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☆ Designer John Galliano leaves Maison Margiela after 10 years, his ‘wings mended’
▼ + stars: | 2024-12-11 | by ( Story The Associated Press | ) edition.cnn.com time to read: +1 min

Milan, Italy AP —British designer John Galliano is leaving the Maison Margiela fashion house after 10 years as artistic director, the Paris-based brand’s owner said Wednesday. “John made it the most cutting-edge couture house in the world,’’ said Renzo Rosso, chairman of Italy’s OTB Group that owns Maison Margiela. Galliano made his runway debut with Maison Margiela in January 2015, with a small couture collection to a carefully selected audience of about 100 in London. Givenchy hired Galliano as a young head designer in 1995, before Christian Dior brought him on as creative director the next year. For 15 years, his star rose with theatrical runway shows.

Persons: John Galliano, “ John, ’ ’, Renzo Rosso, Rosso, ” Galliano, Pietro D'Aprano, ’ ’ Galliano, Galliano, Maison, Christian Dior, Givenchy Organizations: Italy AP, Maison, Italy’s, Maison Margiela, Margiela's, Milan Locations: Milan, Italy, British, Paris, London

☆ Airline cracks down on ‘gate lice’ who skip the line
▼ + stars: | 2024-10-26 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. There’s a not-very-flattering term for those exhibiting the behavior: “gate lice.”It might feel harmless, but swarming the gate can lead to congestion, confusion and longer wait times. To tackle the problem, American Airlines is trialing new technology at airports in New Mexico, Arizona and Virginia. Passengers who attempt to board before their assigned group is called will set off an error beep, alerting the gate agent — and also rule-abiding fellow passengers. Of course, you might prefer to organize your trip around another list that dropped this week: the world’s best bars for 2024.

Persons: you’re, —, “ We’ve, ”, “ Max, Mike Grossman, CNN “, ” Erin Tridle’s, Jordan, “, Vlad Dimovski, Iga Olszak Organizations: CNN, American Airlines, Geographic, Airlines, Passengers, ” AA, Heathrow, National Geographic, Electricity, Disney Locations: New Mexico, Arizona, Virginia, New Zealand, Europe, Thailand, Italy, Mexico City, Hong Kong, Barcelona, London, Australia, Greece, Istanbul, Turkish, American, United States

☆ Intesa CEO says bank profits at peak
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

Carlo Messina, Chief Executive Officer of Intesa Sanpaolo bank, looks on during a meeting in Rome, Italy April 18, 2023. REUTERS/Remo Casilli/File Photo Acquire Licensing RightsMILAN, Nov 30 (Reuters) - Bank profits are close to peaking, and net fees will again play a prominent role from next year, giving an edge to banks such as Intesa Sanpaolo (ISP.MI) which has a diversified business model, Chief Executive Carlo Messina said on Thursday. "There is no doubt that we are currently in a peak phase for bank profits," Messina said. Italian banks have posted record profits this year thanks to higher interest rates, which lifted lending costs while deposit returns remained very low. Reporting by Valentina Za, editing by Gianluca SemeraroOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Messina, Remo Casilli, Messina, Valentina Za, Gianluca Semeraro Organizations: REUTERS, Bank, Thomson Locations: Sanpaolo, Rome, Italy

☆ Soccer AC Milan take first step in new arena project
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Sept 27 (Reuters) - AC Milan are starting a process to build a new stadium on the outskirts of Milan, the Italian soccer club said on Wednesday, after efforts to replace their historic San Siro arena led nowhere. "It's a first step," AC Milan chairman Paolo Scaroni said at a press briefing presenting the project. Like other Italian clubs, AC Milan, who are controlled by U.S. fund RedBird, do not own an arena, which is seen as a key driver to boost revenue. The club and local rival Inter Milan have been in talks for years with the city of Milan to advance a joint project to rebuild San Siro, which was built in the 1920s and is currently the home ground of both teams.

Persons: Stefano Rellandini, Milan, Paolo Scaroni, Elvira Pollina, Valentina Za, Ed Osmond Organizations: REUTERS, Milan, AC Milan, U.S, Inter Milan, Thomson Locations: Milan, Italy, Italian, San Siro, San Donato

☆ Italy slaps 40% windfall tax on bank profits
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +1 min

European bank shares tumbled on Tuesday after Italy approved a 40% windfall tax on banks for 2023, sending shivers across the sector that has recorded surging profits as global interest rates have risen. A gauge of euro zone banks fell 3.7%, and was set for its biggest daily drop since the turmoil in the banking sector in March, when Credit Suisse collapsed. Analysts at Bank of America estimated the new tax could cost Italian banks between 2% and 9% of their earnings. For 2023 alone, Italy will tax 40% of banks’ net interest margin, a measure of income banks derive from the gap between lending and deposit rates. Proceeds from the windfall tax will be used to help mortgage holders and cut taxes, Italy’s deputy prime minister said.

Persons: shivers, Intesa, ”, Gilles Guibout, Stuart Cole Organizations: Credit Suisse, Axa Investment, Bank of America, Spain’s Banco Santander, Germany’s Deutsche Bank, DB, Reuters, Equiti Locations: Italy, Europe, Spain, Paris

☆ Factbox: European countries imposing windfall taxes on banks
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +4 min

But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.

Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain

☆ Italian windfall tax sends euro zone bank stocks tumbling
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters) - An index of euro zone banks (.SX7E) fell as much as 3.4% on Tuesday, after Italy approved a 40% windfall tax on banks for 2023. The index is on track for its biggest daily drop since the turmoil in the banking sector in March. BPER Banca (EMII.MI) fell to the bottom of the STOXX 600 and was last down 8.8% while Intesa Sanpaolo (ISP.MI) was last down 8%. The pan-European STOXX 600 (.STOXX) was last down 0.3%, while a broader index of European banks fell 2%.

Persons: Dado Ruvic, Intesa, Lucy Raitano, Alun John Organizations: REUTERS, BPER Banca, Thomson Locations: Italy, EMII.MI

☆ Italy approves 40% windfall tax on banks, to be limited to 2023
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-Matteo Salvini, Italian infrastructure minister and deputy PM, attends a news conference for the government's first budget in Rome, Italy November 22, 2022. REUTERS/Remo Casilli/File PhotoROME, Aug 7 (Reuters) - Italy's cabinet on Monday approved a 40% windfall tax on banks for 2023, with proceedings to be used to help mortgage holders and cut taxes, the deputy prime minister said. Salvini said the 40% levy on banks' extra profits that amount to several billion euros will feed items such as a reduction of the tax wedge, tax cuts and financial support to holders of mortgages on first homes. The Italian government, including Prime Minister Giorgia Meloni, repeatedly criticised the ECB over repeated interest rate hikes. Reporting by Angelo Amante and Federico Maccioni; Editing by Leslie Adler and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Salvini, Remo Casilli, Salvini, Giorgia Meloni, Angelo Amante, Federico Maccioni, Leslie Adler, Grant McCool Organizations: REUTERS, European, Reuters, Treasury, ECB, Thomson Locations: Rome, Italy

☆ Morning Bid: The UK consumer is feeling the heat
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya RanganathanIt's not just the heatwave. UK consumers are paying through their noses for fish and chips too, and Friday brings the next quarterly survey of their views on inflation and rates. As Britain contends with one of the highest inflation rates among major advanced economies, the BOE seems set to hike rates a lot more. The stock has soared 17% this year, but pared some gains as grocers across Europe cap some prices. St. Louis Federal Reserve Bank President Bullard speaks in Oslo, NorwayEarnings/updates: Tesco (TSCO.L)Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Vidya Ranganathan It's, BOE, Bullard, Sam Holmes Organizations: Bank of England, Reuters, Tesco, Asda, June University of Michigan, Louis Federal Reserve Bank, Thomson Locations: Vidya, gilts, Europe, Brussels, Italy, Oslo, Norway

The upcoming national strategic fund for "Made in Italy" products will have an initial endowment of 1 billion euros ($1.10 billion) in state cash, the statement said, adding it would also aim to boost procurement of "critical raw materials." A draft seen by Reuters showed that the new vehicle was also entitled to invest in domestic, listed firms not operating in the financial sector. The scheme will aim to raise at least an additional 500 million euros from private investors, according to the document. Run by the state lender Cassa Depositi e Prestiti (CDP), the Patrimonio Rilancio fund was originally intended to provide some 40 billion euros of financing, but has so far invested just around 1 billion. Once the bill is approved by parliament, the government will issue a decree defining how the fund will work.

Persons: Rome, Giorgia Meloni, Adolfo Urso's, Italy's, Alison Williams, Deepa Babington Organizations: Reuters, United Arab, Industry, Patrimonio, InfraVia Capital Partners, Paris, Equity, Thomson Locations: ROME, Italy, Saudi Arabia, Qatar, United Arab Emirates, Azerbaijan, Norway, France

☆ Italy approves bill cutting income tax, easing sanctions for evaders
▼ + stars: | 2023-03-16 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The scheme is "aimed at simplifying and reducing the tax burden, encouraging investment and hiring," the Treasury said in a statement. Tax evasion is a chronic problem in Italy, costing state coffers some 90 billion euros ($95.5 billion) each year, according to the most recent Treasury data. Looking to overhaul the fiscal system, the bill aims to reduce current income tax bands from four to three within two years, with the final aim of achieving a single tax rate at a later stage, the Treasury said. The current income tax levy, named IRPEF, is based on rates running from a minimum of 23% on annual income up to 15,000 euros, to a top rate of 43% on income above 50,000 euros. These so-called "tax expenditures" deprive the state of 165 billion euros in revenues every year, a separate Treasury document showed.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Italy approves clampdown on migrant rescue ships
▼ + stars: | 2023-02-23 | by ( Angelo Amante | ) www.reuters.com time to read: +3 min

The new set of rules is part of Prime Minister Giorgia Meloni's efforts to crack down on the rescue vessels, which her government says encourage people to make the perilous trip across the Mediterranean from northern Africa. Charities deny this, saying migrants set to sea regardless of whether rescue boats are in the vicinity. Under the new law, ships have to request access to a port and sail to it "without delay" after a rescue, rather than remain at sea looking for other migrant boats in distress, and disclose detailed information about their rescue activities. The Roman Catholic Church in Italy last month said the new measures violated international law and should be scrapped. Government data shows 12,667 people have reached Italy so far this year, more than double the same period of 2022.

The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italy applies 50% windfall tax on energy companies' extra income, draft shows
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Companies Eni SpA FollowEnel SpA FollowROME, Nov 28 (Reuters) - Italy plans to apply a 50% one-off windfall tax next year on income of energy companies that have benefited from the surge in oil and gas prices, a draft of the government's 2023 budget seen by Reuters showed. The levy has a rate equal to 50% of the part of 2022 corporate income which is at least 10% higher than the average income reported between 2018 and 2021. It has a ceiling equal to 25% of the value of net assets at the end of 2021. That version envisaged a 35% tax running from January until July 2023 and calculated on energy companies' profits, rather than income as in the latest draft. ($1 = 0.9637 euros)Reporting by Giuseppe Fonte, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Italy open to supplying air defence systems to Ukraine -official
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] People demonstrate against Russia's invasion of Ukraine during a rally in Rome, Italy, November 5, 2022. REUTERS/Remo Casilli/File PhotoROME, Nov 8 (Reuters) - The Italian government is readying a new arms package for Ukraine including air defence systems, a governing coalition official said on Tuesday. The Italian coalition official, who declined to be named, said Rome was ready to provide Ukraine with a variety of air-defence systems, including the medium-range Franco-Italian SAMP/T and Italian Aspide, as well as portable Stinger missiles. Italian Defence Minister Guido Crosetto spoke by phone on Monday with U.S. Defense Secretary Lloyd Austin and pledged to support Ukraine against Russia's invasion for "as long as necessary", a statement said. On Monday, Kyiv said it had received its first delivery of NASAMS air defence systems from the United States.

☆ Factbox: Europe's efforts to shield households from soaring energy costs
▼ + stars: | 2022-09-02 | by ( Susanna Twidale | ) www.reuters.com time to read: +9 min

Without the measure, average home energy bills were tipped to reach over 3,500 pounds a year in October with forecasts of much higher bills to come. CZECH REPUBLICThe Czech government has agreed to cap electricity and gas prices next year to shield households from soaring prices. ITALYItaly approved an aid package worth some 14 billion euros ($14 billion) in September to shield firms and families from surging energy costs. The measures came on top of some 52 billion euros already budgeted since January to soften the energy crisis in Italy. NORWAYNorway has been subsidising household electricity bills since December and now covers 80% of the portion of power bills above a certain rate.

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