Headlines

The Court of Arbitration of the International Chamber of Commerce (ICC) has ruled in favour of one of the most important creditors in the Signa bankruptcy case, the Luxembourg Times reported. The ICC awarded sovereign wealth fund Mubadala from the United Arab Emirates around €700 million for breach of financing agreements, according to the creditor protection association Creditreform. The arbitration tribunal is a non-governmental body for commercial and investment disputes.

The Barclay family’s sale of a house in Switzerland has triggered fears that they could put money beyond the reach of bankers chasing debts of £140m, The Telegraph reported. On Tuesday, HSBC told the High Court it was concerned that brothers Aidan and Howard Barclay were “playing for time” in bankruptcy proceedings and could use a delay to “dissipate” their assets. The bank pointed to the sale of a Swiss property in April last year and said lawyers acting for the siblings, former owners of The Telegraph, had refused to give assurances they would not carry out such asset sales.

UK high street retailer GAME is closing its three remaining standalone stores as managing director, Nick Arran, exits the company after nine years, GameIndustry.biz reported. As reported by The Game Business, via VGC, the Frasers Group-owned business will continue to operate its 200+ concession sites across Sports Direct and House of Fraser stores, as well as its retail website. GAME filed a notice of its intention to bring in insolvency administrators last week, following weak sales over the Christmas period last year.

Birmingham City Council has declared itself no longer effectively bankrupt after steadying its finances two-and-a-half years after hitting a budget crisis that the government stepped in to solve, BBC.com reported. In budget documents made public ahead of a council cabinet meeting next week, the authority states its financial situation for 2026-27 will be "balanced", with services set for £130m investment.

Vulnerabilities are building across the $16 trillion market for government bond-backed repurchase agreements, a global financial watchdog warned on Wednesday, highlighting rising leverage among hedge funds and growing dependence on short-term funding, Reuters reported. The warning from the Financial Stability Board, which coordinates regulatory policy among G20 authorities, follows repeated alerts from central banks and regulators about a market that underpins bond-market liquidity by letting firms borrow cash against sovereign debt.

Eurozone inflation fell below the European Central Bank’s target in January and is expected to remain under that 2% mark over the next two years, the Wall Street Journal reported. However, a weaker dollar and increased imports of lower-priced Chinese goods could push inflation even lower than policymakers expect, and persuade them to restart a series of interest-rate cuts the ECB halted in June. Inflation has hovered around the ECB’s 2% target over recent months, prompting its policymakers to reiterate that monetary policy remains in a “good place”.

Prudential Life Insurance announced Wednesday that it would suspend sales of new insurance policies for 90 days, following the discovery of widespread financial misconduct involving current and former employees, the Japan Times reported. According to the company’s news release, the suspension period, which is scheduled to begin on Monday, was determined based on the time required to swiftly implement priority reforms, including strengthening governance, conducting internal reviews and enhancing compliance training.

The Chinese company operating ports at the Panama Canal has filed for arbitration after the country’s Supreme Court voided its operating contract, claiming it was unfairly targeted by the country over the past year, Freight Waves reported. Panama Ports Company, a unit of Hong Kong-based CK Hutchison, said on Wednesday that it has commenced arbitration proceedings against Panama over its concession contract at the International Chamber of Commerce in Paris.

Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as a selloff led by Bitcoin accelerated, Bloomberg News reported. Total crypto market value has slumped by $467.6 billion since Jan. 29, according to CoinGecko data. Bitcoin on Tuesday tumbled to its lowest level since US President Donald Trump won re-election in early November 2024 and ushered in a more crypto-friendly administration. Despite a pro-crypto White House and surging institutional adoption, Bitcoin has plummeted about 40% since rocketing to a record in early October.

Eight weeks ago, the sidewalks outside Bulgaria’s national bank overflowed with tens of thousands of protesters demanding new leadership in a country that has seen a carousel of 10 elected and caretaker governments over the past five years. But on Saturday, the eve of one of the most dramatic cultural changes for Bulgaria in generations, only a short line of people stood silently at the bank’s door, the New York Times reported. It was the last day before the lev, Bulgaria’s currency since the 1880s, was replaced with the euro.