Joseph Dresselhaus GmbH & Co KG has filed for self administration proceedings with the competent district court in Bielefeld to reorganise itself using the instruments of the Insolvency Code, Fastener & Fixing Magazine reported. The court granted the application and confirmed the provisional self administration, paving the way for a comprehensive restructuring of the Herford-based group of companies. Verlag INDat GmbH reports that this decision is based on the ongoing economic challenges facing Dresselhaus.

The Dutch arm of Taco Bell has been declared bankrupt, marking the fast food chain's second collapse in the Netherlands in less than a decade, RTL reports. Ten restaurants across the country, including in Amsterdam, Rotterdam, and The Hague, have been forced to close. However, the company said it remains committed to keeping the restaurants open. On Wednesday, the Rotterdam district court officially declared T Bello Nederland bankrupt. The company operated all Dutch Taco Bell locations under a franchise agreement with a British operator.

Rachel Reeves is considering overruling the Supreme Court if judges side with consumers over the £44bn car finance scandal, the Telegraph reported. Under plans being considered by the Chancellor, the Government could retrospectively alter the law to reduce the liabilities paid by lenders if the Supreme Court upholds a decision made by the Court of Appeal last October. Britain’s biggest banks could be forced to pay out £44bn in compensation to drivers after customers said they were unlawfully sold car loans.

European Union officials are voicing optimism about a possible trade deal with the United States, aiming for 15 percent across-the-board tariffs, including on cars and car parts, but they have also made clear that they are prepared to strike back should an agreement fall through, the New York Times reported. On Thursday, nearly every European Union country voted to back a plan to retaliate against President Trump’s tariffs, setting the stage to hit more than 93 billion euros’ worth of U.S.

Russia’s central bank lowered its key interest rate for a second straight meeting amid mounting signs of a sharp slowdown in economic activity following two years of rapid expansion driven by government spending on the war in Ukraine, the Wall Street Journal reported. The Bank of Russia cut its key rate to 18% from 20% on Friday, having lowered borrowing costs in early June for the first time since 2022. That was in line with investor expectations.

Donald Trump’s tariffs have dealt a €1.3bn (£1.1bn) blow to Volkswagen after the German car giant’s portfolio of luxury brands suffered a drop in sales, the Telegraph reported. Marques such as Porsche and Bentley have been hit by the US president’s sanctions on foreign vehicles, which impose a 27.5pc tax on cars imported from Europe. Britain has struck a deal with Mr Trump to reduce the tariff to 10pc, but the larger penalty remains in place for the European Union, which is still locked in talks with the White House.

Pepco Group's German unit has filed for insolvency proceedings as it seeks to revamp its loss-making store network in the country, Reuters reported. Pepco Germany filed for the proceedings at a Berlin court. The unit operates 64 stores and employs around 500 people. All stores will remain open until further notice. Read more.

The Frankfurt-based European Central Bank kept the deposit facility rate, the main interest rate influencing monetary policy, at 2% on Thursday, which is the lowest level in more than two years, EuroNews reported. As the economy is performing relatively well and the US trade talks are still underway, analysts were expecting no rush from the European Central Bank (ECB) to lower the benchmark interest rate. The ECB sets the monetary policy for the eurozone, mainly through three interest rates.