Five potential investors showed up for the rescue of Italian fashion house Roberto Cavalli, the company said on Friday without naming the suitors, Reuters reported. The Tuscan company received three binding offers for taking over the whole group, one binding proposal for just some assets, as well as a non-binding expression of interest. In the next few days the board will look at the bids along with company’s main shareholder Clessidra, with the aim of choosing the best offer to ensure the industrial continuity of the luxury group, a source close to the matter said.

European Union finance ministers are on Thursday discussing new rules that would make it easier to restructure euro zone sovereign bonds, a draft document shows - a move that could drive up yields of high-debt states, Reuters reported. Under the measure, part of a set of reforms that could be approved at Thursday’s meeting, holders of debt issued by one of the 19 euro zone countries would find their power to block bond restructuring or haircuts vastly reduced. If approved, it would apply to bonds issued on or after Jan.

Industrial output in the eurozone dropped in April, hit particularly by falling car production, adding to concerns of a prolonged slowdown in the region that may in turn apply pressure on the central bank, the Financial Times reported. Monthly output dropped 0.5 per cent, compared with March, the regional statistics office said on Thursday, in line with a Reuters poll of analysts. The Eurostat March figure showed a decline of a revised 0.4 per cent.

The German government has said the country’s economy will face sustained headwinds in the coming months, as global trade tensions hit its export industries and the labour market shows signs of a slowdown, the Financial Times reported. Germany’s economy grew 0.4 per cent in the first quarter of 2019, in part because of strong consumer spending. But in a statement, the German economy ministry said the outlook for the second quarter “remains muted”.

EU finance ministers and officials have warned Italy that it needs to bring its public finances back into line with the bloc’s rules, saying previous commitments to rein in its debt must be honoured, the Financial Times reported. Arriving at an EU meeting in Luxembourg, France’s economy minister urged Rome to “accept the hand” extended by the European Commission, which last week warned Italy that it was in breach of its obligations while stressing that Brussels was open to discussions on what action needs to be taken.

Faced with the choice of accepting rent cuts or hunting for new retailers to fill hundreds of stores, U.K. mall owners are swallowing their medicine, Bloomberg News reported. Some of Britain’s biggest commercial landlords including Hammerson Plc and British Land Co., voted in favor of a rescue plan for billionaire Philip Green’s Arcadia Group that meant having to accept dozens of store closures and rent cuts of at least 25% at almost 200 sites.

Boris Johnson, the leading candidate to become the U.K.’s next prime minister, laid out his plan to take the country out of the European Union by Oct. 31, if necessary without a divorce deal to smooth Britain’s exit, The Wall Street Journal reported. During a speech Wednesday launching his campaign, the former foreign secretary said he would seek to renegotiate Britain’s exit deal with the EU. At the same time, he would launch preparations across the country to weather a “no-deal” exit that many businesses and economists say would severely damage the economy.

Glencore has hoisted the “for sale” sign over the Chad-focused oil business it acquired five years ago as the miner and commodity trader looks to bolster a share buyback programme by selling non-core assets, The Irish Times reported. The London-listed group, run by Ivan Glasenberg, bought Caracal Energy for $1.6 billion (€1.4 billion) in 2014 as part of a plan to grow its African oil business and secure barrels for its muscular trading arm. However, the deal was completed just before oil prices peaked and Glencore was subsequently forced to take a series of impairment charges.

Italy aims to convince the EU to delay until the autumn a decision on whether to open a disciplinary procedure over its finances, which is expected to look healthier after tax revenue data in July, four coalition sources said, The Irish Times reported. The European Commission, whose term ends on October 31st, will also look more like a lame duck after the summer and Rome will have more time to argue its case for a reform of EU fiscal rules, two of the sources said.

Philip Green’s Arcadia fashion group has secured backing for a controversial restructuring plan after a meeting of creditors voted to approve it, The Irish Times reported. The owner of brands such as Topshop and Wallis needed three-quarters of its unsecured creditors to back the plan, known as a company voluntary arrangement. At a meeting in London, Arcadia received that – although the company did not immediately divulge by what margin. The move clears the way for 23 of its 566 stores across Ireland and UK to close outright, with rents reduced by up to 70 per cent on 194 more.