Russian bank VTB's investment unit VTB Capital said it does not have any plans to provide liquidity or capital resources to Bulgaria's Corporate Commercial Bank (Corpbank), which was taken over by the country's central bank on Friday after a run on the bank, Reuters reported. VTB Capital owns around 9.1 percent of Corpbank's shares and bought the shares as part of a structured finance transaction, it said in a statement. Its exposure to Corpbank did not exceed 10 million euros from the outset, the bank said, adding that the amount was subsequently fully hedged.

The court-appointed official overseeing the US bankruptcy of Seán Dunne has asked an American court for permission to examine, in private, documents from Irish and Swiss family law proceedings in which the developer is involved, the Irish Times reported. Bankruptcy trustee Richard Coan has also asked to question the Co Carlow developer (59), now living in the US, on the records at a private hearing if required.

The European Central Bank will start to hold regular meetings with the European Union’s new bank supervisor to keep a closer eye on risks to financial stability, ECB vice president Vitor Constancio said today, the Irish Times reported. Historically low interest rates and unconventional monetary polices to support economic recoveries with “too low rates of inflation” are causing some markets to overheat, Mr Constancio warned. Among them is property, whose boom in the early 2000s helped set the stage for the financial crisis.

European leaders will consider calls for an interpretation of EU budget rules that gives more emphasis to economic growth, according to the draft of a document being circulated before a summit in Brussels this week, the Irish Times reported. The document, which European Council president Herman Van Rompuy is drawing up in consultation with Italy, the next country to hold the rotating EU presidency, marks an effort to reset the EU agenda away from the budget cuts and tax squeezes that characterised the initial reaction to the euro zone debt crisis.

Photon Publishing, which produces the prominent solar industry periodical, Photon International, has entered insolvency proceedings in the court of Aachen, Germany, PV-Tech reported. According to details of the filing published by the court, Andreas Ringstmeier has been appointed temporary insolvency lawyer for the proceedings. News of Photon Publishing’s insolvency come only weeks after its parent company, Photon Holding, also began temporary insolvency proceedings due to what the company said was an unpaid tax bill.

Turning its back on fiscal austerity, the Spanish government presented a broad package of income and corporate tax cuts on Friday that are scheduled to begin before next year’s general election, the International New York Times reported. The cuts roll back some of the tax increases that Prime Minister Mariano Rajoy began putting into effect shortly after his conservative Popular Party swept to power in 2011 by winning a parliamentary majority. The next election is scheduled to take place by November 2015.

European companies that raise finance are taking on levels of debt not seen since the financial crisis as they adjust to the prospect of low interest rates for the foreseeable future, the Financial Times reported. The ratio of debt to company earnings, or “leverage multiples”, for all European transactions were 5.1 times earnings in the first quarter of 2014, above the 10-year average (4.8 times) for the first time since 2008. The European Central Bank’s decision to cut a key interest rate this month has exacerbated a mismatch in supply and demand for yield from investors.

The City’s dramatic revival means inner London is now the only part of the UK to have returned to pre-recession levels of job creation, The Independent reported. A TUC report to be published today reveals a two-speed recovery in Britain’s economy with the capital booming while other parts of the country continue to struggle. The TUC Touchstone pamphlet – Equitable Full Employment: A Jobs Recover for All –paints a picture of a static labour market with people clinging grimly on to the jobs they have outside the capital.

Bulgaria's fourth-largest private bank, under a cloud of accusations it engaged in dodgy lending, halted payments on Friday after a run on its funds and sought insolvency protection, MenaFN.com reported on an Agence France-Presse story. Doubts about the soundness of Corporate Commercial Bank (CCB), majority-owned by a controversial businessman, were sparked this week after police raided its headquarters and questioned of 12 top managers.

Tragus, the owner of Café Rouge and Bella Italia has secured the backing of landlords to go ahead with a controversial restructuring that will slash its rental bill and put the company on more stable financial footing, The Telegraph reported. Between 80pc and 90pc of landlords and creditors supported the company voluntary arrangement (CVA) plans at a meeting yesterday on Friday.