Headlines

French uranium miner Orano said on Wednesday its majority-owned joint venture with Niger, SOMAIR, is on the verge of bankruptcy as a result of export restrictions imposed by Niger's military government, Reuters reported. Orano was forced to suspend production at SOMAIR after authorities halted exports last year.

In a significant development in the ongoing insolvency resolution process of Jaiprakash Associates Ltd (JAL), the Adani Group is likely to have emerged as the leading contender with the highest bid to acquire the debt-laden company, sources familiar with the matter told BW Businessworld. The conglomerate is likely to have offered ₹16,000 crore to take over JAL, which is grappling with creditor claims exceeding ₹57,000 crore. Dalmia Bharat is likely to have emerged as the second highest bidder.

The insolvent Austrian lingerie manufacturer Palmers Textil AG is being taken over by the Danish company Change of Scandinavia, DPA International reported. The investor's entry secures the continuation of Palmers, a spokesman for the company announced on Monday. The long-established Austrian company declared itself insolvent in February. Change of Scandinavia primarily produces and sells women's underwear under the Change Lingerie fashion brand. Creditors can now expect to receive a total of 20% of their claims in four payments within two years, according to the statement.

The eurozone’s unemployment rate inched higher in May, a sign of jitters among European firms amid economic uncertainty over tariffs and geopolitical tensions, the Wall Street Journal reported. Unemployment rose to 6.3% in the 20-nation currency area, up from 6.2% in April, the European Union’s statistics agency Eurostat said Wednesday. Despite the uptick, the jobless rate is near historically tight levels. April’s level equaled the eurozone’s record-low rate, although it came after March’s level had been revised higher to 6.4%.

Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.

U.K. borrowing costs have surged and the pound has plunged amid speculation over the Chancellor’s future, The Telegraph reported. UK gilt yields rocketed higher on bond markets as Sir Keir Starmer initially failed to repeat a guarantee that Rachel Reeves would remain in her role for the whole of Labour’s first term in power. The yield on 10-year gilts – the return the Government promises to buyers of its debt – shot up by as much as 18 basis points, rising above 4.6pc after Ms Reeves was seen crying in the Commons during Prime Minister’s Questions.

Australian retail sales barely grew for a fourth straight month in May as gains in clothing purchases were offset by a rare drop in food sales, bolstering the case for another cut in interest rates next week, Reuters reported. The result dashed hopes that lower borrowing costs and rising real incomes would revive household demand, suggesting the Reserve Bank of Australia will have to again downgrade consumption forecasts, in a blow to the economic outlook.

Spanish Banco Santander S.A., the biggest lender in continental Europe by market capitalisation, is buying Scotland-based commercial bank TSB for £2.65 billion (€3.08bn). This is a major step to bolster the Spanish lender’s future in the UK, as it has been struggling to keep its UK arm afloat, EuroNews reported. The acquisition of TSB Bank means 5 million customers will be transferred to Santander, who will keep a total of £35bn (€40.1bn) in their deposits.

After failing to cut a trade deal with Japan following weeks of talks, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer decided to turn up the pressure. When Japanese officials arrived in Washington in late May, Lutnick and Greer warned them that if the two sides couldn’t work out an agreement soon, the conversations might start shifting from easing the tariffs President Trump had recently imposed toward additional punitive measures, according to people familiar with the matter.

President Donald Trump said on Wednesday he has reached a trade deal with Vietnam, just ahead of the 90-day pause on “reciprocal” tariffs ending for more than 90 countries that barter with the U.S., Freight Waves reported. Goods from Vietnam to the U.S. will now face a 20% import tax, instead of the 46% duty rate Trump said he would impose on merchandise from the country during his “Liberation Day” announcement on April 2. Trump paused the reciprocal tariffs on imports from most countries for 90 days on April 9, but kept a 10% baseline import tax in place for almost all U.S.