One of Microsoft Corp's subsidiaries in Russia plans to file for bankruptcy, according to a note published on the official Fedresurs registry on Friday, Reuters reported. President Vladimir Putin said this week that foreign service providers like Microsoft and Zoom should be "throttled" in Russia to make way for domestic software solutions. Microsoft continued providing key services in Russia after Moscow's February 2022 invasion of Ukraine, but in June 2022 it said it was significantly scaling down its operations due to changes to the economic outlook and the impact on its business there.

Price rises in the eurozone’s top economies cooled this month, putting the European Central Bank on course to reach its inflation target and cementing expectations that it will deliver an eighth rate cut at its meeting next week, the Wall Street Journal reported. Consumer prices in Germany, the eurozone’s largest economy, were 2.1% higher in May than a year earlier, down from the 2.2% rate of inflation recorded in April, according to EU-harmonized data published by its statistics agency Destatis on Friday.

Slovenia, Romania, and Croatia were among the countries in Central and Eastern Europe (CEE) to face rising insolvency rates in 2024, despite the economic recovery in the region, global credit insurer Coface said, SeeNews.com reported. In Slovenia, the total number of insolvency proceedings rose by 32.4% year-on-year in 2024, reaching 769 cases. The largest share came from the construction sector (29.26%), followed by business and personal services (22.63%), while the financial sector accounted for the smallest portion (0.91%).

Techtex, a company specializing in the production of technical textiles, mainly personal protective equipment (face masks, Dr. Albert brand), part of the IKEA supplier Taparo Group (also in dire financial conditions), has entered insolvency, according to Ziarul Financiar, Romania-Insider.com reported. The face mask factory was developed by the Taparo Group during the 2020 pandemic, with EUR 20 million in funding from state bank Eximbank and guidance from banker Dan Pascariu.

Germany’s unemployment numbers rose this month, as major firms intensify plans to rejig their workforces in an uncertain economic environment, the Wall Street Journal reported. Seasonally adjusted jobless claims climbed by 34,000 in May, accelerating from the 6,000 increase in April, according to data from Germany’s Federal Employment Agency published Wednesday. Economists polled by The Wall Street Journal expected a smaller increase of 14,000. Germany’s adjusted unemployment rate, however, held at 6.3%, matching consensus.

Russia’s successes on the front lines in Ukraine are a big reason why Vladimir Putin isn’t yet ready to sign up to President Trump’s peace efforts. Some of his neighbors fear the success of the war machine now driving its economy means he never will, the Wall Street Journal reported. In the early stages of the war, the Russian president put the country on a footing for a long conflict. Putin retooled the economy to churn out record numbers of tanks and howitzers, while using sizable signing bonuses of up to a year’s salary to raise a massive army.

Yurtel, based in Corsham, Wiltshire, has revealed that it has gone bankrupt, meaning that all bookings will not be fulfilled after it ceased trading on May 8, the County Gazette reported. Yurtel have previously supplied accommodation for people who visit Glastonbury Festival since 2005, prices for hospitality tickets and accommodation packages from the Yurtel company ranged from £10,000 up to £16,500 for this year's festival.

French inflation cooled more than expected this month, opening the door to an expected European Central Bank interest-rate cut next week, the Wall Street Journal reported. Consumer prices were 0.6% higher on year in May, down from 0.9% in April, according to EU-harmonized figures published Tuesday by France’s statistics agency Insee. The print gives the first indication of inflation among major eurozone economies. German and Spanish inflation data due on Friday are also expected to have shown declines in May.