Headlines

Solarmax, a German inverter and battery storage systems specialist with more than 30 years of experience, is facing insolvency. Last week, a German district court opened preliminary insolvency proceedings against the Bayern-based company, PV-Magazine.com reported. The Neu-Ulm district court judges appointed Michael Pluta of Pluta Rechtsanwalts GmbH as preliminary insolvency administrator, as his law firm published on Friday. A statement from Pluta said Solarmax was experiencing financial difficulties due to market conditions.

Recaro has been rescued from bankruptcy. The financial lifeboat comes courtesy of Proma Group, an Italian automotive parts supplier, which yesterday announced that it had signed an investment agreement to take over operations for the world's oldest seat maker, Car and Driver reported. Proma said in a press release that its investment will allow Recaro Automotive, which is based in Germany, to continue operations amidst a transitional phase. That will lead to a European relaunch in January, when OEM production will move to Italy.

The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against the company, the Economic Times of India reported. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the company.

India’s central bank kept its policy rate unchanged as it walks the line between curbing inflation and boosting growth after a surprisingly weak quarter, the Wall Street Journal reported. Reserve Bank of India Gov. Shaktikanta Das said Friday that the monetary-policy committee decided to maintain its policy repo rate at 6.50%, with four of six members voting in favor of the move. That marks an 11th consecutive hold by the Indian central bank, keeping the benchmark rate at the same level it has been at since February 2023.

Brazil coffee exporters owned by Montesanto Tavares Group Participações SA were granted a 60-day grace period to renegotiate debt with creditors, Bloomberg News reported. The decision, seen by Bloomberg News, was issued Friday by Judge Murilo Silvio de Abreu. The judge earlier this week declined a similar request for a grace period from the two companies owned by Montesanto — Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA.

Norway’s banks may face higher risks from a potential home price rally in a nation with the most indebted households in the developed world, its financial watchdog warned, Bloomberg News reported. The planned easing of lending regulations from January would boost housing valuations, Per Mathis Kongsrud, director general of the Financial Supervisory Authority, said in an interview in Oslo. Should the expected reduction in credit costs turn out steeper than projected, it could lead to “a rather sharp” rise in home prices, he said.

German industrial production fell again in October as the sector continued to struggle, with swathes of layoffs and potential trade tariffs threatening to compound the problem, the Wall Street Journal reported. Output dropped 1.0% on month in October, German statistics agency Destatis said Friday, weaker than the 1.0% uptick expected by economists in a poll compiled by The Wall Street Journal. Production declined by 2.0% in September, and by 0.4% in the three months to October.

The European Central Bank is seeking to accelerate its approval process for significant risk transfers, helping lenders to take advantage of booming demand for the deals, Bloomberg News reported. Under new proposals, banks will be allowed to submit information for their SRT transactions to the ECB just two weeks ahead of deal completion. This compares with the current requirement for a minimum of three months. In addition, the ECB aims to ask banks for fewer details about proposed transactions. A pilot of the simplified process is due to start in January and run for around six months.

Vancouver may try to integrate Bitcoin into city finances just as the digital token’s value is surging, a rally fueled by US President-elect Donald Trump’s support for crypto, Bloomberg News reported. City council will consider a motion on Dec. 11 from Mayor Ken Sim titled “Preserving of the city’s purchasing power through diversification of financial reserves – becoming a Bitcoin friendly city.” Sim’s ABC Vancouver party has a majority of the 11 votes on council.

A Brazilian judge ruled against major coffee exporter Montesanto Tavares Group Participações SA, which has been attempting to renegotiate debt owed to banks and firms including commodities trader Cargill Inc., Bloomberg News reported. Companies owned by the coffee group — Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA — were denied their joint request for a 60-day grace period on debt repayment as they negotiate with creditors in order to avoid filing for bankruptcy.