Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low, the International New York Times reported. An internal audit uncovered deficiencies in the way that the bank processed checks on behalf of clients, Deutsche Bank said in a statement. The audit, which examined the bank’s operations in Britain, did not find any cases of money laundering or breaches of international sanctions that occurred because of the lapses, the bank said.

The Government’s medium-term projections for the public finances are “not credible”, the State’s fiscal watchdog has said in its latest assessment of the economy, The Irish Times reported. The Irish Fiscal Advisory Council (IFAC) said the projections – laid out in the Stability Programme Update 2019 – show exchequer surpluses increasing each year based on expenditure forecasts that were not probable.

On Wednesday, Brussels issued a formal warning that sets Rome on the path towards its naughty corner for fiscal delinquents — the so-called excessive deficit procedure (EDP) — which, in extremis, could lead to fines or suspended transfers from the EU budget, the Financial Times reported in a commentary. This step is formally the same as the one Brussels took last autumn, that led to a compromise avoiding sanction. But there is much less chance of such an outcome now, economists say. Last time, Brussels objected to Rome’s declared budget plans, which were accordingly tweaked.

Britain's withholding of 39 billion pounds it promised the EU as part of its original Brexit plan would not constitute a default in the eyes of credit ratings agencies, but lawyers said it could lead to international court battles, the International New York Times reported on a Reuters story. Boris Johnson, the leading candidate to be Britain's next prime minister, said at the weekend that he would retain the Brexit payment until the EU gave the UK better exit terms. The 39 billion pounds represents outstanding British liabilities to the EU and is to be paid over a number of years.

The investment firm at the centre of British Steel’s collapse is considering buying a troubled steelworks in Poland, according to people briefed on the matter, the Financial Times reported.

It would be either illegal or useless for Italy to issue bonds to pay its suppliers as such notes would break European currency rules or add to the country’s massive government debt, Italian finance minister Giovanni Tria said on Saturday, Reuters reported. Speaking on the sidelines of a G20 meeting in Japan, Tria sought to soothe fears about Italy’s public finances, which have unnerved investors and raised the threat of disciplinary action from the European Commission since an anti-austerity government took office a year ago.

UK retailers suffered the steepest monthly decline in footfall for six years in May, according to figures from Springboard, the retail research company, the Financial Times reported. The figures, published on Monday, show that footfall across high streets, retail parks and shopping centres declined by more than 3 per cent in May compared with the same month last year. The high street segment was the worst affected with footfall down 4.8 per cent.

Mitie, the cleaning and security contractor, said it was hoping to take work from troubled rival Interserve as it continued to restructure following its own financial crisis, the Financial Times reported. Phil Bentley, who has led the cleaning, maintenance and security company since 2016, said it had already “made it to a couple of government framework contracts where Interserve had been the incumbent”. Interserve was taken over by creditors this year. Mr Bentley said it was too soon to say what the “full implications” for the market would be.

Deutsche Bank AG’s credit rating was cut by Fitch Ratings, which cited the firm’s lack of progress in improving operations, Bloomberg News reported. The bank’s long-term issuer default rating was downgraded to BBB from BBB+, Fitch said in a statement on Friday. “The downgrade of Deutsche Bank reflects its continued difficulty and limited progress in improving its profitability and stabilizing its business model,” Fitch said. The bank has a total of 145.7 billion euros ($165.2 billion) of public bonds and loans outstanding, according to data compiled by Bloomberg.

Philip Green’s Arcadia has offered better terms for landlords in a restructuring plan for the struggling British fashion retailer, seeking the support of creditors to prevent the group from collapsing into administration next week, Reuters reported. Arcadia said on Friday the cost of the sweetened terms would be met by Tina Green - Philip Green’s Monaco-based wife and the ultimate owner of a group which employs 18,000.