Global regulators spent more than a decade trying to ensure that a large bank could fail without any government support. Despite this year’s bank failures, they are still working on it, the Wall Street Journal reported. Global regulators are reviewing the March failures, including Credit Suisse’s collapse and Swiss officials’ decision to push UBS to acquire its rival in a deal with billions of public money, people familiar with the probe said.

Russia's central bank will hold an extraordinary meeting on Tuesday to discuss the level of its key interest rate, it said on Monday, as the sharply weakening rouble prompted calls for higher borrowing costs, Reuters reported. President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming loose monetary policy in a sign of growing discord among Russia's monetary authorities. The bank, whose key rate is currently 8.5%, had been scheduled to hold its next meeting on rates on Sept. 15.

A Munich-based property developer said on Friday that it had filed to open insolvency proceedings with a local court, in the latest sign of stress in Germany's real estate sector, Reuters reported. Euroboden GmbH, with 115 million euros ($126 million) in bonds outstanding and facing possible downgrades in its credit rating, said in a statement that negotiations for property sales had fallen through, hurting its finances. It also cancelled a meeting with bondholders later this month, where it had hoped to restructure its debt.

A Scottish renewables company, backed by Scottish Enterprise, has been placed into administration as a result of problems with its Canadian subsidiary, Daily Business reported. Edinburgh-based Sustainable Marine Energy (SME), developed tidal energy systems and last year its Canadian business was successful in harnessing tidal currents in the country’s Bay of Fundy, in Nova Scotia, using its innovative, floating platform.

UBS said that it would no longer rely on Swiss government assistance tied to its emergency takeover of Credit Suisse in March, the Wall Street Journal reported. The Swiss bank said that it terminated a roughly $10 billion government backstop that had limited its potential losses on some Credit Suisse assets. UBS also exited emergency liquidity lines the country’s central bank had provided to keep Credit Suisse afloat. UBS bought Credit Suisse after the latter came close to collapsing as customers pulled deposits.

Britain's economy eked out unexpected growth in the second quarter, laying the ground for more interest rate hikes from the Bank of England, but it remained the only big advanced economy yet to regain its pre-COVID, late-2019 level, Reuters reported. Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The figures sent the pound sharply higher against the U.S. dollar and euro.

UK homeware discount retailer Wilko has collapsed into administration, a form of creditor protection that could mean a loss of 12,000 jobs, it said Thursday, as the company could not find any saviour to avert its insolvency crisis to keep its 400 stores operational, The News (U.K.) reported. Mark Jackson, said management had "left no stone unturned" in its attempts to save the business. "But must concede that with regret, we've no choice but to take the difficult decision to enter into administration," he said.

The United States, United Kingdom, and Canada slapped sanctions Thursday on Lebanon's embattled former central bank governor and a handful of close relatives and associates over allegations of corruption, the U.S. Treasury Department said, the Associated Press reported. Riad Salameh, 73, ended his 30-year tenure on July 31 under a cloud of investigation and blame for his country's historic economic crisis. France, Germany, and Luxembourg are investigating Salameh and close associates over alleged financial crimes, including illicit enrichment and the laundering of $330 million.

The French economy should show modest growth in the third quarter as industrial and services activity picked up slightly in July, the central bank said on Wednesday in its monthly business climate report, Reuters reported. "For the third quarter... we expect GDP to show moderate growth compared to the previous quarter," the Bank of France said. It added its latest estimate was broadly in line with its growth forecast released in June, when it said the economy was expected to grow by 0.2% in the third quarter.

Prime Minister Giorgia Meloni on Wednesday defended the decision to impose a surprise windfall tax on profits at Italy's banks after the government watered down the plan following a market rout, Reuters reported. The economy ministry clarified late on Tuesday that the 40% windfall tax, a one-off measure which targets gains from banks' higher interest rates, would not amount to more than 0.1% of their total assets.