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☆ UniCredit proposes giving audit powers to board
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

UniCredit logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoMILAN, Aug 1 (Reuters) - UniCredit (CRDI.MI) on Tuesday proposed amending its by-laws to give its board audit powers, which would no longer be exercised by a separate body, in a push to make controls more effective, it said. At present the board of directors exercises management and strategic supervision functions, to which it would add the audit one. The new system ensures a greater effectiveness of controls by bringing the "the control body within the board, which would fully appreciate the inputs of the members of the control body through their direct participation in decision-making," Unicredit said. Reporting by Valentina Za Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, MILAN, Intesa, Unicredit, Valentina Za, Keith Weir Organizations: REUTERS, Thomson

☆ Russian hackers crash Italian bank websites - cyber agency
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 1 (Reuters) - Italy's cyber security agency on Tuesday said it had detected hacker attacks against websites of at least five banks, which temporarily made it impossible to access some of their services. A spokesperson for the agency told Reuters that targeted banks included Intesa Sanpaolo (ISP.MI), Monte dei Paschi di Siena (BMPS.MI) and BPER Banca (EMII.MI), along with FinecoBank (FBK.MI) and Banca Popolare di Sondrio (BPSI.MI). The agency "identified the reactivation of Distributed Denial of Service (DDoS) attack campaigns by pro-Russian ... groups against national institutional subjects," a statement said. In DDoS attacks, hackers attempt to flood a network with unusually high volumes of data traffic in order to paralyse it. The agency said it provided swift assistance to the firms targeted by attacks from activists in the Noname057(16) group in order to mitigate any impact.

Persons: Intesa, Siena, Angelo Amante, Valentina Za Organizations: Reuters, BPER Banca, Banca Popolare, Thomson

☆ Intesa lifts profit outlook after record first-half
▼ + stars: | 2023-07-28 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Intesa posted a 2.27 billion euro net profit for April-June, above a Reuters analyst consensus of 1.82 billion euros ($2 billion), with lower than expected loan loss provision also helping to offset rising costs. Intesa now sees its full year profit "well above" a previous forecast of 7 billion euros, with further growth projected in 2024 and 2025. Under the strategy unveiled in February last year Intesa had originally aimed for a 6.5 billion euro 2025 net profit. Intesa expects to reap more than 13.5 billion euros in 2023 from its net interest margin, and grow it further in 2024 and 2025. "(Intesa's) '24/'25 profit guide is supported by growing net interest income, recovery in commissions, cost reduction and low cost of risk," Jefferies said.

Persons: Intesa, Carlo Messina, Messina, Jefferies, Valentina Za, Keith Weir, Gavin Jones Organizations: MILAN, TECH, Thomson Locations: Italy's, Italy, Europe

☆ Azimut to start marketing funds to UniCredit clients in Q1
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Italian asset manager Azimut (AZMT.MI) said its partnership with UniCredit (CRDI.MI) was on track and would start contributing to net profit from early next year, when it begins marketing products built for the bank's clients across its branches. UniCredit, which sold its asset management operations in 2017 to boost capital, has turned to Azimut as it works to grow its fee income by bringing back in house parts of the business. "We have entered into stage two of the ... strategic partnership with UniCredit," CEO and CFO Alessandro Zambotti said in a statement, as Azimut posted a 15% yearly rise in first-half net profit. Under the deal unveiled in December, Azimut will set up in Ireland an asset management business tailored to UniCredit clients' needs which the bank has an option to acquire for a token price within five years. Azimut has said it expects to reap a 0.5% profit margin on the sales of new products to UniCredit clients.

Persons: Azimut, UniCredit, Alessandro Zambotti, Andrea Orcel, Pietro Giuliani, Enrico Sciacovelli, Valentina Za Organizations: UniCredit, Wednesday, Thomson Locations: Italian, Ireland

☆ ECB mulled raising banks' mandatory reserves in inflation fight -sources
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

The ECB raised interest rates for the ninth consecutive time on Thursday in its year-long effort to bring down inflation. It also decided to stop remunerating banks' minimum reserves to contain the amount it pays in interest and the losses it is likely to make. The ECB is currently remunerating lenders' mandatory reserves in the same way as their deposits, which are reserves held above the minimum. On Thursday it increased the deposit rate to 3.75%, in a widely expected decision, while cutting to zero the rate on minimum reserves. "Since then, the efficiency aspect has risen in relevance, in line with the higher level of the key ECB interest rates," it said.

Persons: Arne Petimezas, Petimezas, Francesco Canepa, Balazs Koranyi, Valentina Za, Christina Fincher, Catherine Evans Organizations: Central Bank, Reuters, ECB, AFS Group, Thomson Locations: FRANKFURT, Amsterdam

☆ Mediobanca to launch new $223 mln buyback after record year
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, July 27 (Reuters) - Italy's Mediobanca (MDBI.MI) said on Thursday it would buy back its own shares for around 200 million euros ($223 million) in its new fiscal year after closing the previous one with record revenues and profits. The bank posted a 13% yearly rise in net profit to 1.03 billion euros in the 12 months through June, after one-off hits totalling around 190 million euros. Mediobanca booked a 49.5 million euro impairment on Swiss asset manager RAM while also setting aside 26 million euros to fund voluntary staff exits to boost generational turnover. "Mediobanca in the next three years will deliver strong growth in wealth management, more efficient risk weighted asset (RWA) management, and enhanced shareholder remuneration," Chief Executive Alberto Nagel said in a statement. ($1 = 0.8976 euros)Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mediobanca, Alberto Nagel, Gianluca Semeraro, Valentina Za Organizations: MILAN, Thomson

Higher interest rates helped UniCredit (CRDI.MI) strongly beat earnings expectations in the second quarter. Germany's financial regulator BaFin has been calling on banks to raise the amount of money they set aside for bad loans. Deutsche Bank on Wednesday said provisions for bad loans nearly doubled in the second quarter from a year earlier to 401 million euros. Santander's financial chief said bad loans in Brazil may have already peaked. This sent the bank's shares up around 2% on Wednesday, with Jefferies saying that it sees upside potential to net interest income.

Persons: Ralph Orlowski, Lloyd's, Andrea Orcel, BaFin, James von Moltke, UniCredit, Jefferies, Tom Sims, Jane Merriman Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Lloyds Banking Group, Lloyds, JPMorgan, Monetary Fund, European Central Bank, Union, Thomson Locations: Frankfurt, Germany, MILAN, MADRID, Europe, Spain, Santander, Brazil

☆ Mediobanca teams up with UK's Founders Factory in fintech push
▼ + stars: | 2023-07-24 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

MILAN, July 24 (Reuters) - Mediobanca (MDBI.MI) will partner with London-based Founders Factory, an early-stage investor in new businesses, to promote fintech start-ups, the two companies said, as the Italian bank works to grow its international and tech footprint. Mediobanca will invest 12 million euros ($13 million) in a joint venture with Founders Factory with a view to building up 35 fintech ventures over the next five years. Founders Factory has invested so far in more than 300 tech companies, including nearly 50 financial technology ventures. "The (Mediobanca-Founders Factory) venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and artificial intelligence, to innovate the financial services market", the companies said. ($1 = 0.9029 euros)Reporting by Elvira Pollina; editing by Valentina Za and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Mediobanca, Nagel, Elvira Pollina, Valentina Za, Gavin Jones Organizations: MILAN, Factory, fintech, Founders Factory, Arma Partners, Thomson Locations: London, Acre

☆ Italian asset manager Azimut targeted by BlackCat hackers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

MILAN, July 24 (Reuters) - Italian asset manager Azimut (AZMT.MI) said on Monday it had suffered a cyberattack that did not harm its customers' sensitive data, and had received a ransom request which it rebuffed. Israeli hacking monitoring start-up DarkFeedsaid the attack was carried out by BlackCat, the same ransomware group which in September stole large amounts of data from state-owned Italian energy services firm GSE. Tel Aviv-based DarkFeed said on its website that Azimut had been hit on July 21, listing it as one of BlackCat's 477 victims. BlackCat, also known as ALPHV, emerged in late 2021 and is known for having launched sophisticated attacks on scores of companies across the U.S. and Europe. Reporting by Elvira Pollina and Valentina Za, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Azimut, BlackCat, DarkFeed, Elvira Pollina, Valentina Za, Gavin Jones Organizations: MILAN, Thomson Locations: Italian, Tel Aviv, Europe, Italy

TUA Assicurazioni, a non-life company founded in 2003, is valued at around 300 million euros ($335 million), according to the sources. Two sources mentioned German insurance heavyweight Allianz (ALVG.DE), fellow German insurer Talanx (TLXGn.DE) and France's Groupama as potential bidders. One of them also named Italy's Itas as one of up to five parties that could bid in the second round. Talanx has expressed interest in ICCREA's non-life business and is competing with Swiss Helvetia Group (HELN.S), Groupama and Italian cooperative insurer Assimoco. ($1 = 0.8946 euros)Additional reporting by Gianluca Semarero in Milan, writing by Keith Weir Editing by Keith Weir and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: TUA, TUA Assicurazioni, Italy's, ICCREA, Talanx, Rothschild, Mediobanca, Groupama, Gianluca Semarero, Keith Weir, Louise Heavens Organizations: Generali, Cattolica, Allianz, Swiss Helvetia Group, Itas, Thomson Locations: MILAN, Generali, Mediobanca, Talanx, Milan

In mid-2020 Rome secured the lion's share of a 724-billion-euro kitty aimed at helping EU members emerge from COVID greener and more tech-friendly. Italy's 191.5 billion euros ($210 billion) of cheap loans and grants, to be received in tranches through 2026, was intended for productive investments in the bloc's most chronically stagnant economy. MICRO-PROJECTSMore than half the EU money is meant to go on digitalisation and ecological transition, with the rest devoted to sustainable transport, education, social cohesion and health. The government is still awaiting a 19-billion-euro tranche of the EU funds blocked in March over missed policy targets stemming from 2022. It brings Italy's byzantine rules closer to EU standards, but Gobbato said people will initially find it hard to adapt.

Persons: Flavio Lo Scalzo, Rome, Roberto Perotti, Giorgia Meloni, Mario Draghi, Giuseppe Conte, Carlo Messina, Intesa, Vittorio Soldavini, Davide Carlucci, It's, Gustavo Piga, Rome's, Ilaria, Dentons, Gobbato, Catherine Evans Organizations: REUTERS, Milan's Bocconi University, Treasury, European Central Bank, Technology, Tor Vergata University, Reuters, Thomson Locations: Milan, Italy, ROME, MILAN, tranches, Brussels, Italy's, Italian, Parma

☆ Intesa CEO: bank to expand in wealth management thanks to technology
▼ + stars: | 2023-07-11 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

MILAN, July 11 (Reuters) - Thanks to cost-saving investments in technology, Intesa Sanpaolo (ISP.MI) plans to grow its market share in wealth management without having to make any acquisitions, Chief Executive Carlo Messina said on Tuesday. Presenting a new digital financial advisory service for private banking customers, weeks after launching the group's new digital bank for mass-market clients, Messina said Intesa was increasingly acquiring fintech features. In a similar fashion, Intesa said it was lunching Fideuram Direct, using technology to serve younger and less demanding private banking clients. "We can imagine for example the son of one of our private banking customers as a Fideuram Direct customer," he said. Fideuram Direct, the new digital service, has already 60,000 clients and 2.5 billion euros in AUMs, Intesa said.

Persons: Intesa, Carlo Messina, Messina, Tommaso Corcos, Corcos, Valentina Za, Alvise Armellini, Keith Weir Organizations: MILAN, Thomson Locations: AUMs

☆ 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

☆ Generali buys U.S. asset manager Conning under deal with Cathay Life
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 6 (Reuters) - Generali (GASI.MI) has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding (2882.TW), the Italian insurer said on Thursday. Cathay Life will become a minority shareholder in Generali Investments Holding, which comprises the majority of the group's asset management activities, with a stake of around 16.75%, Generali said. Furthermore Generali will become one of the top 10 players in asset management in Europe, he added. Generali and Cathay Life will enter an asset management agreement for at least 10 years. The acquisition of Conning and its affiliates increases Generali's total Assets Under Management (AUM) to $845 billion (775 billion euros), up from 620 billion euros at the end of March.

Persons: Philippe Donnet's, Generali, Carlo Trabattoni, Woody Bradford, Gianluca Semeraro, Valentina Za, Keith Weir Organizations: MILAN, Holdings, Cathay Life, Cathay Financial, Cathay, Generali Investments, Wealth Management, Generali, Thomson Locations: Connecticut, United States, Europe, Asia

☆ Italy's top insurers, banks strike Eurovita rescue deal
▼ + stars: | 2023-07-01 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

MILAN, June 30 (Reuters) - Italy's top four insurers and Germany's Allianz (ALVG.DE) have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into trouble due to higher interest rates. Insurers Generali (GASI.MI), Intesa Sanpaolo Vita (PST.MI), Poste Vita (PST.MI), UnipolSAI (US.MI) and Allianz will set up a new company that will take on Eurovita life insurance policies. To prevent the five insurers from being hit by redemptions once the ban is lifted, banks that sold Eurovita the products are participating in the rescue. The lenders will provide financing to repay Eurovita customers who redeem their policies, while holding the underlying bonds to maturity and neutralising any losses.

Persons: IVASS, Eurovita, redemptions, Intesa, Vitale &, Gatti Pavesi Bianchi, Valentina Za, Alvise Armellini, Alexander Smith Organizations: MILAN, Germany's Allianz, Allianz, Banco, Credit Agricole, Thomson Locations: Eurovita

☆ Digital banking in Italy's industrial heartland at over 75%, Bank of Italy says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

Digital banking in Lombardy has grown 20 percentage points since 2015, the central bank said in a report on the region's economy, which grew 3.8% in 2022, slightly above the national average. The number of bank branches in Lombardy fell 4% in 2022, bringing the total decline since 2008 to 39%, compared with 41% for the European Union, the Bank of Italy said. Even with the reduction, Lombardy has 41 bank branches per 100,000 residents, against a national average of 36, it added. To cut costs and upgrade its IT infrastructure, Italy's biggest bank Intesa Sanpaolo (ISP.MI) this month launched its digital-only bank Isybank. Citing Eurostat data, the Bank of Italy said 67% of Lombardy's population in 2022 accessed banking services online.

Persons: Andrea Orcel, Valentina Za, Richard Chang Organizations: MILAN, Bank of, Digital, Banco, European Union, Eurostat, Thomson Locations: Lombardy, Italy's, Bank of Italy

☆ Exclusive: Italy prosecutors investigating Cinven-owned Eurovita - sources
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, June 22 (Reuters) - Prosecutors in Milan have opened an investigation into Eurovita, a small life insurer which has been placed under special administration by Italian authorities after running into trouble, two people with direct knowledge of the matter said. Italy is currently trying to orchestrate an industry rescue for Eurovita, which is owned by British private equity fund Cinven. The sources said that, at the moment, nobody was under investigation in the probe and no possible crime had yet been identified. The probe has been opened by the department of Milan prosecutors' office in charge of financial crime, the sources said. Reporting by Emilio Parodi in Milan and Pablo Mayo Cerquiero in London; Additional reporting and writing by Valentina Za; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Cinven, Emilio Parodi, Pablo Mayo, Valentina Za, Alvise Organizations: MILAN, Prosecutors, Pablo Mayo Cerquiero, Thomson Locations: Milan, Italy, London

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

☆ Italy rules Pirelli's Chinese top investor cannot choose CEO
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pirelli CEO Marco Tronchetti Provera attends a theatrical performance on the occasion of the 150th anniversary celebration of Italian tyremaker in Milan, Italy, January 28, 2022. Rome's move came after Sinochem notified the Italian government in March of plans to renew and update an existing shareholder pact with fellow investor Camfin, the vehicle of Pirelli's CEO Marco Tronchetti Provera. Rome also ruled Sinochem should pick no more than eight members of Pirelli's 15-strong board, leaving four to Camfin. Pirelli shareholders vote to pick a new board on July 31, with current deputy CEO Giorgio Bruno set to replace Tronchetti Provera, who would stay on as executive vice-chairman. Analysts see the move as an initial step to build an alternative and stable group of Italian shareholders for the company.

Persons: Marco Tronchetti Provera, Flavio Lo Scalzo, China's, tyremaker Pirelli, Rome's, Sinochem, Camfin, Giorgia, Tronchetti Provera, Pirelli's, Giorgio Bruno, Giuseppe Fonte, Valentina Za, Giulio Piovaccari, Louise Heavens Organizations: Pirelli, REUTERS, Reuters, Thomson Locations: Milan, Italy, China, Rome, Camfim

☆ Valentino returns to Milan Fashion Week with flowery menswear show
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Pierpaolo Piccioli as part of his Spring/Summer 2024 collection show for fashion house Valentino during Men's Fashion Week in Milan, Italy, June 16, 2023. REUTERS/Claudia GrecoMILAN, June 16 (Reuters) - Italian luxury house Valentino kicked off Milan Fashion Week's menswear shows on Friday with a lineup combining blazers and coats with shorts, as creative director Pierpaolo Piccioli sought to redefine the meaning of the masculine identity. Valentino, which is controlled by Qatari investment vehicle Mayhoola, presented its menswear collection for spring and summer 2024 in the arched courtyard of Milan's state university. Valentino ditched the co-ed show model - the mixing of men's and women's shows - which it had adopted for the last three years and returned to Milan, where founder Valentino Garavani staged the first Valentino menswear show in 1985. Milan Fashion Week includes 72 events and presentations of menswear collections.

Persons: Pierpaolo Piccioli, Valentino, Claudia Greco MILAN, Valentino Garavani, Giorgio Armani, Prada, Ermenegildo, Elisa Anzolin, Valentina Za Organizations: REUTERS, Milan, Gabbana, Thomson Locations: Milan, Italy

☆ Intesa launches cloud-based Isybank in digital push
▼ + stars: | 2023-06-15 | by ( Vaibhav Sadhamta | ) www.reuters.com time to read: +2 min

Isybank is powered by cloud technology provided by Britain's ThoughtMachine, a cloud-native banking technology firm. High-street banks globally face a big challenge in replacing their existing core IT infrastructure, known as mainframe, with cloud technology. Legacy systems pose a major hurdle, while the task is easy for challenger banks built from scratch on cloud technology. Intesa Sanpaolo has forecast its new digital bank would save around 800 million euros a year in 2026-2027, up from 600 million euros in 2025, according to a strategy presentation delivered in February last year. Isybank targets some 4 million Intesa customers who generate around 200 million euros in revenues a year and could become more profitable for the bank if shifted away from branches given they already only use digital bank services.

Persons: Britain's ThoughtMachine, Paul Taylor, Intesa, Intesa Sanpaolo, Carlo Messina, Stefano Barrese, Valentina Za, Conor Humphries Organizations: MILAN, Google, Thomson Locations: Italy's, Italy, Europe

MILAN, June 14 (Reuters) - Merger and acquisition speculation has lifted shares in MFE (MFEB.MI), the late Silvio Berlusconi's TV business, following his death, but a number of obstacles stand in the way of any rapid deal. With a 19.8% MFE stake, Vivendi (VIV.PA) is widely seen as the natural buyer for MFE. This week's rally has lifted the market value of the whole of MFE to 1.8 billion euros. Any accord between Vivendi and Fininvest would require overcoming the deep distrust between the two groups after years of courtroom battles sparked by a failed 2016 TV deal. Like Fininvest, Vivendi faces a loss on any potential sale of its MFE stake given the gap between book and market prices.

Persons: Silvio Berlusconi's, Vincent Bollore, Urbano, Pier Silvio Berlusconi, Fininvest, MFE, Emilio Parodi, Valentina Za, Barbara Lewis Organizations: MILAN, Vivendi, Reuters, della Sera, U.S, Warner Bros ., VIVENDI, FININVEST, Fininvest, MFE, Thomson Locations: MFE, Urbano Cairo, Germany's ProSiebenSat, Italy, Spain, Rome, Netherlands

☆ Italy PM says good ties with China possible without Belt and Road
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 28 (Reuters) - Good relations with China are possible even without being part of the Belt and Road Initiative (BRI) deal, Italian Prime Minister Giorgia Meloni said in an interview published on Sunday, as her government weighs abandoning the project. Italy is the only major Western country to have joined China's BRI scheme, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. Meloni noted that while Italy was the only one of the Group of Seven (G7) rich democracies to have signed the Belt and Road memorandum, it was not the European and Western country with the strongest economic and trade ties with China. Earlier this month a senior Italian government official told Reuters Italy was highly unlikely to renew the Belt and Road deal. China is among the biggest markets for most countries in the G7 group, particularly for export-reliant economies such as Japan and Germany.

☆ Venice's waters turn fluorescent green near Rialto Bridge
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Venice's waters turn green due to an unknown substance near the Rialto Bridge, in Venice, Italy in this handout image released May 28, 2023. Vigili del Fuoco/Handout via REUTERSMILAN, May 28 (Reuters) - The waters in Venice's main canal turned fluorescent green on Sunday in the area near the Rialto bridge and authorities are seeking to trace the cause, Italy's fire department said. The Venice prefect has called an emergency meeting of police forces to understand what happened and study possible countermeasures, the Ansa news agency reported. The incident echoes recent episodes in Italy where environmental groups have been colouring monuments, including using vegetable charcoal to turn the waters of Rome's Trevi fountain black in a protest against fossil fuels. However, unlike previous cases, no activist group has come forward to claim responsibility for what happened in Venice.

☆ ION unlocks financing to finalise Italy's Prelios buy-sources
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

ION has been in talks for months with U.S. investment fund Davidson Kempner to acquire Prelios, a bad loan specialist which DK took private in 2018. While not all of the banks have completed all the necessary internal steps to approve the financing the sources said the finalisation of the deal was imminent. A stalemate over the duration of the financing has been overcome through a 'bridge to bond' structure with a longer maturity than usual, one of the sources said. 'Bridge to bond' financing normally requires the borrower to tap markets within 12-18 months to repay the loan. ION has a single-B credit rating - below the 'BBB' investment grade threshold - by Moody's and S&P Global, according to Refinitiv data.

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