Polish banks suffered a potentially costly setback in the long-running saga over Swiss Franc mortgages after an adviser to the European Union’s top court said they can’t pass on extra fees to customers whose interest payments were deemed unfair, Bloomberg News reported. In cases where contested mortgage deals are voided by local courts, lenders can’t claim payments beyond reimbursements of the loan principal, Advocate General Anthony Collins of the EU Court of Justice said in a non-binding opinion Thursday.

Bank of England Chief Economist Huw Pill signaled policy makers are ready to reduce the speed of their interest rate increases, saying there’s a risk of “overtightening” if the pace over the past few months is maintained, Bloomberg news reported. The official who sits on the nine-member Monetary Policy Committee also said the labor market has shown signs of loosening, a suggestion that upward pressure on inflation from pay rises may be easing.

Activist investors are renewing their years-long efforts to break up some of Germany's most venerable companies, seeing streamlining as a promising route to reviving share prices as Europe's top economy emerges from the energy crisis, Reuters reported. This week Brenntag, founded in 1874 as an egg trader in Berlin, became the latest target of investors, who called for the chemicals distributor to spin off its specialties unit. Bayer BAYGn.DE, Fresenius FREG.DE and Thyssenkrupp TKAG.DE have seen similar demands to release value.

Thousands of people went on strike and took to the streets Thursday to protest French President Emmanuel Macron’s plan to raise the country’s retirement age, turning up the pressure on his government as parliamentary debates over the measures intensify, the Wall Street Journal reported. For the fifth time in four weeks, teachers, train drivers, nurses, oil-refinery staff and other workers marched in demonstrations from Paris to Marseille. The protests are aimed at pressuring the Macron government to reverse a plan to raise the retirement age to 64 years old from 62 by 2030.

The number of firms falling into insolvency increased in January against the same month last year, according to official figures, the Independent reported. Total company insolvencies in England and Wales hit 1,671 over the first month of 2023, the Insolvency Service said. It represented a 7% rise against January 2022 and was 11% above pre-pandemic levels from 2020. Experts said the rise pointed towards the toll of higher borrowing costs and continued elevated levels of inflation for businesses.

British inflation fell by more than expected in January and there were signs of cooling price pressure in parts of the economy watched closely by the Bank of England, adding to signs that further hefty interest rate hikes are unlikely, Reuters reported. Annual consumer price inflation (CPI) cooled to 10.1% last month, the lowest reading since September, the Office for National Statistics (ONS) said on Wednesday.

President Christine Lagarde reiterated that the European Central Bank intends to raise borrowing costs by another half-point next month, Bloomberg News reported. “In view of the underlying inflation pressures we intend to raise interest rates by another 50 basis points at our next meeting in March,” Lagarde told European Union lawmakers in Strasbourg. “We will then evaluate the subsequent path of our monetary policy,” she said Wednesday evening. Despite three months of moderating inflation, ECB officials are hammering home the message that the battle with soaring prices is not yet won.

Credit Suisse Group AG is exiting distressed debt and special-situations trading, as part of its broader exit from risky and capital-intensive businesses, Bloomberg News reported. The bank is selling a book of assets including bond and loan positions related to distressed companies, with a market value of about $250 million, according to people with knowledge of the matter. Final commitments from bidders are due this week after the portfolio was put up for sale in December.

Frederick Barclay, the reclusive tycoon who owes his former wife £100 million ($121 million), is discussing a financial settlement with her after being threatened with bankruptcy, Bloomberg News reported. The 88-year-old is yet to pay a penny of the divorce award, according to a lawyer for Hiroko Barclay, who told a London court on Monday her legal team was left with little choice but to prepare a bankruptcy petition against the “completely unrepentant” tycoon. The settlement offer to end the divorce fight was made on Feb. 10, the same day as Frederick was set to meet his nephew Howard.