Headlines

One of Britain’s biggest delivery companies has crashed into administration, putting most of its 2,300 employees out of work and threatening major disruption to thousands of businesses that depend on it, the Telegraph reported. Sheffield-headquartered Tuffnells, founded in 1914 after Harold Tuffnell bought a horse and cart for £100 and began delivering goods, has appointed insolvency specialists from professional services company Interpath to handle its bankruptcy after failing to find new owners for the business.

Bank of Korea Governor Rhee Chang-yong flagged growing financial sector risks amid a rise in real estate loan delinquencies— even as the broader housing market slowly recovers, Bloomberg News reported. “In the mid- to long-term, it is necessary to find a way to smoothly deleverage household debt in cooperation with relevant institutions so that financial imbalances don’t accumulate again,” Rhee said in the text of a speech he gave Monday to mark the central bank’s 73rd anniversary.

Pakistan’s central bank left interest rates unchanged to stop growth from weakening and rein in inflation as the cash-strapped nation and the International Monetary Fund remain deadlocked over bailout loans, Bloomberg News reported. The State Bank of Pakistan’s monetary policy committee decided to keep the target rate at a record 21%, a move expected by a majority of the 44 economists surveyed by Bloomberg. Seven forecast a hike of a 100 basis points and one saw a 200 basis points jump.

Brazilian economists have reduced their long-term inflation expectations, putting an end to months of unchanged projections that the central bank had cited as a cause for concern, Reuters reported. According to the median forecast of a weekly central bank survey on Monday, 2025 inflation projections now stand at 3.9%, down from the previous estimate of 4.0% calculated since March 24. The expectation for 2026 has also decreased to 3.88% from the previous 4.0% forecast since March 17.

Argentina's monthly inflation rate likely sped up to 8.8% in May, according to analysts polled by Reuters, as prices in the South America country continue to soar despite a cooling trend in other countries around the region, Reuters reported. Argentina is battling soaring inflation likely to end the year near 150%, sapping people's spending power, pummeling the peso currency and pulling the rug out from under the ruling Peronist coalition ahead of October elections. That's one of the highest rates in the world and the fastest annual reading for the major grains exporter since 1991.

An electrical contractor will have some €2.7 million of a €2.9 million debt written-off under a personal insolvency arrangement (PIA) approved by the High Court, the Irish Times reported. The arrangement, approved by Mr Justice Alexander Owens on Monday, includes the near halving of the €470,000 mortgage debt of Thomas Fahy from Cortoon, Claregalway, Co Galway. Approval was sought by barrister Keith Farry, instructed by solicitor Nicola Nevin, on behalf of Nicholas O’Dwyer of Grant Thornton, Mr Fahy’s Personal Insolvency Practitioner (PIP).

In the latest attempt to boost consumer spending, China’s largest state-run banks lowered interest rates on deposits last week. The rate cuts, the second such reductions since last year, reflect a growing concern that the world’s second-largest economy has not rebounded as strongly as expected after lifting its restrictive “zero-Covid” measures, the New York Times reported. Six commercial banks all announced that they had lowered the rate for demand deposits, essentially a checking account, to 0.2 percent from 0.25 percent.

Manufacturer of wagons, high-speed brake systems, and railway and engineering equipment, Jupiter Wagons Ltd (JWL), on Friday, June 9, said Kolkata National Company Law Tribunal (NCLT) has approved the company's resolution plan to acquire a controlling stake in Stone India under CIRP of IBC, CNBCTV18.com reported.

A second Canary Wharf office block in as many weeks has collapsed into a form of insolvency amid growing financial pressure on commercial property owners, Sky News reported. Sky News understands that Alvarez & Marsal, the restructuring firm, has been appointed as fixed charge receiver over the shares of Cheung Loong Holdings Limited, which indirectly owns the long leasehold of 20 Canada Square. The building has for years been home to BP's oil trading division, while the credit ratings agency Standard & Poor's has been among its other tenants.