Ed Miliband, the Energy Secretary, has put officials on alert for the potential collapse of a crucial North Sea operator, amid fears that the Government will be forced to step in, The Telegraph reported. Petrofac, one of the UK’s leading offshore oil and gas contractors, was on Friday scrambling to secure its future after the loss of a key contract left it pushed to the brink of administration. Crisis talks with lenders are scheduled for the weekend.

Euro zone business activity unexpectedly grew at a faster pace in October as companies received new orders at the quickest rate in 2-1/2 years, suggesting the bloc's economy gained momentum at the start of the final quarter, a survey showed on Friday, Reuters reported. The HCOB Flash Eurozone Composite PMI, compiled by S&P Global, rose to 52.2 in October from 51.2 in September, marking the tenth consecutive month of expansion and reaching a 17-month high and confounding expectations in a Reuters poll for a dip to 51.0. PMI readings above 50.0 indicate growth in activity.

Britain’s car factories have suffered their sharpest downturn in decades after a major cyberattack paralysed output at Jaguar Land Rover, the country’s biggest manufacturer, Euronews.com reported. New figures from the Society of Motor Manufacturers and Traders (SMMT) show car production fell by 27.1% in September, with just 51,090 vehicles leaving UK factory lines. The hit was even worse when accounting for all vehicle types, including vans — down 35.9% year-on-year.

U.K. retail sales unexpectedly rose in September, helped by tech stores and demand for gold, the Wall Street Journal reported. Retail sales volumes were 0.5% higher on month in September, marking a fourth-straight rise, following an increase of 0.6% in August, the Office for National Statistics said Friday. Sales at computer and telecommunications retailers rose strongly, while there was continued growth among nonstore retailers, the ONS said. Online jewelers reported strong demand for gold, it added.

Syntace GmbH has announced that it has filed for insolvency as it continues ongoing restructuring following its separation from Pierer Mobility AG, PinkBike.com reported. In a public statement, Syntace GmbH, the parent company of Syntace and Liteville, revealed that it filed for insolvency on October 14 and is currently in "very advanced discussions" with an investor.

Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors, Credit-Connect.co.uk reported. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to them by Atherton Corporate UK (Ltd) and Atherton Corporate Rescue Limited.

A bus operator serving Nottingham and Nottinghamshire has proposed to enter an insolvency process as it faces "challenging trading conditions," BBC.com reported. Community Transport for Nottingham (CT4N), which runs more than 20 local services, announced on Wednesday it had proposed a company voluntary arrangement (CVA). If the CVA is approved by creditors, the company said it would be able to preserve the jobs of about 75 employees and continue trading.

The U.S.’s new sanctions hit at the core of Russia’s faltering war economy, bringing Washington and Europe into alignment in their pressure on Moscow for the first time since the start of the Trump administration, the Wall Street Journal reported. Analysts say the impact of blacklisting Rosneft and Lukoil—Russia’s biggest oil producers—will hinge on three things: how well they are enforced, the reaction of major markets in India and China, and whether Moscow can circumvent the measures. The new U.S. sanctions “mark the most material move to date by the U.S.

The European Union has agreed on a new raft of sanctions against Russia targeting its shadow fleet of oil tankers and banning its imports of liquefied natural gas, the Danish EU presidency announced Thursday, The Canadian Press reported. “Today is a good day for Europe and Ukraine,” Danish Foreign Minister Lars Løkke Rasmussen said in a statement, as EU leaders were gathering for a summit in Brussels.