Business leaders in the North, including a former DUP economy minister, have warned the Northern Ireland Executive that small enterprises and start-ups are in danger of going to the wall because they cannot access any emergency Covid-19 funding, The Irish Times reported. Simon Hamilton, chief executive of Belfast Chamber, and 11 other business leaders, have written to the North’s economy minister to warn that in every sector in the North there are companies currently struggling to keep their doors open because they have fallen victim to a “funding gap”.

A total of €34 billion has been wiped off the value of Iseq 20 companies over the past three months as the Covid-19 pandemic spooked investors in global equities, The Irish Times reported. AIB and Bank of Ireland are the biggest losers, shedding 69 per cent and 65 per cent of their market values respectively. As a result, AIB’s market value has fallen by almost €6 billion while Bank of Ireland’s has dropped by €3.4 billion. Combined, the State’s two largest domestic retail banks are worth just €9.3 billion.

Finnish department store owner Stockmann has decided to file for a corporate restructuring after the drop in customer volumes caused by the coronavirus outbreak, it said on Monday, sending shares in the company down 32%, Reuters reported. Stockmann said its main creditors had given a positive initial response to the move, which is a form of administration in which a court appointee is charged with restructuring the company to avoid bankruptcy.

Europe’s construction industry has suffered its biggest drop in activity since the financial crisis after many building sites closed and the supply of workers, materials and safety equipment was heavily disrupted by the coronavirus pandemic, the Financial Times reported. The IHS Markit purchasing managers’ survey for construction fell from 52.5 in February to 33.5 in March, figures published on Monday showed.

The European Commission is considering proposals that would allow EU member states to help companies through the injection of equity, the latest move aimed at relaxing state aid rules to tackle the coronavirus crisis, the Financial Times reported. The new proposal calls on member states to “provide further support in equity or hybrid capital instruments” to those businesses directly affected by the pandemic, people with direct knowledge of the plan said.

Italy’s government expanded its powers to block foreign takeovers and prepared a massive injection of liquidity into companies that risk bankruptcy amid the world’s deadliest coronavirus outbreak, Bloomberg News reported. Prime Minister Giuseppe Conte announced new economic measures as the country enters its fifth week of lockdown, with all non-essential businesses shuttered and still no plan to relax restrictions. Italy reported 3,599 new infections on Monday, the lowest in nearly three weeks.

Sweden-based airline BRA said on Monday it had applied for court-administered reorganisation as it sought to avoid bankruptcy after the rapidly spreading new coronavirus caused a collapse in demand, Reuters reported. The small privately held airline had said only days ago it was temporarily discontinuing all traffic between April 6 and May 31 due to the COVID-19 pandemic, of which there have been more than 6,000 confirmed cases in Sweden.

British department store chain Debenhams is preparing to enter administration for the second time in a year to protect the business from legal action from creditors during the coronavirus emergency that could have pushed it into liquidation, Reuters reported. The retailer said on Monday it had filed a notice of intent (NOI) to appoint an administrator. With Britain in lockdown during the pandemic, Debenhams’ 142 UK stores are currently closed, while the majority of its 22,000 workers are being paid under the government’s furlough scheme. It continues to trade online.

Arcadia, the fashion empire controlled by Philip Green and his family, is likely to close dozens more of its UK stores, with the coronavirus pandemic compounding already difficult trading conditions, the Financial Times reported. “No decisions have been made at this time,” said a spokesman for the company. But the terms of a rescue plan agreed with its creditors in June last year provided for the possible closure of many more stores than the 22 initially earmarked.

Service sector activity crashed across Europe in March as coronavirus lockdowns caused a series of widely watched business surveys to record their largest-ever monthly falls to levels that suggest a severe economic contraction is under way, the Financial Times reported. None of the leading European economies was immune to the economic pain. Italy’s purchasing managers’ index fell to levels far below the worst point in the financial crisis 11 years ago.