Headlines

The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, the debt-ridden company which was providing all-electric ride-hailing services and building a network of EV charging infrastructure in India, the Economic Times of India reported. The Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of Rs 5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company.

Austrian former property billionaire Rene Benko has filed an appeal against his conviction last week for insolvency-related fraud and the two-year prison sentence it incurred, his lawyer said on Monday, Reuters reported. The case stemmed from a sweeping investigation into crimes prosecutors suspect were committed in connection with the collapse beginning in 2023 of Benko's real estate group Signa, Austria's biggest bankruptcy since World War II.

The Christenson Group of Companies, which owes millions to Alberta seniors and their family members under life lease housing contracts, has entered creditor protection, CBC.ca reported. Court of King’s Bench Justice Colin Feasby approved an initial order under the Companies’ Creditors Arrangement Act (CCAA) on Friday. The order gives only 10 days of protection for now. Another hearing is scheduled at the end of the month to discuss the possibility of extending it into the future.

Pizza Hut is to close 68 restaurants and 11 delivery sites in the UK with the loss of 1,210 jobs, after the firm running them fell into administration, BBC.com reported. DC London Pie Limited, which operates Pizza Hut's UK restaurants, appointed FTI Consulting as administrators on Monday. However, Pizza Hut's global owner Yum! Brands has agreed to save 64 restaurants, preserving 1,276 jobs. Pizza Hut is well known for its family-friendly dining and salad bar, but its UK business has been struggling and had previously gone into administration less than a year ago.

Bank of Ireland could more than double the provision set aside to deal with the fallout from the UK motor finance commissions scandal, now estimating it could have to pay out about £350 million (€403 million), it said on Monday, the Irish Times reported. The bank had set aside just £143 million, although in recent weeks admitted it would have to hike the amount after regulators unveiled a planned industry-wide compensation scheme.

Strong exports and continued investment in new factories offset faltering retail sales and a further erosion of China’s housing market as growth in the Chinese economy held steady over the summer, the New York Times reported. During the third quarter of the year, from July through September, China’s economy expanded 1.1 percent over the previous quarter, maintaining roughly the same pace as during the spring, China’s National Bureau of Statistics said in a statement on Monday. If that pace continues, the economy will expand about 4.1 percent over the next 12 months.

China's new home prices fell at the fastest pace in 11 months in September, worsening the property sector's drag on broader economic growth as policymakers struggle to revive the flailing market, Reuters reported. Persistent property market weakness is weighing on consumer confidence and sapping household spending, building the case for policymakers to step up support to shore up growth amid global trade threats. New home prices fell 0.4% month-on-month, following a 0.3% fall in August, according to calculations by Reuters based on National Bureau of Statistics data released on Monday.

Bank of Japan board member Hajime Takata said the time is ripe for raising the bank’s policy interest rate, looking past political instability to reiterate his conviction after he dissented from a decision to hold policy steady last month, the Japan Times reported. "I believe that now is a prime opportunity to raise the policy interest rate,” Takata said Monday in a speech to local business leaders in Hiroshima.

Canadian firms feel conditions are slightly better than earlier in the year but they are unlikely to boost investments or hiring given the dampening effect of U.S. tariffs, a Bank of Canada survey showed on Monday, Reuters reported. The quarterly business outlook survey is closely watched by the BoC and economists to gauge what Canadian firms expect in terms of inflation, sales and hiring.

Vestas Wind Systems said that lower demand in Europe has pushed it to pause the planned construction of a new factory in Poland, the Wall Street Journal reported. The Danish wind turbine maker last year unveiled plans to build a new blade factory in Szczecin, near the Baltic Sea coast, to support Europe’s build-out of offshore wind parks. The plant was expected to build 15.5-meter blades for its flagship offshore turbine starting in 2026, employing more than 1,000 people.