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☆ Intesa's CET1 requirement under SREP process rises to 9.32%
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

Intesa San Paolo bank headquaters is seen in Turin, Italy, November 7, 2018. The ECB had set the same threshold at 8.88% for the current year. The new requirement kicks in on Jan. 1, 2024. The increase to 2023 stems mostly from a buffer that 'Other Systemically Important Institutions' (O-SII) are due to hold, which stands at 1.25% for 2024 versus 0.75% in 2023. The countercyclical buffer requirement also inched up slightly to 0.23% from 0.16%, Intesa said.

Persons: headquaters, Stefano Rellandini, Intesa, Valentina Za, Jonathan Oatis Organizations: REUTERS, European Central Bank, ECB, Thomson Locations: Paolo, Turin, Italy

☆ Formula One set to change sprint format for 2024
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

The governing FIA said on Friday its Sporting Advisory Committee would present a final proposal to the F1 Commission in January. "The Commission gave overall support for an update to the sprint format for 2024 to further rationalise the weekend by separating Sprint activities from those for the Grand Prix," the FIA said in a statement. Six of this year's 22 rounds were sprint weekends, including the Qatar Grand Prix in which Red Bull's Max Verstappen clinched his third world title on a Saturday. The current format has qualifying for the grand prix on Friday with sprint qualifying and standalone race filling Saturday's schedule. Points could be awarded more widely for the sprint race, with a possible reverse grid element also under consideration.

Persons: Stefano Rellandini, ABU, Max Verstappen, Red, Christian Horner, Alan Baldwin, Ed Osmond Organizations: Prix, FiA, REUTERS, FIA, Sporting, F1, Sprint, Qatar, Red Bull, F1 Commission, Thomson Locations: Monza, Italy, ABU DHABI, Qatar, London

☆ Telecom Italia core profit up 9% as grid share deal helps domestic sales
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

That is ahead of a 1.37 billion euro company-provided analyst consensus. Total domestic sales rose 2.2% in the quarter to 2.98 billion euros, also above forecasts. The company confirmed its 2023 financial targets, including a stabilisation of core earnings and service revenue in Italy. In the nine months, service revenue at TIM's domestic operations fell 1.3% to 7.9 billion euros. TIM's net financial debt stood at 26.3 billion euros as of Sept. 30, marginally up from the end of the previous quarter.

Persons: Stefano Rellandini, Giorgia, Pietro Labriola, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Italy's, KKR, TIM, Thomson Locations: Rozzano, Milan, Italy, TIM's

☆ Intesa to add 2 bln to reserves from bank tax
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's biggest bank, Intesa Sanpaolo (ISP.MI), on Wednesday said it would increase non-distributable reserves by 2.07 billion euros ($2.19 billion) instead of paying a one-off windfall tax, making use of an opt-out clause in the law. A similar decision was announced on Tuesday by rival UniCredit (CRDI.MI), which is boosting reserves by 1.1 billion euros. Reserves must increase by 2.5 times the amount that would be paid as tax, which in Intesa's case would have been 828 million euros. In announcing it was increasing reserves, Intesa said it had decided to spend around 1.5 billion euros over the 2023-2027 period to help people in need.

Persons: Stefano Rellandini, Intesa, UniCredit, Carlo Messina, Valentina Za, Leslie Adler Organizations: REUTERS, Reuters, Thomson Locations: Milan, Italy

☆ Italy's rising bond yields are a wake-up call, central bank warns
▼ + stars: | 2023-10-09 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

The Bank of Italy building is seen downtown Milan, November 25, 2011. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsSummary Italy's bond spread versus Germany's widest since JanuaryCentral bank calls for 'extreme' budget prudenceSays economy remained weak in Q3 after Q2 contractionSell-off plan seems like window dressing, audit court saysROME, Oct 9 (Reuters) - Italy's rising bond yields are a "wake-up call", the country's central bank said on Monday, urging the government to handle its budgetary policy with "extreme prudence". "The high debt is a serious element of vulnerability," the Bank of Italy said in a testimony to parliament. The Bank of Italy said weakness in economic activity continued in the third quarter of this year, after GDP shrank by 0.4% in the previous one. Over the past decade, proceeds from privatisation programmes have averaged less than 0.1% of national output per year, the Bank of Italy said.

Persons: Stefano Rellandini, Giorgia, Guido Carlino, Gareth Jones, Mark Potter Organizations: of, REUTERS, Bank of, Thomson Locations: of Italy, Milan, ROME, Bank of Italy, Ukraine, Israel, Rome, Greece's

☆ Italy's Intesa Sanpaolo says it will invest in SpaceX
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Oct 6 (Reuters) - Italy's biggest bank Intesa Sanpaolo (ISP.MI) said on Friday it had decided to invest in US billionaire Elon Musk's space company SpaceX. Intesa Sanpaolo recognizes "the aerospace sector as having a particularly important role in the development of world economies and has therefore decided to invest in a player that has demonstrated a cutting-edge vision of the near future", the bank said in a statement. The size of the investment was not disclosed. Reporting by Elisa Anzolin, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Elon, Intesa Sanpaolo, Elisa Anzolin, Alvise Organizations: REUTERS, SpaceX, Thomson Locations: Milan, Italy

☆ At least 20 dead after Italian bus falls from Venice bridge
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The Italian flag waves in front of The "Altare della Patria" also known as "Vittoriano" downtown Rome, Italy, March 23, 2016. REUTES/ Stefano Rellandini/File Photo Acquire Licensing RightsROME, Oct 3 (Reuters) - At least 20 people died on Tuesday after a city bus carrying tourists to a campground crashed off an overpass near Venice in northern Italy and caught fire, the city's Mayor Luigi Brugnaro said. The bus veered off the road and fell close to railway lines in the district of Mestre, which is connected to Venice by a bridge. "There are at least 20 dead, but some people are still trapped in the wreckage," he later told Italian state television channel Rai News24. Italy has suffered a number of deadly bus crashes in recent years.

Persons: REUTES, Stefano Rellandini, Luigi Brugnaro, Brugnaro, ANSA, Giorgia Meloni, Emilio Parodi, Alvise Armellini, Gavin Jones, Crispian Balmer, Jonathan Oatis, Lisa Shumaker Organizations: Rights, Sky Italia, Rai, Thomson Locations: Rome, Italy, Venice, Mestre, Italian, Verona, Venice's prefecture

☆ Soccer AC Milan take first step in new arena project
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Sept 27 (Reuters) - AC Milan are starting a process to build a new stadium on the outskirts of Milan, the Italian soccer club said on Wednesday, after efforts to replace their historic San Siro arena led nowhere. "It's a first step," AC Milan chairman Paolo Scaroni said at a press briefing presenting the project. Like other Italian clubs, AC Milan, who are controlled by U.S. fund RedBird, do not own an arena, which is seen as a key driver to boost revenue. The club and local rival Inter Milan have been in talks for years with the city of Milan to advance a joint project to rebuild San Siro, which was built in the 1920s and is currently the home ground of both teams.

Persons: Stefano Rellandini, Milan, Paolo Scaroni, Elvira Pollina, Valentina Za, Ed Osmond Organizations: REUTERS, Milan, AC Milan, U.S, Inter Milan, Thomson Locations: Milan, Italy, Italian, San Siro, San Donato

☆ UniCredit picks headhunters to advise board on own slate of nominees
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILANO, Sept 26 (Reuters) - UniCredit (CRDI.MI) said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the board in identifying candidates to be included in the slate of nominees current directors will put forward to appoint their successors. The current board is up for renewal next spring. In June UniCredit Chief Executive Andrea Orcel said he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Egon Zehnder, Spencer Stuart, Andrea Orcel, Gianluca Semeraro, Valentina Za Organizations: REUTERS, UniCredit, Thomson Locations: Siena, Italy, Italian

☆ Intesa Sanpaolo chairman sees limited impact from Italy windfall tax
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 1 (Reuters) - The chairman of Intesa Sanpaolo (ISP.MI) sees no cause for alarm over the impact of the windfall tax on Italian banks and said it would probably cost Italy's biggest bank less than 1 billion euros ($1.08 billion). The windfall tax, which wrongfooted bank investors when announced in August, is a one-off measure targeting gains from higher interest rates. The Treasury expects to draw less than 3 billion euros from the measure, sources have said. Gros-Pietro said dividends would inevitably be affected by any impact of the tax on profit but that Intesa investors would still be well rewarded.

Persons: Stefano Rellandini, Intesa, Gian Maria Gros, Pietro, Gros, Elvira Pollina, Giulio Piovaccari, Keith Weir, Alvise Armellini, Louise Heavens Organizations: REUTERS, House, Treasury, Thomson Locations: Milan, Italy

A guest speaks on a mobile phone as she arrives for the French telecoms operator Iliad's media conference in Milan, Italy, May 29, 2018. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsAug 30 (Reuters) - French telecom provider Iliad reported a more than 4% rise in half-year core profit on Wednesday, supported by gains across markets and the expansion of its activities in Italy. Telecommunications companies across Europe have been hit by rising energy prices, infrastructure costs to deploy fibre and 5G coverage, and a slowdown in subscriber growth. The group remains on the lookout for potential acquisitions in Italy after its 2022 Vodafone bid was rejected, he said. ($1 = 0.9204 euros)Reporting by Stéphanie Hamel and Victor Goury-Laffont in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Thomas Raynaud, Raynaud, Stéphanie Hamel, Victor Goury, Milla Nissi Organizations: REUTERS, French, Orange, Telecommunications, Free Mobile, U.S, Telecom Italia's, Vodafone, Thomson Locations: Milan, Italy, France, Poland, Europe, Laffont, Gdansk

☆ Exclusive: Intesa closer to gaining Moscow's OK for Russia asset transfer -source
▼ + stars: | 2023-08-10 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. A spokesperson for Intesa Sanpaolo declined to comment. Pressured by European banking supervisors to cut ties with Russia, Intesa has been working on reducing its exposure, which also includes cross-border loans. Local loans totalled 100 million euros, down 66% from a year before. Russian media has previously reported on possible exit options, including the potential transfer to local management led by Intesa Russia Chairman Antonio Fallico.

Persons: Stefano Rellandini, MILAN, Intesa, Intesa Sanpaolo, Vladimir Putin, Antonio Fallico, Fallico, Valentina Za, Bernadette Baum Organizations: REUTERS, Reuters, UniCredit, Raiffeisen Bank, Intesa, European Central Bank, Thomson Locations: Milan, Italy, Moscow, Ukraine, Russia, Intesa, Russian

☆ Rihanna shows off baby bump in new Louis Vuitton campaign
▼ + stars: | 2023-06-27 | by ( Oscar Holland | ) edition.cnn.com time to read: +2 min

CNN —With multiple bags and a baby bump protruding from an unbuttoned jacket, Rihanna’s maternity style has reached new heights in Louis Vuitton’s latest campaign. Rihanna pictured carrying various versions of Pharrell Williams' reimagined Louis Vuitton Speedy bag. In several of the campaign pictures she is seen wearing Louis Vuitton garments bearing the checkerboard motif that featured heavily in the label’s star-studded Spring-Summer 2024 show last Tuesday. The singer was one of several A-list celebrities in attendance that evening, which marked Williams’ Louis Vuitton debut. Pharrell Williams acknowledges the audience at the end of his Louis Vuitton Menswear Spring-Summer 2024 show.

Persons: Louis Vuitton’s, Pharrell Williams, Louis Vuitton, Virgil Abloh, Rihanna, Louis, Kitajima, Martine Syms, Keizo Kitajima, Williams, ”, Stefano Rellandini, ” Williams, Audrey Hepburn, “ Organizations: CNN, Louis Vuitton Locations: Paris, New York City, AFP

☆ FIA seeks to clarify free speech rules after driver backlash
▼ + stars: | 2023-02-17 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

read moreMcLaren's Lando Norris suggested the FIA was treating drivers like schoolchildren. "Participants can express their views on any political, religious or personal matter before, during and after the international competition, in their own space, and outside the scope of the international competition," it said. "On an exceptional and case-by-case basis, the FIA may authorise a participant to make a statement at an international competition that would otherwise be prohibited," it added. The FIA said drivers could not make political, religious and/or personal statements during the pre-race parade, anthem and post-race procedures. Examples included unapproved statements or comments relating to "any military conflict or political dispute between nations, regions, religions, or communities".

☆ Analysis: Out of fashion: Gucci faces daunting task to replace top designer
▼ + stars: | 2022-11-25 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

[1/4] Gucci's designer Alessandro Michele arrives at the "Green carpet Fashion Awards" event during the Milan Fashion Week in Milan, Italy, September 24, 2017. Tensions had been high between the designer and company management, sources told Reuters. Kering chairman and CEO François-Henri Pinault lauded the designer's tenure as "an outstanding moment" in Gucci's history. Gucci falls out of fashionFURRY LOAFERSMichele, 49, reinvigorated the brand with his eccentric, gender-fluid styles popular with younger shoppers. China generates around 35% of Gucci's annual sales, according to Barclays estimates, compared to 27% for LVMH's fashion and leather goods division and 26% for Hermes.

☆ Unicredit CEO eyes acquisitions in Germany -Handelsblatt
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

The headquarters of UniCredit in downtown Milan, Italy, February 4, 2016. REUTERS/Stefano Rellandini/File PhotoBERLIN, Sept 20 (Reuters) - UniCredit (CRDI.MI) is eyeing acquisitions in Germany as part of plans by Italy's second-biggest bank to become a fully developed European bank, Chief Executive Andrea Orcel told German daily Handelsblatt on Tuesday. "A significant increase in our market share in Germany would be good for Unicredit as a whole," he said, according to the paper, adding that mergers and acquisitions could be an accelerator and create added value under the right conditions. read more"There was no closer communication on this," he replied, when asked about the talks with the No. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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