Albania’s Democratic Party has denounced that manufacturing and exporting businesses in Albania are heading towards bankruptcy due to the devaluation of the euro currency, Vox News reported. The common European currency has suffered a noticeable depreciation in Albania for several years, but during 2024 the euro reached its minimum. The euro is currently trading in our foreign exchange market at 98.3 ALL, a drastic drop compared to not long ago.
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The Casbit Group, previously the operator of Lalabet and JungliWin online casinos, has been declared bankrupt by the Court of Curaçao, World Casino News reported. The company’s financial troubles stem from numerous unpaid debts, including €619,500 owed to Dutch gamblers who were unable to claim their winnings. After ceasing operations in Curaçao earlier this year, the group’s casinos are now under the management of a Costa Rican company.
German start-up Lilium, known for its innovative flying taxi technology, has successfully avoided bankruptcy by securing a new investor, The Munich Eye reported. The Mobile Uplift Corporation GmbH, a consortium of investors from Europe and North America, has agreed to take over the flight taxi developer. A purchase agreement has been signed for the operational assets of Lilium GmbH and its subsidiary, Lilium eAircraft GmbH.
Another well-known Dutch cycling manufacturer has filed for bankruptcy, the NL Times reported. Cargoroo, who sold electric shared cargo bikes, declared bankruptcy at the court in Amsterdam on Tuesday. It was reported last week that the e-bike brand Amslod was the last company to file for bankruptcy. The court in Amsterdam will declare Cargoroo bankrupt this week, Utrecht alderman Senna Maatoug (Mobility) expects. Bikes made by Cargoroo have been taken off the streets in Utrecht and cannot be booked anymore, she wrote in a letter to the municipal council.
Swedish electric-vehicle battery maker Northvolt said on Friday it expects to line up additional bankruptcy financing by late January after engaging with over 100 lenders and potential investors, Reuters reported. Northvolt entered bankruptcy on Nov. 21 with a $100-million bankruptcy loan from Swedish truck maker Scania, a shareholder and its biggest customer. But that loan was not intended to carry Northvolt through its entire bankruptcy restructuring, and the company has continued to evaluate proposals for additional financing from strategic and financial investors.
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The U.K. economy stagnated in the previous quarter in a blow to the government’s hopes for growth, the Wall Street Journal reported. Gross domestic product flatlined between July and September, according to data set out Monday by the Office for National Statistics. The ONS had previously estimated growth of 0.1% over the third quarter. Growth in the preceding quarter was also a little lower than previously calculated, the agency said. “The economy was weaker in the second and third quarters of this year than our initial estimates suggested,” ONS statistics director Liz McKeown said.
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Atos said that it completed its financial restructuring, resulting in a more sustainable capital structure and much-needed liquidity for the beleaguered group, WSJ Pro Bankruptcy reported. The French IT company on Thursday said that the implementation of the transactions in its safeguard plan reduced its gross debt by 2.1 billion euros ($2.17 billion). It now has 1.6 billion euros in new money debt and around 145 million euros of new money equity from a rights issue and an additional reserved capital increase.
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British shoppers spent a little more as wages continue to grow, a boost to the government’s hopes of a consumption uptick at the end of the year, the Wall Street Journal reported. Total U.K. retail sales were 0.2% higher in November than in October, the Office for National Statistics said Friday. That reverses the previous month’s downturn, when consumers held off on spending ahead of the government’s budget at the end of the month, and warm, dry weather deterred buying of winter fashion.
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The Bank of Russia held its key interest rate at a record-high 21%, surprising most analysts who’d expected policymakers to opt for another big hike to try to tame persistent inflation, Bloomberg News reported. Six of 12 economists had predicted a two percentage-point increase, while two foresaw a hike to 24% and only two saw a hold. Price growth continues to run at more than twice the central bank’s 4% target.
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The collapse of Denmark’s Better Energy A/S, a once-hyped solar park developer, is sending repercussions through the Nordic country’s financial system and bringing eerie reminders of the recent problems for another green energy champion, Northvolt AB, in neighboring Sweden, Bloomberg News reported. Better Energy on Thursday said it will start a reconstruction process of two of its main units, blaming poor market conditions and an unwillingness from its investors to provide more funding.
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