Bank of England officials are mulling whether to set aside plans to create a digital pound for households amid growing skepticism about the project’s benefits, the latest sign of dwindling support for state-backed digital currencies globally, Bloomberg News reported. The BOE has been privately urging the banking industry to instead accelerate payment innovations that could result in similar benefits without the creation of a central bank digital currency — or CBDC — for consumers. Sources said that the central bank wants to be in a position to launch a CBDC if it is eventually warranted.

Russia’s construction sector faces a wave of bankruptcies by the end of next year as sky-high interest rates squeeze companies across the industry, the head of Russia’s largest construction holding warned Monday, the Moscow Times reported. Alexei Krapivin, CEO of the construction giant Natsproektstroy, told the RBC news website that the Central Bank’s 20% key interest rate is choking access to capital, leaving many firms unable to service debts or fund ongoing projects. “Every company, without exception, is feeling the impact of expensive capital,” Krapivin said.

The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources said, the latest sign of how the Trump administration's policies are eroding trust in the U.S. as a bedrock of financial stability, Reuters reported. As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance. However, President Donald Trump's break from long-standing U.S.

A liquidator has been appointed over Killarney Brewing and Distilling (KBD) company in another blow to the Irish drinks sector, the Irish Times reported. James Anderson of Deloitte was appointed as the liquidator by the High Court on Monday. The move came after a disagreement between the Revenue Commissioners and the KBD about who would be appointed. KBD had sought for Mr Anderson, who was already the existing examiner for the business to be appointed as the liquidator over the company in a High Court hearing on Friday.

A group of dozens of companies pledged Monday to invest at least 631 billion euros ($733 billion) in Germany over the next three years, sending a signal of confidence in Europe's biggest economy as the new government tries to breathe new life into it, the Associated Press reported. The economy has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz's administration has made revitalizing it a top priority since it took office May 6.

The European Union agreed to impose its toughest sanctions on Russia since its large-scale invasion of Ukraine, blocking attempts to revive the Nord Stream gas pipelines, lowering a price cap for Russian oil sales and hitting banks from third countries in a move that could exacerbate tensions with China, the Wall Street Journal reported. The sanctions package comes as President Trump has started increasing pressure on the Kremlin after months of seeking a peace deal between Ukraine and Russia. The White House now appears closer to the European view that the Kremlin won’t end the war.

A video game composer and sound designer best know for his work on the Tomb Raider series has been jailed for fraudulently applying for a Covid loan, CityAM reported. Peter Connelly, who is based in Durham, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had previously secured a legitimate Bounce Back Loan worth £22,000 one month earlier. The 52-year-old, of Lambton Court, Peterlee, was jailed for 16 months at a hearing of Durham Crown Court on Thursday, 17 July.

Europe's commercial real estate market is defying expectations of a recovery as investor caution pins property sales to near-decade lows, Reuters reported. Some investors and banks, recognising that the outlook remains weak, are even beginning to step in to offload or restructure distressed assets, one executive said, though they added that an "extend and pretend" approach to bad debts is still commonplace. It is a marked change in mood from the beginning of 2025 when there were hopes for an end to a three-year pandemic-induced downturn, but unpredictable U.S.

Some of Russia’s top banking executives have concluded that the quality of their loan books is much worse than what official data show and have privately discussed the prospect of seeking a state-funded bailout should the situation worsen, Bloomberg News reported. At least three lenders the central bank has identified as systemically important have considered the possibility that they may need to be recapitalized in the next 12 months. Executives have discussed internally how they would raise the prospect with the Bank of Russia if needed.