Chinese conglomerate Fosun is close to acquiring Thomas Cook’s brand and its intellectual property assets, which could allow the business to be revived again as an online travel agent just months after collapsing into administration, the Financial Times reported. The deal to acquire the Thomas Cook assets could be announced as soon as this week, said two people briefed on the situation, although they cautioned that the deal had not been finalised. A number of other groups have been bidding, including rival travel agency, Tui.

Greece’s chief anti-corruption prosecutor has accused Piraeus Bank, the country’s largest lender, of violating capital controls in transactions relating to Libra Group, a US conglomerate that had earlier bailed it out, the Financial Times reported.

The number of people entering insolvency in England and Wales rose sharply in the three months to September compared with a year ago, according to official data that add to questions about the financial resilience of British consumers, Reuters reported. The government’s Insolvency Service said the number of people officially entering financial distress rose to 30,879 in seasonally adjusted terms, up 23% on a year ago though little changed from 30,690 in the second quarter.

Christine Lagarde has called on Germany and the Netherlands to use their budget surpluses to fund investments that would help stimulate the economy, in a sharp rebuke that comes only days before she becomes European Central Bank president, the Financial Times reported.

Mortgage lenders can no longer impose legal fees and other charges on borrowers in arrears who are co-operating with their bank to resolve the issue, The Irish Times reported. The Central Bank has written to all the main Irish lenders, reminding them of their obligation not to impose charges on borrowers ahead of a decision by a court on whether to repossess a property, or of a settlement between the two parties. It also said costs cannot be added to a mortgage account until a borrower was in a position to redeem the debt and had requested to do so.

Airbus cut its full-year delivery target and said cash flow will be lower than expected as it struggles to capitalise on the grounding of Boeing’s 737 Max, The Irish Times reported. The European manufacturer now expects to hand over about 860 aircraft this year, down from a previous range of 880 to 890 aircraft, as production challenges slow output of A320neo-series models. Free cash flow is likely to be about €3 billion, rather than €4 billion, it said in a statement on Wednesday.

Brazilian carriers Telefonica Brasil and TIM Participações will consider acquiring assets from struggling rival Oi SA if they are put up for sale, executives from both companies said on Tuesday, Reuters reported. In September, Reuters reported that Oi was in talks with the local subsidiaries of Spain’s Telefonica SA and Telecom Italia SpA to sell assets and avoid insolvency.

The European Union's euro economy commissioner Valdis Dombrovskis said on Tuesday that Brussels was not considering asking for changes to Italy's 2020 budget, the International New York Times reported on a Reuters story. Under EU regulations, the European Commission can force countries to amend their budgetary plans if they are found to be in serious breach of fiscal rules. Such a request would be made by the end of October, if at all.

On 11 July 2019, the UK government published draft legislation for the Finance Bill 2019 which contains important changes to insolvency law, Bdaily reported. From 6 April 2020, HMRC will have secondary preferential status for taxes collected by businesses on behalf of taxpayers (including VAT, PAYE income tax, employee National Insurance Contributions and Construction Industry Scheme deductions). This is in part, a return to the preferential status held by HMRC in 2003 but surrendered in the reforms brought in that year.

The Nordic business of collapsed travel firm Thomas Cook has reached a deal with a buyer, a company spokesman said on Tuesday, Reuters reported. The Nordic operations, also known as Thomas Cook Northern Europe, said last month that it was looking for new owners. It is a separate legal entity and aims to continue to operate as usual. Fredrik Henriksson, head of communications at Thomas Cook Northern Europe/Ving, said the firm would unveil the buyer on Wednesday, declining to give further details. The business said on Monday it had attracted several bids and interest from over 10 parties.