Headlines

The National Company Law Appellate Tribunal has held that applications before the adjudicating authority for the recovery of property when there is a prohibition are non-maintainable under Section 14 (1) (d), the Economic Times of India reported. Accordingly, no owner or lessor of a property, that is occupied by or is in possession of a Corporate Debtor can recover such property from them. The aforesaid provision is an express provision in the Code and there are no exceptions from the same.

Eurozone industrial output fell in September, underlining the fragility of the currency area’s economic recovery as exporters brace themselves for the possibility of higher U.S. tariffs, the Wall Street Journal reported. Total output decreased 2% across the 20 nations that share the euro, a sharper decline than was expected by economists, European Union data showed Thursday.

Southern Water Ltd. was downgraded to junk status by Moody’s Ratings and warned it could be cut further in light of the woes facing UK water and sewage providers as well as the company’s own weak track record, Bloomberg News reported. The firm’s “history of material operational and financial underperformance” could continue over the coming five years and impact the potential raising of £4 billion ($5.1 billion) in new debt and at least £650 million of new equity, Moody’s said in a statement Wednesday.

Chancellor of the Exchequer Rachel Reeves believes the UK’s crackdown on banks in the wake of the global financial crisis has gone too far and vowed to give the country’s watchdogs new marching orders to ensure they’re focused on growing the economy, Bloomberg News reported. Regulators have spent much of the last decade trying to eliminate risk taking, which has hindered growth across the country, Reeves said in prepared remarks for her inaugural Mansion House speech to the City of London on Thursday. “The UK has been regulating for risk, but not regulating for growth,” Reeves said.

Sweden’s Riksbank cautioned that loosening requirements on mortgage amortization could lead to increased stability risks, pushing back against a proposal intended to make it easier for first-time buyers to enter the housing market, Bloomberg News reported. The warning from the central bank comes after a government-appointed inquiry advised that households be allowed to pay down less on mortgages exceeding 70% of the value of the home. The so-called macroprudential rules were introduced in the wake of the global financial crisis amid concern over rising house prices and ballooning debt.

Japan's wholesale inflation accelerated in October as renewed yen falls pushed up import costs for some goods, data showed on Wednesday, complicating the central bank's decision on how soon to raise interest rates, the Japan Times reported. The corporate goods price index (CGPI), which measures the price that companies charge each other for goods and services, rose 3.4% in October from a year earlier, Bank of Japan data showed, above market forecasts for a 3.0% gain. It followed a 3.1% increase in September.

Japanese Prime Minister Shigeru Ishiba’s government is planning ¥30,000 ($192) cash handouts to help low-income households cope with higher prices as it fleshes out the details of an upcoming economic package, according to the latest draft of the plans seen by Bloomberg. In addition to the ¥30,000 handouts, the government plans to give low-income households an extra ¥20,000 per child, according to the updated proposals seen Thursday. The government also plans to reinstate subsidies for electricity and gas bills from January through March.

The number of Canadians filing for personal insolvency keeps on rising, another sign that high interest rates are still taking a big bite out of household finances, experts say, the Toronto Star reported. A total of 34,588 people across Canada filed for insolvency in the third quarter, a jump of 13.5 per cent over the same period a year ago, according to statistics from the Office of the Superintendent of Bankruptcy. In Ontario, there were 13,140 filings, a jump of 20.2 per cent. Business insolvencies rose 16.2 per cent over the last year nationally, and by 40.2 per cent in Ontario.

Thames Water won crucial support from creditors to move forward with its plan to raise £3 billion ($3.8 billion) in emergency funding, Bloomberg News reported. Holders of more than three-quarters of the beleaguered utility’s senior, Class A debt agreed to the proposal, according to a statement from the company on Wednesday. The fresh money, starting with an initial tranche of £1.5 billion, comes with an annual interest rate of 9.75%.

The Polish construction industry is facing its third crisis since the country joined the EU in 2004, with over 700 companies declaring bankruptcy in 2024, a 40% increase from the previous year, the Warsaw Business Journal reported. Small firms, especially in installation, renovation, and general construction, are struggling the most. Key factors include delays in disbursing funds from the National Reconstruction Plan (KPO), stagnation in railway investments, and slow progress in energy transformation discussions.