US company Cerberus has appointed receivers to Ballybay Estates, one of the companies whose debts it bought through the National Asset Management Agency’s Project Eagle sale, to recover a €7 million loan, the Irish Times reported. New York-based Cerberus Capital Management’s €1.6 billion purchase of the Project Eagle loans is caught in a row over claims that a number of Belfast political and business figures were to receive payment as a result of the deal. The company itself denies any wrongdoing.

Britain's steel sector crisis intensified on Friday as its second-largest steelmaker, SSI UK, went into liquidation after mothballing its Redcar plant in northeast England earlier this week and axing 1,700 jobs, Reuters reported. The decision to liquidate the Thai-owned company, confirmed by unions and sources close to the matter, puts another 300 jobs at risk as the company employs 2,000 people directly. SSI UK has been hit by cheap imports, especially from the world's top steel producer China, and a slump in steel prices, which it expected would continue in the short term.

British regulators said on Friday that they may soon set a deadline for consumers to seek compensation for the improper selling of a contentious insurance product that has cost the banking industry billions of dollars in refunds, the International New York Times DealBook blog reported.

An increasing number of smaller economies are likely to lower their corporation tax rates as a result of the ongoing global reform of multinational taxation, according to two senior Irish tax experts, the Irish Times reported. The development is just one of a number that Irish policymakers will have to watch closely as the OECD’s Base-erosion and profit-shifting (Beps) process begins to move from its planning to its implementation stage, according to Deloitte’s vice-chairman, Padraig Cronin, and its head of tax, Lorraine Griffin.

Ukraine must resolve outstanding budget issues before the International Monetary Fund gives the green light on the next payout of bailout cash, the IMF said Saturday as it further cut its economic outlook for the conflict-beleaguered nation, The Wall Street Journal reported. IMF mission chief Nikolay Gueorguiev said Kiev’s pro-West government had reached agreement with the IMF on most of the budget and policy overhauls needed to complete the latest review of the emergency loan program.

Just a few weeks ago, voters appeared ready to punish Prime Minister Pedro Passos Coelho for spending cuts and tax increases that drove Western Europe’s poorest country deeper into a recession to save it from insolvency, The Wall Street Journal reported. But with the economy on a slow mend, a late surge of support in opinion polls has vaulted the conservative leader several points ahead of his Socialist rival, making him the favorite in an election on Sunday that is viewed as a test case for the troubled eurozone. In the four years since Mr.

Irish consumers still feel “somewhat remote” from reports of a strong domestic recovery, according to the latest KBC Bank Ireland/ESRI consumer sentiment survey, the Irish Times reported. The survey’s headline index fell marginally to 100.6 in September from 101.1 the previous month. This probably reflects the difficulty the average consumer has in making sense of seemingly contradictory recent signals both in relation to economic prospects generally and their own financial circumstances, the report’s authors said.

Emerging markets will suffer a net outflow of capital this year for the first time since the 1980s as their economic fortunes darken and the US Federal Reserve prepares to lift interest rates, the Financial Times reported. The projection will heighten concerns about the prospects for leading emerging economies including China and Brazil that are set to weigh on central bankers and finance ministers when they convene for annual meetings of the International Monetary Fund and World Bank in Lima next week.

The world economy lost momentum in September, with China’s vast factory sector shrinking again and euro zone manufacturing growth weakening slightly, both casualties of waning global demand. The latest business surveys across Asia and Europe paint a darkening picture and are likely to prompt more calls for central banks around the world to loosen monetary policy even further, The Globe and Mail reported.

Permanent TSB has established a Mortgage Product Review Group to scrutinise its suite of home loans and to establish whether there are any cases where the contractual terms and conditions attached to mortgage accounts were not being fully honoured by the bank, the Irish Times reported. Ger Mitchell, a member of PTSB’s executive committee, is to lead the review supported by senior manager Gillian O’Shea along with a bank team and external independent expertise in the areas of conduct risk and product design.