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Latest figures revealed by the Insolvency Service show that £57.5 million has been returned to the UK economy in the past year, and over 69,000 people have been supported through emergency redundancy payments, according to a press release. The figures form part of the agency’s Annual Report and Accounts 2024-25: Insolvency Service Annual Report and Accounts 2024-2025 - GOV.UK.

The Insolvency and Bankruptcy Code (IBC), introduced nine years ago in May 2016, has enabled direct resolution of Rs 12 trillion (excluding cases under liquidation) of debt across 1,200 cases of stressed borrowers but when the indirect resolutions are considered, the number tops Rs 26 trillion and another Rs 22 trillion of debt have been resolved through other mechanisms, the New Indian Express reported.

Argentex Group PLC announced Tuesday that Interim Chief Executive Officer Tim Rudman resigned and left the board on Monday, Investing.com reported. The foreign exchange services provider confirmed that its board has resolved to appoint administrators to the Company and certain other subsidiaries in the group. Argentex stated it will make further announcements regarding the administration process in due course. Read more.

Bank of England Governor Andrew Bailey said on Tuesday he did not agree with finance minister Rachel Reeves' description of regulation as a "boot on the neck of businesses" and he defended rules for the banking sector which are overseen by the BoE, Reuters reported. Bailey told lawmakers that the central bank was open to making changes to the detail of post-financial crisis financial regulation - such as income thresholds for approving mortgages - to help the government's economic growth push.

Thailand's cabinet gave its approval on Tuesday for Vitai Ratanakorn to take over as the next central bank governor and revive an economy in the doldrums with limited monetary policy room to work with, Reuters reported. The appointment of Vitai, 54, the president and CEO of the Government Savings Bank, would be subject to royal approval before he starts a five-year term on October 1. He was picked over central bank veteran and deputy governor Roong Mallikamas. Vitai would succeed Sethaput Suthiwartnarueput, who has reached retirement age.

Britain's insolvent Lindsey oil refinery will close down after no buyers were found for the site, Energy Minister Michael Shanks said in a statement on Monday, Reuters reported. The refinery was placed into the hands of an official receiver after its owner Prax fell into insolvency at the end of last month. "After a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery, and it will be winding down operations," Shanks said.

Bank of England officials are mulling whether to set aside plans to create a digital pound for households amid growing skepticism about the project’s benefits, the latest sign of dwindling support for state-backed digital currencies globally, Bloomberg News reported. The BOE has been privately urging the banking industry to instead accelerate payment innovations that could result in similar benefits without the creation of a central bank digital currency — or CBDC — for consumers. Sources said that the central bank wants to be in a position to launch a CBDC if it is eventually warranted.

Australia's central bank judged lowering interest rates for a third time within four meetings was not consistent with its strategy of easing in a cautious and gradual manner, a reason that it shocked markets by holding steady this month, Reuters reported. Minutes of its July 7-8 policy meeting showed the majority of the Reserve Bank of Australia's nine-member board judged rates at 3.85% were still modestly restrictive, but it was difficult to know how far they could be cut before becoming neutral.

Global current account balances widened sharply in 2024, reversing a narrowing under way since the global financial crisis of 2008-2009, the International Monetary Fund said on Tuesday, warning that tariffs were not the answer, Reuters reported. In its annual External Sector Report, which assesses imbalances in the 30 largest economies, the IMF noted that external surpluses or deficits were not necessarily a problem, but could cause risks if they became excessive.

Canadian companies face higher costs to purchase goods and services but are limited in raising consumer prices due to competitive pressures and weaker demand, according to quarterly surveys published Monday by the Bank of Canada, the Wall Street Journal reported. Overall, near-term inflation expectations among firms have eased after a sharp escalation in the previous quarter. More firms report a deteriorating sales outlook as the repercussions from chaotic U.S. trade policy continues to reverberate.