Versorgungswerk der Zahnärztekammer Berlin (VZB), the pension fund for dentists in Berlin, Bremen and the state of Brandenburg, is facing losses following an investment made in the now insolvent insurtech start-up Element Insurance, Investment & Pensions Europe reported. The pension scheme is one of the main investors in the Berlin-based start-up, with a 27.14% stake in the company, according to Element Insurance’s 2023 solvency report, the latest available.
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Russia's coal industry is in crisis as mines face bankruptcy against the backdrop of low world prices, it has been reported, according to Newsweek. Business newspaper Kommersant said that the Russian government is trying to tackle the industry's plummeting exports and revenues and that state development corporation VEB.RF is poised to take control of failing assets.
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Austria has arrested Rene Benko, the founder of fallen property group Signa, on suspicion of trying to hide assets from insolvency administrators and creditors, prosecutors said on Thursday.
Benko, 47, was arrested at his villa in Innsbruck early on Thursday, Austrian media reported.
His lawyer, Norbert Wess, said that a court would need to decide within 48 hours whether his client should remain in custody. Benko has previously denied allegations made against him.
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Norway’s central bank held its key policy rate at 4.5% and reaffirmed that it will likely begin monetary policy easing in March, but noted concern over potential trade tariffs from the U.S., the Wall Street Journal reported. The policy rate has been at 4.5% since December 2023 and has helped to significantly dampen inflation from its peak, but a rapid rise in business costs will likely stoke inflation ahead, Norges Bank said.
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Investment firm CIM Capital has agreed to a relaunch of the Lunch Garden restaurant chain. Of the 62 locations, 41 can reopen and roughly half of the employees can return to work, Lunch Garden announced on Wednesday, according to the Brussels Times. The exact date for the reopening is still unknown. The restaurant chain will continue with a more agile structure and will be free of its historical debts, according to a press release. Out of the 41 restaurants, 24 will be company-operated, while 17 will be managed by independent operators.
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Northvolt AB has yet to line up investors willing to commit funds to allow the Swedish battery maker to emerge from chapter 11 protection, Bloomberg News reported. The electric vehicle supplier’s cash position is dwindling as investors wait for others to step forward first in the ongoing funding talks. “Numerous parties have submitted indications of interest in Northvolt’s financing process,” a spokesperson for Northvolt said.
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