British accountants could be required to look for fraud at companies they audit under proposals made in a government-backed review of recent corporate scandals which went undetected, Reuters reported. Lawmakers called for a shake-up of auditing after the collapses of construction company Carillion, retailer BHS and travel firm Thomas Cook and commissioned a review by former London Stock Exchange chairman Donald Brydon.

Irish households have reduced their debt by a third since the crash, figures from the Central Bank show. After a nearly a decade of belt-tightening, household debt in the Republic stood at €135.3 billion, or €27,489 per person, in the second quarter of 2019, The Irish Times reported. While this was still one of the highest debt levels in Europe, it was 33 per cent, or €67.6 billion, lower than the boom-time peak of €203 billion recorded in the third quarter of 2008 just as the financial crisis hit.

Germany’s stagnant economy is dragging down the eurozone, economists have warned, as new data showed Europe’s largest economy is on track for another sluggish year. Figures form IHS Markit showed the country’s purchasing managers’ index (PMI) fell to 43.4 in December from 44.1 the previous month, the first downward movement in three months. The result was worse than the 44.5 reading predicted by economists in a survey by Reuters. And the eurozone also saw a drop in the PMI, an index of prevailing direction of economic trends in manufacturing and services.

Europe’s economy is struggling to gain traction after years of anemic growth. But the rock-bottom interest rates meant to power a recovery are fueling a property boom that is creating a new set of problems, the International New York Times reported. Money is so cheap — a 20-year mortgage can be had in Paris or Frankfurt at a rate of less than 1 percent — that borrowers are flocking to buy apartments and houses. And institutional investors, seeing a chance for lucrative returns, are acquiring swaths of residential real estate in cities across Europe.

Pre-tax losses at a holding company for Michael JF Wright’s hospitality group last year increased almost threefold to €1.2 million, The Irish Times reported. However, the group is in expansion mode and has plans to open St Andrew’s Food Hall at Suffolk Street next year. Accounts lodged by The Wright Bar Group Ltd show that pre-tax losses increased from €419,809 to €1.2 million, due mainly to an exceptional cost. The group recorded the increase in losses as revenues declined marginally from €16.87 million to €16.31 million in the 12 months to the end of June last year.

Irish banking stocks fell in Dublin on Tuesday as the Bank of England ordered lenders with businesses in the UK hold additional capital to absorb losses in the event of a sudden downturn, The Irish Times reported. Sentiment towards the sector was further dented as UK prime minister Boris Johnson put the threat of a no-deal Brexit back on the table as he outlined plans to legislate to ensure the transition phase of the European Union withdrawal will not extend beyond the end of 2020.

Sweden’s Riksbank is expected to raise interest rates to zero per cent on Thursday, ending a five-year experiment with negative interest rates and becoming the first central bank in the world to ditch the controversial policy, the Financial Times reported. But with the Nordic economy slowing, some traders are already betting that Sweden may struggle to leave behind sub-zero rates for long. The bank’s monetary policy committee is scheduled to announce its decision on borrowing costs on Thursday.

Croatia prepared on Friday to rush through new legislation to protect the economy from big corporate failures, as the country‘s biggest private company Agrokor tried to secure a debt restructuring deal, the Stock Daily Dish reported. Some local media reported on Friday that Agrokor had signed a deal with creditors overnight to restructure its debt, but the company declined comment and there was no confirmation from its creditors.

Spanish engineering company Isolux said on Friday it had activated the formal process aimed at avoiding insolvency, as it battles to secure enough money to remain in business, the Stock Daily Dish reported. Under Spanish law, companies can enter into debt restructuring proceedings that give them up to four months to reach an agreement with creditors to avoid a full-blown insolvency process and a potential bankruptcy. Isolux has over 2 billion euros ($2.1 billion) in restructured debt, according to an update on its restructuring process published in December.

Sports Direct, the British sportswear retailer controlled by founder Mike Ashley, reported a 22 per cent rise in first-half core earnings, as it stemmed losses in its premium unit which includes fashion store Flannels and House of Fraser, The Irish Times reported. The group also repeated its belief that it would not be on the hook for any “material liabilities” from a €674 million bill it received from Belgium’s tax authority in July.