Headlines

Nearly five years after initiation of insolvency proceedings against the Videocon group, the petroleum ministry Thursday moved the Supreme Court seeking intervention in the case, the Economic Times of India reported. The ministry has sought recovery of $525.62 million towards its "legitimate sovereign claims" against debt-laden Videocon Industries, even as it raised allegations that Vedanta group company Twinstar Technologies' bid has no provision to clear the government's dues.

Norway’s central bank cut its key policy rate to 4% Thursday but hinted that going forward it might not ease monetary policy as much as it previously expected, the Wall Street Journal reported. The central bank began easing monetary policy in June, bringing the rate down to 4.25% from 4.5%, and has long signaled a gradual further reduction to support economic activity.

The Bank of England (BoE ) held its main interest rate at 4% on Thursday as inflation in the UK remains stubbornly high, EuroNews.com reported. The decision was widely anticipated, as was the split of votes on the nine-member Monetary Policy Committee. Seven of the panel backed the decision, while two voted for a quarter-point reduction to 3.75%.

The European Central Bank might not have completed a series of rate cuts that began in June 2024, Vice President Luis de Guindos said Thursday, the Wall Street Journal reported. The ECB last week left its key interest rate at 2% for the second straight meeting, with inflation having settled at its 2% target. It had previously cut eight times in a year. Some investors have concluded that the central bank has finished with rate cuts, since inflation is at its 2% target and forecast to settle at that level after a 2026 dip.

A former boss of one of Britain's oldest business groups has been banned from holding company directorships for 11 years after abusing a state-backed emergency loan scheme for businesses struggling during the COVID pandemic, Reuters reported. Britain's Insolvency Service said on Thursday that it had barred Anna Daroy, a 61-year-old former director general of the Institute of Directors (IoD), after she secured two 50,000 pound ($68,085) "Bounce Back" loans for a management consultancy in 2020 when companies were only entitled to one.

Taiwan’s central bank held rates steady again, as the island’s strong economic performance so far this year gave it room to extend its pause, the Wall Street Journal reported. The Central Bank of the Republic of China (Taiwan) kept its benchmark discount rate at 2.000% on Thursday, marking a sixth consecutive hold. It maintained the secured and unsecured loan rates at 2.375% and 4.250%, respectively. The central bank attributed the decision to the island’s overall steady economic performance, which also gives it room to respond to the potential impact of U.S. trade policies.

Ocean shipping companies say importers and exporters won’t have to pay surcharges when new fees are imposed next month on Chinese ships at U.S. seaports, the Wall Street Journal reported. Some businesses fear price increases are coming anyway. Peter Friedmann, executive director of the Agriculture Transportation Coalition, which represents American farmers, said ocean carriers can’t pass on extra costs today because trade flows are falling and carriers are fighting for market share. They will have to pass on those new costs eventually, he said.

UK taxpayers have lost £400m following the collapse of hundreds of startups backed by a heavily criticised Covid-era investment fund launched by Rishi Sunak when he was chancellor, the Guardian reported. The Future Fund spent £1.14bn backing 1,190 companies, some of them of types not usually associated with government portfolios such as the sex party organiser Killing Kittens and the now defunct festival tickets business Pollen. The fund also invested nearly £2m in companies linked to Sunak’s wife, Akshata Murty.

The Bank of Canada reduced its key policy rate to a three-year low of 2.5% on Wednesday, the first cut in six months, citing a weak jobs market and less concern about underlying pressures on inflation, Reuters reported. The 25-basis-point cut had been widely expected by markets. The central bank paused its easing campaign in March after reducing rates by a total of 225 basis points in nine months, starting in June last year. Bank of Canada Governor Tiff Macklem said the damaging effect of U.S. tariffs meant considerable uncertainty remained.