The European Central Bank will contribute its share to helping the economic recovery, its president said on Monday, warning, however, of threats to the economy including from emerging markets, First Post reported on a Reuters story. "Growth prospects are slowly improving in advanced economies, but the outlook in emerging markets is more subdued. Overall, growth is low by historical standards," Mario Draghi told lawmakers in the European Parliament.

Russia is lining up seven major state companies, including Aeroflot, Alrosa, the diamond miner, and Rosneft, for potential privatisation as the Kremlin debates drastic options to replace dwindling oil revenues, the Financial Times reported. The decision to consider the first such comprehensive push in years comes as the latest slide in crude prices is expected to drive Russia into a second year of recession and has ripped a gaping hole in its budget.

Irish titanium and zircon miner Kenmare Resources has defaulted on its debts after failing to reach agreement with lenders on a new deleveraging plan by an agreed deadline of January 31st. The explorer said however, negotiations with banks on a deal are ongoing, the Irish Times reported. At the end of December, bank loans amounted to $341.9 million and cash and cash equivalents were $14.3 million. Lenders agreed to defer payment of $2.3 million in fees last April.

Top UK regulators are trying to help three Iranian-owned banks reintegrate into the financial system after years of international sanctions — by deploying a unit designed to aid start-ups, the Financial Times reported. The UK-based Iranian lenders would be among the first beneficiaries of the just-launched unit, which allows participating banks access to services such as a helpline and case officers. The Bank of England officially reactivated the licences of the three banks — Persia International Bank, Melli Bank and Bank Sepah International — two weeks ago.

Princess Cristina of Spain will face tax fraud charges next month after a court rejected a final attempt by her lawyers on Friday to exempt her from a corruption case that has badly damaged the reputation of Spain’s monarchy, the International New York Times reported. The court’s decision means that Princess Cristina will appear in February alongside 17 other defendants in a case that centers on whether her husband, Iñaki Urdangarin, and his business partners embezzled about 6 million euros, or $6.5 million, that regional authorities disbursed for organizing sports events.

France is spending nearly 1 million euros a day on the heightened security, part of a renewed surge in European military spending as governments declare terrorism a permanent risk, the International New York Times reported. Europe’s current approach to fighting terrorism, after two deadly assaults carried out by Islamic militants in Paris last year, represents a shift from the austerity mantra that has dominated the region since the debt crisis in 2010.

Deutsche Bank, confirming that it would post a record loss for 2015, said on Thursday that members of its management board would not receive bonuses for the year and that shareholders should not expect a dividend until 2017 at the earliest, the International New York Times reported. The giant German bank reported a loss of 6.8 billion euros, or $7.4 billion, in 2015, as it set aside money to cover lawsuits and official investigations. It also suffered a decline in revenue in its investment banking unit.

EU member states must move towards a “level-playing field” in terms of corporate tax, the EU’s economics chief warned yesterday as he criticised the “avoidance-friendly regimes” in place in some member states, the Irish Times reported. “Some [member states] have avoidance-friendly regimes. This cannot go on any more,” commissioner for economic and financial affairs Pierre Moscovici said, as he announced details of the European Commission’s new anti-tax avoidance package yesterday in Brussels.

The European Commission on Wednesday raised questions about Portugal’s budget plan for this year, a move that could put pressure on the government to soften its antiausterity agenda, The Wall Street Journal reported. In a letter dated Jan. 26 and addressed to Portuguese Finance Minister Mario Centeno, the European Union’s executive arm said the budget plan sent to Brussels last week envisioned a structural deficit of 1.1% of gross domestic product this year, which is more than recommended by the commission.

The Spanish Supreme Court ordered Bankia on Wednesday to reimburse two small investors for misleading them during its 2011 initial public offering, the International New York Times reported. Under the ruling Bankia must pay one investor nearly 10,000 euros, or about $10,850, and the other nearly €21,000 euros, to cover their purchases of shares that eventually were nearly worthless. The ruling could be a boon to thousands of other investors who are suing the bank, accusing it of failing to fully disclose the loan problems that nearly caused the bank’s collapse in 2012.