Denmark’s status as one of the world’s least corrupt nations is being challenged by allegations that its biggest bank, Danske Bank A/S, was a central pipeline for channeling billions in illegal funds across Europe from Russia, Moldova and Azerbaijan, Bloomberg News reported. An internal bank report is expected on Sept. 19 to detail just what happened. The biggest money-laundering scandal in modern Danish history won’t end there.

Europe’s most senior bankers pleaded in concert with the European Union to speed up its banking and capital markets union projects, warning that the region risks falling further behind the U.S. and China in the global economy, Bloomberg News reported. “If you really want to have a competitive edge” versus the Americas and Asia, “we must complete the banking union,” Deutsche Bank AG Chief Executive Officer Christian Sewing said Tuesday at the Bloomberg European Capital Markets Forum in Milan.

Italian prosecutors said on Tuesday the far-right League can repay some 45 million euros ($53 million) it owes the state over the next 75 years, saving the governing party from possible bankruptcy, the International New York Times reported on a Reuters story. A court ruled this month that prosecutors in the northern city of Genoa could seize some 49 million euros from accounts and businesses belonging to the party following a fraud investigation.

Brazil’s Natura Cosmeticos SA recently approached Avon Products Inc. about a takeover, according to people familiar with the matter. The companies aren’t in serious talks and Avon, which has received other expressions of interest, is focused on turning itself around and reviving its shares, one of the people said. Following years of decline in its once-formidable direct-sales business, Avon had a market value as of Monday’s close of just $900 million, The Wall Street Journal reported.

One of the European Central Bank’s top officials has said policymakers should spell out in more detail what will happen once borrowing costs in the eurozone finally begin to rise. The ECB is set to keep interest rates on hold at their current record lows “through the summer of 2019”, with markets betting on a rate rise at some point in the autumn of next year.

The European Investment Bank (EIB) is probably the most important EU institution that you may never have heard of. It is the world's biggest development bank, has nearly 4,000 staff, and is based in Luxembourg. The EIB is owned entirely by the EU's 28 governments and Brexit — like in so many other areas — is causing unforeseen challenges, the Financial Times reported. The UK’s departure is seen by some member states as an opportunity to revamp the EIB. It is a fight being fought on three fronts. The fiercest debate is about money.

Members of Nasdaq's Nordic commodities exchange have replenished more than 90 percent of vital clearing house contingency funds that were lost last week when a single Norwegian trader defaulted, the exchange operator said, the International New York Times reported on a Reuters story. Einar Aas, a derivatives trader who made large bets on the power market, left a 114 million euro (£101.7 million) hole in the clearing house buffers when his funds ran out, drawing scrutiny from regulators seeking to clarify whether rules were broken.

Rallye, the debt-laden parent of French supermarket chain Casino, bought more time on Monday ahead of a key bond refinancing deadline as five banks granted it a new 500 million euro (444.50 million pounds) credit line, the International New York Times reported on a Reuters story. Top banks BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, HSBC and Natixis gave Rallye the additional credit until 2020 with no collateral, demonstrating "their willingness to support Rallye in the long term," Rallye said in a statement.

London-based emerging market fund Gemcorp Group said on Monday it had extended a $250 million loan to Zimbabwe to help the country import essential goods like electricity, fuel and medicine, the company's CEO said. The southern African nation is facing its worst shortages of cash dollars since it dumped its own currency in 2009 in favour of the U.S. currency. This has made it difficult for companies, including mines, to pay for imports, the International New York Times reported on a Reuters story.

European equity funds have faced billions of dollars in outflows in recent weeks as Brexit, trade tensions and a slowdown in growth across the eurozone have dented investor sentiment, the Financial Times reported. European stocks have suffered outflows for 26 of the last 27 weeks with investors withdrawing a total of $41.3bn this year according to new figures from Bank of America Merrill Lynch based on EPFR data. This wipes out the net inflows of $36bn which Western Europe took in over the course of 2017.