Headlines

The number of companies filing for bankruptcy in Finland continues to climb, with June witnessing a significant rise. A total of 252 bankruptcy filings were recorded, an increase of 13 compared to the same month last year. The service sector remains the hardest hit, accounting for approximately half of all filings, the Helsinki Times reported. This upward trend in bankruptcy filings has been ongoing for over two years.

Atos agreed to 1.675 billion euros ($1.83 billion) of financing as part of its restructuring plan, backed by a group of banks and bondholders, WSJ Pro Bankruptcy reported. The French IT firm said on Monday that interim financing of EUR800 million is secured, providing the liquidity necessary to fund the business until close of the financial restructuring plan, and that EUR450 million is already accessible by the company.

An Indian tribunal on Tuesday started insolvency proceedings for edtech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup, Reuters reported. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and a collapse in its valuation to less than $3 billion from $22 billion in 2022.

After Beijing ordered Chinese cities to buy newly-completed apartments and turn them into affordable housing, the first steps they took were to unveil plans to broaden eligibility for subsidies and fix other economic headaches in the process, Reuters reported. Chinese leaders issued the directive in May, aiming to alleviate a protracted property crisis, which has led to bloated inventories of unsold apartments that have crippled developers' cash flows and weighed heavily on home prices, consumer confidence and economic activity.

The International Monetary Fund said Tuesday that global inflation is expected to come down more slowly in the second half of the year, raising the prospect of interest rates remaining "higher-for-even- longer," YahooFinance.com reported. The reason: the price of services. That broad category ranges from housing and haircuts to restaurants and medical treatment. "Services price inflation is holding up progress on disinflation, which is complicating monetary policy normalization," according to a new IMF report released Tuesday.

Euro zone households are applying for loans in growing numbers for the first time in two years as they grow more optimistic about the economy and interest rates fall, a European Central Bank survey showed on Tuesday, Reuters reported. The ECB began cutting interest rates in June but borrowing costs on financial markets started falling well before then, slowly making credit more attractive.

Nigeria’s annual inflation quickened for an 18th straight month, raising the prospect of another interest-rate increase when the central bank meets next week, Bloomberg News reported. Consumer prices rose 34.2% in June from 34% a month earlier, according to data published on the website of the National Bureau of Statistics on Monday. The median estimate of eight economists in a Bloomberg survey was 34%. The main drivers of the acceleration were higher rental, transport and grain costs.

Energy Absolute Pcl shares plunged by the 30% daily limit after the founder and chief executive quit over a fraud probe and its credit rating was slashed to junk, Bloomberg News reported. Energy Absolute fell to a 10-year low of 9.2 baht when it resumed trading Tuesday, after revealing it has 19.5 billion baht ($539 million) of debt due in 2024 and is seeking one or more strategic partners. Its disclosure followed a one-day share suspension ordered by the Stock Exchange of Thailand, which demanded the renewables company explain its financials and the impact of a fraud probe.

Thailand's prime minister said Monday that eligible businesses and individuals can register from August for digital cash handouts, a controversial program that will cost billions of dollars and is meant to boost the lagging economy. The government announced in April the widely criticized ambitious plan, named the “Digital Wallet,” meant to give 10,000 baht (about $275) to 50 million citizens in digital money to spend at local businesses.

Brazil’s economy grew slightly less than expected in May though prior figures were revised up, the central bank’s main gauge of activity showed amid signs that borrowing costs will stay high for longer, Bloomberg News reported. The bank’s economic activity index, a proxy for gross domestic product, rose 0.25% from April, below the 0.3% median estimate from analysts in a Bloomberg survey. Still, April’s monthly growth was revised to 0.26% from 0.01% previously, according to data published on Monday. From a year ago, the gauge gained 1.3%, the report added.