Croatian shipyard 3. Maj Brodogradiliste said it has filed for bankruptcy, SeeNews.com reported. On April 1, the company, as debtor, submitted a proposal to initiate bankruptcy proceedings to the commercial court in Rijeka, according to a filing to the Zagreb bourse on Friday. The company's shipbuilding business had earlier been transferred to its subsidiary 3. Maj Rijeka 1905, which became state-owned following a debt-for-equity swap worth 10.3 million euro ($11.7 million). Read more.
Resources Per Country
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- Gibraltar
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The municipality of Costa Serina, located in the heart of the Bergamo Orobie, is facing an unprecedented financial crisis, Notizie.it reported. With less than a thousand inhabitants, the municipality has invested huge sums in the renovation of a school, using funds from the National Recovery and Resilience Plan (Pnrr). However, the situation became more complicated when the Treasury paid out only 1,5 million euros out of the 5 million foreseen by the tender. This delay in payments brought the municipal finances to their knees, forcing the municipality to face the risk of financial ruin.
A massive bankruptcy auction is underway for Northvolt Ett Expansion, offering a unique opportunity for buyers to acquire unused, high-tech equipment worth approximately 300 million euros, The EV Report reported. The auction, managed by TBAuctions and its brands, including PS Auction and Troostwijk Auctions, is one of the largest in Europe and features cutting-edge technology for battery manufacturing. The auction is being conducted by PS Auction, part of the TBAuctions group, on behalf of the bankruptcy trustee, Jonas Premfors of DLA Piper.
A GP practice manager who failed to pay more than £75,000 into the pension funds of staff at her surgery now faces seven years of bankruptcy restrictions, The (U.K.) Insolvency Service reported. Sonia Simkins, 54, of Foxglove Way, Dudley, ran Hawes Lane Surgery in Rowley Regis as a sole trader.
Volkswagen's truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price, Reuters reported. Sweden's Northvolt filed for bankruptcy last month in one of the country's largest corporate failures, bringing to an end Europe's best hope of developing a rival to Asian electric vehicle battery makers.
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As the fallout from President Trump’s rewiring of global trade sets in across Europe, governments are putting in place billions of euros’ worth of “tariff shields” to protect their economies, companies and workers from uncertainty and the growing prospect of a recession, the New York Times reported. Germany, Italy, Portugal and Spain announced more than 50 billion euros’ worth of financial support this week as businesses paused exports to the United States, warned of a hit to their finances and reckoned with putting employees on furlough.
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The U.K. economy is growing more strongly than expected but U.S. President Trump’s barrage of tariff hikes and pauses threaten to stymie further acceleration ahead, the Wall Street Journal reported. Gross domestic product increased by 0.5% in February, figures from the Office for National Statistics showed Friday. That was a better performance than the marginal growth economists had expected, and means the U.K. economy is very likely to record growth over the first quarter as a whole, barring an unexpectedly large reversal in March.
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UBS Group Chair Colm Kelleher said Switzerland’s financial regulator and central bank set out additional capital requirements that would lead to a 50% increase compared with current levels, the Wall Street Journal reported. Swiss authorities have been working over the past year to reform of the country’s “too big to fail” banking laws in the wake of Credit Suisse’s rescue takeover by UBS, a move that is widely expected to result in higher capital demands for UBS.
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Italy is seeking 1.2 billion euros ($1.3 billion) from fintech group ION following a probe by prosecutors in the northern city of Bologna into alleged tax evasion over the 2013-2023 period, Reuters reported. The investigation adds to a string of tax evasion cases in Italy targeting U.S. tech companies, which are also at the centre of a wider EU response to the trade war sparked by U.S. President Donald Trump's tariffs.
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U.S. trade tariffs could lead to layoffs in French industries worst affected by the steep duties, a government minister warned, the Wall Street Journal reported. Job losses are “a risk,” industry minister Marc Ferracci told radio station France Inter on Wednesday. “If the U.S. tariffs are made to last, there will be an impact on jobs,” he said. “In terms of numbers, it’s difficult to assess the impact,” which will depend on exporters’ ability to translate tariff costs into higher prices, or absorb them into their margins, he said.
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