State-owned Ukrainian Railways has prepared a recovery plan that includes raising freight tariffs to help control its debt amid intensified Russian attacks and falling cargo deliveries, CEO Oleksandr Pertsovskyi said in an interview, Reuters reported. The company, which employs 170,000 people and dominates freight and passenger transport in Ukraine, has seen cargo traffic almost halved since early 2022, while operation costs are rising because of war damage.

Creditors to Altice International have chosen Houlihan Lokey as their financial adviser for upcoming debt negotiations with the company, according to Bloomberg. The formal appointment of Houlihan Lokey has not yet been completed. The creditor group, which is already working with law firm Gibson Dunn & Crutcher, has also extended their cooperation agreement through March. This agreement was originally established earlier this year and was scheduled to expire this month. Altice International is part of billionaire Patrick Drahi’s telecommunications empire, which has been facing challenges.

U.K. retail sales rose last month, a boon to the economy which is suffering from high inflation and slowing activity, the Wall Street Journal reported. Retail volumes were 0.5% higher on month in August, the same increase as July, the Office for National Statistics said Friday. Clothing stores, butchers and bakers, and non-store retailing improved in August, which some retailers attributed to the good weather, the ONS said. However, on a three-month basis, sales fell 0.1%. The Bank of England held rates at this week’s meeting, after inflation stayed well above target in August.

Rachel Reeves has been handed a £3bn blow to VAT receipts as the fiscal watchdog warned that cash-strapped consumers could be switching to cheaper food options amid soaring inflation, The Telegraph reported. The Chancellor was forced to borrow £11.4bn more than the Office for Budget Responsibility (OBR) had forecast between April and August, official figures showed. The OBR said this could be blamed on local councils borrowing £2.8bn more than expected during the period, as well as lower-than-expected receipts for the Treasury.

The European Union proposed sanctions against Chinese and other foreign companies buying Russian oil, as part of a package of measures intended to show President Trump the bloc is ramping up economic pressure on Russia and its backers, the Wall Street Journal reported. The EU also would impose new banking sanctions, blacklist additional companies aiding Russia’s military and speed up its plan to phase out purchases of Russian liquefied natural gas. The measures will need the backing of all 27 member states, which isn’t guaranteed.

Monte dei Paschi di Siena has secured more than two thirds of Mediobanca's bourse data showed on Friday, crossing the ownership threshold needed to push through any extraordinary shareholder decisions, Reuters reported. Monte dei Paschi's hostile share-and-cash buyout offer concludes on Monday, the last day on which Mediobanca shareholders can tender their shares.

Norway’s central bank cut its key policy rate to 4% Thursday but hinted that going forward it might not ease monetary policy as much as it previously expected, the Wall Street Journal reported. The central bank began easing monetary policy in June, bringing the rate down to 4.25% from 4.5%, and has long signaled a gradual further reduction to support economic activity.

The Bank of England (BoE ) held its main interest rate at 4% on Thursday as inflation in the UK remains stubbornly high, EuroNews.com reported. The decision was widely anticipated, as was the split of votes on the nine-member Monetary Policy Committee. Seven of the panel backed the decision, while two voted for a quarter-point reduction to 3.75%.