Headlines

The office of Official Receiver is 140 years old this year, marking a history that has evolved from administering personal bankruptcies to overseeing major company liquidations and securing bankruptcy restrictions against people who pose a threat to the public through financial wrongdoing, according to a U.K. government release. The Insolvency Service has 16 Official Receivers based across 16 locations in England and Wales, who act as trustees in people’s bankruptcies and liquidate companies that have been wound up, with the backing of hundreds of support staff.

German air-taxi maker Lilium said on Monday it would file for insolvency "soon," after efforts to solve its cash-crisis failed to yield results, Reuters reported. The move highlights the difficulties faced by startup aviation firms in an industry that is capital intensive and has high entry barriers. It also comes as air-taxi makers navigate challenges in developing batteries powerful enough for their aircraft and convincing the public of their safety, even as they deal with an evolving regulatory environment.

The British government announced plans to raise the cost of university tuition fees for domestic students in England on Monday for the first time in eight years, in an attempt to improve the finances of many crisis-hit institutions, Reuters reported. Nearly half of British universities are expected to record a loss this year because of a long freeze in the price of fees and a decline in lucrative overseas postgraduate students following an immigration crackdown by the last government.

Brazil’s Finance Minister Fernando Haddad said on Monday that fiscal measures to support the country’s fiscal framework could be announced this week, adding that the government is in the final stages of preparation for the announcement, Reuters reported. Speaking to reporters, he said President Luiz Inacio Lula da Silva is expected to call him later on Monday for a meeting on the matter. "After the meeting with him, I'll speak with you," he said.

China has moved forward with a complaint at the World Trade Organization that alleges the European Union has improperly set anti-subsidy tariffs on new Chinese-made electric vehicles, the Associated Press reported. The Chinese diplomatic mission to the WTO said Monday it “strongly opposes” the measures and insisted its move was designed to protect the EV industry and support a global transition toward greener technologies.

Prices of new homes in China rose at a faster pace in October, traditionally a peak season for house hunting, a private survey showed on Friday, suggesting that recent support measures could be having some early impact in a crisis-hit market, Reuters reported. The average price across 100 cities edged up 0.29%, compared with the previous month's 0.14%, according to data released by property researcher China Index Academy. On a year-on-year basis, the average price rose 2.08% versus 1.85% growth in September.

The Bank of England may extinguish hopes of a shift to quicker interest-rate cuts this week after the budget reignited inflation concerns and triggered a selloff in U.K. bonds that evoked memories of the 2022 market meltdown, Bloomberg reported. Economists and traders expect the Monetary Policy Committee to push ahead with only the second rate cut this year on Thursday, lowering the benchmark rate by a quarter point to 4.75%.