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Italy

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

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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

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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

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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

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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 »

Talk of Italy budget correction is ‘folly and speculation’ – economy minister

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ROME: Italian Economy Minister Giovanni Tria on Monday said the economy, the euro zone’s third biggest, is between stagnation and recession as he ruled out a budget correction during the course of 2019. With the economy sputtering, talk about a budget correction is “folly and speculation” and Brussels officials have not indicated they are seeking one, Tria said during recording ... Read More »

EU reckons Italy’s budget unable to boost long-term growth

European Union and Italian flags are seen in downtown Rome, Italy, October 19, 2018.   REUTERS/Alessandro Bianchi

MILAN: Italy’s budget does not contain measures able to boost growth and makes Italy a “risk of contagion” for the rest of the euro zone, La Repubblica newspaper said on Thursday, citing a European Commission document. The newspaper said the Commission’s Country Report, due to be approved on Wednesday, as saying the budget would have negative effects on economic growth, ... Read More »

Bank stocks, Italy bonds rally as ECB’s Coeure paves way for new cash boost for banks

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

Euro zone banking shares jumped over three percent, the euro fell and Italy’s bond yields tumbled on Friday after the European Central Bank’s Benoit Coeure said a new round of cheap multi-year loans to banks was possible. Weak economic data, combined with uncertainty over Brexit and global trade tensions, have raised expectations that fresh stimulus measures from the ECB are ... Read More »

Italy minister never heard talk about using Bank of Italy gold

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ROME: Italian Agriculture Minister Gian Marco Centinaio, responding to a newspaper report, said on Monday he had never heard anyone in the government speak about using gold reserves held by the Bank of Italy to plug budget shortfalls. La Stampa newspaper reported the government was considering using part of the country’s gold reserves to avoid a budget correction for this ... Read More »

Italian economy slips back into recession

A man looks for job opportunities on newspapers in a downtown Naples shop on May 3, 2012. Italy's unemployment rate hit a record of 9.8 percent in March from 9.6 percent in February, official data showed on May 2, as a recession in the eurozone's third-biggest economy deepens. The level, which has been rising from the start of recession last summer, was the highest since Italy began recording monthly figures in January 2004.AFP PHOTO / CONTROLUCE (Photo by CONTROLUCE / AFP)

Italy’s economy fell into recession at the end of 2018, capping a year of political turmoil and budget battles with Brussels. The Italian economy contracted in the fourth quarter of last year, official data showed today, plunging it into a technical recession. The 0.2 percent contraction – following a 0.1 percent fall in the third quarter – will put pressure ... Read More »

Italy Sends Gucci Owner a Nearly $1.6 Billion Tax Bill

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PARIS: Italian authorities sent Gucci parent Kering SA a €1.4 billion ($1.58 billion) tax bill, saying the company was paying taxes in Switzerland on profits that were generated in Italy. According to Italian tax authorities, Kering’s Swiss subsidiary, Luxury Goods International, was conducting business in Italy and should have paid taxes based on that activity, Kering said. Switzerland’s corporate tax ... Read More »

Italy’s debt-to-GDP ratio down to 133%

Alcune banconote e monete, Roma, 5 gennaio 2017. ANSA/GIORGIO ONORATI

ANSA: Italy’s debt-to-GDP ratio dropped to 133% in the third quarter of 2018, down from 133.1% in the previous three months and from 133.6% in the equivalent period in 2017, Eurostat said on Monday. Nevertheless, Italy’s public debt ratio remains the second-highest in the EU, the European statistics office said. “The highest ratios of government debt to GDP at the ... Read More »

Italy busts 14-member migrant and tobacco smuggling ring

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ROME: Italian law enforcement has busted a 14-member people and tobacco smuggling ring that ran high-speed vessels carrying migrants and cigarettes from Tunisia to Sicily, Finance Police announced. “Criminal association dedicated to the exploitation of illegal immigration (and) tobacco smuggling dismantled,” the Finance Police tweeted. “14 arrests made, assets worth over 3 million euros (3.4 million U.S. dollars) seized.” The ... Read More »

Italy coalition parties resolve migrant spat in late-night talks

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ROME: Italy’s coalition parties patched up a row over the planned arrival of boat migrants on Thursday, with hardline Interior Minister Matteo Salvini agreeing to let in a small group following late-night government talks. Salvini, leader of the far-right, anti-migrant League, had threatened on Wednesday to block the transfer of would-be refugees who were part of a group of 49 ... Read More »

Italy’s Populists Pass Budget After Weeks of Market Turmoil

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Italy’s populist government won final parliamentary approval for its 2019 budget, barely meeting a year-end deadline after limiting discussion of the spending plans in the wake of a weeks-long clash with the European Union. Lawmakers in the lower house voted 313 in favor and 70 against the budget, which had already been approved by the Senate. The approval came on ... Read More »