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Link Fund Solutions, which managed the collapsed LF Woodford Equity Income Fund, could be forced to pay up to 306 million pounds ($358 million) in redress, Britain's Financial Conduct Authority said on Monday, Reuters reported. The FCA was responding to news that Dye and Durham is proposing to take over LFS and six other companies in the Australian share registry firm Link Group, all authorised by the UK financial watchdog.

Argentina will stick to a deal with the International Monetary Fund to gradually reduce the country’s budget deficit amid a surge in inflation, the country’s top economic official said on Monday, WSJ Pro Bankruptcy reported. Economy Minister Sergio Massa met with IMF Managing Director Kristalina Georgieva in Washington, D.C., and they said the IMF’s program with Argentina would remain unchanged. Ms. Georgieva said she welcomed Mr. Massa’s “strong commitment and drive to achieve the goals of the program.” Mr.

Germany's justice minister is planning a temporary relaxation of insolvency rules to help keep afloat companies that have fundamentally sound business models but are struggling with debts due to high energy costs, he said on Friday, Reuters reported. Marco Buschmann, whose portfolio includes insolvency rules, said his plan would exempt firms from the obligation to file for insolvency if an expert finds they have a "positive going concern prognosis" for four months, down from 12 months now.

Some Turkish banks are curtailing corporate lending after the government's latest raft of regulations raised their costs and forced many to cut their balance sheet risks, five banking and private sector sources told Reuters. The new rules, part of President Tayyip Erdogan's unorthodox management of the economy, have especially depressed longer-term lending. The owner of one mid-sized manufacturer said it was "harder and harder every day" to access needed credit.

China will continue to roll out phased policies to stabilise its economy with a focus on reviving consumption and boosting investment, and implement these policies as soon as possible, state media cited Premier Li Keqiang as saying on Monday, Reuters reported. China will implement a variety of measures to stabilise growth, employment and prices, Premier Li said. "China will promote the recovery of consumption as the main pulling force and make greater efforts to boost effective investment, " Premier Li was quoted by state radio.

Malaysia’s Finance Minister Zafrul Aziz is confident the economy will expand faster than expected in the current year, supported by strong private consumption amid risks from a global slowdown, Bloomberg News reported. The economy, which expanded 8.9% in the second quarter, will likely see the momentum continue in the third quarter, he said at a Standard Chartered Bloomberg Live forum in Singapore. The central bank estimated full-year growth to be at the upper end of its 5.3%-6.3% forecast. New estimates on growth will likely be announced during the annual budget next month, Zafrul said.

Britain's economy grew by less than expected in July, raising the risk that it is already in a recession, with the sharp climb in energy tariffs hurting demand for electricity and a leap in the cost of materials hitting the construction sector, Reuters reported. With inflation at a 40-year high of more 10%, gross domestic product expanded by 0.2% from June, official data showed on Monday, weaker than a median forecast of 0.4%. In the three months to July, GDP was flat compared with the previous three-month period.

The European Union's securities watchdog said on Monday it was "actively considering" potential measures to ease strains in energy markets where some participants face difficulties in finding enough cash to cover positions, Reuters reported.

Germany imported goods from Russia valued at 2.9 billion euros ($2.95 billion) in July, according to data released on Monday, as elevated energy costs frustrated German efforts to wind down trade with Russia, Reuters reported. The value of German imports from Russia rose by 10.2% compared to July 2021, the Federal Statistical Office said. The office attributed the surge mainly to higher prices, particularly in the energy sector, as cuts to Russian gas deliveries drive up energy bills for households and businesses in Europe's largest economy.

German pilots at flagship carrier Lufthansa have agreed not to strike until mid-2023 under an initial wage dispute agreement that includes a 980-euro ($998.23) pay rise, both sides said on Monday, Reuters reported. During the truce period, which runs until June 30 next year, the union and the company aim to expand the deal into a broader agreement, Lufthansa said. Under the initial agreement, cockpit crews are to receive an increase in their basic monthly pay of 490 euros each in two stages, with retroactive effect from 1 August 2022, and as of 1 April 2023, VC said.