Headlines

Distress among UK companies has risen for a third consecutive year, to its highest level since the onset of the Covid-19 pandemic, according to a report by consulting firm Alvarez & Marsal, Bloomberg News reported. The consultancy found that 11.2% of UK corporates suffered from some combination of weak profitability, insufficient liquidity and inadequate capital structure last year. The figure stood at 9.8% in 2023 that and 8.5% the year before that. Surging costs and a rapid rise in interest rates in recent years has put significant strain on businesses.

The China Shipowners' Association opposes a U.S. proposal to slap hefty port entry fees on ocean cargo carriers that own or have ordered vessels from China, saying it violates international rules and U.S. laws, according to a statement seen by Reuters on Thursday. U.S. President Donald Trump's administration aims to partially pay for an American shipbuilding comeback with those fees, according to a draft executive order seen by Reuters. The CSA's members include China's COSCO Shipping, which is expected to be among the hardest hit by the fees proposed by the U.S.

Mallinckrodt and Endo, drugmakers with a shared history of bankruptcy and U.S. opioid litigation, will merge in a deal valued at nearly $7 billion to boost scale for selling their branded drugs, Reuters reported. Endo shareholders will get $80 million in cash and own 49.9% of the combined company, while Mallinckrodt shareholders will own the rest for an enterprise value of $6.7 billion, the companies said on Thursday.

President Donald Trump on Thursday threatened a 200% tariff on European wine, champagne and spirits if the European Union goes forward with a planned tariff on American whiskey, the Associated Press reported. The European tariff, which was unveiled in response to steel and aluminum tariffs by the U.S. administration, was expected to go into effect on April 1. But Trump, in a morning social media post, vowed a new escalation in his trade war if the EU pushes ahead with the planned 50% tariff on American whiskey. “If this Tariff is not removed immediately, the U.S.

The commerce ministry of India on Thursday assured domestic exporters, particularly those in labour-intensive sectors like leather and textiles, to protect their interests amid the US tariff threats, industry officials said, the Economic Times of India reported. The issues related to the country's exports were discussed during a virtual meeting chaired by Commerce and Industry Minister Piyush Goyal. Sectors like steel flagged concerns over the possible impact of US tariffs on exports.

It is important that Northern Ireland does not become “collateral damage” in any trade war between the US and EU, its deputy First Minister said, the Irish News reported. Emma Little-Pengelly said the north was in “a tricky situation” over trade, that she intended to highlight with ambassadors. Post-Brexit rules, set out in the Windsor Framework, aligns Northern Ireland trade processes with EU customs arrangements, while remaining part of the UK’s customs union.

A Thai business group on Thursday urged Prime Minister Paetongtarn Shinawatra to negotiate with the United States and consider lowering import taxes on U.S. goods, as the government met with the private sector to discuss U.S. trade policy, Reuters reported. The meeting comes ahead of a deadline U.S. President Donald Trump has set next month for federal agencies to complete comprehensive reviews of a range of trade issues, including analyses of persistent U.S. trade deficits.

Canadian households enjoyed a 1.4% rise in net worth during the final quarter of 2024, according to data released today by Statistics Canada. Asset values, minus liabilities, climbed $236.3 billion, InvestmentExecutive.com reported. The country went four for four last year, with increases in each quarter. By year-end, balance sheets were up $1.2 trillion relative to the end of 2023. The figure landed just shy of $17.5 trillion. Financial assets held by Canadian households rose 2% to $10.8 trillion at the end of 2024. That’s the fifth consecutive end-of-quarter record.

A lawyer argued Thursday that global mining giant BHP Group should be held liable for Brazil’s worst environmental disaster 10 years ago when a dam collapse poured tons of toxic mining waste into a major waterway that killed 19 people and devastated villages, the Associated Press reported. High Court Justice Finola O’Farrell said she would rule later in the class action case in which claimants are seeking 36 billion pounds ($47 billion) in damages from Australia-based BHP. The case was filed in Britain because one of BHP’s two main legal entities was based in London at the time.

Singapore prosecutors told a court on Thursday that a case in which Singapore-based firms have been accused of fraudulently supplying U.S. servers to Malaysia involves transactions worth $390 million, Reuters reported. Three men have been charged with committing fraud against Dell and Super Micro by falsely representing where the servers would end up. Singapore media have linked the case to the possible transfer of Nvidia's artificial intelligence chips to Chinese AI firm DeepSeek.