Two bosses of the private equity group behind deals including an acrimonious takeover of Maker & Son, a luxury furniture business, have been banned from running companies over “unauthorised” banking transactions worth almost £14 million, The Times reported. The bans relate to what the government’s Insolvency Service called “exploitation” of the banking system, which it said left “behind insolvencies worth more than £52 million”.

Russia’s financial system is reportedly coming under more strain as Moscow’s war on Ukraine nears the end of its fourth full year, Fortune reported. The White House is seeking to revive peace talks this weekend with Ukrainian President Volodymyr Zelensky due to meet President Donald Trump in Florida on Sunday. Russian forces stepped up their bombardment of Ukraine ahead of the meeting, but prolonged fighting presents risks for the economy. “A banking crisis is possible,” a Russian official told the Washington Post recently on condition of anonymity.

Klöckner Pentaplast announced yesterday that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed its reorganization plan, PlasticsToday.com reported. The plan, according to the company, was developed and financed with the support of an ad hoc group of its first-lien lenders and noteholders. Upon completion of the restructuring, Klöckner Pentaplast said it will reduce approximately €1.3B ($1.5B) of funded debt.

Russia’s central bank laid out a proposed framework that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to caution that investing in crypto carries risks, including potential losses, CoinDesk.com reported. “They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks,” the central bank’s press release said.

A renowned German distillery in Mecklenburg-Vorpommern, recognized internationally for its premium spirits, has initiated insolvency proceedings due to severe economic challenges, The Munich Eye reported. The distillery, known for producing high-quality gin, rum, and liqueurs, has faced mounting financial difficulties despite accumulating over 180 international awards since its establishment in 2014.

Grupo Celsa, a Spanish steel producer, has completed the refinancing of its debt for approximately €2.2 billion, an operation that brings to an end the restructuring process that began in 2023, the Iberian Lawyer reported. This process included the approval of the first restructuring plan in Spain following the insolvency reform, laying the foundations for ensuring the group’s viability and guaranteeing the continuity of its activity.

The Governor of the Bank of England warned people feel Britain’s economy is “stuck” after long periods of low growth, The Telegraph reported. Andrew Bailey said that he understood that people “feel the economy has got stuck” a day after the Bank cut interest rates from 4pc to 3.75pc. Britain’s economy shrank for the second month in a row in October as households were rocked by fears of Budget tax rises.

The U.K.’s long-promised crypto regulatory regime edged closer to reality this week, as the Financial Conduct Authority (FCA) unveiled its consultation that will ultimately define how crypto firms operate in Britain, CoinDesk.com reported. Together with legislation from HM Treasury, the proposals form the backbone of a framework scheduled to take effect in October 2027. For policymakers, the objective is to balance growth and innovation with market integrity and consumer protection.