Headlines

A British High Court judge ruled Wednesday that a company linked to a lingerie tycoon must repay the government more than 121 million pounds ($163 million) for breaching a contract to supply 25 million surgical gowns during the coronavirus pandemic, the Associated Press reported. In an 87-page ruling, Justice Sara Cockerill found that PPE Medpro had “breached the contract” and that the Department of Health and Social Care was “entitled to the price of the gowns as damages,” though not to the cost of storing the gowns.

Icelandic low-cost airline Play ceased operations following weeks of poor ticket sales and a failed strategic shift, stranding thousands of passengers and putting hundreds of staff out of work. All of the company’s flights have been canceled, with the carrier now working with authorities to wind down operations, it said in a statement, WSJ Pro Bankruptcy reported. “Thousands of passengers will need to reorganize their return journeys, around 400 people will lose their jobs, and the company’s partners will suffer losses,” it said.

Swedish operator Braathens is filing for bankruptcy for its Airbus-based operation, which the company has been in the process of phasing out, FlightGlobal.com reported. Braathens had opted in August to concentrate on ATR 72-600 turboprop services, and gradually dismantle the Braathens International Airways division which has been flying Airbuses. While it had been seeking to secure continuing finance while the Airbus operations were phased out, the company says this effort has “not been successful”. “All Airbus flight operations will be discontinued immediately,” it states.

The number of new Irish start-ups rose by 11% year-on-year in the third quarter of 2025, according to the latest figures from credit risk analyst CRIFVision-net, BusinessPlus.ie reported. The report shows that fresh firms are emerging across a broad range of sectors, with notable county-level gains. Westmeath and Kildare both recorded a 26% increase in new businesses, while Meath rose 19% and Wexford 11%. Larger urban areas also saw a strong rise, with Limerick up 19%, Cork 14% and Dublin 6%.

India’s central bank kept its policy rate unchanged as U.S. tariffs continued to cloud the South Asian economy’s outlook, while signaling that it remains open to further easing, the Wall Street Journal reported. The Reserve Bank of India on Wednesday voted unanimously to maintain its policy repo rate at 5.50%, holding steady pat for a second straight meeting after a jumbo-size cut in June. The central bank also kept its monetary policy stance at neutral.

India’s central bank plans to permit local lenders to finance mergers and acquisitions, a move expected to boost the country’s $40 billion-plus deals market, Bloomberg News reported. The Reserve Bank of India will soon propose a framework enabling banks to directly fund corporate takeovers, Governor Sanjay Malhotra said in Mumbai on Wednesday after the central bank kept interest rates unchanged. The proposed relaxation in rules was part of a slew of measures announced by the RBI.

Thailand's new central bank chief said on Wednesday that he will maintain the independence of the Bank of Thailand (BoT) while collaborating with the government to address the country's economic challenges, the Bangkok Post reported. The central bank remains firm in its primary mission to ensure macroeconomic stability, Vitai Ratanakorn, 54, told reporters as he took over as governor effective from Oct 1, succeeding Sethaput Suthiwartnarueput.

Annual inflation accelerated in the eurozone last month, cementing expectations that the European Central Bank will leave its key interest rate unchanged for what is left of this year, the Wall Street Journal reported. Consumer prices were 2.2% higher than a year earlier in September, picking up pace from the 2.0% rate of inflation booked in August, and in line with economists’ expectations. Stronger-than-expected rises in inflation in key economies like Germany pushed the rate higher for the 20-nation currency union as a whole.

Turkish lawmakers are reportedly planning to consider legislation that would grant the country's financial crimes watchdog sweeping new authority to freeze bank and crypto accounts suspected of illegal activity, Decrypt.com reported. The draft bill would empower Masak, Turkey's financial intelligence unit, to take direct action against accounts suspected of criminal use across financial institutions and cryptocurrency platforms.

The U.K.’s annual rate of inflation is on track to fall to the Bank of England’s 2% target despite a recent pickup, Deputy Governor Sarah Breeden said on Tuesday, the Wall Street Journal reported. The annual inflation rate was 3.8% in August, and the BOE expects it to rise to 4% this month before falling back. But in a speech in Cardiff, Breeden said it’s unlikely that pickup will have long-lasting consequences. “I do not see evidence that the disinflation process is veering off-track,” she said.