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☆ EY Breakup Plan’s Fate May Rest on Executive Showdown This Week
▼ + stars: | 2023-03-28 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

Carmine Di Sibio, global leader of Ernst & Young, faces opposition to his plan for splitting the firm’s consulting and auditing businesses. The fate of Ernst & Young’s proposed split may be determined in Silicon Valley this week when feuding executives meet to hash out a deal that is acceptable to all factions. One of those powerful factions won’t be represented at the meeting and doesn’t even work for the global auditing firm. Yet some of EY’s retired partners are playing a key role in trying to block the deal.

MAYA BAY, Thailand, March 27 (Reuters) - On any given day in Thailand's Maya Bay, up to 40 blacktip reef sharks cruise in the cyan shallows while about 4,000 tourists visit its white-sand beach flanked by towering cliffs. Marine researcher Metavee Chuangcharoendee said that thanks to the pause in tourism the island was once again functioning as a nursery for young sharks. A number of factors affect the sharks around Phi Phi Leh Island, including seasonal movement patterns and human activity like fishing, Metavee said. For Phi Phi Island National Park, annual revenue was almost halved from 638.3 million baht ($18.7 million) in 2018 to 373.6 million baht in 2019 after authorities closed the beach. "If you can create a new image of Maya Bay as a nature reserve ...

Berlin CNN —Nationwide strikes in Germany — the biggest the country has seen in decades — are causing disruption at the country’s biggest port, airports, and on public transport Monday. The walkouts have been called by two major transport unions in Europe’s biggest economy. Flights at eight major airports, including those in Munich, Frankfurt and Hamburg, have been affected by the strikes. And some hubs such as Munich Airport closed their doors entirely, with 200,000 passengers impacted by the two-day closure that started Sunday. Sina Schuldt/dpa/picture alliance/Getty ImagesIn Munich, the local transport operator MVV has announced the suspension of nearly all trains, underground and tram lines.

MILAN, March 25 (Reuters) - Italy's Treasury said it would confirm Luigi Lovaglio as chief executive of Monte dei Paschi di Siena , keeping the veteran banker in charge of the bank as turmoil shakes the industry. Monte dei Paschi (MPS) is due to appoint a new board of directors on April 20 and the Treasury, which owns 64% of MPS following a 2017 bailout, on Saturday said it had filed its slate of nominees for the board. He arrived at MPS just over a year ago, when the Treasury pushed out his predecessor. A merger also remains the preferred option of banking supervisors to buttress MPS' fragile profitability, a second source said. A failed attempt to sell MPS to UniCredit has forced Italy to seek more time from the EU to cut its stake.

☆ Italy to hand Monte dei Paschi CEO Lovaglio new mandate - sources
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 25 (Reuters) - Italy's Treasury is set to hand veteran banker Luigi Lovaglio a new mandate as chief executive of state-owned lender Monte dei Paschi di Siena , two people with knowledge of the matter said. Lovaglio, who built his career at UniCredit (CRDI.MI) where he eventually rose to lead the group's former Polish unit Bank Pekao, arrived at Monte dei Paschi (MPS) just over a year ago, when the Treasury pushed out his predecessor. The state owns 64% of MPS following a 2017 bailout. Lovaglio, one of Italy's most experienced commercial bankers, in November oversaw a make-or-break 2.5 billion euro ($2.7 billion) capital raise which allowed MPS to bolster capital and fund voluntary layoffs. ($1 = 0.9295 euros)Reporting by Valentina Za and Valentina Za; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ China will make up nearly 40% of the rise in global oil demand in 2023, Wood Mackenzie says
▼ + stars: | 2023-03-23 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Vcg | Visual China Group | Getty ImagesChina will make up a sizeable portion of the world's demand recovery for oil as the global economy braces itself for a slowdown in the wake of interest rate hikes, Wood Mackenzie said. That means 38.5% of global oil demand recovery would come from China. Our China high-growth scenario centers on the economy growing by 7% in 2023 and 5.5% in 2024. The firm is, however, optimistic about global growth this year — despite the World Bank and the International Monetary Fund warning of a bumpy road ahead. "Our China high-growth scenario centers on the economy growing by 7% in 2023 and 5.5% in 2024," the firm said in the report.

☆ NHL roundup: Alex Ovechkin hits 40 goals for record 13th time
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +10 min

Mandatory Credit: Brad Mills-USA TODAY SportsMarch 22 - On a night he was honored for passing one NHL legend, Washington's Alex Ovechkin made history by eclipsing another. Before the game, Ovechkin was honored in a 20-minute on-ice ceremony for passing Gordie Howe for second place on the all-time NHL goals list on Dec. 23. On Tuesday, Ovechkin scored his 40th goal of the season, passing Wayne Gretzky for the most 40-goal seasons in NHL history with his 13th. Barrett Hayton scored the lone goal for Arizona (27-33-11, 65 points), which saw its four-game winning streak come to an end. Alex Chiasson and Filip Zadina scored regulation goals for the Red Wings, who earned just their third victory in their last 13 games.

☆ Patch is transforming empty buildings into community hotspots for locals. Check out the 11-slide pitch deck it used to secure $3 million.
▼ + stars: | 2023-03-20 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

London-based Patch has secured $3 million from JamJar Investments and the founder of PureGym. The startup converts local buildings into community-based workspaces for a range of events. Check out the 11-slide deck Patch used to raise the fresh funds. Patch aims to revive the remnants of these empty local buildings into multi-purpose community hotspots, giving locals an accessible venue to work and socialize. The startup makes its money in two ways; its community members pay a membership fee starting at £24 a month, which gives them access to these community spaces.

☆ Juve lack attacking options for Inter clash, says Allegri
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

March 18 (Reuters) - Juventus could be without Angel Di Maria and Federico Chiesa for Sunday's Serie A match at Inter Milan as the Turin club battles a growing injury list, manager Massimiliano Allegri said. Both have struggled with injuries this season and Allegri said on Saturday they could join Leonardo Bonucci, Alex Sandro, Arkadiusz Milik and Paul Pogba as injury absentees. Moise Kean is also suspended after he was sent off in their 1-0 loss against AS Roma earlier this month. We don’t have options up front without Kean and Milik, we have (Matias) Soule but only (Dusan) Vlahovic as a starting striker," Allegri said. "It’s important and difficult in Milan because six-pointers are always difficult to play," Allegri added.

☆ Van der Poel solos to emotional Milan-Sanremo victory
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

March 18 (Reuters) - Dutchman Mathieu van der Poel won the Milan-Sanremo on Saturday to claim the first Monument of the season, 62 years after his grandfather won the race. However, Van der Poel launched his attack on the summit of the Poggio with 5.5km to go and stormed into the lead, extending it as they entered the city with the other three riders fighting it out for second place. The victory was Van der Poel's third after winning the Tour of Flanders in 2020 and 2022, following in the footsteps of his French grandfather Raymond Poulidor who won the race in 1961. It's one Monument every rider wants to win one day," Van der Poel said with a smile. Milan-Sanremo is the longest Monument race at 294 kilometres this year.

☆ Rome hopes to reverse decline and relive La Dolce Vita
▼ + stars: | 2023-03-17 | by ( Giselda Vagnoni | ) www.reuters.com time to read: +6 min

[1/5] General view of the Colosseum next to a subway's construction sites in Rome, Italy, February 16, 2023. However, flailing public services can make La Dolce Vita seem a remote dream, for both visitors and residents alike. "It is the biggest investment plan Rome has ever had," Gualtieri told Reuters. "Milan was turned around by the EXPO and has become a city capable of attracting capital from all over the world. Rome is an incredible place and second to none," Luca Luciani, head of BAI Communications Italia, told Reuters.

For Saudi Arabia, a deal could mean improved security. Saudi Arabia, Washington's most important Arab ally, began exploring ways to open a dialogue with the Islamic Republic two years ago in Iraq and Oman, said a Saudi official. In a bilateral meeting with Crown Prince Mohammed bin Salman, the president expressed his desire to broker dialogue between Saudi Arabia and Iran. CHINESE MEDIATION 'BEST OPTION'An Iranian official said the deal covered a range of issues, from security concerns to economic and political issues. "China was the best option considering Iran's lack of trust towards Washington and Beijing's friendly ties with Saudi Arabia and Iran.

☆ A top US general warns ISIS will be able to strike Western interests from Afghanistan within 6 months
▼ + stars: | 2023-03-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

ISIS could strike Western interests from Afghanistan within months, a top US general says. Gen. Michael Kurilla warned the terror group's Afghanistan affiliate could stage attacks abroad. Its "ultimate goal" is to strike the US homeland, Kurilla told lawmakers, which would be difficult. The terror group continued to carry out attacks across Afghanistan in 2022 — targeting everything from schools to mosques, and killing scores of people. In the latter two countries, US and partner forces have carried out nearly 100 operations against the terror group since the start of 2023, according to CENTCOM fact sheets.

☆ 2024 Ferrari Purosangue: A Touring Wagon That Howls
▼ + stars: | 2023-03-10 | by ( Dan Neil | ) www.wsj.com time to read: +1 min

GOOD SPORT The Purosangue’s front-mid-mounted V12 typically sends torque only to the eight-speed, dual-clutch rear transaxle, ensuring a super-sporty, rear-drive character. The AWD comes by way of a power takeoff and two-speed gearbox that transfers torque to the front predictively when the dynamic controls sense slip at the rear. IN ITS WISDOM, Ferrari staged the global press launch for the new Purosangue AWD wagon in February, in the Dolomites, near Madonna di Campiglio in northern Italy. Unfortunately, the region’s mild winter meant that scenic, snow-covered mountain trails were in short supply. While I waited my turn, visions of tree-slapping the six-figure, 12-cylinder Purosangue raced through my mind.

☆ Analysis: Wage catch-up to prolong Europe's inflation battle
▼ + stars: | 2023-03-10 | by ( Balazs Koranyi | ) www.reuters.com time to read: +6 min

"Part of the wage increase is understandable," said Jens Ulbrich, chief economist at Germany's Bundesbank. Yet the rapid wage growth underway now will hamper the European Central Bank's efforts to get inflation back to its 2% target, and possibly force it to keep interest rates high for longer. "We are taking a first step, but much more is needed to reverse the years of lopsided wage growth," Kager added. "The inflation trend, food and especially energy prices are tearing deep holes in our workers' budgets," ver.di Chairman Frank Werneke said. "The high levels of wage growth projected for 2023 and 2024 can be expected to make wages an increasingly dominant driver of underlying inflation in the euro area," Lane says.

☆ Best Buy will set up in-home hospital care through a new deal with Atrium Health
▼ + stars: | 2023-03-07 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Best Buy is best known for installing TVs and home theater systems. Best Buy began setting up virtual-care systems in mid-February for 10 hospitals in and around Charlotte, North Carolina. Best Buy and Atrium did not disclose specific financial terms, but said Atrium will buy the devices from Best Buy and use Geek Squad services for installation and retrieval when the patient is cleared from care. For Best Buy, the hospital-at-home program represents the latest push to turn health care into a more meaningful revenue driver. Best Buy, like retailers including Walmart and Target , has seen consumers buy fewer big-ticket and discretionary items as they pay more for food and housing.

☆ Stop human traffickers, Pope Francis says after Italy's migrant shipwreck
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

VATICAN CITY, March 5 (Reuters) - Pope Francis on Sunday called on authorities to stop human traffickers operating in the Mediterranean, as he expressed his sorrow over last week's migrant boat disaster off Italy's Calabrian coast, in which dozens of people were killed. May traffickers of human beings be stopped," the pope said in his weekly address to crowds in St. Peter's Square. Three alleged traffickers were arrested this week and prosecutors began looking into the way emergency services responded to the disaster, after accusations that authorities were slow to react. "I pray for the many victims of the shipwreck, for their families and for those who survived," the pope said. The government was "continuing to deploy all necessary forces to combat human traffickers and stop deaths at sea," she said in a post on Facebook.

☆ Italian prosecutors probe response to migrant tragedy
▼ + stars: | 2023-03-02 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

The same request has been made to the Coast Guard, Italian media reported. There was no immediate comment from the Coast Guard or the prosecutors. Italian President Sergio Mattarella visited survivors in a local hospital on Thursday, handing out toys to children. Frontex said the boat was sailing without signs of distress but it alerted the Italian authorities as its thermal cameras indicated there could be a number of people below deck. Media have questioned why the Coast Guard, whose vessels are better equipped to face rough seas, was not deployed until it received an emergency call the next morning.

☆ "I was unable to save them," mourns fisherman after Italian migrant shipwreck
▼ + stars: | 2023-03-02 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

[1/3] Fisherman Vincenzo Luciano looks on in the aftermath of a deadly migrant shipwreck in Steccato di Cutro near Crotone, Italy, March 1, 2023. REUTERS/Remo CasilliSTECCATO DI CUTRO, Italy, March 2 (Reuters) - It was a Sunday that Italian fisherman Vincenzo Luciano will never forget. Well before dawn he ran to the beach near his house and started pulling bodies from the sea, victims of a deadly migrant shipwreck that has so far claimed 67 lives. I saw 10 bodies all on top of each other," he told Reuters, adding that other would-be rescuers had also reached the scene quickly. Italian authorities say between 150-200 migrants were on board the wooden boat that, after setting sail from Turkey, broke apart off Steccato di Cutro in southern Italy.

☆ Former Pakistan woman hockey player killed in Italian shipwreck
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Former Pakistan women's hockey player Shahida Raza was among at least 67 people killed on the weekend in a migrant shipwreck off the coast of Italy, officials in her home province said. Those on board were mostly from Afghanistan but also from Pakistan, Syria, the Palestinian Territories, Iran and Somalia, Italian authorities said. "Pakistani authorities have informed Raza's family that the Pakistani national team hockey player perished in the boating accident off the coast of Italy," Qadir Ali Nayel, a legislator from Balochistan province, told Reuters late on Wednesday. The chief minister of Balochistan expressed grief over Raza's death saying in a statement she had brought honour to the province and the country. Reporting by Gul Yousafzai in Quetta, Pakistan; Writing by Manasi Pathak; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

CROTONE, Italy, Feb 28 (Reuters) - Rescuers pulled the body of a man out of the sea on Tuesday, raising the death toll from a migrant shipwreck near the southern Italian coast to at least 64, including about 14 children. Rescuers said most of the migrants came from Afghanistan, as well as from countries including Iran, Somalia and Syria. Pakistan's foreign ministry said 20 Pakistani citizens had been on the boat, and 16 of them had survived but four were missing. Italian Prime Minister Giorgia Meloni said in an interview on Monday that she had written to European Union institutions calling for immediate action by the bloc to stop migrant boat trips so as to prevent more deaths. Reporting by Angelo Amante, Remo Casilli writing by Cristina Carlevaro, editing by Keith Weir and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ AXA’s fling with Monte Paschi ends on high note
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Death toll in Italian migrant shipwreck rises to 61
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS TV via REUTERSROME, Feb 27 (Reuters) - The death toll in a migrant shipwreck near the southern Italian coast has risen to 61, an Italian official told Reuters on Monday, as searches continued for missing people. A total of 61 people have been found dead so far, while 80 were rescued, said Manuela Curra, a provincial government official. The vessel was carrying people from Afghanistan, Iran and several other countries, and the victims included 12 children, authorities said earlier. Based on reports from survivors, authorities believe 180 to 200 people in total had been on board the vessel, she added. Charity Doctors Without Borders (MSF), operating on the ground, said they were assisting several people who had lost relatives in the shipwreck.

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