European Union finance ministers signalled their resistance to new international banking rules which may require banks to hold more capital amid concerns about the impact of such policies on the European banking sector, the Irish Times reported. Meeting for the second day in Luxembourg on Tuesday, EU finance ministers discussed new rules being devised by an international supervisory group amid fears that they could put onerous capital requirements on banks.

Portugal’s souring investment climate and weak economic growth are raising concern across Europe and beyond that the country, which required an international bailout five years ago, could choke again on a debt that is now nearly 130% of its gross domestic product.

Good news coming out of the dismal mess of the Greek economy and its international bailout has been a rare commodity over the past six years, the Financial Times reported in a commentary. So it is tempting to celebrate the decision of the eurogroup of finance ministers that Athens has done enough structural reform to receive the latest €2.8bn tranche of its bailout. In practice, a quiet measure of relief would be more appropriate than unbridled joy.

The pound slumped in late trading on Tuesday, firmly establishing sterling as the worst major performing currency this year as investors grow increasingly alarmed at the prospect of a severe rupture between the UK and EU, the Financial Times reported. Traders warn that a disorderly sell-off in the pound poses a major challenge for the Bank of England as it spurs inflation and ultimately prevents a further easing in its monetary policy that can offset weaker growth in the economy.

Deutsche Bank was given special treatment in the summer stress tests that promised to restore faith in Europe’s banks by assessing all of their finances in the same way, the Irish Times reported. Germany’s biggest lender, whose share price fell as much as 22 per cent in recent weeks on fears of a $14 billion US fine, has been using the results of the July stress tests as evidence of its healthy finances. But the Financial Times has learnt that Deutsche’s result was boosted by a special concession agreed by its supervisor the European Central Bank (ECB).

Greece has completed a set of key economic overhauls, eurozone finance ministers agreed Monday, marking the end of the first review of its fiscal bailout and clearing the way for disbursement of new loans to Athens, The Wall Street Journal reported. The ministers, who were here for their monthly meeting, gave their blessing to €2.8 billion ($3.12 billion) in the next stage of financial aid, but they stopped short of signing off on it immediately.

KBC Bank Ireland has been fined €1.4 million by the Central Bank for breaches of the Code of Practice on Lending to Related Parties, which may include directors, senior managers, significant shareholders of the bank and spouses or domestic partners, the Irish Times reported.

Deutsche Bank said on Thursday that it would eliminate 1,000 full-time positions in Germany as part of job cuts the embattled lender first announced last year, the International New York Times DealBook blog reported. The announcement comes with Deutsche Bank facing a series of challenges. Its shares have plunged more than 50 percent in the past year over concerns about the pace of attempts to turn business around after a run of poor financial results and a failing grade in a banking stress test in June.

European shares opened higher with the beaten-down banking sector providing the biggest boost while reports of takeover sent Osram to a record high, the Irish Times reported. The Stoxx 600 index rose 0.3 per cent, rebounding from a fall in the previous session when worries that the European Central Bank might wind down the pace of bond-buying before the end of its asset purchase programme hit both shares and bonds.

RADET, the state-owned supplier of district heating and heated water for Bucharest, has officially entered into insolvency, following a ruling of the judges announced on Wednesday. The company has voluntarily opted for this procedure and now the creditors have 10 days to oppose this move. RADET has to pay debts worth over RON 3.9 billion to Electrocentrale Bucuresti (ELCEN), the biggest thermal energy producer in Romania. The mayor of Bucharest, Gabriela Firea, said recently that the insolvency of RADET was the safest move to secure the supply of heated water to the city.