Headlines

In June, the number of companies filing for bankruptcy in Germany increased 2.4 percent year-on-year, according to data published by the Federal Statistical Office (Destatis), Nova.News reported. “The transportation sector recorded the highest number of insolvencies per 10 companies, with 11.3 cases. The construction and restaurant sectors followed, with 9.8 insolvencies per 10 companies each,” the report states. Data published by Destatis shows that wholesale commodity prices in Germany increased 0.9 percent year-on-year in June.

The struggles continue for global automakers in China, Electrek reported. After halting production, Volkswagen announced it will close a plant in China. And that’s not all: Another OEM is filing for bankruptcy through its joint venture. Although it might not seem significant, China is one of, if not the most important markets, for Volkswagen, accounting for around 30% of its deliveries. Volkswagen has already halted production at its manufacturing plant in Nanjing and plans to close it officially later this year. The Nanjing facility was opened by VW’s joint venture, SAIC Volkswagen, in 2008.

It's the official end of an ambitious project launched nearly fifteen years ago: The court in Changsha, Hunan province, has declared the Gac-Fiat Chrysler joint venture bankrupt, putting a definitive end to the industrial presence of Stellantis via this entity in China, italpassion.fr reported. This joint venture, created in 2011 at the instigation of Sergio Marchionne, was to enable Fiat Chrysler to conquer the world's largest automobile market alongside Chinese giant GAC Group.

Restart Energy One, a Romanian independent energy supplier and renewable project developer, has proposed repaying just 17% of the face value of its bond debt as part of a restructuring plan submitted under a pre-insolvency procedure, Romania Insider reported. The company published the proposal in a report to the Bucharest Stock Exchange on July 9. The plan allocates RON 5.62 million to bondholders against total outstanding bond obligations amounting to RON 16.4 million and EUR 3.35 million, or approximately RON 33 million, Ziarul Financiar reported.

Accusations against Mouzenidis Travel are becoming known, according to the bankruptcy trustee of the travel agency, who filed a complaint with law enforcement, Russian authorities for fraud and document forgery against the former heads of the once powerful travel operator, the trustee claims, MONEY & TOURISM reported. The communication includes details (VAT number, managers, etc.).

The European Central Bank should refrain from lowering interest rates again after inflation in the 20-nation currency area hit the 2% target in June, rate setter Isabel Schnabel said Friday, the Wall Street Journal reported. “Our interest rates are also in a good place, and the bar for another rate cut is very high,” Schnabel said in an interview with Econostream Media. The ECB last month reduced its key rate for the eighth time since June 2024, with some policymakers suggesting it is nearing the end of the cutting cycle.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January, CNN.com reported. “The United States of America has agreed to continue working with the European Union, despite having one of our largest Trade Deficits with you.

The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, Bloomberg News reported. The contacts with nations including Canada and Japan could include the potential for coordination. The move comes as talks between the EU and the US have dragged on and continue to be stuck on several issues, including cars and tariff rates on agriculture.

Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries, Reuters reported. U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35% tariff on imports next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners.

Brazilian President Luiz Inácio Lula da Silva said Thursday that he would impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro, the Associated Press reported. Lula said he would trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail. "If there's no negotiation, the reciprocity law will be put to work.