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Italy

Italy to cut 2020 GDP growth target to around 0.6% – sources

ROME (Reuters) – Italy will cut its target for economic growth next year to around 0.6%, three sources close to the matter told Reuters on Monday, as the government prepares its 2020 budget to be presented to parliament later this month. The previous target, issued in April, envisaged growth of 0.8%. Growth this year is now seen at just 0.1%, ... Read More »

Italy’s Conte calls on Delta to commit more to Alitalia

MILAN: Delta Air Lines (DAL.N) should consider increasing its planned investment in the rescue of Alitalia, Italian Prime Minister Giuseppe Conte said as talks over the relaunch of the Italian flagship carrier drag on. The U.S. airline is part of a group of investors led by Italian railway group Ferrovie dello Stato behind a possible rescue of the loss-making airline. ... Read More »

This Italian Region Will Pay You $27K to Move There, Open a Business, Live Your Best Life

If you watched the second season of Master of None and promptly dreamt of devouring homemade pasta and thriving in the Italian countryside, then dream no more. The president of Molise, a duel mountainside and coastal-hugging region east of Rome, wants to invite you to come live there. An added perk? He wants you to open up your own business, ... Read More »

Italian president gives Conte mandate to form new government

ROME: Italy’s head of state gave two former political enemies the chance to form a new government on Thursday, capping an extraordinary three weeks that could mark a turning point in its frayed relations with the European Union. President Sergio Mattarella handed Giuseppe Conte a fresh mandate to put together a new coalition of the 5-Star Movement and opposition Democratic ... Read More »

Italy’s 5-Star says Salvini no longer a credible partner

Italy’s anti-establishment 5-Star Movement said that Matteo Salvini, leader of the far-right League, was no longer a credible partner, apparently closing the door on any possibility of resurrecting the ruling coalition. Top brass of 5-Star met on Sunday at the villa of the movement’s founder, comedian Beppe Grillo, to discuss their stance after Prime Minister Giuseppe Conte addresses the Senate ... Read More »

Italy’s economy may be picking up, surveys suggest

ROME (Reuters) – Italy’s economy may be set for a modest recovery in the next few months, two surveys suggested on Monday, giving the government some breathing space as it prepares a challenging 2020 budget in the autumn. The euro zone’s third-largest economy has been broadly stagnant for the last five quarters, and gross domestic product was flat in the ... Read More »

Italy’s Intesa clinches 10 billion euro soured loan deal with US hedge fund

MILAN: Italy’s biggest retail bank Intesa Sanpaolo (ISP.MI) has clinched a deal with U.S. hedge fund Davidson Kempner over 10 billion euros ($11 billion) in problem loans, moving closer to a 2021 target of cutting soured debts to 6% of total lending. In reporting a higher-than-expected net profit for the second quarter, Intesa said it would sell 3 billion euros ... Read More »

Italian PM stands by League over Russia funding scandal

ROME: Italian Prime Minister Giuseppe Conte said on Wednesday he had continued trust in the League party within his coalition government despite allegations it had sought illicit funds from Russia. “There are no elements at this stage that could reduce the trust I have in all members of the government,” Conte told the upper house Senate, addressing a scandal that ... Read More »

Russia sovereign fund inks 300 mln euro business package with Italy’s CDP

MILAN:Russia’s RDIF sovereign fund will sign a deal with Italy’s state lender Cassa Depositi e Prestiti (CDP) to jointly invest 300 million euros ($338 million) in Italian firms looking to expand their businesses in Russia, the fund’s head said. “CDP has a large portfolio of companies and we’ll be working closely with them to promote investments in Russia,” Kirill Dmitriev ... Read More »

Banks face new challenges in Italian diamond scandal

MILAN: A long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy’s largest lender, and smaller rival Banco BPM. The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate’s order seizing assets from the banks and two diamond ... Read More »

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

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

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

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

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

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

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’

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 »