Spiralling Costs Spark Surge in U.K. Takeaway Closures

Hundreds of takeaways have collapsed in the last year as soaring employment and food costs push businesses to the brink, The Telegraph reported. More than 500 takeaways went bust in the year to April, according to credit insurer Coface – almost double pre-pandemic levels. The firm blamed a combination of soaring food and labour costs, the latter of which rose sharply following Rachel Reeves’s first Budget, which increased National Insurance for employers.
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Russian Ex-Banker Beats Foreign Trustee in U.S. Bankruptcy Dispute

A U.S. bankruptcy court blocked a foreign trustee’s move to exercise power over the former chairman of a Russian commercial bank who now lives the U.S., Bloomberg Law reported. Russian insolvency trustee Oleg Ogarkov’s petition for recognition of a foreign proceeding against Alexander Zheleznyak, the former chairman and co-founder of Russia-based Probusinessbank, was rejected on May 8 by Chief Judge Elizabeth D. Katz of the US Bankruptcy Court for the District of Massachusetts.

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The World’s Most Surprising Capitalist Makeover Is Under Way in Sweden

For decades, Sweden was shorthand for the brand of high-tax, high-spend government that managed people’s lives from cradle to grave through state-run hospitals, schools and care homes. No longer. With little fanfare, this Nordic country of 11 million has embraced capitalism, the Wall Street Journal reported. Today, nearly half of primary healthcare clinics are privately owned, many by private-equity firms. One in three public high schools is privately run, up from 20% in 2011. School operators are listed on the stock exchange.
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More U.K. Companies Enter Administration Amid Expense Hikes

A number of major U.K. businesses have entered administration this week as they struggle amid a wave of expense hikes, Mirror.co.uk reported. This year, high street staples have collapsed into administration including beloved fashion retailers and accessories shops. 1,631 UK businesses filed for administration in 2025, according to the law firm Shakespeare Martineau. Now, even more have been added to the list for this year. Companies entering administration include a longstanding mattress maker, juice brand and construction company.
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U.K. Engineering Company Plunged into Administration

A U.K. manufacturing company founded more than 60 years ago has entered administration. Compact Orbital Gears Limited, which was founded in 1964, operates as a highly specialised engineering firm, Express.co.uk reported. The business designs, manufactures, and supplies a comprehensive range of gearboxes and test rigs. Gearboxes are components of a machine that control speed and power, while test rigs are custom machines used to test how well other equipment performs before it is used in the real world.
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Bank of England Chief Flags ‘Coming Wrestle' With US on Stablecoin Oversight

Bank of England Governor Andrew Bailey has warned of a "coming wrestle" with the U.S. over stablecoin standards, claiming Friday that dollar tokens lacking direct redemption could flood Britain during a crisis, Decrypt.com reported. "If we want stablecoins to be part of the architecture of payments globally [...] they're only going to work if we have international standards," Bailey said. Bailey, who also chairs the Financial Stability Board (FSB), has long warned that dollar-pegged tokens could erode monetary sovereignty, pushing UK banks toward tokenized deposits over stablecoin issuance.
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