Headlines

Reliance Capital Limited (RCL) has successfully exited insolvency after the implementation of its approved resolution plan, making it the first Non-Banking Financial Company-Core Investment Company (NBFC-CIC) to complete resolution under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator under Section 45-IA of the RBI Act, 1935.

A senior Dundee University figure has told MSPs that insolvency is a "real possibility" as the institution attempts to tackle a £35m funding black hole, BBC.com reported. Acting chair of court Tricia Bey said without forthcoming financial support from the Scottish Funding Council (SFC) the university will run out of money by the end of June. Interim principal Prof Shane O'Neill told the Scottish Parliament's education committee he was given the "false assumption" last year that the university was close to breaking even despite having a £12.3m operating deficit at the time.

Romania's largest publishing house, Litera, founded in 1989 in Chisinau by Moldovan entrepreneur Anatol Vidrascu, announced it is taking over the online marketplace Elefant.ro from the insolvent online retailer Elefant Online, planning to turn it into a modern online platform for selling books, toys, stationery, and school supplies, Romania-Insider.com reported. Before its insolvency was announced in 2024, Elefant was the second-largest marketplace in Romania. Litera publishing house's activity peaked in 2021 when its turnover reached RON 92 million with a RON 10 million net profit.

A rise in U.S. tariffs on imports from the European Union that was met with retaliation would weaken economic growth in the eurozone and push inflation higher, European Central Bank President Christine Lagarde said Thursday, the Wall Street Journal reported. Speaking to European lawmakers, Lagarde said an increase in U.S. tariffs of 25 percentage points would lower the eurozone’s economic growth rate by 0.3 of a percentage point in the first year.

The Bank of England kept its main interest rate unchanged at 4.5% on Thursday, despite the fact that the economy is barely growing, EuroNews.com reported. Policymakers are also contending with increased uncertainty, particularly in light of tariff policies enacted by the Trump administration in the US. The decision by the nine-member Monetary Policy Committee was widely expected and comes a day after the US Federal Reserve also held interest rates. Minutes from the meeting showed that eight members voted to keep policy unchanged, with one backing a quarter-point reduction.

Switzerland’s central bank lowered its key interest for a fifth straight meeting of its policy makers, while its Swedish counterpart left rates unchanged Thursday for the first time since mid-2024, the Wall Street Journal reported. Economists expect both central banks to leave their key rates unchanged over coming months. Both have moved rapidly to remove the restraints they placed on economic activity as they sought to tame an inflation surge in 2022 and 2023.

Brazil’s central bank raised its key rate by a full percentage point for the third meeting and cued a smaller hike at its next gathering as policymakers weigh resilient inflation and signs of an economic slowdown, Bloomberg News reported. Policymakers led by Gabriel Galipolo lifted the benchmark Selic to 14.25% late on Wednesday, the highest level since October 2016. The central bank has now tightened by 3.75 percentage points over its last five decisions.

South Africa’s central bank paused its easing cycle while it assesses the impact US President Donald Trump’s trade policies may have on inflation, Bloomberg News reported. The monetary policy committee maintained the benchmark interest rate at 7.5%, Governor Lesetja Kganyago told reporters at a briefing north of Johannesburg on Thursday. That matched the median estimate of 21 economists in a Bloomberg survey, in which 14 predicted the hold and the rest expected a cut.

Governments in rich countries are set to issue a record $17 trillion in bonds this year as the higher cost of refinancing existing debts continues to push their interest bills higher, the Organization for Economic Cooperation and Development said Thursday, the Wall Street Journal reported. The rise in issuance comes as many central banks continue to sell bonds they acquired during the years after the global financial crisis, when they struggled to raise inflation to their targets, rather than contain it.

Iron ore miner Vale, a Chinese commercial partner since the 1970s, is welcome, along with other Brazilian firms, to further expand economic links with China, its commerce ministry said on Wednesday, Reuters reported. The comments came as chief executives of foreign firms gathered in Beijing this week for a key annual corporate forum and China mounted a charm offensive to woo foreign investment.