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☆ Berlusconi family holding adds two board seats as daughter Eleonora joins
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Eleonora Berlusconi, Barbara Berlusconi and Luigi Berlusconi react on the day of the state funeral of former Italian Prime Minister Silvio Berlusconi outside the Duomo Cathedral, in Milan, Italy June 14, 2023. The other new entry is lawyer Michele Carpinelli, an M&A expert and a long-time family adviser, the source added. In his will, Berlusconi, who died aged 86 in June, handed his eldest children, Marina and Pier Silvio, joint control of Fininvest through a combined, indirect 52% stake. Marina and Pier Silvio have been directly involved in running the family business for almost two decades. Pier Silvio, Barbara and Luigi have long been board members.

Persons: Eleonora Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Silvio Berlusconi, Claudia Greco, Berlusconi, Michele Carpinelli, Silvio, Barbara, Eleonora, Luigi, Marina Berlusconi, Berlusconi's, Mediolanum, Elvira Pollina, Keith Weir, Valentina Za Organizations: Italian, Duomo Cathedral, REUTERS, Repubblica, Marina, Mondadori, Thomson Locations: Duomo, Milan, Italy

☆ Group of Italian investors in Mediobanca backs new term for CEO Nagel
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 25 (Reuters) - A group of Italian investors with a combined 10.9% stake in Mediobanca (MDBI.MI) will vote to give Chief Executive Alberto Nagel a new term at a shareholders' meeting on Oct. 28, one of the group's members said on Monday. The bank's board is elected for a three-year term and the current term expires on Oct. 28 when Mediobanca shareholders will vote on renewing the board, including the CEO. The group of investors, who in 2018 signed a consultation agreement on the most important issues regarding the bank, met on Monday. Another member of the group, who did not wish to be identified, said all members of the group would vote to keep Nagel as CEO. Nagel has so far enjoyed the support of institutional investors who collectively account for 45% of the bank's capital.

Persons: Alberto Nagel, Nagel, Del, Delfin, Francesco Gaetano Caltagirone, Mediobanca's, Renato Pagliaro, Angelo Caso, Pagliaro, Gianluca Semeraro, Susan Fenton Organizations: Banca Mediolanum, Delfin, Thomson Locations: Mediobanca

☆ Berlusconi's eldest heirs strike pact for joint control of business empire
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 15 (Reuters) - The two eldest heirs of late media mogul Silvio Berlusconi have agreed an open-ended pact which binds them to vote together at the family holding company's shareholder meetings, regulatory filings showed on Friday. In his will, Berlusconi, who died aged 86 in June, handed Marina and Pier Silvio, the offspring from his first marriage, joint control of his media and financial empire held by family holding company Fininvest. Under their pact, Marina and Pier Silvio, each owning a 26% indirect stake in Fininvest, agreed to consult at least five days before any Fininvest shareholder meeting to agree a joint position, the documents showed. The agreement secures a dominant influence of the eldest heirs over the family holding company, the regulatory filings said. All of the heirs agreed a lock-up period of five years, during which time they have pledged not to alter the stakes they hold in Fininvest, the filings showed.

Persons: Silvio Berlusconi, Berlusconi, Mediolanum, Berlusconi's, Barbara, Eleonora, Luigi, materialises, Elvira Pollina, David Holmes Organizations: Marina, Silvio, Mondadori, Thomson Locations: Marina, Fininvest, Milan

☆ Berlusconi's daughter criticises Meloni over bank windfall tax
▼ + stars: | 2023-09-15 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

Marina Berlusconi and Luigi Berlusconi attend the funeral of former Italian Prime Minister Silvio Berlusconi at the Duomo Cathedral, in Milan, Italy June 14, 2023. REUTERS/Yara Nardi/File photo Acquire Licensing RightsROME, Sept 15 (Reuters) - Marina Berlusconi, the daughter of former Prime Minister Silvio Berlusconi, on Friday criticised Italy's windfall tax on banks, underlining divisions over the issue in the coalition government that includes her late father's party. Prime Minister Giorgia Meloni has taken personal responsibility for the measure, which targets extra profits made by banks from higher interest rates. "Who determines when a profit is extra and when it is normal?," Marina Berlusconi said to reporters after the assembly of influential Italian business lobby Confindustria. Meloni has said she was open to some modifications, provided the targeted tax take remained unchanged at "just under" 3 billion euros ($3.2 billion).

Persons: Marina Berlusconi, Luigi Berlusconi, Silvio Berlusconi, Yara, Giorgia Meloni, Pier Silvio, Meloni, Berlusconi, Fininvest, Mediolanum, Antonio Tajani, Elvira Pollina, Giuseppe Fonte, Keith Weir Organizations: Italian, Cathedral, REUTERS, Rights, Forza Italia, Thomson Locations: Milan, Italy

Traders cheered the expected end of rate hikes that have raised borrowing costs from minus 0.5% in just over a year. That sent euro zone government bond yields tumbling, the euro down and stocks (.STOXX) higher. The ECB cut its outlook for euro area growth this year to 0.7%, while economists polled by Reuters expect growth of 0.6%. A market rally is also likely unwelcome to the ECB. Hawkish policymakers have started calling for an earlier end to PEPP reinvestments, and the ECB is likely to begin a debate on furthering its balance-sheet runoff with rate hikes likely done.

Persons: Charles Diebel, Simon Bell, Jason Simpson, Anna Stupnytska, reinvesting, Mediolanum's Diebel, reinvestments, Divyang Shah, Christine Lagarde, Shah, Yoruk Bahceli, Naomi Rovnick, Dhara, Dhara Ranasinghe, Hugh Lawson Organizations: European Central Bank, Traders, Reuters Graphics, Mediolanum Asset Management, ECB, Reuters, Legal, General Investment Management, State, Fidelity International, Thomson Locations: Italy, Germany

☆ Factbox: Who got what in Silvio Berlusconi's will?
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pier Silvio Berlusconi attends the funeral of former Italian Prime Minister Silvio Berlusconi at the Duomo Cathedral, in Milan, Italy June 14, 2023. REUTERS/Yara Nardi/File PhotoMILAN, July 6 (Reuters) - Details of how billionaire Italian tycoon Silvio Berlusconi divided up his assets have been made public on Thursday after the will of the former prime minister, who died on June 12, was unsealed. That means the five children each get an additional Fininvest stake of just over 8%, on top of what they already owned. * He left the remaining one third of his stake, roughly 20% of Fininvest, to his eldest children, Marina and Pier Silvio, in equal amounts. * Marina and Pier Silvio already owned 7.65% of Fininvest each, or a combined 15.3%.

Persons: Silvio Berlusconi, Yara, MILAN, Forbes, Berlusconi, Pier Silvio, Marta Fascina, Paolo, Marcello Dell'Utri, Dell'Utri, Valentina Za, Keith Weir Organizations: Italian, Cathedral, REUTERS, broacaster, Banca Mediolanum, Serie A, Monza, Marina, Thomson Locations: Milan, Italy

☆ Berlusconi leaves control of business empire to two eldest children
▼ + stars: | 2023-07-06 | by ( Elvira Pollina | ) www.reuters.com time to read: +4 min

[1/2] Eleonora Berlusconi, , Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Marina Berlusconi walk to attend the funeral of former Italian Prime Minister Silvio Berlusconi at the Duomo Cathedral, in Milan, Italy June 14, 2023. Marina, 56, chairs Fininvest while Pier Silvio, 54, has been in charge of the MFE-MediaForEurope (MFEB.MI) TV business which their father founded. Forbes estimated that the overall Berlusconi family assets, which include luxury properties in Milan, Rome and Sardinia, were worth around $6.8 billion. Brash, ebullient and a four-time prime minister, Berlusconi was a media mogul and political showman whose financial and sexual scandals made him the most polarising figure in modern Italy. Barbara, Eleonora and Luigi Berlusconi, his three children from his second marriage, have been less involved in the family business.

Persons: Eleonora Berlusconi, Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Marina Berlusconi, Silvio Berlusconi, Claudia Greco, Marta Fascina, Dell'Utri, Silvio Berlusconi's, Marina, Pier Silvio, Fininvest, Brash, ebullient, Berlusconi, Silvio, Barbara, Eleonora, Paolo, Marcello Dell'Utri, Fascina, Milan's, Giorgia Meloni's, Giulio Piovaccari, Federico Maccioni, Keith Weir, Alvise Armellini, Mark Potter Organizations: Italian, Cathedral, REUTERS, MILAN, Marina, Italian Serie A, AC Monza, Banca Mediolanum, Forbes, Fininvest SpA, Reuters, MARTA Berlusconi, Forza Italia, Thomson Locations: Milan, Italy, Italian, Rome, Sardinia, Raffaele

☆ Stock Market Today: Dow Slips 300 Points on Bank Jitters; Fed Decision Weighs on Traders
▼ + stars: | 2023-05-04 | by ( ) www.wsj.com time to read: +2 min

As stock indexes slipped Thursday, PacWest's already battered shares fell by 52% in morning trading. The bank said it was talking to potential partners and investors, and would keep evaluating "all options to maximize shareholder value." Stock indexes fell ahead of a big earnings day, with Apple and other big companies on tap. The jitters follow the failures of Silicon Valley Bank, Signature Bank and, more recently, First Republic Bank. "The cumulative effect of these bank failures will take its toll both on financial-market conditions and prompt nervousness among the investment community," said Brian O’Reilly, head of market strategy at Mediolanum International Funds.

☆ Stock Market Today: Dow Drops More Than 350 Points on Bank Jitters, Fed Rate Hike
▼ + stars: | 2023-05-04 | by ( ) www.wsj.com time to read: +2 min

The bank said it was talking to potential partners and investors, and would keep evaluating "all options to maximize shareholder value." The S&P 500 dropped 0.7%, while the Dow Jones Industrial Average slid 1.1% and the Nasdaq Composite gave up 0.3%. Western Alliance Bancorp was down 39% after the company denied a report that it was exploring strategic options, including a potential sale. First Horizon sank by 37% after its $13.4 billion sale to Toronto's TD Bank was called off. The jitters follow the failures of Silicon Valley Bank, Signature Bank and, more recently, First Republic Bank.

☆ Mediobanca open to talks on Banca Generali buyout if asked
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Last month a source said insurer Generali (GASI.MI) could sell Banca Generali (BGN.MI) to Mediobanca to raise cash for a potential big deal of its own in the United States. If we are contacted, we are willing to talk about it," Nagel told a briefing call when asked about a possible interest in Banca Generali. "This applies to every asset," he added, not only to Banca Generali. To grow Mediobanca's wealth management operations, Nagel in 2020 considered swapping the group's 13% stake in Generali with Banca Generali. Net income in the quarter came in at 263 million euros ($264.2 million), above an analyst consensus provided by the bank of 230 million euros.

"There will be impacts, there’s correlations ... some market volatility, and then how it weighs in the global growth picture," said Paul Malloy, head of municipals at Vanguard. The wild swings in the pound have ricocheted across currency markets, where volatility was already climbing. According to the widely watched Deutsche Bank Currency Volatility Index , volatility across currencies on Wednesday hit its highest level since the March 2020 COVID-19- induced market meltdown, jumping more than 20% from levels last week. Closely followed indicators of financial stress remain contained. U.S. stock market volatility as measured by the "fear index," the VIX (.VIX), has also climbed in recent days but remains below its 2022 highs.

☆ Italy's Satispay valued at over 1 bln euro after raising 320 mln euros
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

ROME, Sept 28 (Reuters) - Satispay, Italy's mobile app payments startup, said on Wednesday it is now valued at more than 1 billion euros ($955 million) after raising 320 million euros in a new round of investments. U.S. investment firm Addition has become the lead investor in the company, which can now boast "unicorn" status. Venture capital firm Greyhound Capital, a shareholder since 2018, also increased its stake, a company statement said. The new investments will allow Satispay to become "the next leading payment network in Europe," said company co-founder and CEO, Alberto Dalmasso. ($1 = 1.0473 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Alvise Armellini Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England to buy 65 billion pounds of UK bonds to stem rout
▼ + stars: | 2022-09-28 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Citing potential risks to UK financial stability, the BoE also said it would delay the start of a programme to sell down its 838 billion pounds ($891 billion) of government bond holdings, which had been due to begin next week. "Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the BoE said. "This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy." "There are schemes running out of cash at the moment," one pensions consultant said before the BoE intervention. The BoE's intervention reduced long-dated bond yields back to their level at the end of Friday - after the initial negative reaction to Kwarteng's statement - but shorter-dated yields were still higher.

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