleged debt impasse amid a state of emergency in the Eastern European nation’s energy sector, Bloomberg News reported. The notification sent to Moldovagaz on Saturday said the company “regularly fails to fulfill its payment obligations under the existing contract, which is a significant breach of its terms,” the Russian gas giant said in statement on Telegram. Gas flows to Moldova will be reduced to zero from 8 a.m. Moscow time on Jan.
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The number of UK retailers on the brink of collapse surged by a quarter in recent months, a new report has warned, PAMedia.com reported. The strain on the retail sector follows new data showing a drop in the number of people heading to the shops during Boxing Day sales. The latest Red Flag Alert report from insolvency specialist Begbies Traynor found 2,124 UK retailers were in critical financial distress between October and December 16.
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The Agricultural Cooperative "Ratar" Brka, which has been in bankruptcy for 21 years, was registered as the property of the Brčko District of BiH, holding full ownership, Zurnal reported. In this process, the Agricultural Cooperative "Brka" Brčko, recognised as a creditor of "Ratar" Brka, lost its property rights, prompting them to file criminal complaints, as confirmed by the Cooperative to Žurnal. Criminal complaints have been filed against the Government of the Brčko District of BiH, the Department for the Public Registry, and the officials involved in this procedure.
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Gerhardi Kunststofftechnik GmbH, based in Germany and known for manufacturing emblems for Mercedes-Benz, has filed for bankruptcy, autojosh.com reported. This decision stemmed from a reduced demand for their products amid a broader crisis affecting the European automotive sector. Reports indicate that Gerhardi Kunststofftechnik GmbH struggled to navigate the obstacles presented by today’s European automotive landscape, particularly due to the falling demand for electric vehicles. Founded in 1796, the company weathered two world wars but ultimately went bankrupt in 2024.
As KTM AG and its parent company Pierer Mobility entered insolvency court for their debt of around 3 billion Euros on Friday, rumors of their withdrawal from MotoGP ran rampant after it was announced via an Alpine Creditors Association (AKV) report that the withdrawal was one of the six points of reorganization measures self-administered by the debtors, Road & Track reported. KTM responded promptly with a press release stating their continued dedication to racing in 2025.