Azul said it received interim court approvals related to the company’s chapter 11 petitions filed in the U.S., WSJ Pro Bankruptcy reported. The court granted approval for the Brazilian airline operator to access $250 million of its $1.6 billion debtor-in-possession financing after a first-day hearing.

Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after he pleaded guilty in 2018 for his involvement in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB, Reuters reported. Leissner's conduct was "brazen and audacious," judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said.

President Donald Trump's trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures, a toll that is expected to rise as ongoing uncertainty over tariffs paralyzes decision making at some of the world's largest companies, Reuters reported. Across the United States, Asia and Europe, companies including Apple, Ford, Porsche and Sony have pulled or slashed their profit forecasts, and an overwhelming majority say that the erratic nature of Trump's trade policies has made it impossible to accurately estimate costs.

A U.S. trade court blocked most of President Donald Trump's tariffs in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners, Reuters reported. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy.

After stepping back this month from an escalating and dangerous war of tariffs, the United States and China are now threatening to undermine their uneasy truce, the New York Times reported. On May 12, the countries announced after weekend meetings in Geneva that they would suspend most of their recently imposed tariffs. Since then, however, both governments have shown that they are still prepared to wield controls over critical exports as weapons against one another, with moves that are potentially even more damaging to trade and global supply chains.

President Donald Trump on Friday said that he is “recommending a straight 50% tariff on the European Union” after complaining that trade negotiations have stalled, CNBC.com reported. The steep new import duties would start on June 1, Trump wrote on Truth Social. The EU “has been very difficult to deal with,” Trump wrote of the 27-nation bloc.

South Korea will prepare support measures for agricultural and food exporters, while closely monitoring the impact of U.S. tariffs on the sector, the finance ministry said on Thursday, Reuters reported. The United States is the biggest export market for the sector, with more growth potential expected from a boom in demand for South Korean foods, the ministry said in a statement after a meeting to review government responses to U.S. tariffs. South Korean officials travelled to Washington, D.C.

The giants of corporate America from Pfizer Inc. (PFE) to Alphabet Inc. (GOOG, GOOGL) are borrowing in euros like never before as the anxiety triggered by President Donald Trump’s tariff threats pushes them to hunt for alternative funding avenues in case their home market freezes up, Bloomberg News reported. A record number of these so-called reverse Yankee deals have been sold this year at a total value of more than €83 billion ($94 billion), up 35% on 2024, according to data compiled by Bloomberg. That’s nearly 14% of overall euro corporate issuance, the data shows.

The European Union is set to delay new, global rules governing banks' trading again as it waits for more clarity about the U.S. administration's plans to deregulate its financial sector, sources told Reuters. The Fundamental Review of the Trading Book (FRTB) is a key part the Basel III package devised in the wake of the global financial crisis but not yet implemented by Britain or the United States, two of the world's key financial centres.

Brazilian airline Gol said on Tuesday its restructuring plan under Chapter 11 bankruptcy proceedings has been approved by a U.S. court, Reuters reported. The Brazilian carrier, which has been in bankruptcy proceedings since early 2024, told Reuters it expects to exit chapter 11 in June. Read more.