Friday , June 14 2019
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UBS switches stance with plan to offer $113 million tax settlement in Italy


ZURICH/MILAN: UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Switzerland’s biggest bank is battling a number of court cases in Europe over claims it enabled cross-border tax ... Read More »

Italy vs the EU? Markets spooked as Europe prepares for another budget showdown

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An intensifying dispute between Italy and the European Union hit financial markets on Tuesday, with investors bracing for another budget showdown between Rome and Brussels. European stocks and the euro were both trading lower during afternoon deals, following reports the euro zone’s third-largest economy could soon face disciplinary steps from the EU’s guardian of healthy public finances. Italy’s Deputy Prime ... Read More »

Italy bank stocks, bonds fall on report Brussels considering disciplinary action


Italian banking stocks fell and government bond yields rose in thin trade Monday after a report Brussels is considering disciplinary action over Rome’s failure to rein in public debt. The banking index was down 1.7% at 1350 GMT, extending earlier losses. Government bond yields extended their rise across the board, with the benchmark 10-year yield up 7 basis points to ... Read More »

ECB’s Knot says euro zone inflation is not where ECB wants it

FILE PHOTO: Fifty-euro notes are seen at the Belgian Central Bank in Brussels in this December 8, 2011 file photo. REUTERS/Yves Herman

MILAN: Inflation in the euro zone is not at the level the European Central Bank wants it to be, ECB policymaker Klaas Knot said. Euro zone prices rose by 1.7 percent year-on-year in April from 1.4 percent in March, according to EU statistics agency Eurostat. The acceleration offered some mild relief to the European Central Bank, which targets inflation of ... Read More »

Generali profits rise, capital reserves hit by new rules

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MILAN: Generali, Italy’s biggest insurer, reported a larger-than-expected 28 percent rise in first-quarter net profit helped by asset sales, though capital ratios fell due to regulatory changes. Generali’s solvency ratio, a key measure of financial strength, stood at 207% at the end of March, down from 217% three months earlier, largely due to expected regulatory changes, the company said. Analysts ... Read More »

Gucci owner Kering agrees record Italian tax settlement


French luxury goods group Kering said it had agreed to pay a record 1.25 billion euros ($1.40 billion) to settle a dispute with Italian tax authorities centered on its fashion brand Gucci. The settlement, first reported by Reuters last month, is the highest ever agreed by a company with Italian tax authorities. Kering, which has denied avoiding tax, has a ... Read More »

BlackRock pulls out of rescue bid for Italian bank Carige

Das Logo am Eingang der Tessiner Privatbank BSI in Lugano am Montag, 14. Juli 2014. Die Privatbank BSI mit Sitz in Lugano erhaelt einen neuen Besitzer: Sie wird vom italienischen Versicherungskonzern Generali an die brasilianische Finanzgruppe BTG Pactual verkauft. Der Preis betraegt 1,5 Mrd. Franken. BTG Pactual zahle 1,2 Mrd. Fr. in bar und 300 Mio. Fr. in BTG-Anteilen, teilte Generali am Montag mit. Der Verkauf der Banca della Svizzera Italiana (BSI) sei ein wichtiger Schritt zur Staerkung der Kapitalbasis. BSI verwaltet rund 90 Mrd. Fr. (rund 100 Mrd. Dollar) an Kundenvermoegen und beschaeftigt etwa 2000 Mitarbeitende in mehr als 10 Laendern. Bei BTG Pactual wird BSI zur weltweiten Vermoegensplattform. Die Brasilianer wollen nach eigenen Angaben an der Marke BSI festhalten. (KEYSTONE/TI-PRESS/Gabriele Putzu)

MILAN: US asset manager BlackRock has pulled out of a proposed rescue of Italian bank Carige, raising the prospect that Rome could be drawn into a costly state bailout. A BlackRock spokesperson confirmed a report first carried by La Repubblica newspaper but gave no details. BlackRock was to have bought around half of a 720 million euro ($806 million) share ... Read More »

Economic risks pose biggest threat to Italian banks – central bank

Banca D'Italia (Bank of Italy) sign is seen in downtown Rome, Italy, October 19, 2018.   REUTERS/Alessandro Bianchi

MILAN: A worsening economic outlook poses the biggest risk to Italian banks because it dampens earnings expectations and makes it more difficult for them to access the capital market, the central bank said. In its twice-yearly Financial Stability Report, the Bank of Italy flagged a weakening of the credit cycle with bank lending to families rising only slightly and the ... Read More »

Italy’s economy edges out of recession, unemployment falls

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ROME: Italy’s economy returned to growth in the first quarter of the year, pulling clear of its third recession in a decade, while the unemployment rate receded in March, data showed. Gross domestic product rose a quarterly 0.2 percent between January and March, and was up 0.1 percent on an annual basis, national statistics bureau ISTAT reported. Italian GDP had ... Read More »

‘Gucci owner Kering close to settling Italian tax case for 1.3-1.4 billion euros’

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MILAN: French luxury group Kering is close to agreeing to pay between 1.3 billion (1.1 billion pounds) and 1.4 billion euros to settle a dispute with Italian authorities over unpaid taxes by its fashion brand Gucci. An agreement between the group and the Italian tax authority is expected to be signed in the first few days of May, said one ... Read More »

Italy’s UniCredit to pay $1.3 billion to settle US sanctions probe


Italy’s top bank UniCredit SpA and two subsidiaries have agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of US sanctions on Iran and other countries, US authorities said. In addition, UniCredit Bank AG, the bank’s German unit, agreed to plead guilty to federal and New York state criminal charges for illegally moving hundreds of millions ... Read More »

Sentient Blue, drone company from Italy, wins $1M in Genius NY competition


Syracuse, N.Y. — Sentient Blue, a company from Italy that is developing micro gas turbines to power drones, has won the $1 million grand prize in the Genius NY business competition in Syracuse. Sentient Blue was selected as the grand prize winner by a panel of seven judges at an event attended by 500 people at the Marriott Syracuse Downtown ... Read More »

Italy to hike 2020 deficit goal to around 2.1 percent

FILE PHOTO: Italian Prime Minister Giuseppe Conte and Italian Economy Minister Giovanni Tria shake hands during a final vote on Italy's 2019 budget law at the Lower House of the Parliament in Rome, Italy, December 29, 2018. REUTERS/Remo Casilli/File Photo

ROME: Italy will probably raise its 2020 budget deficit goal to around 2.1 percent of gross domestic product when it publishes new targets this week, three government sources told Reuters, and the figure could be hiked again after the summer. Italy, whose public debt is proportionally the highest in the euro zone after Greece’s, is struggling to hold its finances ... Read More »

Unicredit could be spoiler in Deutsche Bank tie-up with Commerzbank

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FRANKFURT/BENGALURU: Deutsche Bank came under increased pressure on Thursday to move forward with a tie-up with Commerzbank following a report that Italy’s Unicredit is preparing a rival bid for the German lender. UniCredit is preparing a rival multi-billion-euro bid to take control of Commerzbank as Deutsche Bank faces troubles with its move to buy its rival German lender, the Financial ... Read More »

Italy’s Nexi prices IPO to value group at up to 6.4 billion euros


MILAN: Nexi on priced shares in its initial public offering at between 8.5 and 10.35 euros each, valuing the Italian payments group at up to 6.4 billion euros ($7.2 billion) in what is set to be one of Europe’s biggest bourse listings this year. Once a backwater of banking, the payment processing sector is now seen as one of the ... Read More »

Italy takes a shine to China’s New Silk Road


China’s president lands in Rome on Thursday, where he is expected to sign a landmark infrastructure deal that has raised eyebrows and suspicions among Italy’s Western allies. Xi Jinping’s project is a New Silk Road which, just like the ancient trade route, aims to link China to Europe. The upside for Italy is a potential flood of investment and greater ... Read More »

Italy’s foreign minister defends MOU agreements with China

FILE PHOTO: Italian Foreign Minister Enzo Moavero Milanesi attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann

ROME: Italian Foreign Minister Enzo Moavero defended the commercial accords Italy is poised to sign with China as part of its “Belt and Road” initiative and said they had the backing of President Sergio Mattarella. “My understanding is that a balance has been found” between the interests of promoting trade and defending national security, Moavero said in answer to questions ... Read More »

‘Italy to defend strategic interests in China ‘Belt and Road’ accord’

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MILAN: Italy will protect its strategic infrastructure such as telecoms and avoid transferring key know-how as part of a planned agreement with China, Prime Minister Giuseppe Conte said. Italy is studying mechanisms to monitor commercial accords signed under the “Belt and Road” memorandum agreement with China, as well as other measures to protect “strategic activities and national interests,” Conte told ... Read More »

‘Italian payments firm Nexi readies $9 billion IPO in mid-April’

People wait for the start of Grab's fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su

Nexi’s advisers are working flat out to list the Italian banking services provider in April, hoping to complete Europe’s biggest share sale of 2019 while market conditions allow, sources told Reuters. Bank of America, Goldman Sachs, Credit Suisse and Mediobanca are among 13 banks preparing Nexi’s initial public offering (IPO) ahead of potential political upheavals in Italy in the run-up ... Read More »

Italy economy minister says EU’s bank bail-in rules should be scrapped

Italy Economy Minister Pier Carlo Padoan

Italian Economy Minister Giovanni Tria said that European Union “bail-in” rules covering failing banks should be scrapped. Tria told parliament he agreed with comments by Antonio Patuelli, the head of Italy’s banking lobby, who earlier in the day said the rules should be abolished because they hurt the confidence of savers, and in any case had never been applied in ... Read More »