Headlines

June marked a significant uptick in the number of employees affected by corporate bankruptcies in Sweden, reaching the highest level recorded in the past five years, MENAFN reported. Approximately 1,400 employees were impacted by the bankruptcy of automotive components firm IAC Group Sweden alone, according to data, citing insights from Credit Safe, a leading credit information provider. Overall, the total number of employees affected by company bankruptcies across Sweden in the past month surged to 3,500.

One of the messages that helped propel the far-right National Rally to the brink of power in France’s parliamentary elections on Sunday — a once-unthinkable shift — is a common refrain in U.S. politics: It’s the economy, stupid, the New York Times reported. Both the National Rally and a coalition of left-wing parties called New Popular Front won large gains in part by tapping into anger over a cost-of-living crisis and a sense that President Emmanuel Macron had grown out of touch and did not understand their struggles.

The World Bank and other top development banks got a double boost on Tuesday as Fitch said debt payment freezes for climate-disaster hit countries would not hit the banks' credit rating and it would no longer cap ratings on new 'hybrid' bonds, Reuters reported. The World Bank and some other lenders started inserting Climate Resilient Debt Clauses (CRDC) last year that allow vulnerable low income countries to defer their repayments for up to two years if they are hit by a severe hurricane, flood or other type of catastrophe.

Japan's finance minister said on Tuesday authorities were vigilant to sharp currency market moves, as the yen continued its slump to fresh 38-year lows against the dollar, but stopped short of giving a clear intervention warning, Reuters reported. The change in official daily commentary to reporters, in which an intervention warning has become almost customary, comes as analysts question the effectiveness of such jawboning in stopping sharp yen declines.

China’s central bank’s plan to borrow bonds may slow but won’t quash their rally, as the fundamental reasons driving demand for debt are unlikely to reverse, according to analysts, Bloomberg reported. The impact of the People’s Bank of China move may instead be to put a floor on yields and send them into a range, they said. Benchmark yields rebounded from a record low Monday after the PBOC said it would borrow government bonds from primary dealers, a sign it may be contemplating selling securities to cool down a hot bond market.

Australian home prices rose in June for a seventeenth straight month, as tight supply outweighed demand-side pressures of high interest rates, a cost of living squeeze and tight lending conditions, property consultant CoreLogic said on Monday, Reuters reported. Data from CoreLogic showed national home prices climbed 0.7% in June from May when it gained 0.8%. Prices are up 8.0% on a year earlier.

The European Central Bank and the Bank of Canada in June joined the ranks of big central banks easing policy, while emerging markets ploughed ahead in their quest to lower interest rates, Reuters reported. Three of the nine central banks overseeing the 10 most heavily traded currencies that held meetings in June reduced their lending benchmarks, with Switzerland delivering its second rate cut in this cycle.

2024 has not been the best year for airlines that serve smaller or faraway countries, TheStreet reported. Air Malta, Armenia's FlyArna and the LIAT airline serving Antigua and Barbuda have all either formally filed for bankruptcy protection or simply closed up shop and ceased operations since the start of January. Vanuatu, a South Pacific nation of 326,000 people, was left without an airline after its flagship carrier, Air Vanuatu, declared bankruptcy after struggling to find the capital to fund the "extended maintenance requirements" required for its four planes.

The latest financial reports from Bandai Namco Studios and Bandai Namco Online turned out to be a complete disaster, Softonic reported. During the last fiscal year, which ended in March 2024, Bandai Namco Studios recorded a loss of 3,983 million yen, which is about 23 million euros. However, the worst part was taken by Bandai Namco Online, which has declared bankruptcy. Bandai Namco Studios is one of the branches of Bandai Namco Entertainment, which is responsible for developing video games for PC, consoles, mobile devices, and more.

Norwegian oil and gas rig operator Dolphin Drilling ASA said it would file for bankruptcy on Wednesday after failing to reach a deal with creditors, falling victim to a prolonged downturn in the oil services sector, Reuters reported. Formerly known as Fred. Olsen Energy, Dolphin had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, according to its annual report.