The U.K. economy unexpectedly shrank in the first month of the year, the latest frustration for a relatively new government that has pledged to bring an end to a decade-and-a-half of stagnation, the Wall Street Journal reported. Gross domestic product was 0.1% lower in January than in the final month of 2024, the Office for National Statistics said Friday, weaker than the 0.1% rise expected by a consensus of economists. It also marks a slowdown from the 0.4% recorded in December.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Jockey Frankie Dettori is filing for bankruptcy following a long-running tax-avoidance case, The Telegraph reported. Dettori, who has ridden more than 3,300 career winners, announced the move three months after losing a court bid to retain anonymity in a battle with HM Revenue & Customs. He said: “For the last six-months, my advisors have been working with HMRC in an attempt to find a solution to my financial situation. “Regretfully, I will be filing for bankruptcy.
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The European Central Bank has given UniCredit (CRDI.MI), opens new tab the green light to buy up to 29.9% of Commerzbank (CBKG.DE), opens new tab, the Italian bank said, adding it would likely wait until next year before deciding whether to pursue a full takeover, Reuters reported. With Germany up in arms against the potential acquisition, UniCredit's CEO Andrea Orcel, a veteran dealmaker, has thrust his bank into fast-moving Italian consolidation and put on ice his ambitions for a pan-European tie-up.
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President Donald Trump on Thursday threatened a 200% tariff on European wine, champagne and spirits if the European Union goes forward with a planned tariff on American whiskey, the Associated Press reported. The European tariff, which was unveiled in response to steel and aluminum tariffs by the U.S. administration, was expected to go into effect on April 1. But Trump, in a morning social media post, vowed a new escalation in his trade war if the EU pushes ahead with the planned 50% tariff on American whiskey. “If this Tariff is not removed immediately, the U.S.
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It is important that Northern Ireland does not become “collateral damage” in any trade war between the US and EU, its deputy First Minister said, the Irish News reported. Emma Little-Pengelly said the north was in “a tricky situation” over trade, that she intended to highlight with ambassadors. Post-Brexit rules, set out in the Windsor Framework, aligns Northern Ireland trade processes with EU customs arrangements, while remaining part of the UK’s customs union.
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A lawyer argued Thursday that global mining giant BHP Group should be held liable for Brazil’s worst environmental disaster 10 years ago when a dam collapse poured tons of toxic mining waste into a major waterway that killed 19 people and devastated villages, the Associated Press reported. High Court Justice Finola O’Farrell said she would rule later in the class action case in which claimants are seeking 36 billion pounds ($47 billion) in damages from Australia-based BHP. The case was filed in Britain because one of BHP’s two main legal entities was based in London at the time.
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Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry, The Guardian reported. The company said in a statement that it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden. After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.
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Truckmaker Scania is willing to go ahead with purchasing the only profitable business of bankrupt battery maker Northvolt for $6 million, it said on Wednesday, Reuters reported. Northvolt filed for bankruptcy on Wednesday, bringing to an end Europe's best hope of developing a rival to major Asian electric vehicle battery players. Any potential asset sales are also suspended for now. The Swedish battery maker had for months attempted to sell some of its non-core businesses to try to rescue the main operations that produce battery cells for electric vehicles.
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Insolvency-related activity across the UK rose sharply in February, with Yorkshire and the Humber recording a 39% increase, according to data from R3, the UK’s insolvency and restructuring trade body, East Midlands Business Link reported. The East Midlands (79%) and South West (77%) saw the most significant jumps, while Northern Ireland was the only region to see a decline (-38%). The data from Creditsafe, includes liquidator and administrator appointments and creditors’ meetings.
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The German women's fashion brand Gerry Weber filed for insolvency with a court in western Germany on Tuesday and is seeking to once again undergo restructuring, DPA International reported. The aim of the proceedings is to continue the company as a going concern. Lucas Flöther has been appointed as administrator for the insolvency, according to the company. A new owner is now being sought and dpa has learned that initial talks are already under way. The company employs just under 230 people in Germany.
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