A co-owner of Russia's S7 Airlines, Vladislav Filev, has signed an agreement to buy at least 51 percent of airline Transaero, a spokeswoman for S7 said on Tuesday, Reuters reported. Transaero, Russia's second-biggest airline, is laden with debt. Two of its main creditors, Sberbank and Alfa Bank, have filed bankruptcy cases against the airline after it lost out on a lifeline deal with competitor Aeroflot. Read more.

The Irish lost more of their personal wealth than any other euro zone country in the aftermath of the financial crash while Germany and the Netherlands gained the most, fresh data from the European Central Bank shows. In an analysis of the years between 2009 and 2013, ECB experts discovered that Ireland lost more than €18,000 per person, while Spaniards saw wealth dwindle by almost €13,000 as property in both nations plummeted. Greeks saw their notional wealth decline by almost €17,000 for the same reason.

Barclays appears to be considering ways to defy the strict separation of its high street operations from its investment bank, in a move likely to inflame the debate over whether rules designed to prevent a second banking crisis are being watered down, The Guardian reported. The bank, which is poised to name ex-investment banker Jes Staley as its next boss, is considering a plan that would put its retail banking arm under the ownership of its investment bank. Although temporary, the arrangement could last years.

Tata Steel, the biggest steelmaker in Britain, may cut about 1,200 jobs as part of plans to restructure its struggling operations, it said on Tuesday, Reuters reported. The move would be another blow to the UK steel sector, hit by weak steel prices, after the liquidation of the UK's second-largest steelmaker SSI UK was announced this month. Tata plans to halt production of steel plate, which would lead to about 900 job losses in Scunthorpe in northern England and 270 in Scotland, plus a small number at other sites, it said in a statement.

Iceland moved a step closer to lifting capital controls imposed following its 2008 financial meltdown, with creditors of one failed bank on Tuesday proposing the nationalisation of the successor bank in which they hold a majority stake, Reuters reported. The process is part of a settlement agreed between the creditors of three institutions that crashed in 2008 and the government and is a necessary step before money can be allowed again to flow out of the country.

On October 15, 2015, at the Outlook seminar experts, decision makers and business representatives in Riga met to discuss the insolvency process and its impact on Latvia’s business and investment climate, The Baltic Course reported.

The European Commission and Germany have reached a provisional deal to restructure HSH Nordbank, in a move that gives the ailing bank a chance of recovery, the Financial Times reported. The deal, which is the result of two years of negotiations, is expected to be finalised early next year. Once this is done, HSH — which has struggled to make a profit since shipping loans it had made went bad during the financial crisis — will be allowed to split itself into an operating company and a holding company.

The European Central Bank has, on average, slightly raised the minimum capital level that it demands large euro zone banks hold, the ECB's supervision chief said on Monday. The ECB's Single Supervisory Mechanism (SSM) is deciding how much additional capital, known as Pillar 2, each of the 122 banks under its supervision must hold in 2016. It is also setting a further buffer for globally significant euro zone banks.

Greece’s lawmakers approved Friday the first bill containing tough austerity measures and economic overhauls agreed under its new bailout program, The Wall Street Journal reported. After a week-long debate, the bill, which includes stricter pension rules, tax hikes and tougher fines for tax evasion, was passed by the majority of Greece’s 300 lawmakers.

Although dealing with delinquent loans is one of the biggest challenges facing the government of Prime Minister Alexis Tsipras and the country’s creditors, the issue is so knotty that it was not included in the bundle of economic reforms the Greek Parliament was debating this week. Instead, it will be taken up later, the International New York Times DealBook blog reported. Officially, more than 40 percent of loans issued by Greek banks are seriously in arrears. By some estimates, the rate tops 50 percent, if loans that have gone sour in recent months are included.