Headlines

The European Commission has proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenues, its banks and its military industry, European Commission President Ursula von der Leyen said on Tuesday, Reuters reported. The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.

Brazilian airline Gol formally exited its bankruptcy proceedings in the U.S. on Friday, setting the stage for fleet expansion and new flights and routes within Brazil and other countries, Chief Executive Officer Celso Ferrer said, Reuters reported. In 2024, Gol became the second Brazilian airline, after Latam in 2020, to seek chapter 11 bankruptcy protection in the United States as the sector grappled with debt burdens, a steep decline in passenger numbers during the COVID-19 pandemic, and aircraft delivery delays. Azul, a Gol competitor, filed for chapter 11 last month.

The U.K.'s Insolvency Service, responsible for returning assets to creditors in bankruptcy cases, said it appointed its first crypto intelligence specialist to help trace cryptocurrencies as digital assets become more widespread, CoinDesk.com reported. Former police investigator Andrew Small will take on the role at the government agency, and will primarily focus on criminal cases, the service said. In the past five years the number of cases that have identified crypto as an asset that can be recovered by liquidators rose by 420% to 59.

Marelli Holdings, a Japanese auto parts supplier owned by private equity firm KKR, is considering filing for Chapter 11 bankruptcy protection in the United States, Kyodo news agency reported on Saturday, according to Reuters. Marelli, a key supplier to embattled Japanese automaker Nissan Motor, is looking into the chapter 11 option to ensure its business operations won't be halted even if its restructuring talks with creditors fall through.

Romania's sole flat steel producer and among the few still operational in Europe, Liberty Galati (part of GFG Alliance's Liberty Steel Group), announced it resumed activity on June 4 after idling for an entire year amid adverse market conditions, Romania-Insider.com reported. Over the past year and a half, the company received EUR 292 million in government-guaranteed loans from state-owned bank Eximbank but failed to reach break-even production amid a weak market last year. The company ties its hope for settling its mounting debts to the state's stimulus for the defense industry.

China's export growth slowed to a three-month low in May as U.S. tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world's second-largest economy on both the domestic and external fronts, Reuters reported. U.S. President Donald Trump's global trade war and the swings in Sino-U.S. trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth. Underscoring the U.S.

China's producer deflation deepened to its worst level in almost two years in May while consumer prices extended declines, as the economy grappled with trade tensions and a prolonged housing downturn, Reuters reported. Uncertainties from a tariff war with the United States and weak consumption at home have rattled sentiment and fuelled expectations of more policy stimulus to combat deflationary pressures.

Italian teams Brescia and SPAL have declared bankruptcy and will not participate in the next Serie C season, CNA.al reported. Brescia, after 114 years of history, failed to repay part of its debts, which amounted to around 9 million euros. It was forced to liquidate, after losing the right to compete in professional championships. SPAL is also in the same situation, declaring bankruptcy after investors withdrew. The club had received a -4 point penalty for financial irregularities, which contributed to its relegation from Serie B.

The Japanese economy shrank less than initially estimated in the first quarter but remains at risk of technical recession, which could delay the Bank of Japan’s timeline for raising interest rates, the Wall Street Journal reported. Real gross domestic product contracted 0.2% on an annualized basis in the January-March period, government data showed Monday. That compares with the 0.7% decline in the preliminary estimate. On a quarter-over-quarter basis, Japan’s GDP was nearly flat.

Taiwan’s exports resilience was on full display in May, growing at the fastest pace in nearly 15 years on likely frontloading as tariff uncertainty continues, the Wall Street Journal reported. Shipments of goods rose 38.6% last month from a year earlier, beating market expectations thanks in part to a surge in exports to the U.S., official figures showed Monday. That was just above the peaks seen during the post-Covid reopening boom in 2021, and the strongest print since July 2010, according to data from LSEG.