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☆ Italy's Salvini says would consider a sound plan to sell railway stake
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Matteo Salvini, Italian infrastructure minister and deputy PM, attends a news conference for the government's first budget in Rome, Italy November 22, 2022. On Monday Salvini, who is also deputy prime minister, was quoted as saying that he was against selling a stake in the company. But in comments at the Foreign Press Association in Rome, he said his 'no' had referred to the absence of any current sale plans for Ferrovie dello Stato (FS). "If there were an (asset sale) plan that could bring me added value, investments, money ... ($1 = 0.9128 euros)Reporting by Alvise Armellini, writing by Gianluca Semeraro; editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Salvini, Remo Casilli, Salvini, Giancarlo Giorgetti, Alvise Armellini, Gianluca Semeraro, Gavin Jones Organizations: REUTERS, Rights, Transport, Ferrovie dello Stato, Foreign Press Association, FS, Economy, Salvini's League, Thomson Locations: Rome, Italy, Italian, privatisations

MPS shares were down 7.8% at 2.83 euros by 1145 GMT on Tuesday, reflecting the impact of the sale. EU COMMITMENTSBofA Securities, Jefferies and UBS Europe coordinated the accelerated bookbuilding for the stake sale, the Treasury said in a statement. Commitments Italy agreed with European Union competition authorities at the time of the bailout bind Rome to eventually sell its entire stake in the bank. Two years ago heavyweight UniCredit (CRDI.MI) sank the government's privatisation efforts, forcing Rome to seek more time from the EU. The stake sale is seen as giving Italy more flexibility to pursue a long-term solution for MPS via a merger with a rival, after negotiations with UniCredit were complicated by an impending re-privatisation deadline.

Persons: Jennifer Lorenzini, Luigi Lovaglio, Giancarlo Giorgetti, Giorgia Meloni, Valentina Za, Lincoln, Richard Chang, Mark Potter Organizations: Monte, REUTERS, Treasury, MPS, BofA Securities, Jefferies, UBS Europe, European Union, Reuters, Economy, Banco, BPER Banca, EU, Thomson Locations: Monte dei, Siena, Italy, MILAN, Rome

☆ Moody's lifts Italy's debt outlook to stable in boost for Meloni govt
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Moody's on Friday left Italy's sovereign debt rating at Baa3, one notch above junk, but upgraded the outlook to stable from negative, in an unexpected boost for Prime Minister Giorgia Meloni's government. Most analysts had expected the agency to leave both Italy's rating and outlook unchanged. Moody's had put the euro zone's third-largest economy on a negative outlook in August last year following a government collapse and in the midst of an energy crisis. "The decision to change the outlook to stable from negative reflects a stabilisation of prospects for the country's economic strength, the health of its banking sector and the government's debt dynamics," Moody's said. The European Commission forecast on Wednesday that Italy's debt, proportionally the second-highest in the euro zone, would rise marginally from a projected 140% of national output this year to 141% in 2025.

Persons: Giorgia, Moody's, DBRS, Fitch, Giancarlo Giorgetti, Gavin Jones, Keith Weir, Shounak Dasgupta, Rosalba O'Brien Organizations: P, Economy, Analysts, Saikeerthi, Thomson Locations: Italy, Germany, Bengaluru

☆ Italy Finance Minister evokes default risk to defend bank measures
▼ + stars: | 2023-11-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Minister of Economic Development Giancarlo Giorgetti attends the first voting session at the lower house of parliament to elect the new speaker in Rome, Italy, October 13, 2022. "In two or three years' time, when I may not be around but there will be a default crisis, perhaps someone will say that our government was not so crazy," Giorgetti said, without giving further details of this scenario. The average default rate for Italian companies rose for the first time in nearly decade in 2022 to stand at 2.4% in December, compared with a record low of 1.6% in December 2021, credit data company CRIF said last month. The rate has edged up in the first half of 2023 to 2.5%, CRIF added, forecasting it could get to 3% by the end of 2023. ($1 = 0.9346 euros)Additional reporting by Valentina Za in Milan; Editing by Gareth Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Giancarlo Giorgetti, Guglielmo Mangiapane, Giorgetti, CRIF, Valentina Za, Gareth Jones, Alexander Smith Organizations: Economic, REUTERS, Italian Economy, Hamas, Thomson Locations: Rome, Italy, ROME, Italian, Europe, Israel, Ukraine, Milan

The option however is not top of the list for the Treasury, one of the sources added. Announced in May, Eni's share buyback is underway and is expected to increase the government's total stake to just above 34% of voting shares. Once completed, the Treasury could potentially sell enough shares for Italy to remain slightly over 30% of Eni's capital when factoring in CDP's stake, another source said. At current market prices, 4% of Eni is worth around 2 billion euros ($2.14 billion). Eni's share buyback is expected to end before April 2024 after the group said last month it would speed up the programme launched to reward investors.

Persons: Chris Helgren, Italy's, Eni's, Lucia Albano, Giancarlo Giorgetti, Jan Harvey Organizations: Eni, REUTERS, MILAN, Italy's Treasury, Bankers, Treasury, European Union, Economy, Ferrovie dello Stato, Thomson Locations: Vancouver , British Columbia, Canada, Rome, Italy, dei

☆ Italy picks UBS, Jefferies, Clifford Chance for MPS privatisation
▼ + stars: | 2023-10-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

People pass in front of a branch of Monte dei Paschi di Siena (MPS) bank in Siena, Italy, August 11 2021. REUTERS / Jennifer Lorenzini/File Photo Acquire Licensing RightsROME, Oct 20 (Reuters) - Italy's Treasury said on Friday it had picked UBS (UBSG.S) , Jefferies and Clifford Chance as financial and legal advisers for the privatisation of bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI). After a failed attempt to sell the Tuscan lender to larger peer UniCredit (CRDI.MI) in 2021, Italy agreed to Brussels' new privatisation terms that were never fully disclosed. However, Economy Minister Giancarlo Giorgetti said this week MPS could return to private hands by the end of next year. Both Giorgetti and Prime Minister Giorgia Meloni have said in recent months that the government would try to boost competition among Italy's banks with the privatisation of MPS.

Persons: Jennifer Lorenzini, Jefferies, Clifford Chance, Giancarlo Giorgetti, Giorgia Meloni, Gavin Jones, Richard Chang Organizations: REUTERS, Rights, Treasury, UBS, European Union, MPS, Banco, Reuters, Thomson Locations: Monte dei, Siena, Italy, Rome, Brussels

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

The budget bill will then go to parliament, which must pass it by the end of the year. Investors have been demanding a higher premium to hold Italian government bonds since Rome last month raised its budget deficit targets for the 2023-2025 period, setting it up for a possible clash with the European Commission. AGEING POPULATIONNext year people earning up to 28,000 euros per year will pay income tax (known as IRPEF) at 23%, according to the officials. Meloni also aims to earmark at least 1 billion euros for measures, which have yet to be detailed, aimed at addressing Italy's demographic crisis. The scheme could increase tax revenues in Italy by between 2 and 3 billion euros, one official said.

Persons: Giorgia, Giancarlo Giorgetti, DBRS, Fitch, Moody's, Meloni, Giuseppe Fonte, Keith Weir Organizations: Treasury, European Commission, P, Thomson Locations: ROME, Rome, Ukraine, Italy

☆ Italy not tied to any deadline to exit Monte Paschi, FinMin says
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

View of the entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsMARRAKECH, Oct 13 (Reuters) - Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday. After a failed attempt to sell the bank to UniCredit (CRDI.MI) in 2021, Italy agreed with Brussels new privatisation terms that were never fully disclosed. Both Giorgetti and Prime Minister Giorgia Meloni have said that the government would try to boost competition among banks with the privatisation of MPS. ($1 = 0.9499 euros)Reporting by Elisa Martinuzzi, writing by Giuseppe Fonte, editing by Jane Merriman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Giancarlo Giorgetti, Giorgetti, Giorgia Meloni, Meloni, Elisa Martinuzzi, Giuseppe Fonte, Jane Merriman, Gavin Jones Organizations: Monte, REUTERS, Rights, European Union, World Bank, International Monetary Fund, MPS, Banco, Treasury, Thomson Locations: Monte dei, Siena, Italy, Rights MARRAKECH, Rome, UniCredit, Brussels, Marrakech

Research shows women in richer economies are more likely to have children if they work. Prime Minister Giorgia Meloni - Italy's first female premier - has said women are "an untapped resource" that lessens the need for immigrant labour. Yet her conservative government's 2024 budget, to be presented on Monday, is not expected to include measures to drive change. According to a government report relating to 2021, nearly one in five Italian women aged under 50 left their job after having their first child. SPANISH SUCCESSMeloni's government could learn from Spain, whose female activity rate lagged Italy's in the early 1990s but is now above the EU average.

Persons: Guzzo, Vittoria, Claudia Greco, Elena, Claudia Goldin, Giorgia Meloni, Claudia Olivetti, Enza Guzzo, Gian Carlo Blangiardo, Blangiardo, Giancarlo Giorgetti, Olivetti, Paola Profeta, Katharine Neiss, Valentina Za, Elisa Anzolin, Giuseppe Fonte, Catherine Evans Organizations: REUTERS, European Union, Reuters, Research, Dartmouth College, ISTAT, Bank of, EU, France's, Milan's Bocconi University, AXA Research, Treasury, Thomson Locations: Arese, Italy, MILAN, Bank of Italy, Rome, Barcelona, Spain, Milan

The government last week revisited a 40% tax on banks' net interest margin (NIM) that it had introduced in a shock move in August. Lenders now have the option to boost reserves by an amount equivalent to 2.5 times the tax. Economy Minister Giancarlo Giorgetti said on Sept. 27 the final outcome of the process would be "a great bank policy measure" that makes Italy's banks the strongest in Europe. The law requires banks that forego the tax to set aside money under ad hoc reserves in their accounts. If forced to boost capital through the ad hoc reserves, banks can use larger buybacks over time to compensate shareholders, one of the sources said.

Persons: Giancarlo Giorgetti, Remo Casilli, Banks, Luigi Lovaglio, Andrea Orcel, Giorgia Meloni, Giorgetti, Bernadette Baum Organizations: REUTERS, Treasury, Economy, European Central Bank, Monte, Thomson Locations: Rome, Italy, ROME, Europe, Monte dei, Siena

☆ Italy plans 21-billion euro asset sell-off to keep debt in check
▼ + stars: | 2023-09-30 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

ROME, Sept 30 (Reuters) - Italy aims to raise at least 1% of gross domestic product (GDP), or roughly 21 billion euros ($22.2 billion), through asset sales between 2024 and 2026, the Treasury said in its Economic and Financial Document (DEF) published on Saturday. The plan is part of Prime Minister Giorgia Meloni's efforts to keep in check the euro zone's second-largest debt pile as a proportion of GDP, while investors keep a close eye on Rome's creaking public finances. The new targets factor in the proceeds of asset disposals expected in the next three years, the DEF said, showing that without the sell-off plans the debt burden would probably rise. Economy Minister Giancarlo Giorgetti said in the document that the stake sales would involve companies that are subject to privatisation commitments already agreed with the European Commission. This is a reference to bank Monte dei Paschi di Siena (MPS) (BMPS.MI), which was bailed-out in 2017 at a cost of 5.4 billion euros for taxpayers.

Persons: Giorgia, Giancarlo Giorgetti, Giorgetti, Giuseppe Conte, Giuseppe Fonte, Helen Popper Our Organizations: Treasury, Economy, European Commission, Monte, Thomson Locations: Italy, Siena

☆ Meloni’s Italian job is a lesson for EU’s right
▼ + stars: | 2023-09-26 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

This is particularly true of Meloni’s surprise decision in August to tax what she called “unjust profits” by domestic banks. Ill-fated tax credits for building renovations introduced by a previous executive are expected to balloon to up to 150 billion euros, UniCredit analysts reckon. That’s 30 billion euros higher than what the current government predicted in April, or around 1.5% of GDP. That’s Meloni’s biggest Italian lesson for parties like Vox and AfD. CONTEXT NEWSThe Italian Treasury will present new economic targets on Sept. 28, which will be the framework for the country’s 2024 budget.

Persons: Spain’s, Benito Mussolini’s “, Rome ”, Ursula von der Leyen, Meloni, Vladimir Putin, –, Silvio Berlusconi, Matteo Salvini – Meloni, ”, Mario Draghi’s, it’s, Giancarlo Giorgetti, Liz Truss, Meloni’s, Vox, Giorgia Meloni, Francesco Guerrera, Oliver Taslic Organizations: Reuters, NATO, European Union, EU, Commission, Economy, Italian Treasury, Thomson Locations: Rome, Italy, Ukraine, Kyiv, China, Greece, Brussels, British, Italian

REUTERS/Yara Nardi/File Photo Acquire Licensing RightsMILAN, Sept 20 (Reuters) - U.S. fund KKR and Italy's Treasury are set to ask Telecom Italia (TIM) for more time to arrange a joint bid for its landline grid, three sources close to the matter said. KKR (KKR.N) last month won the backing of Prime Minister Giorgia Meloni's government, which authorised the Treasury to join its bid for an asset deemed of strategic national interest. The U.S. fund's preliminary bid valued the business -- dubbed NetCo -- at around 23 billion euros ($25 billion) including debt and taking into account a number of variables. The French group, which owns 24% of TIM, has so far shown little appetite for a deal under KKR's terms. The Treasury is evaluating the request, one of these people said, without adding further details.

Persons: Yara, Giorgia, Arnaud de Puyfontaine, Giancarlo Giorgetti, Elvira Pollina, Giuseppe Fonte, Alvise Armellini, Alexander Smith Organizations: REUTERS, KKR, Italy's Treasury, Telecom Italia, Treasury, TIM, NetCo, Reuters, Vivendi, Thomson Locations: Rome, Italy, U.S

☆ Italy poised to shake up Treasury with new unit for state-run firms
▼ + stars: | 2023-09-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The audit court on Thursday approved the decree needed to set up the unit, the sources said, despite making critical observations about some aspects of it. Giorgetti has approached former banker Marcello Sala, currently director for investor relations at the Treasury, to lead the department, they added. Under the reorganisation plan, the influential Treasury department within the ministry led by veteran economist Riccardo Barbieri would be split into two units. The Treasury will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. ($1 = 0.9323 euros)Additional reporting by Valentina Za in Milan Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sala, Giancarlo Giorgetti, Giorgetti, Marcello Sala, Antonino Turicchi, Dario Scannapieco, Riccardo Barbieri, Valentina Za, Christina Fincher Organizations: Treasury, Economy, ITA Airways, Department, Thomson Locations: ROME, Italy, Siena, Milan

☆ 'Very stupid': Italy's bank tax remains controversial as government scrambles to update it
▼ + stars: | 2023-09-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it. "It's a very stupid law," Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend. Italy's Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax "can certainly be improved upon...but I do not accept that it is considered an unfair tax," according to Reuters. Antonio Tajani, the country's foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.

Persons: Carlo Calenda, Italy's, CNBC's Steve Sedgwick, Giancarlo Giorgetti, Antonio Tajani, CNBC's Sedgwick Organizations: CNBC, House Ambrosetti, Brothers, Italy's, Reuters, Forza Italia Locations: Rome, Italy, Europe, Ambrosetti

☆ Italy sees 2023 deficit above target due to home incentives, sources say
▼ + stars: | 2023-09-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

ROME, Sept 4 (Reuters) - Italy is preparing to raise its 2023 budget deficit above the target of 4.5% of gross domestic product (GDP) set in April due to the impact of costly fiscal incentives for home improvements, two sources close to the matter told Reuters on Monday. The impact on 2024 budget is still to be assessed and the government could take action again to prevent further deviations from targets, the sources added. He described the Superbonus as a banquet where everyone had a meal and the state was left with the bill. Italy had already hinted in July that it was studying changes to these tax incentives as part of talks with European Union authorities to revamp the country's post-COVID national recovery Plan. The government will update a raft of economic projections by Sept. 27 through the Treasury's Document of economy and finance (DEF).

Persons: Giancarlo Giorgetti, Giorgetti, Lincoln Organizations: Reuters, European Union, Thomson Locations: Italy

FILE PHOTO-Italy's Minister of Economy and Finance Giancarlo Giorgetti delivers a speech at the G7 High-Level Corporate Governance Roundtable in Niigata on May 11, 2023. "It may be that the tax is inappropriate, it can certainly be improved upon ... but I do not accept that it is considered an unfair tax," Giorgetti said at The European House - Ambrosetti economic forum. Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of their total assets. Forza Italia is also seeking an exemption for small banks and wants a guarantee the levy will not be extended beyond 2023. Giorgetti did not comment on his government ally's proposals on the bank tax.

Persons: Finance Giancarlo Giorgetti, KAZUHIRO, Giancarlo Giorgetti, Giorgetti, Antonio Tajani, Siena, Giselda Vagnoni, Giancarlo Navach, Hugh Lawson, David Evans Organizations: Economy, Finance, Bank, League, Forza Italia, Monte, Thomson Locations: Niigata, Italy, Cernobbio

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

☆ EU's Gentiloni confident over budget rule deal by year-end deadline
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

EU Economic Commissioner Paolo Gentiloni holds a news conference on the European Commission's economic forecasts for the EU for 2023 and 2024 on GDP and inflation, in Brussels, Belgium February 13, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - European Union Commissioner for Economy Paolo Gentiloni said on Saturday he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024. "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," Gentiloni told reporters on the sidelines of the European House Ambrosetti economic forum in Cernobbio. Italy is preparing a difficult 2024 budget in which it will seek to meet Prime Minister Giorgia Meloni's tax-cutting promises while at the same time reducing the deficit while faced with an economic slowdown. Gentiloni said failing to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.

Persons: Paolo Gentiloni, Johanna Geron, Gentiloni, Giancarlo Giorgetti, Giorgia, Christine Lagarde, Elvira Pollina, Giselda, Tomasz Janowski, Helen Popper Our Organizations: EU, REUTERS, Union, House, Italian Economy, European Commission, European Central Bank, ECB, Thomson Locations: Brussels, Belgium, Italy, Ukraine

☆ Italy to propose ex-minister Franco for ECB board, source says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Italy's Economy Minister Daniele Franco addresses a news conference after the G7 Summit in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File photo Acquire Licensing RightsROME, Aug 20 (Reuters) - Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday. He was appointed economy minister in 2021 in Mario Draghi's unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper. The government had initially put Franco forward as the Italian candidate to lead the European Union's lending arm, the European Investment Bank (EIB).

Persons: Daniele Franco, Benjamin Westhoff, Fabio Panetta, Franco, Mario Draghi's, Piero Cipollone, Giancarlo Giorgetti, Giorgia Meloni, Crispian Balmer, Giuseppe Fonte, Christina Fincher, David Holmes Organizations: REUTERS, Rights, European Central Bank, ECB, Bank of Italy, European Investment Bank, Reuters, Thomson Locations: Koenigswinter, Bonn, Germany, Italy, Ukraine, France, Rome, Italian, Franco

☆ Italy PM Meloni takes 'full responsibility' for bank tax
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jonathan Ernst/File PhotoMILAN, Aug 14 (Reuters) - Italian Prime Minister Giorgia Meloni on Monday took "full responsibility" for last week's shock decision to impose a one-off bank tax that has been blamed for causing lasting damage to her government's credibility with financial markets. In comments to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Meloni said the 40% levy had no punitive intent. The new tax targets a rise in profits banks have derived from higher rates. Sources told Reuters when the measure was announced the Treasury expected to draw less than 3 billion euros ($3.3 billion) from the tax. With Economy Minister Giancarlo Giorgetti noticeably absent from the press conference to announce the tax, Meloni said he had been informed about the decision.

Persons: Giorgia Meloni, Joe Biden, Jonathan Ernst, MILAN, Meloni, Giancarlo Giorgetti, France's Marie Le Pen, Claudia Cristoferi, Federico Maccioni, Valentina Za, Bernadette Baum Organizations: Italy's, U.S, White, REUTERS, Italian, della, Repubblica, la Repubblica, Reuters, Treasury, Forza Italian, Thomson Locations: Washington , U.S, La, la

☆ Italy windfall tax: European bank stocks bounce after tax blow is watered down
▼ + stars: | 2023-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Banking stocks in Italy and elsewhere in Europe rebounded Wednesday after the country watered down a plan to whack its banks with a surprise one-off 40% tax on their windfall profits. The government’s climbdown eased investors’ fears over European banks more broadly. The Stoxx Europe 600 Banks index, which tracks 42 big banks in the European Union and the United Kingdom, gained 1.7% after shedding 3.5% the previous day. Late Monday, the government said it would impose a one-off windfall tax of 40% and would use the proceeds to support first-time home buyers and cut taxes for families and businesses. Several European countries, including Spain and the Czech Republic, have announced taxes on banks’ windfall profits in the past year as interest rate hikes by central banks have beefed up many lenders’ earnings.

Persons: ’, Giancarlo Giorgetti, Remo Casilli, Jeremy Hunt, Moody’s Organizations: London CNN — Banking, Banco, European Union, Reuters, Deutsche Bank, DB, Bank Locations: Italy, Europe, United Kingdom, Rome, Spain, Czech Republic

KKR's approach incorporates a value for TIM's fixed landline network that could top 23 billion euros ($25 billion). TIM plans to analyse in depth the terms to be proposed by KKR, one of the sources said. Having already invested 1.8 billion euros in the grid, KKR has bid for a controlling stake in a unit comprising TIM's entire domestic fixed access network and submarine cable business Sparkle. KKR is also ready to let TIM retain a stake in its landline network. Prime Minister Giorgia Meloni's administration will have a say on any deal as Rome can use its "golden powers" rules to set conditions or block bids for strategic assets such as TIM's network.

Persons: Pietro Labriola's, Giancarlo Giorgetti, Giorgia Meloni's, Giuseppe Fonte, Elvira Pollina, Valentina Za, Kirsten Donovan Organizations: KKR, TIM, Telecom Italia, Macquarie, Reuters, Vivendi, Treasury, Thomson Locations: ROME, Rome

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