Headlines

The recoveries under the Insolvency and Bankruptcy Code (IBC) against admitted claims nearly halved in FY 2025-26 to 23 per cent from 46 per cent in the preceding financial year due to rising delays, a report said on Thursday, according to the Economic Times of India reported. At the same time, the number of cases admitted in the corporate insolvency resolution process (CIRP) declined by 5 per cent to 679 from 724, according to a report by rating agency Icra.

UK Insolvency and Companies Court judge Mark Mullen has lambasted global firm Pinsent Masons over twice misusing artificial intelligence in its work, CanadianLawyerMag.com reported. The judge called out London-based partner Steven Cottee and solicitor Samantha Poulton for failing to check the work of a junior lawyer, whose name was not disclosed. The junior lawyer, who was given the moniker “LA,” had included AI-hallucinated references in the firm’s submissions in the matter of Cork & Anor v Smith.

First Abu Dhabi Bank is at risk of being pulled into insolvency proceedings tied to 60 London property companies connected to the collapse of mortgage lender Market Financial Solutions, TradersUnion.com reported. The exposure centres on loans made by the bank’s Swiss unit over the past year against residential assets in Mayfair, Knightsbridge and Kensington.

Thousands of people in the U.K. have told a parliamentary inquiry that they did not understand the terms and conditions on their student loans before they took them out, BBC.com reported. More than 52,000 people responded to a call for evidence by the Treasury Committee for its inquiry on the taxation of graduates - more than half said they did not understand what they had signed up for. The inquiry is looking at all student loan plans in England and whether repayment terms are "reasonable".

At the onset of the war in the Middle East, industry officials and experts warned that the closure of one of the world’s most vital maritime waterways would trigger acute shortages of oil, gas and other critical commodities. Three months into the blockade of the Strait of Hormuz, those warnings are materializing across the globe, the New York Times reported. Before the war, roughly a quarter of the world’s seaborne crude oil and a fifth of the world’s liquefied natural gas passed through the strait.

“Made in China” is becoming “made by China”—all over the world. Faced with higher Western tariffs and weak demand at home, many Chinese factories are moving abroad, making everything from appliances to automobiles everywhere from North and South America to Eastern Europe, the Wall Street Journal reported. More Chinese companies could be coming to the U.S., after President Trump and Chinese leader Xi Jinping reached a deal in Beijing this month to establish a new bilateral “board of investment.” Yet many leaders, especially in the U.S.

South Korea’s central bank held rates steady at its first meeting under Gov. Shin Hyun-song, though it signaled tighter policy ahead as it raised its forecasts for economic growth and inflation, the Wall Street Journal reported. The Bank of Korea kept its benchmark seven-day repurchase rate unchanged at 2.50% on Thursday, marking the eighth straight meeting without a change. “There is a need to raise interest rates at an appropriate time in the future,” said Gov. Shin, who assumed office in April and chaired his first rate-setting meeting earlier in the day.

U.S. and Mexican ​negotiators began formal talks to revamp the North American trade deal on Thursday, with Washington demanding stricter regional rules of origin, including ‌a U.S.-specific minimum level of content for cars and trucks built in Mexico. The new standard is contained in proposed texts to modify the U.S.-Mexico-Canada Agreement, two people familiar with the U.S. negotiating position told Reuters. The specific percentage of U.S. automotive content sought by the U.S.

Japanese banks are, in a historic shift, competing to shore up their deposit base as lending ​opportunities grow and consumers, seeking to beat inflation, shift their savings into a booming stock market, Reuters reported. While banks had ‌been able to count on ample deposits for decades, growing prospects domestically are pushing them to get creative or risk having to put a brake on lending. Interest on deposits is rising as the Bank of Japan gradually raises rates, but consumers are also seeing inflation eating into their savings after decades of deflation.

The Australian government said on Thursday that it was suing 3M for more than $1.4 billion in damages, alleging that the American industrial conglomerate had concealed information about the harmful effects of “forever chemicals” used at more than two dozen military sites across the country, the New York Times reported. The lawsuit is the largest ever brought by the Australian government, Michelle Rowland, the country’s attorney general, told reporters in Canberra, the capital.