The company behind the Cork Pride festival is set to appoint a liquidator after becoming insolvent, raising questions over future Pride events in the city, the Irish Independent reported. The proposed liquidation of Cork LGBT+ Pride CLG is a huge blow for diversity, equity and inclusion (DEI) supporters in Ireland, with this year’s Pride parade in the city attracting an estimated 5,000 participants. The organisation also publishes an annual magazine and is linked to the Work With Pride professional business network.
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Bilateral trade between Spain and Russia has shrunk in value, signaling a clear decision to decouple from the sanction-ridden nation, EuroNews.com reported. The Kremlin's decision to launch a full-scale invasion of Ukraine almost four years ago has had an undeniable effect on Spanish companies that aspired to open up markets in Russia, with the result that the volume of their exports has plummeted sharply since the beginning of the conflict.
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For three years, a crack team of detectives gathered each weekday morning around a whiteboard at the German Federal Police headquarters in Potsdam, near Berlin. Now their investigation into who was behind the greatest act of sabotage in modern history—the bombing of the Nord Stream pipelines—is threatening to splinter support for Ukraine, the country they hold responsible, the Wall Street Journal reported. Poland already has refused to extradite one of the suspects to stand trial in Germany.
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The pioneer streaming platform Idagio has applied to Berlin’s Charlottenburg Court to approve its self-administered insolvency, SlippedDisc.com reported. The plan is said to ensure the continuation of IDAGIO’s classical music service, without job losses. Despite the insolvency, business operations continued without interruption throughout the entire restructuring process. “All parties involved expressed clear support for the business model and made its continuation possible.
Lukoil's international operations faced mounting disruptions on Friday as a U.S. deadline for companies to cut off business with the Russian oil company looms and after a hoped-for sale of the operations to Swiss trader Gunvor collapsed, Reuters reported. The U.S. Treasury, which would have to approve any sale as Lukoil is under U.S. sanctions, on Thursday labelled Gunvor a Kremlin "puppet" and signaled its opposition to the deal.
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Italian toymaker Giochi Preziosi SpA has obtained court protection from creditors after its former financial adviser asked a tribunal to place the company under insolvency. The firm was given 60 days to come up with a finalized restructuring plan, according to a decree from the Milan tribunal dated Oct 30. Read more. (Subscription required.)
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The Bank of England kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increases the chances of a December move after the government's budget later this month, Reuters reported. Mindful of Britain's still-high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank's benchmark Bank Rate at 4.0%, the BoE said. The MPC saw a bigger risk of weaker demand in the economy while the chance of inflation getting stuck too high had diminished, the central bank said.
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Swiss efforts to secure a more favourable trade relationship with the U.S. are ongoing, Finance Minister Karin Keller-Sutter said on Thursday, after Swiss corporate bosses met with U.S. President Donald Trump earlier this week, Reuters reported. Switzerland was left reeling after Trump imposed tariffs of 39% on Swiss imports in August, among the highest duties levied in his global trade reset. Keller-Sutter, who has come under fire for her handling of the dispute, said she had fulfilled her duties as Switzerland's president when she spoke to Trump before the tariffs announcement.
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Industrial production in Europe’s largest economy rebounded less than expected in September, amid hopes that the outlook could be changing for the sector ahead of large-scale government investment, the Wall Street Journal reported. Output rose 1.3% on month, Germany’s statistics agency Destatis said Thursday, offsetting some of the 3.7% decline in August.
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Germany’s financial watchdog BaFin has fined JPMorgan €45 million after finding shortcomings in the US bank’s money laundering prevention systems, EuroNews.com reported. The Frankfurt-based subsidiary of JPMorgan Chase & Co. failed to submit suspicious transaction reports on time between October 2021 and September 2022, BaFin said on Thursday. The regulator said the bank “culpably breached its supervisory obligations” regarding internal processes for flagging potentially illicit activity, resulting in a failure to report such transactions “without undue delay”.
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