Headlines

Finnish fuel chain Teboil, which is owned by Russian oil major Lukoil filed for corporate restructuring on Friday, news agency STT reported, citing a court filing, according to Reuters. The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business. Teboil had on Wednesday said it was preparing to shut down all its stations as fuel runs out. Earlier in the week it had said it expected Lukoil to sell the chain. It was the first of Lukoil's international businesses to say it would close down as a result of the sanctions.

A U.S. bankruptcy court has held Byju’s founder, Byju Raveendran, in default and ordered him to pay more than $1 billion after ruling that he obstructed discovery in the case involving the missing Alpha Funds, the Economic Times of India reported. The court issued the default ruling after finding that Raveendran consistently ignored orders and failed to participate in the proceedings, following a motion for default that the lenders filed on August 11. “The court acknowledges that the relief granted herein is extraordinary.

A Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday, Reuters reported. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue.

The average time to conclude a resolution process under the Insolvency and Bankruptcy Code (IBC) is on a rise. According to official data, it took 603 days to complete 1,300 corporate insolvency resolution processes (CIRP) in the July-September 2025 quarter, which is higher than 582 days in the corresponding quarter last year, FinancialExpress.com reported. This is way above the 330-day limit set to conclude the process.

Indonesia plans to issue rules next year to set up trustee institutions and special-purpose vehicles aimed at spurring investment — a move that will also allow state fund Danantara to create a trust fund for onshore capital, Bloomberg News reported.

Britain’s largest life insurers have passed a key stress test from the Bank of England amid fears a shadow banking bubble could leave them vulnerable to a market crash, The Telegraph reported. The 11 insurers, including Aviva and Legal & General, were given a clean bill of health by the watchdog after being tested with an imagined market meltdown that wiped out almost £9bn of their capital.

A coalition of thousands of French retailers has sued the Chinese fast fashion retailer Shein, accusing it of unfair competition, according to the French Retail Council, a move that escalated a backlash against the company in France this week, the New York Times reported. The class action suit, filed on Wednesday in a commercial court in southern France, was brought on by 12 federations and 100 large French brands.

Europe is jeopardising its own future by missing the boat on artificial intelligence and must ​quickly remove obstacles that prevent the diffusion of this new technology,‌ European Central Bank President Christine Lagarde said on Monday, Reuters reported. Firms in the U.S.‌ and China are investing heavily in AI, generating a debate on whether this exuberance is fuelling a financial bubble or signalling a technological leap.

The United States on Monday demanded that the European Union make its regulation of the tech sector more "balanced" in exchange for a reduction of U.S. tariffs on steel and aluminium imports from the bloc, Reuters reported. At a meeting in Brussels, EU ministers urged U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer to implement their July trade deal, with cuts to U.S. tariffs on EU steel and their removal from EU goods such as wine and spirits.

Reliance Communications is facing a probe from India's Serious Fraud Investigation Office, it said on Thursday, in a move that will pile more pressure on the insolvent company, which is already under the scrutiny of the country's financial crime-fighting agency, Reuters reported. The company said an SFIO-appointed inspector had asked it and its unit, Reliance Communications Infrastructure, to provide "certain information" for the time period between fiscal year 2009 and 2024, without disclosing further details.