U.K. Scaffolding Boss Forced to Repay £115,000 After Covid Loan Fraud

A Yorkshire scaffolding director has been ordered to fully repay £100,000 in Covid loans plus more than £15,000 interest, or face 12 months in prison, ConstructionNews.co.uk reported. Mark Degnan had already paid back £55,608 before he appeared at Leeds Crown Court on Monday (15 September) but could face 12 months in jail if he fails to repay the remaining £59,578 within six months, according to the Insolvency Service. Officials at the Insolvency Service said that he had “cynically exploited” the Covid loan scheme meant to help small businesses during the pandemic.
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Calvin Harris Files Legal action Against Thomas St. John, After Firm’s U.S. Company Filed for Bankruptcy Citing $11m+ in Debts

Scottish DJ and producer Calvin Harris has filed an arbitration demand accusing his former financial advisor, Thomas St. John, of stealing $22.5 million intended for real estate investments, MusicBusinessWorldwide.com reported. The legal action, filed last week in Los Angeles Superior Court, claims that St. John directed the funds instead toward a Hollywood “boondoggle” development project. The timing of Harris’s legal action is particularly striking. It arrives just a few months after US-based company, Thomas St.
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Around 20% of Russian Property Developers on Verge of Bankruptcy

Nearly 20% of Russian property developers are on the brink of bankruptcy due to falling sales and high interest rates, and that figure could soon exceed 30%, Pravda.com reported. The most vulnerable are companies that build mass housing and are dependent on mortgage demand. More than 19% of property developers are officially postponing completion dates, and delays of more than six months put projects in the "problem" category, the FISU said. Investment in property fell by 44% in the first half of 2025.
Russia
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U.K.’s Jobless Rate Unchanged, Keeping BOE on Course to Hold Rates

The U.K.’s unemployment rate held steady as pay growth cooled slightly, likely keeping the Bank of England on course to keep its key interest rate unchanged at this month’s meeting, the Wall Street Journal reported. The jobless rate was 4.7% in the three months to July, the same as the three months to both May and June. The key metric of earnings growth excluding bonuses was 4.8% on year in the same period to July, easing from the 5.0% to June, the Office for National Statistics said Tuesday.
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U.S., Britain to Announce More Than $10 Billion in Economic Deals During Trump Visit, U.S. officials Say

The United States and Britain plan to announce more than $10 billion in economic deals this week as part of U.S. President Donald Trump's state visit, senior U.S. officials said on Monday, Reuters reported. The two governments are expected to seal a trade agreement with three pillars: a new science and technology partnership to strengthen the tech sectors of both countries, cooperation in civil nuclear power, and advances in defense technology cooperation, the officials said in a telephone briefing. Several U.S.
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Eurozone Industrial Production Rebounded in July Despite Tariff Uncertainty

Industrial production in the eurozone returned to growth in July, a reflection of resilience in the face of U.S. tariffs that threatened to crimp demand, the Wall Street Journal reported. Output edged up 0.3% on month, after a 0.6% slump in June, statistics agency Eurostat said Tuesday. That increase was driven by a strong 1.5% upswing in production in Germany, historically an engine of European industry but one that has struggled in recent years given high energy costs and increased competition from China.
Europe
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