Headlines

Pulp and paper manufacturer Celulosa Argentina SA filed for bankruptcy protection Monday, blaming the government of President Javier Milei for creating a bad business environment for local industry, the Buenos Aires Times reported. After missing bond payments, Celulosa, based in agricultural export hub Rosario, is now seeking protection from creditors in Argentina’s equivalent of a Chapter 11 process, according to an investor filing. Its locally traded shares slumped by as much as 17 percent on Monday and are down nearly 80 percent so far this year.

The cumulative number of insolvency cases initiated by operational creditors such as raw material suppliers and vendors against defaulters trailed that by financial creditors for the first time since fiscal 2017, show latest data, the Economic Times of India reported. According to officials, this suggests a growing preference among operational creditors in recent years for out-of-court settlements.

The Delhi High Court has asked the Centre to revisit its bid conditions that impose blanket ban on the companies having undergone corporate insolvency resolution process in the last seven years from participating in the government tenders, the Economic Times of India reported. It said that while the courts cannot introduce or delete any tender condition, the government as also the tender issuing authority must examine the issue.

The National Company Law Tribunal (NCLT) has admitted Canara Bank's insolvency plea against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Pvt Ltd, a special purpose vehicle promoted by BSE-listed Supreme Infrastructure India Ltd, over a default of ₹347 crore, the Economic Times of India reported. The tribunal also appointed Rajesh Jhunjhunwala as the interim resolution professional (IRP) to oversee the process.

Britain’s borrowing costs have risen faster than any other G7 country in the wake of Sir Keir Starmer’s decision to reshuffle his team of economic advisers, The Telegraph reported. The yield on 30-year UK gilts – the return that investors demand from the Treasury to fund its debt – rose to a 27-year high of 5.64pc on Monday. The latest increase came after the Prime Minister appointed Darren Jones, who had been deputy to Rachel Reeves in the Treasury, as his Chief Secretary.

The U.K. exchequer is chasing about £90m in unpaid taxes after a temporary staffing business was rescued from insolvency proceedings in an £18m deal that reimbursed private funders in full, The Guardian reported. The main assets of Challenge Recruitment Group, which counted Tesco, Sainsbury’s and Co-op among its top customers, were acquired from administration in July by the US website swipejobs, in what appears to be the second time the British staffing business has emerged from insolvency while owing tens of millions of pounds to the exchequer.

U.S. risk advisory business Kroll has acquired Kirby Healy, a Dublin-based corporate insolvency practice, for an undisclosed sum, the Irish Times reported. The New York-headquartered company, which provides a range of services from valuation, compliance and regulation, said the move would deepen “Kroll’s footprint in Ireland” and was part of a broader growth strategy in Ireland, aimed at meeting increased demand. The acquisition increases the company’s Irish team to more than 70 employees and the number of restructuring experts it has in Dublin to 26.

Annual inflation picked up pace a little in the eurozone last month, cementing expectations that the European Central Bank will leave interest rates unchanged for a second-straight meeting next week, the Wall Street Journal reported. Consumer prices rose by 2.1% on year in August across the 20 nations that use the euro, European Union figures showed Tuesday. That marks an increase from the 2.0% rate of annual inflation booked in July. Core inflation, which strips out the more volatile shifts in the prices of energy and food, was unchanged at 2.3% on year last month.

Brazil's economy lost momentum in the second quarter but still outperformed market expectations, driven by resilient services activity and gains in the extractive industry, official data showed on Tuesday, Reuters reported. Gross domestic product in Latin America's largest economy grew 0.4% in the April-to-June period from the previous quarter, statistics agency IBGE said. That reading marked a steep slowdown from the revised 1.3% growth reported for the first quarter, when seasonal farm output boosted performance in the agricultural powerhouse.

Japan Post Bank said it would launch a digital yen by the end of fiscal 2026 to make it more convenient for its depositors to make digital financial transactions, Reuters. reported. The move by the postal giant, which holds roughly 190 trillion yen ($1.29 trillion) in deposits, highlights a growing wave of domestic entities tapping blockchain technology to streamline financial transactions.