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A public deal announcement with Stellantis is expected later Saturday afternoon or early evening, the sources said. Stellantis shuttered its assembly plant in Belvidere, Illinois, early this year, leaving 1,300 workers without jobs. The tentative contract deal will have provisions on the use of temporary workers, the sources said, adding Stellantis has agreed to significant investment. Fain and other senior union leaders are briefing local UAW chiefs by video conference, the sources said. The deal is also expected to include investments in other U.S. plants, including the Trenton engine plant, the sources said.

Persons: Stellantis, Shawn Fain, Biden, Fain, Tesla, Ford, Joe Biden, David Shepardson, Joseph White, Sayantani Ghosh, David Gregorio, Peter Henderson Organizations: United Auto Workers, Chrysler, Detroit Three, UAW, Ford, GM, Detroit, Detroit automakers, EV, Toyota, Kentucky, Korean, buildouts, U.S, Republican, Thomson Locations: Belvidere , Illinois, Illinois, U.S, Trenton, Detroit, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hollywood, Michigan

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 27 (Reuters) - Chrysler parent Stellantis (STLAM.MI) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters. The deal will likely set a pattern for new UAW contracts with GM and Stellantis. Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. Talks between the UAW and General Motors were continuing past 9 p.m. Friday. The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.

Persons: Rebecca Cook, Stellantis, Ford, John Lawler, David Shepardson, Joseph White, Chizu Nomiyama, Peter Henderson, Matthew Lewis, Raju Gopalakrishnan Organizations: General Motors, REUTERS, Chrysler, United Auto Workers, Reuters, Ford Motor, Detroit, GM, Stellantis, UAW, Bloomberg, Ford, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Detroit, New York, Washington

☆ Mediobanca CEO and allies keep grip on bank after shareholder vote
▼ + stars: | 2023-10-28 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +3 min

Mediobanca CEO Alberto Nagel poses for a photograph in the occasion of a news conference to present Mediobanca's new business plan in Milan, Italy, November 12, 2019. Under Nagel, Mediobanca has moved away from its historic role as a financial holding company and boosted its wealth management and consumer credit operations, also through acquisitions. But his strategy had come in for criticism, initially from the late Leonardo Del Vecchio, whose holding company Delfin has a 19.7% stake in Mediobanca. The Delfin list took 32% of the total capital in the vote. A small group of institutional investors who had filed a third list took the remaining seat.

Persons: Alberto Nagel, Flavio Lo Scalzo, Delfin, Nagel, Pagliaro, Mediobanca, Leonardo Del Vecchio, Renato Pagliaro, Del Vecchio's, Francesco Milleri, Delfin's, Gianluca Semeraro, Keith Weir Organizations: REUTERS, Companies, MILAN, Thomson Locations: Milan, Italy, Mediobanca, Generali

☆ Dana sees 'significant impact' from UAW strikes to North American operations
▼ + stars: | 2023-10-27 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Dana said the UAW strikes affected some of its largest light truck programs, including Ford Super Duty, Ranger and Bronco as well as Stellantis' Jeep Wrangler and Gladiator. "The longer the UAW strike continues, the greater financial stress there will be across the Tier 2 through Tier 4 supply base," Dana's chief executive James Kamsickas said in a post-earnings call with analysts. Dana expects its full-year sales to be $10.7 billion if UAW strikes through Oct. 31, or $10.2 billion with strikes through Dec. 31. GM and Ford have pulled their full-year forecasts this week to account for impacts from the UAW strikes.

Persons: Rebecca Cook, DAN.N, Dana, James Kamsickas, Nathan Gomes, Shilpi Majumdar Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Dana, Detroit Three, General Motors, Ford Motor, Stellantis, Ford Super Duty, GM, Ford, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, North America, Bengaluru

To this aim UniCredit wants to get to around 20 billion euros of in-house funds, Orcel said. UniCredit and Amundi are tied by a 10-year distribution agreement they signed in 2017, when UniCredit sold its internal asset manager Pioneer to Amundi. Orcel, who has been working to increase the bank's fee income since arriving in 2021, said on Tuesday UniCredit had been "rebalancing" its relationship with Amundi. By replacing the Amundi funds with its own products or those of partners who pay the bank more to sell their funds, UniCredit increases the portion of distribution fees in asset management it pockets. "In terms of value, I think in-house, strictly speaking, we're looking at about 20 billion euros," he said.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Orcel, Valérie Baudson, Amundi, Mathieu Rosemain, Valentina Za, Matthew Lewis Organizations: REUTERS, Rights, Reuters, Thomson Locations: Paris

☆ UniCredit CEO says shareholders prefer buybacks to dividends
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 27 (Reuters) - Italy's UniCredit (CRDI.MI) is using mostly share buybacks to return capital to shareholders, rather than dividends, because that is what investors prefer, Chief Executive Andrea Orcel said in a shareholders' meeting on Friday. "This is what shareholders tell us when we speak with them," Orcel told a meeting that approved a 2.5-billion-euro ($2.64 billion) share buyback. Presenting quarterly earnings on Tuesday, Orcel said that UniCredit would consider increasing over time the cash portion of its distribution, which is "arguably low." With shares trading at between 5 and 5.5 times the bank's forward earnings, "I think I am doing investors a favour by reducing the share count and boosting the yield going forward", Orcel said.

Persons: Dado Ruvic, Andrea Orcel, Orcel, UniCredit, Valentina Za, Alvise Organizations: REUTERS, Thomson

☆ Mediobanca posts record profit ahead of vote on new board
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo Acquire Licensing RightsMILAN, Oct 26 (Reuters) - Mediobanca (MDBI.MI) posted its best-ever quarterly profit on Thursday, ahead of a key shareholder vote to name the Italian bank's new board and hand Chief Executive Alberto Nagel a new three-year mandate. Net profit rose 34% year-on-year to 351 million euros ($370 million) in the three months through September, beating a bank-provided analyst consensus of 315 million euros, thanks to contributions from wealth management and insurance. Del Vecchio, who died last year at the age of 87, had criticised Nagel for failing to grow the investment bank's business decisively and hampering expansion at insurer Generali (GASI.MI), in which Mediobanca is the main shareholder. ($1 = 0.9489 euros)Reporting by Gianluca Semeraro; editing by Alvise Armellini and Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Flavio Lo Scalzo, Alberto Nagel, Revenues, Mediobanca, Delfin, Leonardo Del Vecchio, Del Vecchio, Nagel, Gianluca Semeraro, Alvise Armellini, Valentina Za Organizations: REUTERS, Thomson Locations: Milan, Italy, Italian, Del

☆ Asia helps Moncler sales to meet forecasts in third quarter
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/3] Moncler logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 26 (Reuters) - Sales at Italian luxury group Moncler (MONC.MI) rose 7% at constant exchange rates in the third quarter, meeting analyst expectations, thanks to growth in Asia and despite a decline in the Americas. Total sales reached 670 million euros ($705 million) in the July-September period, matching an analyst consensus provided by the company. The Moncler brand, which generates the largest part of group revenues, saw sales rise 9% at constant exchange rates, to 561 million euros, boosted by 22% growth in Asia. In the EMEA region, Moncler brand revenues grew 6% at constant exchange rates, "due to a normalisation in local consumption and a slower recovery of tourism flows compared to the first part of the year", the company said in a statement.

Persons: Dado Ruvic, Luciano Santel, Elisa Anzolin, Alvise Armellini, Keith Weir Organizations: REUTERS, Corporate, Thomson Locations: Asia, Americas

☆ Intesa CEO hopes to keep reins with Catholic philosophy for 'many years'
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

"We can do that because we already spend 300 million euros a year for social causes," Messina said. Intesa has among core shareholders charitable banking foundations inspired by Catholic values, commonly referred to in Italy as "Catholic finance". "I hope to have the honour to continue to lead our company for many years with this philosophy," Messina said. At the helm since 2013, Messina has made the digital switch a key plank of his long-term strategy for Intesa, with a view to cutting costs and focusing resources on wealth management and insurance operations. Intesa this year launched both Isybank, a cloud-based, low-cost mobile bank to serve younger, mass-market clients, and Fideuram Direct, a digital wealth management service targeting younger private banking clients.

Persons: Carlo Messina, Messina, Intesa, " Messina, Pope Francis, Valentina Za, Tomasz Janowski Organizations: MILAN, Thomson Locations: Italy, Messina

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

Oct 26 (Reuters) - Ford (F.N) autoworkers were set to head back to work after the United Auto Workers (UAW) union reached a tentative labor deal with the company late Wednesday. Ford was the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September. The UAW will now turn its attention to talks with General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). The UAW told Ford workers now on strike to return to their jobs during the ratification process. That means production of Ford Super Duty pickups, Ford Bronco and Explorer SUVs and Ranger trucks could restart this week.

Persons: Ford, Harley Shaiken, Shawn Fain, Jim Farley, David Shepardson, Joseph White, Abhirup Roy, David Gaffen, Mark Porter Organizations: United Auto Workers, UAW, General Motors, Chrysler, Ford, University of California, GM, Ford Bronco, Thomson Locations: University of California Berkeley, Washington, Detroit

☆ Newcastle's Tonali banned for 10 months for betting offences
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

ROME, Oct 26 (Reuters) - Newcastle United midfielder Sandro Tonali has been banned from soccer for 10 months over breaches of rules on betting on matches in Italy, the head of the Italian Football Federation (FIGC) said on Thursday. It will rule Tonali out for the remainder of the club season and next summer's Euro 2024 tournament should Italy qualify. Tonali, 23, is the highest profile player caught up in a betting scandal that is shaking Italian soccer. Legal and sporting authorities have been investigating the use of illegal betting platforms by soccer players in Italy. Aston Villa's Italy midfielder Nicolo Zaniolo is also assisting authorities in their investigation into alleged illegal betting activity, the Premier League club said last week.

Persons: Sandro Tonali, Tonali, Gabriele Gravina, Nicolo Fagioli, FIGC's Gravina, Nicolo Zaniolo, Elvira Pollina, Keith Weir, Alvise Armellini Organizations: Newcastle United, Italian Football Federation, Newcastle, Milan, AC Milan, Champions League, Borussia Dortmund, Juventus, Aston, Premier League, Thomson Locations: Italy, Italian, Newcastle, Turin

☆ ECB clears 2.5 billion UniCredit share buyback tranche
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 26 (Reuters) - The European Central Bank (ECB) has given the green light for UniCredit (CRDI.MI) to buy back an initial tranche of shares up to a value of 2.5 billion euros ($2.6 billion), the Italian bank said in a statement on Thursday. UniCredit intends to distribute a minimum of 6.5 billion euros to its shareholders this year via dividends and buybacks. UniCredit this week beat third-quarter profit forecasts and kept its full-year income goal unchanged. ($1 = 0.9495 euros)Writing by Keith Weir, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, UniCredit, Keith Weir, Alvise Organizations: REUTERS, European Central Bank, Thomson

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

☆ UniCredit to have more than 10 bln euros in excess capital by end-2023 - CEO to paper
▼ + stars: | 2023-10-25 | 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 RightsROME, Oct 25 (Reuters) - UniCredit (CRDI.MI) will have more than 10 billion euros ($10.60 billion) in excess capital by end-2023 and will consider whether to use it for M&A deals or to reward its shareholders, the lender's Chief Executive said in an interview published on Wednesday . "If M&A at our conditions is complicated, what is left is distribution (of capital). Therefore what we will give back from 2024 will have an ordinary component and probably and extraordianry one," Andrea Orcel told Italian financial daily Il Sole 24 Ore.($1 = 0.9432 euros)Reporting by Gianluca Semeraro, writing by Giulia Segreti, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Andrea Orcel, Gianluca Semeraro, Giulia Segreti, Alvise Organizations: REUTERS, Rights, Thomson

☆ US auto sales likely to rise in October but impact of UAW strike looms - report
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. auto sales are expected to rise in October but the outlook for the rest of the year remains uncertain owing to the auto workers strike at Detroit Three, a report from S&P Global Mobility showed on Wednesday. "On the surface, with a projected SAAR (seasonally adjusted annual rate) result of 15.7 million units, October auto sales will be stronger than they appear," said Chris Hopson, principal analyst at S&P Global Mobility. New total light vehicle sales in October are estimated to be 1.22 million units, up 3.3% year-over-year, according to the report. "As of the week ended October 22, nearly 150,000 units of vehicle production have been lost due to the respective plant strikes," according to the report. While the impact on sales has been limited in the month of September, production disruptions caused by the strike are expected to affect October sales for the Detroit Three and will likely be sustained in November, the report added.

Persons: Carlos Barria, Chris Hopson, Hopson, Shivansh, Shweta Agarwal Organizations: REUTERS, Detroit, P Global, P Global Mobility, Ford, General Motors, automakers, Thomson Locations: San Francisco , California, U.S, SAAR, Bengaluru

☆ Italy, Europe need state-controlled cloud services - Leonardo chief
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 25 (Reuters) - Italy and other European countries need government-controlled cloud services to store sensitive data, the head of Italian defence and electronics firm Leonardo (LDOF.MI) said on Wednesday, calling it "one of the key issues of our future". "In my opinion, a safe country needs a government cloud, at least for financial, health and defence data," Chief Executive Roberto Cingolani told a hearing at the defence committee of the Italian lower house of parliament. First of all creating a (national) government cloud. Then understanding that these (national) government clouds need to become European government clouds," he said. Leonardo, a listed company controlled by the Italian government, offers cloud services to the Italian state through a consortium including Telecom Italia (TLIT.MI), Italian state lender CDP and state-owned IT firm Sogei.

Persons: Leonardo, LDOF.MI, Roberto Cingolani, Cingolani, Alvise Armellini, Mike Harrison Organizations: Telecom Italia, Thomson Locations: Italy, Europe

☆ Italian PM's former partner loses TV show over sexist comments
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Andrea Giambruno, partner of Italy's new Prime Minister Giorgia Meloni, arrives at the Quirinale Presidential Palace for the swearing-in ceremony of Italy's new government, in Rome, Italy October 22, 2022. REUTERS/Yara Nardi/File Photo Acquire Licensing RightsROME, Oct 25 (Reuters) - /Andrea Giambruno, the former partner of Italian Prime Minister Giorgia Meloni, has been taken off a television talk show he had presented before Meloni left him following sexist comments he made to female co-workers. Audio excerpts also revealed him talking about being in an affair and telling colleagues they could work with him if they took part in group sex. MFE is owned by the heirs of the late Silvio Berlusconi, a former prime minister and Meloni ally. Reporting By Gavin Jones Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrea Giambruno, Giorgia Meloni, Yara, Meloni, Giambruno, Silvio Berlusconi, Gavin Jones, Bernadette Baum Organizations: REUTERS, Rights, Italian, Thomson Locations: Rome, Italy, Giambruno

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

☆ UniCredit revamps Buddy online banking service to ease cloud shift
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's UniCredit (CRDI.MI) on Wednesday announced improvements to its mobile banking service Buddybank, in a move that Chief Executive Andrea Orcel said would ease the eventual transition to a cloud-based core banking infrastructure. UniCredit had managed to unify the backend structure supporting traditional commercial banking operations and Buddybank, Orcel told a press conference. To shift to Buddy R-Evolution, UniCredit customers have only to download the application in order to access their current account without any changes to their bank details. A change of bank details caused disruptions this month for customers of rival Intesa Sanpaolo (ISP.MI) which is gradually shifting younger, digitally-savvy clients to its cloud-based mobile bank Isybank.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Buddy R, Orcel, Intesa Sanpaolo, Valentina Za, Keith Weir Organizations: REUTERS, Wednesday, Thomson

☆ Intesa to add 2 bln to reserves from bank tax
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's biggest bank, Intesa Sanpaolo (ISP.MI), on Wednesday said it would increase non-distributable reserves by 2.07 billion euros ($2.19 billion) instead of paying a one-off windfall tax, making use of an opt-out clause in the law. A similar decision was announced on Tuesday by rival UniCredit (CRDI.MI), which is boosting reserves by 1.1 billion euros. Reserves must increase by 2.5 times the amount that would be paid as tax, which in Intesa's case would have been 828 million euros. In announcing it was increasing reserves, Intesa said it had decided to spend around 1.5 billion euros over the 2023-2027 period to help people in need.

Persons: Stefano Rellandini, Intesa, UniCredit, Carlo Messina, Valentina Za, Leslie Adler Organizations: REUTERS, Reuters, Thomson Locations: Milan, Italy

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

☆ Morning Bid: Big Tech reports as bond yields recoil
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +5 min

The two tech giants report after the bell on Tuesday, with Meta (META.O) following on Wednesday and Amazon (AMZN.O) on Thursday. Partly lifted by the year's artificial intelligence craze, the tech behemoths have clearly flattered year-to-date gains of 10% in the overall S&P500. And yet the seemingly endless squeeze in bond markets since midyear has seen megacap indexes (.NYFANG) retreat some 12% from their highs for the year. The upshot of the whole picture is to give U.S. stock futures a lift ahead of the open on Tuesday - with Asia and European bourses in positive territory too as bond markets stabilised. Ten-year U.S. Treasury yields held about 4.83% - some 19 basis points below Monday's peak at 5.02%.

Persons: Brendan McDermid, Mike Dolan, Bill Ackman, Clark, Chubb, Paccar, Centene, Sherwin, Williams, Archer, David Evans Organizations: NVIDIA Corp, New York Stock Exchange, REUTERS, Mike Dolan Big Tech, Microsoft, Meta, Treasuries, U.S, Bank of England, Treasury, Britain's FTSE, Barclays, P Global, Richmond Fed, Philadelphia Fed, Texas Instruments, Verizon, General Electric, NextEra Energy, HCA Healthcare, General Motors, Halliburton, Dow, Waste Management, Daniels, Midland, Reuters, Thomson Locations: New York City, U.S, Gaza, United States, Asia, European, Britain's, Philadelphia, Danaher, Fiserv, Kimberly, Spotify, Dover, Nucor

☆ GM earnings give its restive workers an inch
▼ + stars: | 2023-10-24 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

On Tuesday, GM reported strong earnings that will embolden staff who have walked out at all three of the big Detroit firms. GM beat analysts’ expectations for third-quarter profit despite a $200 million hit from the strikes that started in September. That said, the firm run by Mary Barra also ditched its official forecast as it wrestles with the $200 million weekly costs from labor disruptions. Fortunately for GM, talks with its union seem to have narrowed in from earlier demands that would have vaporized the industry’s operating profit. Ongoing strikes by the United Auto Workers union, which represents GM employees, cost the company $200 million in the third quarter.

Persons: walkouts, Mary Barra, Shawn Fain, Tesla, Elon, Fain, John Foley, Sharon Lam Organizations: General Motors Company, Reuters, United Auto Workers, General Motors, Ford Motor, GM, Cox Automotive, UAW, Elon Musk’s, United Auto Workers union, Detroit, Thomson Locations: Queens , New York, U.S, Detroit, Wells, GM’s Arlington

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