Headlines

Australian household spending rose modestly in June as a rush for cars and electronics was offset by a slump in services, showing lower borrowing costs and higher real incomes are only slowly flowing into the broader economy, Reuters reported. Tuesday's data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 0.5% in June, just half of the gain seen in May. Analysts had looked for an increase of around 0.8%.

Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing, Reuters reported. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. In May, Azul filed for chapter 11 bankruptcy protection in the United States after months of trying to restructure mostly pandemic-era debt. Read more.

Fast food chain Taco Bell may still get a new lease on life in the Netherlands. Curator Maarten Jansen is currently in talks with several potential buyers interested in taking over the bankrupt franchise operator of burritos, tacos, and quesadillas. “I hope to conclude these discussions by the end of next week,” Jansen told ANP on Friday. The ten Dutch Taco Bell locations, including in cities like Eindhoven, Rotterdam, and Utrecht, were operated by franchisee T Bello Netherlands. Two years ago, the company reported being profitable and announced plans to expand within the country.

The National Company Law Tribunal (NCLT) has partially allowed the application filed by the suspended promoters of Hotel Horizon, directing the exclusion of asset reconstruction company Phoenix ARC’s claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation, the Economic Times of India reported. Hotel Horizon’s key asset is a prime 1.85-acre land parcel in Mumbai’s plush Juhu area, overlooking the Arabian Sea.

The solar energy firm De Groene Energie Corridor (DGEC) is reportedly facing financial ruin and escalating legal pressure after a Dutch court ordered the removal of more than 78,000 solar panels near Schiphol Airport, citing a serious risk to flight safety caused by glare. DGEC has warned that full dismantling of the park, which includes nearly 230,000 panels, would force the company into bankruptcy, while Schiphol continues to push for complete removal and has asked the government to intervene, De Telegraaf reports.

The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday, Reuters reported. The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts. EU officials have said they expect more executive orders to follow soon. "The EU continues to work with the U.S.

Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon, Reuters reported. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan's decision to agree on a deal without creating an official document with the U.S.

Swiss annual inflation inched higher last month, though remained close to negative territory, suggesting the Swiss National Bank is still on course to push interest rates below zero later this year, the Wall Street Journal reported. Consumer prices were 0.2% higher in July than the same month of last year, compared with annual inflation of 0.1% in June, Switzerland’s statistics office said Monday. July’s data came after the U.S. last week slapped a shock 39% tariff on most imports of Swiss goods, a higher rate than had been signaled earlier by the Trump administration.

Germany’s “oldest and biggest” gay dance club has declared itself bankrupt after nearly half a century in business, falling victim to inflation and an evolving party culture threatening Berlin’s nightlife, The Guardian reported. Management troubles and dating apps were among the factors putting SchwuZ on the ropes last year and in May the club shortened its opening hours, laid off staff and asked regulars for help to plug a growing shortfall, to little avail. On Thursday, the management team posted on Instagram: “SchwuZ has filed for insolvency.

Sales of new cars in Italy fell by 5.11% year-on-year in July, transport ministry data showed on Friday, indicating a persistently weak market in the European Union's third largest economy. Total sales in July stood at 118,493 vehicles, Reuters reported. Market leader Stellantis, whose brands include Fiat, Jeep and Peugeot, suffered an even bigger sales slide of around 13% year-on-year, according to Reuters calculations.