Bank of England Governor Andrew Bailey said on Tuesday the International Monetary Fund had a key role to play in tackling the buildup of risky imbalances in the world economy, many of them coming from the United States and China, Reuters reported. In a speech he was due to give to Britain's finance elite, Bailey acknowledged the concerns of U.S. President Donald Trump's administration about the danger of IMF overreach. But the BoE boss said attempts to fix the problems in the world economy - chief among them the big U.S.

Factory output in the eurozone partly rebounded from a tariff-induced slump in May, but trade is likely to remain a headwind even as manufacturers harbor hopes of better times on government pledges to increase defense and infrastructure spending, the Wall Street Journal reported. Industrial production increased 1.7% from April across the 20 nations that make up the eurozone, according to figures released by the European Union’s statistics agency on Tuesday. The increase reverses a sharp drop a month earlier, when the imposition of tariffs led to a fall in demand for European goods.

Ziglu, a UK-based cryptocurrency firm, has disclosed a substantial financial shortfall of $2.7 million, sparking worries among its investors, Coin World reported. This revelation emerged as the company grapples with insolvency, leaving many investors uncertain about the future of their investments. The shortfall was made public during the firm's insolvency proceedings, which were initiated after it became evident that Ziglu was unable to fulfill its financial commitments.

The European Union on Monday accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached to avoid the punishing tariffs President Donald Trump has threatened to impose starting on August 1, Reuters reported. Trump, meanwhile, said that he was open to further discussions with the EU and other trading partners before new 30% tariffs kick in next month and that EU officials would be coming to the United States for negotiations.

Much higher U.S. tariffs on imports from the European Union would further weaken already anemic growth in the eurozone, and likely prompt the European Central Bank to lower borrowing costs, the Wall Street Journal reported. President Trump on Saturday threatened to raise the duty charged on imports of a wide range of goods to 30% from 10% if the European Union doesn’t drop all of its tariffs on U.S. goods. The U.S. already charges higher tariffs for imports of automobiles and metals, and is considering additional duties on pharmaceuticals and other goods.

President Donald Trump on Monday threatened to impose “secondary tariffs” on Russia’s trade partners “at about 100%” if President Vladimir Putin does not agree to a deal to end his invasion of Ukraine in 50 days, CNBC.com reported. “We’re very, very unhappy with them, and we’re going to be doing very severe tariffs, if you don’t have a deal in 50 days, tariffs at about 100%, they call them secondary tariffs,” Trump said from the White House while meeting with NATO’s secretary general, Mark Rutte.

In June, the number of companies filing for bankruptcy in Germany increased 2.4 percent year-on-year, according to data published by the Federal Statistical Office (Destatis), Nova.News reported. “The transportation sector recorded the highest number of insolvencies per 10 companies, with 11.3 cases. The construction and restaurant sectors followed, with 9.8 insolvencies per 10 companies each,” the report states. Data published by Destatis shows that wholesale commodity prices in Germany increased 0.9 percent year-on-year in June.

The struggles continue for global automakers in China, Electrek reported. After halting production, Volkswagen announced it will close a plant in China. And that’s not all: Another OEM is filing for bankruptcy through its joint venture. Although it might not seem significant, China is one of, if not the most important markets, for Volkswagen, accounting for around 30% of its deliveries. Volkswagen has already halted production at its manufacturing plant in Nanjing and plans to close it officially later this year. The Nanjing facility was opened by VW’s joint venture, SAIC Volkswagen, in 2008.

Restart Energy One, a Romanian independent energy supplier and renewable project developer, has proposed repaying just 17% of the face value of its bond debt as part of a restructuring plan submitted under a pre-insolvency procedure, Romania Insider reported. The company published the proposal in a report to the Bucharest Stock Exchange on July 9. The plan allocates RON 5.62 million to bondholders against total outstanding bond obligations amounting to RON 16.4 million and EUR 3.35 million, or approximately RON 33 million, Ziarul Financiar reported.

Accusations against Mouzenidis Travel are becoming known, according to the bankruptcy trustee of the travel agency, who filed a complaint with law enforcement, Russian authorities for fraud and document forgery against the former heads of the once powerful travel operator, the trustee claims, MONEY & TOURISM reported. The communication includes details (VAT number, managers, etc.).