Headlines

The Ahmedabad bench of the National Company Law Tribunal has admitted a petition seeking to initiate bankruptcy proceedings against ride hailing startup BluSmart Mobility, the Economic Times of India reported. BluSmart Mobility was founded by the Jaggi brothers, the promoters of Gensol Engineering, a listed solar engineering company. Gensol itself was admitted into insolvency proceedings by the same NCLT bench in June. The court ordered initiation of corporate insolvency procedures on BluSmart Mobility from the date of pronouncement of the order.

California-based battery startup Lyten has raised $200 million from existing investors to acquire assets from the bankrupt Swedish manufacturer Northvolt AB, TechinAsia.com reported. This funding will facilitate the restart of production at Northvolt’s factory in Gdansk, Poland. The Gdansk facility, idled earlier this year, will initially resume operations using nickel-based battery cells previously developed by Northvolt. Lyten plans to begin customer deliveries from the plant by the fourth quarter of 2025.

Intrum AB, a Swedish debt collector, has announced the immediate departure of CEO Andres Rubio following the company's recapitalization and exit from U.S. chapter 11 bankruptcy proceedings, AIInvest.com reported. Rubio will be succeeded by CFO Johan Akerblom, who previously worked at Citadele Banka AS and SEB AB in Germany and the Baltics. Akerblom will now lead Intrum as it focuses on its commercial development strategy. Intrum AB provides payment solutions and credit and collection services in Europe and internationally, operating through the Servicing and Investing segments.

Growing numbers of Yorkshire business are experiencing financial strain as economic pressures mount, according to the UK’s biggest insolvency practitioner, YahooNews.com reported. Almost 46,000 firms across Yorkshire were experiencing ‘significant’ financial distress in the second quarter of this year, up 14.5 per cent on the previous quarter and 9.5 per cent on the same time last year, according to the latest Red Flag Alert research from Begbies Traynor.

The Cross-Border Insolvency Bill 2025 will not undermine national sovereignty, says law and institutional reform minister Azalina Othman Said in addressing concerns from several MPs over possible interference by foreign courts, FreeMalaysiaToday.com reported. She told the Dewan Rakyat that any form of international cooperation would be subject to Malaysian law.

The Leipzig-based tram manufacturer Heiterblick is currently grappling with significant challenges as it faces insolvency, The Munich Eye reported. Once aspiring to become the leading name in the streetcar manufacturing sector, the company now finds itself in a precarious situation. Earlier this year, the managing director of Heiterblick expressed optimism about the company's future, even seeking recognition as the Saxon Entrepreneur of the Year.

Japan’s central bank policymakers are expected to keep rates on hold this week, even though a trade deal with the U.S. relieves some uncertainty over tariffs and strengthens the case for tighter policy in coming months, the Wall Street Journal reported. The Bank of Japan has been caught this year between the desire to raise rates amid persistent inflation at home and the need to keep borrowing costs low because of economic uncertainty stemming from U.S. tariffs.

India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, two Indian government sources said. Instead, New Delhi plans to resume broader trade negotiations when a U.S. delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October, one of the Indian officials told Reuters.

The Spanish economy gained a little pace in the three months through June, a sign of resilience for a eurozone facing a slowdown as higher U.S. tariffs bite, the Wall Street Journal reported. Gross domestic product grew 0.7% in the second quarter, accelerating a little from 0.6% in the first months of the year, the country’s statistics office said Tuesday. Spain was the wealthy world’s fastest-growing economy last year, and the International Monetary Fund expects it to keep leading the pack over 2025.

The IMF on Tuesday raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases ahead of an August 1 jump in U.S. tariffs and a drop in the effective U.S. tariff rate to 17.3% from 24.4%, Reuters reported. But it warned that the global economy faced major risks including a potential rebound in tariff rates, geopolitical tensions and larger fiscal deficits that could drive up interest rates and tighten global financial conditions.