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Railsr, the UK Embedded Fintech Once Valued at Nearly $1 Billion, Goes into Bankruptcy Protection Under New Consortium Owner
The French economy is set to grow around 0.1% in the first quarter of 2023 after expanding 0.1% in the fourth quarter 2022, the central bank said on Wednesday, Reuters reported. The Bank of France said companies polled in its monthly business sentiment survey reported activity in February was stronger than in January in the industrial sector and in services and was broadly stable in construction. For March, companies expected a further improvement in services and the industrial sector but a slight decline in construction, the central bank said.
U.K. Chancellor of the Exchequer Jeremy Hunt is planning to reform pension tax rules in his budget next week in a bid to cut the number of doctors quitting the National Health Service, Bloomberg reported. Hunt is preparing to alter the design of a system that means that doctors face higher tax bills when their pension pots grow beyond certain limits. The chancellor is concerned that the rules are fueling drop-outs from the NHS, with senior doctors retiring earlier or reducing their workloads to avoid the charges.
German department store chain Galeria is not holding back in its insolvency plan: either creditors settle for a pittance, or the chain goes bankrupt and they get nothing at all, Retail Detail reported. Belgian subsidiary Inno may face a surprising twist. On 27 March, Galeria will face its creditors in some cut-throat negotiations: the department store chain is working on a restructuring plan under the protection of the court in Essen, but creditors will have to agree to a hefty debt rescheduling.
A New York judge rejected a bid by the former Lehman Brothers' bankrupt European unit to claw back $485 million from bond insurer Assured Guaranty Ltd over transactions that were canceled amid the global financial crisis, Reuters reported. In a decision on Wednesday, Justice Melissa Crane of a New York state court in Manhattan said Assured's AG Financial Products unit instead deserved to recover about $20 million from Lehman Brothers International (Europe). The case stemmed from Assured's July 2009 termination of 28 credit default swaps on which Lehman had bought credit protection.
Credit Suisse's head of regulatory compliance, Julian Gooding, is leaving Switzerland's second-biggest bank as part of a sweeping overhaul involving thousands of job cuts, Reuters reported. Gooding was one of the most senior managers in compliance, overseeing anti-fraud measures as well as matters relating to market conduct and investors protection. He had been in the role since January 2022 and previously held senior positions as general counsel in various parts of the bank.