Within hours of Britain’s vote to leave the European Union, it started, the International New York Times reported. A Lithuanian lawmaker wrote to the chief executive of HSBC, trying to court the bank. A website promoting Frankfurt as an attractive location to invest went live. A Berlin start-up published an online how-to guide for anyone looking to move to the German capital.

Damian Kimmelman is exactly the kind of entrepreneur the U.K. government says it needs. His London startup has 100 employees and expects to hire many more, Bloomberg News reported. Unfortunately for the British economy, Kimmelman’s new people won’t be in the U.K.: He changed his plans after voters chose to leave the European Union last week. “We’ll be distributing our team, opening up new offices in Europe rather than focusing on the U.K.,” said Kimmelman, whose company, DueDil, provides data-analytics tools to study private companies.

Emerging market companies are suffering from sharper falls in productivity and profit margins than those in advanced economies, underlining the malaise gripping the developing world, the Financial Times reported. Across emerging markets, productivity, defined as output per worker, fell 1 per cent in the 12 months to the end of the first quarter of 2016. This is the sharpest slide since the tail-end of the global financial crisis in 2009, according to analysis by JPMorgan.

The head of Scotland’s government met with European Union leaders in Brussels Wednesday for talks about protecting the country’s interests in the bloc, as different parts of the U.K. begin to jostle for new arrangements following last week’s vote, The Wall Street Journal reported. A majority of voters in Scotland, Northern Ireland and Gibraltar favored staying in the EU in last Thursday’s referendum while the U.K. overall voted to leave the bloc by a narrow margin.

After Brexit, creditors may be impacted when assets of insolvent companies are sought for recovery in Europe. This was the view set out today by R3, the trade body for insolvency professionals, in a statement covering how the EU referendum result may affect the corporate insolvency process. Andrew Tate, president of R3, said: “Leaving the EU will have a major impact on the way corporate insolvency works in the UK. The UK’s insolvency regime does not exist in a vacuum. It is entwined with rules on employment, tax, property, and more; and all of these are linked with European rules.

Italy is eyeing a multibillion-euro rescue of its ailing banks, using the market turbulence triggered by the UK’s Brexit vote as an excuse to sidestep strict rules against state support for lenders, the Financial Times reported. Following a further hit on Italian bank shares in the wake of the UK referendum, Matteo Renzi, Italian premier, has resurrected ideas to shore up a sector that is fast becoming one the eurozone’s weakest links, say bankers and officials.

A unit of distressed debt firm Aurelius Capital Management LP asked a Dutch court on Monday to start bankruptcy proceedings against a Netherlands subsidiary of phone company Oi SA, which last week filed Brazil's largest-ever bankruptcy protection request. Aurelius unit Syzygy Capital Management Ltd owns bonds sold by Oi Brasil Holdings Coöperatief UA, a Netherlands subsidiary of the Brazilian phone company, Aurelius said in a statement on Monday. Oi confirmed the "involuntary bankruptcy" filing by Syzygy in the Dutch court in a statement later on Monday.

Brunswick Rail Ltd., the Russian railcar lessor struggling to repay foreign debt following a plunge in the ruble, issued a last-ditch bond-restructure plan after talks with creditors broke down. The company is giving holders of $600 million of bonds due in November next year the option of either cashing out 51 percent of the notes’ face value in rubles or getting a 38 percent payout and new payment-in-kind notes, also in rubles, which would give creditors the right to acquire as much as 25 percent of equity, according to a Brunswick statement.

The regulator that monitors UK financial reporting is to investigate two of the big four accountancy firms over their role in the failures of the retailer BHS and the banking group HBOS, The Guardian reported. The Financial Reporting Council, responsible for overseeing UK accounting standards, began an investigation into PricewaterhouseCoopers over its audit of the collapsed high street chain BHS when it was owned by Sir Philip Green.

As Russia’s government counts the months to an economic rebound, a bellwether of investment is nearing levels of distress last seen during the throes of a recession seven years ago, Bloomberg News reported. Building completions plunged 9 percent from a year earlier in May, the worst showing since October, even as industrial production grew for a second month and consumer indicators from real wages to unemployment improved.