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The number of UK retailers on the brink of collapse surged by a quarter in recent months, a new report has warned, PAMedia.com reported. The strain on the retail sector follows new data showing a drop in the number of people heading to the shops during Boxing Day sales. The latest Red Flag Alert report from insolvency specialist Begbies Traynor found 2,124 UK retailers were in critical financial distress between October and December 16.
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Inflation in Tokyo accelerated for a second month in December while the labor market remained tight, results that largely keep the Bank of Japan on track for an interest rate hike next year, Bloomberg reported. Consumer prices excluding fresh food rose 2.4% in the capital, quickening from growth of 2.2% the previous month, the Ministry of Internal Affairs reported Friday. Tokyo’s figures serve as a leading indicator for national trends.
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Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire, the South China Morning Post reported. The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on December 19, the government gazette showed. The younger Lims were both directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.
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Japan's factory activity shrank at a slower pace in December as declines in production and new orders eased, a private-sector survey showed on Monday, edging closer to stabilisation after recent falls, Reuters reported. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in December, indicating the softest contraction in three months. The index was slightly higher than 49.5 in the flash reading and 49.0 in November but stayed below the 50.0 threshold that separates growth from contraction for the sixth straight month.
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The Agricultural Cooperative "Ratar" Brka, which has been in bankruptcy for 21 years, was registered as the property of the Brčko District of BiH, holding full ownership, Zurnal reported. In this process, the Agricultural Cooperative "Brka" Brčko, recognised as a creditor of "Ratar" Brka, lost its property rights, prompting them to file criminal complaints, as confirmed by the Cooperative to Žurnal. Criminal complaints have been filed against the Government of the Brčko District of BiH, the Department for the Public Registry, and the officials involved in this procedure.
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Entrepreneur Joseph Kairo Wambui, also known as Khalif Kairo, has addressed allegations of bankruptcy related to his company, Kairo and Karo, which specializes in car sales and importation, The Kenya Times reported. This comes after images circulating on social media showed his car yard nearly empty. In a video shared on Wednesday, Kairo dismissed claims that his company is facing bankruptcy, stating that these accusations are part of a smear campaign aimed at damaging his reputation.
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India is considering cutting income tax for individuals making up to 1.5 million rupees ($17,590) a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals. Under that system, annual income of 300,000 rupees to 1.5 million rupees is taxed at between 5% to 20%. Higher income draws 30%.
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Gerhardi Kunststofftechnik GmbH, based in Germany and known for manufacturing emblems for Mercedes-Benz, has filed for bankruptcy, autojosh.com reported. This decision stemmed from a reduced demand for their products amid a broader crisis affecting the European automotive sector. Reports indicate that Gerhardi Kunststofftechnik GmbH struggled to navigate the obstacles presented by today’s European automotive landscape, particularly due to the falling demand for electric vehicles. Founded in 1796, the company weathered two world wars but ultimately went bankrupt in 2024.
As KTM AG and its parent company Pierer Mobility entered insolvency court for their debt of around 3 billion Euros on Friday, rumors of their withdrawal from MotoGP ran rampant after it was announced via an Alpine Creditors Association (AKV) report that the withdrawal was one of the six points of reorganization measures self-administered by the debtors, Road & Track reported. KTM responded promptly with a press release stating their continued dedication to racing in 2025.