Headlines

Japan's three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group will jointly issue "stablecoins", digital currencies pegged to the value of real-world currencies, the Nikkei business daily reported on Friday.

The latest tour operator to land in bankruptcy proceedings is the expedition cruise line Exploris Expeditions & Voyages. Based out of Nantes in France, the cruise operator was placed under receivership by a local judge. "Unfortunately, we have a small cash flow problem that has been exacerbated by this last-minute cancellation by a major charterer, which has made things extremely difficult for us," Expedis VP Éric Lustman said in a statement translated from French.

The Brazilian airline Azul, which is owned by airline mogul David Neeleman, has called for a top-down investigation into the now defunct shell company TAP SGPS to work out why the company is bankrupt, why and where the money went, and to determine who is “guilty” for its insolvency, Essential-Business.pt reported.

An affiliate of Elliott Investment Management wants to cut costs at Venezuela-owned Citgo Petroleum while a unit of Gold Reserve would largely focus on maintaining the status quo, five sources told Reuters, as a lengthy auction that will determine the refiner's future nears an end. Details of the two competing visions for Citgo emerged ahead of a U.S. court selecting the winner for an auction of shares in Citgo's parent company, PDV Holding.

The government of Canada is threatening to sue automaker Stellantis NV over its move to shift production of the Jeep Compass to Illinois from Brampton, Ont., The Globe and Mail reported. Industry Minister Mélanie Joly issued the warning in a letter to Antonio Filosa, chief executive officer of Stellantis, which on Tuesday unveiled a US$13-billion plan to boost auto production in the United States by 50 per cent over four years. Industry watchers say Stellantis is trying to avoid U.S.

Industrial production in the eurozone sank back in August, a reflection of continued uncertainty among manufacturing firms as they adapt to reshaped global trade, the Wall Street Journal reported. Output fell 1.2% on month, swinging from a 0.5% increase in July, European Union data agency Eurostat said Wednesday. Industrial production in the 20-nation currency area was strong in the early months of 2025, as producers sought to get ahead of planned U.S. tariffs on imported goods.

The International Monetary Fund (IMF) revised up Asia's economic growth forecast on Thursday, but warned that renewed escalation in U.S.-China tensions could deal a heavy blow to a region heavily integrated in global supply chains, Reuters reported. Economic activity in the Asia-Pacific was holding up better than expected in April, despite the region bearing the brunt of U.S. tariffs, said Krishna Srinivasan, director of the IMF's Asia and Pacific Department.

Britain’s economy expanded only slightly in August, entrenching a period of slow growth after the fast clip at the start of this year, the Wall Street Journal reported. Economic activity rose 0.1% on month, the Office for National Statistics said Thursday, after gross domestic product fell a downwardly revised 0.1% in July. The U.K.’s economy grew at a strong pace in the first quarter of 2025, partly on a surge in exports as U.S. importers raced to get ahead of an anticipated rise in tariffs.

Rachel Reeves has signalled she will target tax rises on assets rather than earnings in the Budget as she ramps up her war on wealth, the Telegraph reported. Just weeks before she delivers her second Budget, the Chancellor said those with the “broadest shoulders” should contribute more to balancing the books. She also suggested higher earners would not be the main target of her tax raid. Her latest comments will raise fears that Ms Reeves is preparing to target pension wealth or family homes to plug a black hole left by about-turns on welfare reform and higher borrowing costs.

There are "significant gaps" in countries' attempts to regulate fast-growing crypto markets, which could potentially harm financial stability, the G20's risk watchdog warned on Thursday, Reuters reported. The Financial Stability Board (FSB), a body founded in the aftermath of the global financial crisis, made a series of recommendations on rules for crypto in 2023, to try to bring it in line with the mainstream financial sector.