“Italy’s government vowed to forge ahead with its spending plans, despite warnings by the European Union that its proposed budget would breach the bloc’s fiscal rules, raising the chances of a clash with Brussels.”
Best Reads
Polish banks under pressure as GetBack scandal casts long shadow (Euromoney)
“Six months after Polish debt collector GetBack went into default, shockwaves from the event continue to shake the country’s financial sector.”
The 10 Most Important People in Italy Worth Watching Right Now (Bloomberg)
“Italy’s determination to deepen its budget deficit next year is driving up the government’s borrowing costs and setting it on course for a clash with the European Union. These are the people that traders really need to pay attention to in the weeks ahead.”
ESM: The New Face of the Eurozone Bailout Fund (Spiegel)
The European Stability Mechanism may soon be granted far-reaching new powers, including the kinds of functions currently possessed by the IMF. It would be expected to play a bigger role in bank bailouts and would be empowered to better assist governments that find themselves in a tight spot.
Germany needs LNG terminals (Handelsblatt)
There’s significant evidence that increasing competition in the gas market would be both good for German consumers and the security of the LNG supply, two experts argue.
KPMG discusses insolvency split-off (The Times)
The Big Four accounting firms, which also include Deloitte, PWC and EY, have been scrutinised by politicians and regulators over conflicts of interest that could arise from the consulting and advisory work they carry out and after a series of auditing scandals and company failures.
Is the pharmacy the next casualty of the high street? (Essential Retail)
Should retail pharmacies be worried about disrupters such as Amazon encroaching onto their patch?
Over 3000 Turkish companies apply for bankruptcy protection (Ahval)
The number of Turkey companies who applied for bankruptcy protection due to market volatility amid the country’s financial crisis has exceeded 3000…
Danske Bank board ousts chief following €200bn scandal (FT)
Danske Bank reversed course and ended Thomas Borgen’s reign as chief executive with immediate effect as Denmark’s largest lender seeks to overcome its €200bn money laundering scandal.
Business rates could be changed the business secretary announces (Business Matters)
Business rates in England could be changed to help High Street retailers, Business Secretary Greg Clark has said.