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☆ UniCredit cements lead as top-performing euro zone bank stock
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Shares in Italian lender UniCredit (CRDI.MI) rose further on Thursday, hitting their highest since January 2016 and cementing their lead as top-performing euro zone bank stock of 2023. Giving further impetus to UniCredit's rally was the bank's surprise announcement on Wednesday to bring forward up to 2.5 billion euros of its 2023 share buyback plan. "This move comes largely unexpected and sends a message of confidence about the next few months despite the uncertain outlook: we expect UCG will continue to outperform in the near to medium term," wrote Deutsche Bank analysts in a note. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, UniCredit, Danilo Masoni, Amanda Cooper Organizations: REUTERS, BPER Banca, Banco, Deutsche Bank, Thomson

☆ Open Cosmos, a UK space tech startup that launches satellites for data collection, raised $50 million using this 13-slide pitch deck
▼ + stars: | 2023-09-11 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Open Cosmos, a UK space tech startup, has raised $50 million in fresh funding. Founded in 2015, Open Cosmos had only raised $7 million previously. Open Cosmos, a UK space tech startup that designs and launches satellites for data collection, has raised $50 million. Open Cosmos then shares this information to provide users with "actionable data" around the energy transition and natural resource monitoring. "We're quite an unusual space company, yes we do satellites but it's also about the data," Open Cosmos founder and CEO Rafel Jorda Siquier told Insider.

Persons: Rafel Jorda Siquier, We've, OpenCosmos, Wise, Taavet Hinrikus, Kheng Nam Lee, Siquier Organizations: Cosmos, Partners, Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, Wille Finance, Claret Capital Partners, GGV Capital Locations: Harwell , United Kingdom, South America

REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico

☆ Mexico's Election Year Deficit Plan Fuels Fear Over Finances
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City

A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. Barclays distributed a presentation on its domestic merchant acquiring unit to potential bidders - mainly specialist payments providers - over the summer, two of the people said, but plans may still be altered or dropped entirely. Our businesses continue to perform well and growing our global payments business is a priority for us." The group drafted in consultants to prepare separate financials for its domestic merchant acquiring operation in an initiative known internally as Project Hyperion, one of the people said. Barclays is also gauging interest in its German consumer finance operations, known as Barclaycard Germany.

Persons: Stefan Wermuth, Sanpaolo, Amy, Jo Crowley, Pablo Mayo, Milana, Lawrence White, Elisa Martinuzzi, Susan Fenton Organizations: Barclays, REUTERS, Barclays Plc, Reuters, Chief, CS Venkatakrishnan, Spain's Banco Sabadell, Italy's, Pablo Mayo Cerqueiro, Thomson Locations: London, Britain, Germany, New York

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

☆ Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.

Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China

☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

☆ How Mexican narcos use remittances to wire U.S. drug profits home
▼ + stars: | 2023-08-18 | by ( Reuters Graphic | ) www.reuters.com time to read: +28 min

Now the news agency is the first to detail how Mexican drug gangs have harnessed legitimate remittance networks to repatriate their U.S. drug profits, and the factors that make this activity so difficult for authorities to detect and thwart. But authorities say Mexican drug cartels are piggybacking on this legal network to repatriate earnings from U.S. narcotics sales. A Reuters search of Mexican court records dating back to 2012 turned up no cases involving money laundering through remittances. Still, prosecutors in those cases mentioned several of those firms in court documents because they said the defendants had used their platforms to wire drug money. His office did not respond to requests for comment about law enforcement allegations that Mexican cartels are using remittances to launder drug money.

Persons: Money, ”, “, Andrés Manuel López Obrador, ” Jorge Godínez, ” Godínez, John Cornyn of, Chuck Grassley, ” Grassley, pocketing, John Horn, remitters ”, Horn, – Oscar Gustavo Perez, Bernal, Itzayana Guadalupe Perez, Susan Fiorella Ayala, Chavez –, Los, –, Jose Luis Rosales, Ocampo, Josue Gama, Perez, Thania Rosales, Dulce Rosales, – Ana Lilia Leal, Martinez, Ana Paola Banda, Maria de Lourdes Carbajal, Henri Watson, Carbajal, Sigue, Sangita Bricker, Transfast –, ” Sigue, Transfast, fanny, Juan de Dios Gámez, Rubén Rocha, BanCoppel, Banorte, hadn’t, El, López Obrador, ” López Obrador, Signos, Signos Vitales, Oquitoa, Enrique Cardenas, Tim Walz, Keith Ellison Organizations: Sinaloa Cartel, Reuters, Jalisco New, Mexican, WorldRemit, ., National Intelligence, narcos, U.S, Republican U.S, Treasury, U.S . Department of, U.S ., Financial Intelligence Unit, “, Federal Bureau of Prisons, Los Rosales, Kansas City, ”, Leal, IDT Corporation, IDT, Mastercard, Express Cellular, Prosecutors, IRS, Western Union, U.S . Department of Justice, Federal Trade Commission, ‘, Banco Azteca, Elektra, World Bank, Minnesota, Caborca Locations: CULIACÁN, Mexico, Mexican, Culiacán, Sinaloa, United States, Jalisco, U.S, Colorado, Union, Americas, London, John Cornyn of Texas, Iowa, Ohio, Colorado , Georgia , Ohio , Oklahoma , Texas, Virginia, Washington, Georgia, Atlanta, Columbus, Rosales, Nayarit, Michoacan, Missouri, Texas, Florida, New Jersey, Miami, , New Jersey, Ria, Kansas, California, New York, Western, Sinaloan, Costa Rica, BanCoppel, India, China, Mexico City, Minnesota, Arizona , Colorado , Florida , Illinois, New Mexico, Nevada, Oquitoa, Sonora

☆ Patricia Kowsmann — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Patricia Kowsmann | ) www.wsj.com time to read: +1 min

Patricia KowsmannPatricia Kowsmann is a Europe finance reporter for The Wall Street Journal. She covers all things touching money, including banks, financial scandals, economic sanctions and crypto. She was a finalist in the 2014 Sabew Awards and the British Press Awards for uncovering a financial scandal at Portuguese lender Banco Espírito Santo, which ended up collapsing. She previously covered the eurozone crisis from Portugal, banks in London and the financial and real-estate sectors in Singapore. She started her career at the Journal covering corporate filings in Washington.

Persons: Patricia Kowsmann Patricia Kowsmann Organizations: Wall Street, Society for, Overseas Press Club of America, British, Banco Espírito Santo Locations: Europe, Brazil, Portugal, London, Singapore, Washington

☆ Colombia's Grupo Aval posts 75% fall in profit as bank margins fall
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

People walk in front of the Banco de Bogota, belonging to Grupo Aval, in Bogota, Colombia, October 31, 2019. REUTERS/Luisa Gonzalez/File photo Acquire Licensing RightsAug 16 (Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a securities filing on Wednesday, despite a strong boost in interest income. In the three-month period to June, net profit reached 166.2 billion pesos ($40.6 million). The financial portfolio of Grupo Aval (GAA.CN) includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). ($1 = 4,096.08 Colombian pesos)Reporting by Noe Torres in Mexico City, Writing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez, Noe Torres, Isabel Woodford Organizations: Banco, Bogota, Grupo Aval, REUTERS, Colombian, Grupo, Banco de Bogota, Banco Popular, Banco AV Villas, Occidente, Thomson Locations: Bogota, Colombia, Colombian, Mexico City

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

☆ Fintech Vesttoo seeks Chapter 11 bankruptcy protection
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 14 (Reuters) - Israel-based fintech Vesttoo is seeking Chapter 11 bankruptcy protection in a U.S. court which will enable it to pursue legal action against those responsible for a fake collateral scandal, it said in a statement on Monday. Vesttoo - partly backed by Banco Santander's (SAN.MC) fintech venture capital arm Mouro Capital - has laid off staff, closed offices and appointed an interim chief executive following the discovery of fraudulent letters of credit used on its platform. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Led by Mouro, Vesttoo last raised $80 million at a $1 billion valuation last October. In its bankruptcy filing, Vesttoo said it had appointed law firm DLA Piper and financial adviser Kroll to represent the firm.

Persons: Vesttoo, Ami Barlev, Mouro, DLA Piper, Kroll, Carolyn Cohn, Sonali Paul Organizations: Banco Santander's, Thomson Locations: Israel, U.S

☆ This Spanish bank has ripped more than 30% higher this year. BofA sees even more gains ahead
▼ + stars: | 2023-08-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The Spanish lender's U.S.-listed shares are up 32% in 2023, on pace for their biggest annual gain since 2009 — when they rallied 73%. SAN YTD mountain SAN in 2023 Bank of America thinks the 166-year-old bank can build on its strong 2023 performance, saying it trades at a low relative valuation. Reale has a price target of $5.09 per share on Santander's U.S.-listed shares. Last month, Santander reported second-quarter net income and revenue that exceeded analyst expectations. On top of that, Reale said Santander has "de-risked its book, shifting its mix from subprime to prime clients.

Persons: Wells, Goldman Sachs, Antonio Reale, …, Reale, America's Reale, Michael Bloom Organizations: Banco Santander, JPMorgan Chase, Citigroup, Bank of America, Santander, of America, U.S, America's Locations: Spanish, U.S, Wells Fargo, Santander, Europe, Spain, Brazil

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Bank of Mexico again holds interest rate firm, even as region begins cuts
▼ + stars: | 2023-08-11 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +2 min

The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. The unanimous decision by the central bank's five-member board is the third consecutive rate hold since Banxico, as the Bank of Mexico is known, halted a two-year hiking cycle in May amid easing inflation. Rate cuts in Mexico are unlikely until late 2023, analysts say, even as central banks begin easing their monetary policy. Annual inflation in Mexico slowed for the sixth consecutive month in July, official data showed on Wednesday, landing at 4.79%, but still above the central bank's target. In recent weeks, central banks in Brazil, Chile, Costa Rica, and Uruguay have cut their interest rates after aggressive monetary tightening cycles.

Persons: Daniel Becerril, Banxico, Jason Tuvey, Brendan O'Boyle, Sarah Morland, Anthony Esposito, Richard Chang Organizations: Mexico's Central Bank, Banco, REUTERS, Bank of, Capital Economics, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Bank of Mexico, Latin America, Brazil, Chile, Costa Rica, Uruguay

☆ Stingy UK bank saving rates may become a non-issue
▼ + stars: | 2023-08-10 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 10 (Reuters Breakingviews) - Banks are keeping the fruits of higher interest rates for themselves. Between January 2022 and May 2023, the Bank of England hiked rates by 4.25 percentage points. The nine largest UK banks boosted the interest on easy-access savings accounts by 1.18 percentage points, the FCA found. The upshot is that they’ll have to bid more aggressively for funding in the future, for example by raising interest rates on savings accounts. Second-quarter results suggest it too is paying more for funding: interest expense almost doubled between the second half of 2022 and the first half of 2023.

Persons: juicier, BoE, George Hay, Streisand Neto Organizations: Reuters, Authority, Barclays, Lloyds Banking Group, Bank of, FCA, Monday, Reuters Graphics Reuters, NatWest, Barclays ’, Lloyds, Banco Santander, Banco Bilbao Vizcaya Argentaria, European Central Bank, Bank of England, ECB, Spanish, Financial, HSBC, Santander UK, Nationwide Building Society, TSB Bank, Virgin Money, Bank, Thomson Locations: Britain, Spain, Bank of England, Italy, Hungary

☆ 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

☆ Italian bank stocks rebound as government waters down windfall tax
▼ + stars: | 2023-08-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Italian bank shares rebounded on Wednesday after the government watered down a surprise windfall tax on excess profits announced earlier this week. City analysts estimated that the Monday announcement of a 40% tax on excess income derived from higher interest rates in 2023 would deal a 19% blow to Italian lenders' net profits for the year. Shares of BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank and UniCredit all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector. Finecobank shares recovered 6% by mid-morning on Wednesday, while Unicredit and BPER Banca were both up by more than 4%. "Initially, right after the announcement of the windfall tax on Monday evening, the government reiterated that they were expecting to raise around 3 billion euros in tax, but then the market realized that the numbers didn't add up," Rania explained.

Persons: Gianmarco Rania, Rania Organizations: Banca, Banco, Citi, BPER Banca, Banor, CNBC

☆ Israeli fintech Vesttoo names new interim CEO
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Aug 9 (Reuters) - Israeli fintech company Vesttoo said on Wednesday it named Ami Barlev as interim chief executive officer, replacing Yaniv Bertele, who was in charge during a fake collateral scandal. The firm noted Barlev specializes in the areas of corporate governance, business development, crisis management, and managing companies in complex situations. Vesttoo, which uses artificial intelligence technology to connect the insurance industry and capital markets, is also in contact with regulatory bodies worldwide. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Reporting by Steven Scheer and Carolyn Cohn; Editing by Toby Chopra and David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Vesttoo, Ami Barlev, Yaniv Bertele, Barlev, Steven Scheer, Carolyn Cohn, Toby Chopra, David Evans Organizations: Nasdaq, Banco Santander's, Thomson

☆ Italian bank tax flip-flop leaves lasting scars
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson

☆ Altice’s beaten-up debt is only a bet for the bold
▼ + stars: | 2023-08-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +6 min

REUTERS/Violeta Santos MouraLONDON, Aug 8 (Reuters Breakingviews) - Altice’s debt is a bet for the bold. Patrick Drahi’s telecoms group is sitting on a $60 billion debt burden, and faces rising borrowing costs and a corruption investigation. Drahi will therefore need to sell assets to cut debt, which starts to come due in 2025. Both Altice France and Altice International are trying to sell their data centre businesses, which could raise some 700 million euros, bankers say. Yet Altice France alone has some $19 billion of debt coming due by 2029.

Persons: Patrick Drahi, Violeta Santos Moura, Patrick Drahi’s, Drahi –, Armando Pereira, Altice, Drahi, “, ”, Pereira, Xavier Niel’s, Manuel Magalhaes e Silva, Altice International’s, Alexandre Fonseca, Neil Unmack, Oliver Taslic Organizations: French, REUTERS, Violeta Santos Moura LONDON, Reuters, Altice USA, Altice, Bouygues Telecom, Banco Espírito Santo, Public, Thomson Locations: Paris, France, Moroccan, Europe, United States, Portugal, Israel, Dominican Republic, Orange, Altice France, Banco Espírito, Portuguese, New York, London

☆ Italian bank shares slide after government surprises with windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Italian banking shares took a beating on Tuesday morning after Italy's cabinet approved a 40% windfall tax on lenders' profits in 2023. As of around 9:45 a.m. in Rome, BPER Banca shares had plunged 8% and Intesa Sanpaolo was down 7%, while Banco BPM, UniCredit and Finecobank all dropped more than 6%. The one-off tax on extra profits will be equal to around 19% of banks' net profits for the year, analysts at Citi estimated based on currently available data. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares. Banks are required to pay the tax within six months after the end of the financial year.

Persons: Carlo Nordio, Adolfo Urso, Matteo Salvini, Francesco Lollobrigida, Orazio Schillaci, Palazzo Chigi, Sanpaolo, Salvini, Azzurra Guelfi, Banks Organizations: Enterprise, Transport, Agriculture, Health, Palazzo, Ministers, BPER Banca, Banco, European, Citi, Citi Equity Research, UCI Locations: Italy, Rome

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