Headlines

The number of Canadians filing for personal insolvency keeps on rising, another sign that high interest rates are still taking a big bite out of household finances, experts say, the Toronto Star reported. A total of 34,588 people across Canada filed for insolvency in the third quarter, a jump of 13.5 per cent over the same period a year ago, according to statistics from the Office of the Superintendent of Bankruptcy. In Ontario, there were 13,140 filings, a jump of 20.2 per cent. Business insolvencies rose 16.2 per cent over the last year nationally, and by 40.2 per cent in Ontario.

Thames Water won crucial support from creditors to move forward with its plan to raise £3 billion ($3.8 billion) in emergency funding, Bloomberg News reported. Holders of more than three-quarters of the beleaguered utility’s senior, Class A debt agreed to the proposal, according to a statement from the company on Wednesday. The fresh money, starting with an initial tranche of £1.5 billion, comes with an annual interest rate of 9.75%.

The Polish construction industry is facing its third crisis since the country joined the EU in 2004, with over 700 companies declaring bankruptcy in 2024, a 40% increase from the previous year, the Warsaw Business Journal reported. Small firms, especially in installation, renovation, and general construction, are struggling the most. Key factors include delays in disbursing funds from the National Reconstruction Plan (KPO), stagnation in railway investments, and slow progress in energy transformation discussions.

The Brazilian agricultural sector experienced a significant uptick in companies seeking judicial recovery during the third quarter of 2024. This trend reflects broader economic challenges affecting various industries across the country, the Rio Times reported. According to the RGF Judicial Recovery Monitor, 264 agricultural companies were undergoing judicial recovery by the end of the third quarter, a 20.5% increase from the previous period. The surge stems from falling commodity prices, rising production costs, and high debt levels among rural producers.

China is cutting taxes for homebuyers and developers, as the government tries to put a floor under falling prices and sustain an improvement in housing transactions, Bloomberg News reported. The nation lowered home purchase deed taxes to 1% for first- and second-house buyers of flats of 140 square meters and below, from a current level of as much as 3%, according to a joint statement on Wednesday by the Ministry of Finance, State Taxation Administration and Ministry of Housing and Urban-Rural Development.

The leaders of Germany’s major parties have agreed to hold a federal election on Sunday, Feb. 23, 2025, following the collapse of Chancellor Olaf Scholz’s troubled three-party coalition last week, Politico reported. Scholz is now expected to hold a vote of confidence on Dec. 16 paving the way for the February election. For days, there has been speculation and debate on the timing of the vote.

Germany’s new finance minister dismissed fears the political turmoil in Berlin will trigger a funding freeze, pledging the federal government will be fully capable of functioning in the weeks before February’s early election, Bloomberg News reported. Joerg Kukies, appointed last week after Chancellor Olaf Scholz fired his predecessor and brought a premature end to the ruling coalition, said it’s still unclear whether Scholz’s minority government can get a supplementary budget for this year and the 2025 finance plan approved in parliament.

Switzerland's financial regulator said on Wednesday it would regularly review how it oversees UBS as the country's authorities prepare to overhaul regulations to make the banking sector more robust, Reuters reported. Laying out its strategic goals for 2025 to 2028, FINMA said it would enhance supervision of institutions it watches and have them develop their governance and risk culture towards higher requirements and clear risk tolerance thresholds.

Britain's finance sector is counting on policymakers to deliver a rulebook revamp that prioritises growth and stops business slipping away to global rivals, amid fresh challenges to London's financial superpower status, Reuters reported. U.K. finance minister Rachel Reeves is giving her first Mansion House speech to leaders of the City on Thursday and is expected to outline the role the left-leaning Labour government wants them to play to help increase national prosperity. Pressure is mounting after Trump vowed to "liberate" the U.S.

South Korean police have arrested 215 people on suspicion of stealing 320 billion won ($228.4 million) in the biggest cryptocurrency investment scam in the country, Reuters reported. Gyeonggi Nambu Provincial Police said on Wednesday the arrests included the alleged mastermind of the organised crime group accused of selling 28 types of virtual tokens to about 15,000 people by promising high returns. Police said the group had issued six of the 28 tokens on overseas crypto exchanges and were managing a team of market makers to push up prices. Police described the tokens as "worthless".