Headlines

Ever since Donald Trump's tariff salvo on India this week, garment maker Pearl Global - whose U.S. client list includes Gap and Kohl's - has been receiving midnight panic calls with an ultimatum: share the tariff hit or move production out of India, Reuters reported. To calm U.S. customers' nerves, Pearl Global has offered to shift production to its 17 factories in Bangladesh, Indonesia, Vietnam and Guatemala to bypass the steep U.S. levies on Indian imports. "All the customers are already calling me. They want us to ...

Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged, FashionNetwork.com reported. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business.

The Esports Advocate has learned that Berlin-based esports data firm Bayes Esports Solutions GmbH was put under administration and filed for insolvency in late May (case no. 3602 IN 3585/25),ESportsAdvocate.net reported. On Aug. 1, the Charlottenburg district court in Berlin determined that Bayes is both illiquid and over-indebted, triggering a main insolvency proceeding (Hauptinsolvenzverfahren) in accordance with EU Regulation 2015/848. The court received the insolvency filing on May 26. Berlin-based attorney Dr.

German antenna technology company Kathrein Broadcast has emerged from a period of financial uncertainty with the backing of a new investor consortium, BroadbandTVNews.com reported. Lenbach Capital, a Munich-based investment firm, will secure the long-term continuation of operations, according to the company. Financial details of the transaction were not disclosed. The deal lays the groundwork for the conclusion of the insolvency proceedings that were initiated in March 2025.

The Competition Commission of India (CCI) has approved Dalmia Bharat’s proposal to fully acquire the debt-laden Jaiprakash Associates Ltd (JAL), clearing a key hurdle in the latter’s ongoing insolvency process, the Economic Times of India reported. The green light from the antitrust regulator allows Dalmia Cement (Bharat) Ltd, a wholly owned subsidiary of Dalmia Bharat Ltd, to submit its resolution plan for JAL, PTI reported.

President Donald Trump on Wednesday raised tariffs on goods imported from India to 50% in response to the country's continued purchase of Russian oil, UPI reported. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," President Donald Trump said in an executive order. "Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25%," the executive order said.

India’s central bank kept its benchmark interest rate unchanged as uncertainties surrounding U.S. trade policy continue to cast a shadow over the South Asian economy’s outlook, the Wall Street Journal reported. The Reserve Bank of India’s monetary policy committee on Wednesday unanimously voted to maintain its policy repo rate at 5.50% and its monetary policy stance at neutral. RBI Gov.

Indian Prime Minister Narendra Modi will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the United States rise, Reuters reported. Modi will go to China for a summit of the multilateral Shanghai Cooperation Organisation that begins on Aug. 31, the government source, with direct knowledge of the matter, told Reuters. India's foreign ministry did not immediately respond to a request for comment. His trip will come at a time when India's relationship with the U.S.

China is a nation of savers. The Chinese government wants its people to spend more and save less. It also wants them to take on more debt, all for the sake of saving the economy from a four-year slump, the New York Times reported. The national financial regulator urged banks in March to expand consumer lending and offer more flexible repayment terms. Last month, policymakers promised to provide “innovative” financial services to boost consumption. Yet many Chinese consumers are wary. An alarming number of them are already defaulting on their debt.

German industrial orders unexpectedly fell in June, declining for a second straight month, due to falling demand from abroad, a trend that looks set to continue due to increased tariffs on exports to the United States, data showed on Wednesday, Reuters reported. Orders were down by 1% on the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. Foreign orders fell 3.0% on the month, while domestic ones rose 2.2%. Those from outside the euro zone dropped 7.8%, while inside the euro zone, they grew by 5.2%.