A private Russian space company is facing bankruptcy amid a broader pattern of industry failures, underscoring the mounting challenges facing Russia’s once-ambitious commercial space sector, The Moscow Times reported. SR Space, founded in 2020 by aerospace entrepreneur Oleg Mansurov, is the latest in a string of private ventures on the verge of collapse. Russia’s Federal Tax Service has initiated bankruptcy proceedings against the firm after freezing its accounts at four banks earlier this year over unpaid tax obligations, the Kommersant business daily reported.
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
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Specialised life insurance group Athora has agreed to buy U.K. insurer Pension Insurance Corporation (PIC) for about 5.7 billion pounds ($7.78 billion), both companies said on Thursday, Reuters reported. Athora Holding, which has 76 billion euros ($89.70 billion) of assets under administration (AuM), is backed by U.S. alternative asset manager Apollo. Reinet Investments, which holds 49.5% of PIC, had said earlier in the day it was in advanced talks with Athora to sell its stake in PIC.
One of Germany’s largest banking groups is changing its stance on cryptocurrencies, Benzinga reported. The Sparkassen, also known as the Savings Banks Finance Group, is preparing to launch cryptocurrency trading services for its customers, according to a Bloomberg report released on Monday. “The Savings Banks Finance Group will provide reliable access to a regulated crypto offering,” the group reportedly said. The Sparkassen intends to offer its cryptocurrency trading services through DekaBank, the group’s asset management and capital markets subsidiary, according to Bloomberg.
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The TotalEnergies West of Shetland offshore assets it agreed to sell to Prax Group last year remain under the French oil major's ownership, it said on Wednesday, so will not be subject to disposals resulting from liquidation proceedings affecting the British company, Reuters reported. "The transaction to sell our West of Shetland asset to Prax has not yet completed and as such we remain the operator of the Shetland Gas Plant and related fields," TotalEnergies EP UK said in its statement.
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A council has defended its financial management after a report warned it is ‘bordering on insolvency’. The recent internal audit found Thetford Town Council has ‘excessively low balances’ and urged it to reassess its investments, the Suffolk News reported. The council has been criticised for several months over the handling of its finances after it voted to declare a ‘climate emergency’ and commit £30,000 of its funds to combat the issue. However, councillors have dismissed the warnings of the auditor as ‘isolated items’ and maintain the authority is ‘well run’.
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French uranium miner Orano said on Wednesday its majority-owned joint venture with Niger, SOMAIR, is on the verge of bankruptcy as a result of export restrictions imposed by Niger's military government, Reuters reported. Orano was forced to suspend production at SOMAIR after authorities halted exports last year.
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The insolvent Austrian lingerie manufacturer Palmers Textil AG is being taken over by the Danish company Change of Scandinavia, DPA International reported. The investor's entry secures the continuation of Palmers, a spokesman for the company announced on Monday. The long-established Austrian company declared itself insolvent in February. Change of Scandinavia primarily produces and sells women's underwear under the Change Lingerie fashion brand. Creditors can now expect to receive a total of 20% of their claims in four payments within two years, according to the statement.
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The eurozone’s unemployment rate inched higher in May, a sign of jitters among European firms amid economic uncertainty over tariffs and geopolitical tensions, the Wall Street Journal reported. Unemployment rose to 6.3% in the 20-nation currency area, up from 6.2% in April, the European Union’s statistics agency Eurostat said Wednesday. Despite the uptick, the jobless rate is near historically tight levels. April’s level equaled the eurozone’s record-low rate, although it came after March’s level had been revised higher to 6.4%.
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Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.
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