A surge in coronavirus cases in Germany has led to a disappointing start to the Christmas season for retailers in Europe's biggest economy, the sector body said on Sunday, Reuters reported. A survey by the HDE retail association showed that only 20% of 350 companies asked were satisfied with Christmas sales so far. November and December are normally the strongest months of the year for retailers.

Spain on Tuesday approved a year-long extension, until the end of 2022, to restrictions on foreign takeovers of Spanish companies it regards as strategic, Reuters reported. As part of measures to protect Spanish firms in the face of the coronavirus pandemic, Madrid imposed a process of authorization for the acquisition by a foreign company of stakes larger than 10% in companies considered to be strategic. The decision to extend the potential veto comes after U.S.

The International Monetary Fund approved a new tranche of aid to Ukraine and extended a $5 billion loan program by six months as the country pledged to progress in implementing reforms, Bloomberg News reported. The program “aims to help the authorities address the effects of the Covid-19 shock, sustain the economic recovery, and move ahead on important structural reforms to reduce key vulnerabilities,” the Washington-based lender said in a statement on its website Monday.

Creditors want to know the identity of the mystery buyer who bought Shandong Ruyi Technology Group Co.’s stake in a large European retailer, because the deal has complicated their efforts to take control and sell the Chinese company’s holdings, Bloomberg News reported. A Paris judge will review Shandong Ruyi’s sale of a 16% stake in retailer SMCP SA, the owner of the Sandro and Maje brands.

Health Minister Jens Spahn called on Tuesday for further restrictions as Germany's rate of coronavirus infections hit a record high and more politicians backed compulsory vaccinations, Reuters reported. The seven-day incidence rate jumped to 399.8 per 100,000 people on Tuesday, data from the Robert Koch Institute for infectious diseases showed, the 16th straight day it has hit a record level. As the number of COVID-19 deaths in Germany nears 100,000, the United States advised on Monday against travel there.

The U.K. government will temporarily run gas and electricity supplier Bulb as the energy crunch deepens, the first forced nationalization of a British company since the 2008 banking crisis, Bloomberg News reported. The government and energy regulator Ofgem will ensure uninterrupted supplies to Bulb’s 1.7 million customers by appointing a special administrator. Costs for running the seventh-largest retailer will be supported by Treasury. The process is being carried out “in the quickest possible timeframe,” a government spokesperson said in a statement.

The German economy is taking "a breather" as a lack of goods and labour as well as new restrictions designed to fight the coronavirus pandemic put an end to its recent boom, the country's central bank said on Monday, Reuters reported. The Bundesbank also warned that inflation in Europe's largest economy was likely to stay well above 3% for some time and upcoming wage negotiations should deliver large increases. Germany's economy boomed in the first half of the year as services reopened for business.

Telecom Italia (TIM) has received a 10.8 billion euro ($12 billion) approach from U.S. fund KKR aimed at taking Italy's biggest phone group private, the company said on Sunday, Reuters reported. KKR's move comes as TIM's CEO Luigi Gubitosi battles for survival after coming under fire from top investor Vivendi following two profit warnings in three months. TIM said KKR had set an indicative price of 0.505 euros for its possible buyout offer -- a 45.7% premium to the ordinary shares' closing price on Friday. KKR would also offer the same price for TIM's savings shares.

CSA, the Czech flag carrier, has lost 105 million Czech Crown ($4.6 million) in the first nine months of the year. However, it is making sufficient progress in paying off its debts, and so it will remain in the process of business restructuring and will not be declared bankrupt, SimpleFlying.com reported. The insolvency administrator of CSA announced that he was satisfied with the financial state of the Czech flag carrier in a report seen by Simple Flying. CSA will remain in the process of business restructuring and will not enter bankruptcy.

Auction houses and shoppers seeking new clothes for the Christmas holidays lifted British retail sales last month by more than expected, adding to recent signs that a slowdown in the economy might have abated slightly, Reuters reported. Retail sales volumes rose by 0.8% month-on-month in October, the Office for National Statistics said. A Reuters poll of economists had pointed to a 0.5% increase. Retail sales are now 5.8% above the level of February 2020, before the COVID-19 pandemic. Auction houses were an especially strong driver of retail sales growth in October, the ONS said.