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☆ Betting on a rate cut now is 'premature,' European Central Bank member says
▼ + stars: | 2023-09-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

It is "premature" to bet on a cut to interest rates, Francois Villeroy de Galhau, France's central bank governor, told CNBC, as market players consider whether the European Central Bank has reached peak rates. "We should remain at this level for a sufficiently long period of time," he told CNBC's Annette Weisbach exclusively on Monday. "Betting now on the next cut is probably premature." The ECB hiked rates once again earlier this month, bringing its main deposit rate to 4%. The benchmark rate stood at -0.5% in July 2022 before the central bank embarked on an intense rate hiking cycle in an effort to tackle high inflation.

Persons: Francois Villeroy de, CNBC's Annette Weisbach Organizations: CNBC, European Central Bank Locations: France's

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

☆ They bought a one euro home in Italy. Then they bought another
▼ + stars: | 2023-09-21 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +7 min

Sign up to CNN Travel’s Unlocking Italy newsletter for insider intel on Italy’s best loved destinations and lesser-known regions to plan your ultimate trip. In 2021, Jeffrey Pfefferle bought two abandoned houses in the Sicilian town of Mussomeli. Jeffrey PfefferleThe couple bought it fully furnished: antique furniture, glass chandeliers, plates and blankets were left behind by the former owners. Once it’s fully renovated, it will be liveable.”The couple was last in Mussomeli in February to check on the works. ‘I can’t believe there’s community’The pair bought a turnkey property, and then a one-euro home.

Persons: we’ll, Stanley Tucci, Jeffrey Pfefferle, Leon McNaught, ”, “, Sicily Mussomeli, expats, –, Pfefferle, it’s, “ We’ve, ‘, Sicily’s, Sicily, Stephan Knodler, Agenzia Immobiliare Organizations: CNN, intel, ”, Mussomeli, Palermo, “ Locations: Sicilian, Mussomeli, South California, Sicily, Campania, Zungoli, Rome, Southern California

☆ Europe is 'very far' from imposing new duties on Chinese EVs despite ongoing probe, top official says
▼ + stars: | 2023-09-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The European Union is "very far" from imposing new tariffs on Chinese electric cars, a top official told CNBC, just days after the bloc launched an investigation into subsidies given by Beijing. The institution surprised many last week by announcing an anti-subsidy probe focusing on the EV market in the world's second-largest economy. The European Commission believes cheaper Chinese electric cars are flooding the European market with prices being kept low due to sizeable state subsidies. The commission said an anti-subsidy probe could last up to 13 months from initiation. It also said that provisional measures must be imposed no later than nine months, followed by four months to impose definitive measures, if legally warranted.

Organizations: European, CNBC, European Commission Locations: Beijing, China

The Old City of Jerusalem and its walls were inscribed on the UNESCO World Heritage List in 1981, but UNESCO doesn't list it under Israel or Palestine. Whereas other sites are listed by country, UNESCO lists the site separately, under "Jerusalem (Site proposed by Jordan)." Source: Screenshot from UNESCOIsrael, which joined UNESCO in 1949, has nine sites named to the list, including Masada, the Old City of Acre and the "White City" of Tel Aviv. A backdrop of political alliancesUNESCO's decision to add Tell es-Sultan/Jericho to its World Heritage Site has angered Israeli officials, with Israel's foreign ministry releasing a statement Sunday calling it a "cynical" ploy by the Palestinians to politicize UNESCO. Kyiv's Saint Sophia Cathedral is now on UNESCO's List of World Heritage in Danger.

Persons: Archivio J, Lange, De Agostini, Mounir, Jordan, Masada, Anastas, Saint Sophia Cathedral, Kyiv's, Kyiv's Saint Sophia, Pollex Organizations: UNESCO, Getty, Bank, Saudi Press Agency, The, City of, UNESCO Israel, politicize UNESCO, Saudi, U.S, Biden, United, UNESCO —, World, Saint Locations: Jericho, Palestine, Old City, Jerusalem, City, City of Jerusalem, Israel, Acre, Tel Aviv, Kingdom of Saudi Arabia, Saudi Arabia, Mecca, Medina, Saudi, United States, Ukraine, Lavra, Kyiv, Pechersk, Lviv, Kyiv's Saint

☆ Auto jobs are booming in the union-hostile South
▼ + stars: | 2023-09-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

New York CNN —Looming over the United Auto Workers strike: Automakers’ continued migration to the anti-union South. Jobs at nonunion EV battery facilities pay less than the roughly $32 an hour that veteran UAW workers make. Since 1990, the South’s share of auto jobs has doubled from around 15% to 30% today, according to S&P Global Market Intelligence. Mostly nonunion EV jobs and manufacturing investments are surging in Southern states led by Republicans. The South has picked up 66% of planned EV jobs, while projects in Midwestern states such as Michigan, Indiana, Kansas and Ohio have combined for 26% of planned jobs, according to S&P Global.

Persons: ’, Ford, nonunion autoworkers, ”, Stephen Silvia, Southern, Mason, Honda, Deni McIntyre, unionize, “ It’s, Nelson Lichtenstein, Jeffrey Greenberg, Lichtenstein, Bill Lee, Nikki Haley, Houston Cofield, Biden, Biden’s, Shawn Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Volvo, Benz, BMW, Toyota, Hyundai, American University, Southern Gamble, Workers, Foreign, Ford, GM, Dixon, Midwest, UAW, EV, P Global Market Intelligence, Nissan, Mercedes, Volkswagen, Kia, CNN, University of California, Clinton Presidency, Universal, Southern Republican, South . Tennessee Gov, Former South Carolina Gov, Republicans, North Carolina –, Environmental Defense Fund, P Global, Ford Motor Co, SK Innovation Co, Bloomberg, Getty, Big Three Locations: New York, Detroit, Smyrna , Tennessee, Spartanburg , South Carolina, Vance , Alabama, Lincoln , Alabama, Germany, Santa Barbara, Clinton, Korean, United States, Tennessee, Kentucky, Alabama, South, Chattanooga, Southern, – Georgia, South Carolina , Kentucky, North Carolina, Midwest . Georgia, Michigan, Indiana , Kansas, Ohio, Stanton , Tennessee, BlueOval

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

NYC hotel rates to go upNew York City has more than enough hotels to meet traveler demand, Davis said, citing an unprecedented supply of new hotel rooms in the city. "Since 2020, 10,000 new hotel rooms have been delivered, and over the next couple of years, another 10,000 new hotel rooms will be delivered to the city," he said. "So there's absolutely more than enough supply of hotel rooms to accommodate all the tourists that want to come to New York City." Knock-on effectFrom London to Paris and Dubai, cities across the world have regulated short-term rental markets. "It's certainly possible that they could follow the lead of New York City," Davis said.

Persons: we've, Kevin Davis, Davis, CNBC's Mandy Drury Organizations: Associated Press, New York City, JLL, Hospitality's, Google, New, & ' Locations: New York City, New York, Hospitality's Americas, airfares, United States, U.S, airfare, London, Paris, Dubai

☆ Which is better — ChatGPT or a travel agent? Here's our pick
▼ + stars: | 2023-09-18 | by ( Isabella Lok | Silvia Marchetti | ) www.cnbc.com time to read: +4 min

Simply input a prompt and watch the travel recommendations pour in. Intrepid Travel, a small group travel agency, accepted CNBC Travel's request to find out. Intrepid Travel, on the other hand, provided options that came with either a pool or a gym, or both. Conversely, I felt that Intrepid Travel suggested places that were more niche and representative of Melbourne's unique culture. Both Intrepid Travel and ChatGPT came back with reasonable options around the city.

Persons: Bard, Microsoft Bing, ChatGPT, Lane, It's, Gertrude, Société, Rippon Lea, Chin Chin Organizations: Microsoft, Intrepid, CNBC, Melbourne, Intrepid Travel, — Queen, — Queen Victoria Market, National Gallery of Victoria, Reds, Getty, Gardens, Queen, Queen Victoria Market, Melbourne Museum, Eau De Locations: Melbourne, Australia, Swanston, Paris, Barcelona, — Queen Victoria, Melbourne's Fitzroy, Queen Victoria, Eau

☆ Nobel Prize award raised to nearly $1 million for 2023
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The Nobel laureates and King Carl XVI Gustaf, Queen Silvia, Prince Daniel, Crown Princess Victoria of Sweden attends the Nobel Prize award ceremony at the Concert Hall in Stockholm, Sweden, December 10, 2022. TT News Agency/Christine Olsson via REUTERS/File Photo Acquire Licensing RightsSTOCKHOLM, Sept 15 (Reuters) - Winners of this year's Nobel Prizes will get an extra 1 million crowns, taking the total financial reward to 11 million Swedish crowns ($986,000), the Nobel Foundation, which administers the awards, said on Friday. In 2012, prize money was reduced from 10 million crowns to 8 million as the Foundation looked to shore up its finances. The prize amount was increased to 9 million in 2017 and in 2020 to 10 million - where it was prior to 2012. The Nobel Prize in Physiology or Medicine is the first of this year's prizes and will be announced on Oct. 2 followed by Physics, Chemistry, Literature and Peace on the following days.

Persons: King Carl XVI Gustaf, Queen Silvia, Prince Daniel, Crown Princess Victoria of, Christine Olsson, givers, Simon Johnson, Essi Organizations: Concert Hall, TT News Agency, REUTERS, Rights, Nobel Foundation, Physics, Thomson Locations: Crown Princess Victoria of Sweden, Stockholm, Sweden, Rights STOCKHOLM, Swedish

☆ A village on an Italian island is providing free housing to digital nomads
▼ + stars: | 2023-09-15 | by ( Silvia Marchetti | Poonam Binayak | ) www.cnbc.com time to read: +6 min

Last week, Partis landed in the Sardinian village of Ollolai in Italy for a free stay paid by the local municipality. She's the first digital nomad to arrive — and already she said it feels like a life-changer. Source: Veronica Matta"That was a major success — many foreigners bought and restyled dozens of forsaken dwellings," said Mayor Francesco Columbu told CNBC. "Now, after investing in high-speed internet, with this new project 'Work from Ollolai' we want to make our village a digital nomad hub." Source: Veronica Matta"I just had to give my landowner a symbolic one euro for the house rental," said Partis.

Persons: Clarese, Partis, Ollolai, Antonio Meloni, Francesco Columbu, Veronica Matta, Sa, Matta, Veronica Matta Partis, —, that's Organizations: CNBC, Workers Locations: Los Angeles, Sardinian, Ollolai, Italy, Zanzibar, Sardinia, Singapore, Sardinia —, Partis

☆ Sweden's Carl XVI Gustaf celebrates 50 years as king
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Princess Madeleine, Chris O'Neill, Prince Daniel, Sweden's Queen Silvia, Sweden's King Carl Gustaf, Prince Carl Philip, Prince Daniel and Crown Princess Victoria watch from the balcony during the changing of the guard in the outer courtyard of Stockholm Palace on the occasion of King Carl XVI Gustaf's 50th anniversary on the throne, in Acquire Licensing Rights Read moreSTOCKHOLM, Sept 15 (Reuters) - Sweden's King Carl XVI Gustaf celebrated 50 years on the throne on Friday with ceremonies throughout the capital, including gun salutes, speeches and a lavish dinner with other heads of state. Friday is the culmination of a four-day celebration and the public was invited to the Stockholm palace courtyard to congratulate the 77-year-old king, the Nordic country's longest sitting monarch. The Swedish king is the official head of state but is largely confined to ceremonial and representative duties. Carl Gustaf ascended to the throne when he was 27 years old on Sept. 15, 1973, after the death of his grandfather Gustav VI Adolf. The king, who suffers from dyslexia, was often ridiculed in the early years of his reign for misspeaking during speeches.

Persons: Madeleine, Chris O'Neill, Prince Daniel, Sweden's Queen Silvia, Sweden's King Carl Gustaf, Prince Carl Philip, Victoria, King Carl XVI Gustaf's, King Carl XVI Gustaf, Carl Gustaf, Gustav VI Adolf, misspeaking, Johan Ahlander, Tom Little, Mark Heinrich Our Organizations: Crown, Nordic, Sweden, Gothenburg University, Thomson Locations: Stockholm, STOCKHOLM, Sweden, Southeast Asia, Brunei

☆ Belgium urges Apple to update iPhone 12 software across EU- minister
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

PARIS, Sept 15 (Reuters) - Belgium's state secretary for digitalisation said on Friday he had asked Apple to upgrade the iPhone 12 software across EU countries, adding however that based on a preliminary review by the Belgian regulator the handset presents no danger to users. Mathieu Michel said in a statement that while a review of the phone by the IBPT regulator was still underway, the first results were "reassuring" and there was no need for a recall of the phone in Belgium. Belgium said on Thursday it would review potential health risks linked to Apple's iPhone 12, raising the prospect that more European countries might ban the model after France ordered a halt to sales due to breaches of radiation exposure limits. Reporting by Tassilo Hummel, writing by GV De Clercq, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: digitalisation, Mathieu Michel, Tassilo Hummel, Silvia Aloisi Organizations: Apple, GV, Thomson Locations: Belgian, Belgium, France

☆ Shipping giant Maersk is seeing tentative signs of a bounce back in global trade
▼ + stars: | 2023-09-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. Sergei Gapon | Afp | Getty ImagesThere are tentative signs of a bounce back in global trade, according to the CEO of shipping titan Maersk. North America is also looking strong for the next year, despite having faltered along with many other major economies due to macroeconomic factors, including Russia's full-scale invasion of Ukraine and tensions with China. "As this starts to normalize and works itself out, we will see a rebound in demand," Clerc said. "I would say emerging markets and North America are certainly the points where we see the most upside potential," he added.

Persons: Sergei Gapon, Vincent Clerc, CNBC's Silvia Amaro, Clerc, Kristalina Georgieva Organizations: Maersk, Afp, Getty, Consumers, IMF, CNBC Locations: Copenhagen, Denmark, U.S, Europe, India, Latin America, Africa, North America, Ukraine, China

People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. The bank sees the business as non-core, having sold part of its operations in 2020, said the people, who spoke on condition of anonymity. But a transaction may not happen soon because difficult market conditions weigh on the unit's valuation, they said. Societe Generale Equipment Finance provides equipment leasing and financing solutions to manufacturers, dealers and vendors in sectors ranging from transport to industrials. Rather than naming non-core businesses, Krupa is more likely to outline the group's growth areas, said one person familiar with the bank's thinking.

Persons: Gonzalo Fuentes, Slawomir Krupa, Krupa, Italy's, SocGen, Pablo Mayo Cerqueiro, Mathieu Rosemain, Andres Gonzalez, Amy, Jo Crowley, Elisa Martinuzzi, Silvia Aloisi, Jane Merriman, David Evans Organizations: Societe Generale, La Defense, REUTERS, Finance, Reuters, Deutsche Bank, BNP, Societe Generale Equipment Finance, Basel Committee, Thomson Locations: La, Paris, France, PARIS, Basel

☆ Shipping giant Maersk unveils 'trendsetter' green vessel as it aims to be carbon neutral by 2040
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Evergreen and other shipping firms have ordered similar vessels, though they have less ambitious carbon neutrality targets than Maersk. Shipping accounts for around 3% of global carbon emissions, an amount comparable to major polluting countries. Denmark's Minister of Industry Morten Bodskov said this is because it is a global industry. In June, a group of 20 nations supported a plan for a levy on shipping industry emissions. "I'm worried about the rhetoric that energy transition is a downside and not really a great opportunity," he added.

Persons: Moller, Vincent Clerc, Clerc, Morten Bodskov, Bodskov, Maersk's, I'm Organizations: Maersk, DENMARK — Shipping, CNBC, Evergreen, Maersk . Shipping, Organization for Economic Cooperation, Development Locations: Copenhagen, DENMARK, China, Argentina, Brazil

☆ Carrefour sticks price warnings on food to shame suppliers
▼ + stars: | 2023-09-14 | by ( Dominique Vidalon | ) www.reuters.com time to read: +3 min

PARIS, Sept 14 (Reuters) - French supermarket chain Carrefour (CARR.PA) has slapped price warnings on products from Lindt chocolates to Lipton Ice Tea to pressure top consumer goods suppliers Nestle, PepsiCo and Unilever to reduce inflation ahead of much-anticipated contract talks. After a new round of meetings last month, Le Maire said Unilever, Nestle and PepsiCo were among companies not toeing the line on prices. But Carrefour's move to name and shame suppliers marks an escalation in the war of words between retailers and big multinationals. The shrinkflation warnings are in all French Carrefour stores, and will last until the targeted suppliers agree to price cuts, Bompais said. Le Maire said last month consumer goods companies and retailers had agreed to bring forward annual price negotiations - which would normally have taken place next year - to September.

Persons: Bompais, Alexandre Bompard, Bruno Le Maire, Le Maire, Dominique Vidalon, Richa Naidu, Helen Reid, Silvia Aloisi, Richard Chang Organizations: Carrefour, Lipton, Nestle, PepsiCo, Unilever, Finance, Thomson Locations: France, Carrefour, Paris, London

☆ Maersk CEO says the shipping giant is supportive of a carbon tax on the industry
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaersk CEO says the shipping giant is supportive of a carbon tax on the industryVincent Clerc, CEO of Maersk, speaks to CNBC's Silvia Amaro about the idea of a global shipping tax.

Persons: Vincent Clerc, CNBC's Silvia Amaro Organizations: Email, Maersk

☆ Apple disputes French findings, says iPhone 12 complies with radiation standards
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

An Apple logo is pictured in an Apple store in Paris, France September 17, 2021. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Sept 13 (Reuters) - Apple (AAPL.O) said on Wednesday its iPhone 12 model was certified by multiple international bodies as compliant with global radiation regulations and standards after a French watchdog ordered it to stop selling the phones due to above-threshold radiation levels. The ANFR radiation watchdog told Apple on Tuesday it should stop selling iPhone 12 in France after carrying out tests which it said showed the smartphone's Specific Absorption Rate (SAR) was higher than legally allowed. The ANFR said it expected Apple "to deploy all available means to put an end to the non-compliance. Apple said it had provided ANFR multiple Apple and independent third-party lab results proving its compliance.

Persons: Gonzalo Fuentes, Apple, AFNR, Mathieu Rosemain, Silvia Aloisi Organizations: Apple, REUTERS, Rights, Thomson Locations: Paris, France

☆ LaLiga announces partnership with Llanfairpwll, a small Welsh team with a very, very big name
▼ + stars: | 2023-09-13 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —Jude Bellingham, Robert Lewandowski, Luka Modrić – those are just some of the big names currently playing in LaLiga. Or, more accurately, the longest name: Welsh team Clwb Pêl Droed Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch Football Club. “This really is an outstanding partnership for us,” Samantha Jones-Smith, the club’s chairwoman, said as part of a LaLiga press release. Silvia Kusidlo/picture-alliance/dpa/APAccording to the press release, the jersey will debut on Saturday as Llanfairpwll, currently playing in the fifth tier of Welsh soccer, faces Holyhead Town. Llanfairpwll, which next year celebrates its 125th anniversary, isn’t the only Welsh team to achieve international distinction.

Persons: CNN — Jude Bellingham, Robert Lewandowski, Luka Modrić, ” Samantha Jones, Smith, “, Silvia Kusidlo, “ We’ve, ”, Gwydaf Hughes, LaLiga, It’s, Ryan Reynolds, Rob McElhenney Organizations: CNN, Spanish soccer, Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch Football Club, Llanfairpwll FC, LaLiga, Welsh, Holyhead Town, Wrexham, League Locations: LaLiga, North Wales, Holyhead, Anglesey, Europe

☆ Germany predicted to be the only major European economy to contract this year as recession lingers
▼ + stars: | 2023-09-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Manufacturing activity has struggled this year. Germany is set for a prolonged recession this year — the only major European economy to experience an economic contraction during 2023, according to fresh forecasts by the European Commission, the executive arm of the EU. The International Monetary Fund said in July that Germany would likely contract by 0.3% this year. The concept was coined back in 1998 when Germany faced deep economic challenges. Data released in early September showed manufacturing activity in the country fell at its strongest pace since June 2009, excluding the Covid-19 pandemic period.

Persons: it's Organizations: European Commission, Kremlin, Monetary Fund Locations: Klitten, Germany, Ukraine, Berlin, Europe

☆ EU's crackdown on Apple, Meta and others is to avoid forced breakups, top official says
▼ + stars: | 2023-09-07 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

BRUSSELS — U.S. tech giants are facing stricter rules in Europe with more regulation announced this week, but one senior European Union official told CNBC the aim is to avoid forced breakups of large businesses. They are Amazon , Alphabet , Apple , Microsoft , Meta and ByteDance, who now have six months to comply with stricter market rules — such as not being able to prevent users from un-installing any pre-installed software or apps, or treating their own services more favorably. The fine could be increased to 20% if the company in question continues to not comply with the rules. "And if they continue, yes, we have tools, including to break up these companies, but I will never want to use it. And I can tell you the discussion that we have with all these companies are professional and I believe are going in the right decision," Breton said.

Persons: Thierry Breton, Breton Organizations: European Union, CNBC, European Commission, Microsoft, Meta, Internal Locations: BRUSSELS, Europe

☆ 'Very stupid': Italy's bank tax remains controversial as government scrambles to update it
▼ + stars: | 2023-09-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it. "It's a very stupid law," Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend. Italy's Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax "can certainly be improved upon...but I do not accept that it is considered an unfair tax," according to Reuters. Antonio Tajani, the country's foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.

Persons: Carlo Calenda, Italy's, CNBC's Steve Sedgwick, Giancarlo Giorgetti, Antonio Tajani, CNBC's Sedgwick Organizations: CNBC, House Ambrosetti, Brothers, Italy's, Reuters, Forza Italia Locations: Rome, Italy, Europe, Ambrosetti

☆ Many Italian parties are against China's Belt and Road Initiative, foreign minister says
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Many Italian parties are against Rome's participation in China's Belt and Road Initiative, Antonio Tajani, the country's foreign minister said Saturday, ahead of a critical decision on whether to quit the project. Under the agreement the two parties can end the deal after five years, otherwise the partnership gets extended for another five-year term. Tajani, however, did not confirm any specific time for when Italy will unveil its final decision on whether to continue in the Belt and Road Initiative. In this moment the countries without the Belt and Road Initiative, the European countries, are working better than us. For this, Italy will decide if [to] stay or not [to] stay in the Belt and Road Initiative.

Persons: Antonio Tajani, Rome, Mario Draghi, Tajani, Steve Sedgwick Organizations: Initiative, European Central Bank, Ambrosetti, Italy Locations: Italy, Beijing, Rome, China

☆ EU economics chief says Europe is gripped by a ‘double crisis’ — but it can avoid a recession
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Europe is facing the impact of a "double crisis," but the region can avoid a recession, Paolo Gentiloni, the European Commissioner for economic affairs, told CNBC on Saturday. "I think we are we facing the impact of the double crisis," Gentiloni said in reference to the geopolitical impact from Russia's full-scale invasion of Ukraine and the subsequent economic hit to the European continent. Russia's invasion of Ukraine in February last year sparked serious fears in Europe that the region would enter a significant economic slowdown. The euro area, in the end, grew at a rate of 3.5% in 2022, according to the International Monetary Fund. "The slowing down started from the last quarter of 2022 and it is there, but please don't call this a recession, because I think we can avoid a recession, we are avoiding recession," he said.

Persons: Paolo Gentiloni, Gentiloni, CNBC's Steve Sedgwick Organizations: CNBC, International Monetary Fund, Ambrosetti Locations: Europe, Ukraine, U.S, Germany, Russia, China

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