Headlines

Valencia-based entrepreneurship-for-all startup Jeff has voluntarily filed for bankruptcy, Tech.eu reported.

NeXR Technologies SE informed that Prof. Dr. Torsten Martini, attorney-at-law specializing in insolvency and reorganization law, GÖRG Insolvenzverwaltung Partnerschaft von Rechtsanwälten mbB, has been appointed as provisional insolvency administrator for the company after filing for the opening of insolvency proceedings and has commenced his work, according to a press release. The Berlin-Charlottenburg Local Court (Amtsgericht Berlin-Charlottenburg), as the competent insolvency court, has appointed Prof. Dr. Torsten Martini to safeguard the insolvency assets.

A deal to rescue one of the biggest suppliers of soybean meal fed to livestock herds around the world is at risk of falling apart because of court delays and Argentina’s worst drought in living memory, Bloomberg News reported. The bankruptcy of Vicentin SAIC more than three years ago upended oilseed trading in Argentina, the top exporting nation of meal and of soy oil used in food and biofuels. After a tumultuous default that featured a botched nationalization and accusations of fraud by international lenders, Vicentin finally seemed to have secured its future.

Australia's largest pension fund will pause use of the domestic unit of auditor PricewaterhouseCoopers (PwC) as the "big four" firm reels from a national scandal over its use of confidential government tax plans to drum up work with global clients, Reuters reported. The roughly A$290 billion ($196.71 billion) fund, AustralianSuper, has frozen new contracts with PwC and expressed concerns about the scandal "at the highest level", according to a spokesperson. An audit contract worth A$1.6 million in 2022, will be reviewed this year, the spokesperson added.

Inflation in Peru could see a "greater deceleration" in June and July after higher-than-expected inflation last month, Peru's Economy Minister Alex Contreras said on Friday, Reuters reported. Official data published on Thursday showed consumer prices in the capital of Lima - seen as the national benchmark - rose 0.32% in May, slowing from 0.56% in April but above the 0.25% forecast in a Reuters poll.

Across Brazil’s dilapidated credit markets, investors are starting to whisper a new mantra in the face of double-digit interest rates and corporate malaise: The pain can’t last forever, Bloomberg News reported. The desperation for easier credit conditions is palpable nine months after central bankers in Latin America’s largest economy pinned their benchmark interest rates at 13.75%. Bond deals are still struggling to gain traction, bankruptcies are rising and investors keep on pulling cash out of Brazilian domestic bond funds.

Turkey's newly appointed Finance Minister Mehmet Simsek said on Sunday that the country has no choice but to return to "rational ground" to ensure predictability in the economy, Reuters reported. President Tayyip Erdogan named Simsek to his cabinet on Saturday to tackle Turkey's cost-of-living crisis and other strains, in a clear sign that his newly elected government would return to more orthodox economic policies. In a handover ceremony, Simsek said the main goal of the new government will be to increase social welfare.

The Central Bank of Sri Lanka reduced its interest rates Thursday for the first time since the island nation declared bankruptcy, after stern fiscal controls, improved foreign currency income and help from an International Monetary Fund program resulted in inflation slowing faster than expected, the Associated Press reported. The Central Bank said in a statement that the lending and deposit interest rates were reduced by 250 basis points to 14% and 13%.

The cancer-treatment specialist GenesisCare has filed for bankruptcy protection, after struggling under a debt load enlarged by a $1.5 billion takeover, the Wall Street Journal reported. Australia-based GenesisCare said today that it would split its U.S. business from operations in Australia, Spain and the U.K. as part of the U.S. chapter 11 reorganization. GenesisCare didn't say how much debt would be affected by the filing. GenesisCare is backed by the U.S. private-equity giant KKR.

Go First, an Indian low-cost airline, collapsed in May under the weight of four years of losses, citations for safety lapses and operating confusion that, in January, resulted in a flight from Bangalore to Delhi carrying baggage but forgetting a third of its passengers. At least the carrier held valuable assets in the form of 45 or so aircraft stranded at Indian airports. And, as a high-priority case, it was supposedly subject to expedited bankruptcy hearings, according to The Economist.