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☆ Campbell to buy Rao's premium sauces maker Sovos for $2.33 bln
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoAug 7 (Reuters) - U.S. packaged food maker Campbell Soup (CPB.N) will buy Michael Angelo's and Rao's owner Sovos Brands (SOVO.O) for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces. Campbell will pay $23 per share for Sovos, a nearly 28% premium to the stock's last close. Sovos' shares were trading at $22.48 while Campbell slipped 1.2% to $44.58 in early trade. Last month, Unilever (ULVR.L) said it would buy frozen yogurt brand Yasso in North America while Mars Inc agreed to buy Kevin's Natural Foods. In May, Campbell Soup sold Emerald Nuts to Flagstone Foods for an undisclosed amount.

Persons: Brendan McDermid, Campbell, Michael Angelo's, beefing, Sovos, Campbell Soup, Arun Sundaram, Savyata Mishra, Savio D'Souza, Shweta Agarwal, Sriraj Organizations: REUTERS, Sovos Brands, Unilever, Mars Inc, Flagstone Foods, CFRA, Thomson Locations: New York City, U.S, North America, Canada, Bengaluru

☆ Campbell Soup Company buys Sovos Brands, maker of Rao’s for $2.7 billion
▼ + stars: | 2023-08-07 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

New York CNN —Iconic canned soup company Campbell is expanding its reach in the Italian food market. Campbell (CPB) announced Monday that it would acquire Sovos Brands, maker of the popular Italian food brands like Rao’s sauces and Michael Angelo’s frozen entrees, as well as noosa yogurt, in a deal worth $2.7 billion. But Campbell said Rao’s sauces attract a different consumer set than Prego’s. “Rao’s is the premium, market-leading sauce and it strengthens and diversifies our Meals & Beverages portfolio, complementing the core, mainstream portfolio,” the company told CNN. Sovos Brands founder and head Todd Lachman called the acquisition a “momentous occasion.”“We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand,” he said in a statement included in Campbell’s news release.

Persons: Campbell, Angelo’s, “ We’re, ”, Mark Clouse, Rao’s, Michael Angelo’s, Todd Lachman Organizations: New, New York CNN, Campbell, Sovos Brands, Beverages, CNN, “ Locations: New York, noosa, “ noosa

☆ Campbell Soup CEO talks merger with Rao's sauce maker: 'This is a juggernaut'
▼ + stars: | 2023-08-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Campbell Soup CEO Mark Clouse told CNBC's Jim Cramer on Monday that his company's acquisition of Rao's sauce maker Sovos Brands is one of the best growth stories in the food business. Along with Rao's, Sovos also owns yogurt brand Noosa and frozen food brand Michael Angelo's. However, the premium Italian sauce brand is Sovos' money maker, representing 69% of its adjusted net sales in 2022, the company said. Clouse said the acquisition was an opportunity to drive Sovos' household penetration, or the portion of households reached by the products. He said the business is currently at 14% household penetration, while the benchmark for a premium brand is around 20%.

Persons: Campbell, Mark Clouse, CNBC's Jim Cramer, Rao's, Sovos, Michael Angelo's, Clouse, Monday's Organizations: Sovos, Pepperidge Locations: Noosa

☆ U.S. publishing executive killed in Italian boating accident
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 5 (Reuters) - An American publishing executive died after being knocked overboard in a boating accident off the Amalfi Coast in southern Italy, the Association of American Publishers (AAP) said. Adrienne Vaughan headed the U.S. division of British publishing group Bloomsbury (BLPU.L), best known for the Harry Potter novels. "Adrienne Vaughan was a leader of dazzling talent and infectious passion and had a deep commitment to authors and readers. Prosecutors in the southern port city of Salerno are investigating how the accident happened. Italian newspaper Corriere della Sera reported the skipper of the motorboat was placed under investigation and initially tested positive for substance use.

Persons: Adrienne Vaughan, Harry Potter, Vaughan, Italy's, Ansa, della Sera, Giuseppe Borrelli, Corriere, Keith Weir, Angelo Amante, Andrew Cawthorne Organizations: Association of American Publishers, Bloomsbury, AAP, Prosecutors, della, Thomson Locations: American, Amalfi, Italy, U.S, Ravello, Salerno

☆ Two dead, 57 rescued from migrant shipwrecks off Italy's Lampedusa
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] Migrants on board of NGO Proactiva Open Arms Uno rescue boat looks at boat Guardia Costiera heading to Lampedusa island, in central Mediterranean Sea, close to Lampedusa island, Italy, August 19, 2022. REUTERS/Juan Medina/File PhotoROME, Aug 6 (Reuters) - Italy's coastguard said on Sunday it had recovered two bodies and rescued 57 people off the southern island of Lampedusa, amid reports that more than 30 people were missing following two shipwrecks. A coastguard spokesperson said he could only confirm the number of survivors and the recovery of two bodies. Italy's right-wing government has adopted a policy of assigning far-away ports to charity ships, rather than letting them disembark rescued migrants in nearer Lampedusa or Sicily, with the aim of spreading arrivals across the country. Reporting by Angelo Amante and Alvise Armellini; Editing by Toby Chopra and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Medina, Ansa, Angelo Amante, Toby Chopra, Philippa Fletcher Organizations: Migrants, Uno, Guardia, REUTERS, Italy's coastguard, coastguard, Thomson Locations: Lampedusa, Italy, Sfax, Europe, Ivory Coast, Brindisi, Sicily

☆ Catania airport in Sicily cleared to reopen main terminal
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

A screen grab taken from a video shows people waiting outside the Catania Fontanarossa International Airport in Catania, Italy July 26, 2023. REUTERS/Giselda Vagnoni/File PhotoROME, Aug 5 (Reuters) - The Italian Civil Aviation Authority (ENAC) on Saturday gave its green light to reopen the main terminal at Sicily's Catania airport, a statement said, nearly three weeks after it was shut down due to a fire. "ENAC's order ... allows the airport to return immediately, as of this evening, to normal conditions," Sicilian regional governor Renato Schifani said in the statement published on the airport's website. Following the accident, the airport operated at reduced capacity through a smaller terminal, alongside which tent-like structures were built to help cope with the flows of passengers. The Catania airport is regularly used by tourists heading to places including the resort town of Taormina, which is about 70 kilometers (43.5 miles) away, and Siracusa, with its Greek Theatre.

Persons: Giselda, Renato Schifani, Schifani, Angelo Amante, David Holmes Organizations: Catania, REUTERS, Italian Civil Aviation Authority, Saturday, Greek Theatre, Thomson Locations: Catania, Italy, Sicily's Catania, Sicily, Palermo, Mount Etna, Taormina

☆ Italy's cabinet lines up measures to tackle taxi shortage
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

People go on board of a taxi at Termini central station in Rome, Italy, July 17, 2023. REUTERS/Remo Casilli/file photoROME, Aug 4 (Reuters) - Italy's government is set to issue more taxi licences as it moves to tackle a cab shortage that has irked tourists and residents across its biggest cities, a draft decree seen by Reuters showed on Friday. Industry Minister Adolfo Urso said in a statement the decree would pave the way to significant reform of the sector. Earlier this week, Italy's antitrust watchdog said it had started gathering information on the malfunctioning taxi services, stressing issues such as waiting times, acceptance of card payments and the correct use of taxi meters. Reporting by Elvira Pollina; writing by Angelo Amante Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Remo Casilli, Adolfo Urso, Urso, Elvira Pollina, Angelo Amante, Keith Weir Organizations: REUTERS, Reuters, Industry, Milan, Cortina, Thomson Locations: Rome, Italy, London, Paris

☆ I don't know how much confidence people have in the Chinese consumer moving forward: Scott Kessler
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI don't know how much confidence people have in the Chinese consumer moving forward: Scott KesslerAngelo Zino, CFRA analyst, and Scott Kessler, Third Bridge TMT lead, join 'Closing Bell Overtime' to talk Apple earnings, the Chinese market, Qualcomm and more.

Persons: Scott Kessler Angelo Zino, Scott Kessler Organizations: Qualcomm

☆ Instant View: Fitch downgrades U.S. foreign currency ratings to 'AA+' from 'AAA'
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +9 min

The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.

Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, “, ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, ”, MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA

☆ 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

☆ Animal rights campaigners urge Pope Francis to denounce bullfighting
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Activists from the animal rights group PETA (People for the Ethical Treatment of Animals) protest against bullfighting near Vatican, in Rome, Italy, July 28, 2023. REUTERS/Antonio DentiVATICAN CITY, July 28 (Reuters) - A group of animal rights activists gathered near the Vatican on Friday dressed in red capes and fake horns to urge Pope Francis to denounce what they see as the barbaric practice of bullfighting. "Catholic Church: Silence is Violence! Denounce bullfighting," read a banner held up by the activists near the ancient Roman Castel Sant'Angelo fortress on the banks of the River Tiber, in view of St Peter's Basilica. Since bullfighting events "are often held in honour of Catholic saints or during holy Christian celebrations, the Catholic Church can and must help end this abuse by publicly condemning bull torture in the name of religion," animal rights group PETA said in a statement.

Persons: Antonio Denti, Pope Francis, Castel, Pope Pius V, Alvise, Peter Graff Organizations: PETA, REUTERS, CITY, Catholic, Roman Catholic Church, PETA Italy, Reuters, Thomson Locations: Vatican, Rome, Italy, Castel Sant'Angelo, Peter's

WASHINGTON/ROME, July 27 (Reuters) - U.S. President Joe Biden hosts Italian Prime Minister Giorgia Meloni at the White House on Thursday, with the Ukraine war and Italy's relations with China expected to be among the top items on the agenda. Meloni is also expected on Thursday to meet with Republican House of Representatives Speaker Kevin McCarthy, who has said he could consider an impeachment inquiry into Biden. The G7 formally launched an alternative to Belt and Road, the Partnership for Global Infrastructure and Investment, last year. Italy is planning to discuss with the U.S. how to support the development and stability of Africa, Meloni's office said, which will also be among the main topics of Italy's G7 presidency. Reporting by Trevor Hunnicutt in Washington and Angelo Amante in Rome Editing by Don Durfee and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Giorgia Meloni, Italy's, Biden, Kevin McCarthy, Meloni's, Meloni, Trevor Hunnicutt, Angelo Amante, Don Durfee, Diane Craft Organizations: Italian, White, Republican, Russia, Initiative, Partnership for Global Infrastructure, Investment, Thomson Locations: WASHINGTON, ROME, Ukraine, China, Italian, Washington, Beijing's, Italy, Beijing, Japan, Rome, North Africa, Africa

The rate hike, which was in line market expectations, took the benchmark overnight interest rate to between 5.25% and 5.50% - the highest level since around the global financial crisis in 2007-2009. [1/3]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. "Powell and the committee are taking a very data-dependent approach to future rate hikes," said Angelo Kourkafas, investment strategist at Edward Jones. U.S. Treasury yields slipped in choppy trading after the Fed's rate decision. The yield on 10-year Treasury notes was down at 3.865%, while the two-year yield, which typically reflects interest rate expectations, fell to 4.8433%.

Persons: Jerome Powell, Lamar Villere, Villere, Brendan McDermid, Powell, Angelo Kourkafas, Edward Jones, Chibuike Oguh, Sinead Carew, Chizu Nomiyama, Jonathan Oatis Organizations: YORK, Global, Federal Reserve, Fed, Villere, New York Stock Exchange, REUTERS, Nasdaq, Dow Jones, Treasury, Brent, U.S, West Texas, Thomson Locations: New Orleans, Europe, Germany, France, New York City, U.S, New York

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th hike in the U.S. central bank's past 12 policy meetings. As of Wednesday, 77.6% of the 152 companies listed on the S&P 500 (.SPX) that have reported earnings have beaten analysts' expectations as compiled by Refinitiv. Advancing issues outnumbered decliners on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.64-to-1 ratio favored advancers. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 72 new highs and 92 new lows.

Persons: Brendan McDermid, Dow, Jerome Powell, Goldman Sachs, Angelo Kourfafas, Edward Jones, Brent Schutte, David Bahnsen, Jim Vena, Lance Fritz, Wells Fargo, decliners, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Boeing, Dow, Nasdaq, Federal, Fed, Northwestern Mutual Wealth Management, Google, NYSE, Bahnsen, Meta, Facebook, Refinitiv, Reuters Graphics Reuters, Dow Jones, Union Pacific, Thomson Locations: New York City, U.S, Bengaluru

CATANIA, Italy, July 26 (Reuters) - A fire early last week at Sicily's main airport is still causing massive disruption for visitors to the island, laying bare the disorganisation and poor infrastructure that challenge Italy's tourism ambitions. The fire broke out on July 17 at Catania airport, below Mount Etna, which acts as a hub for the east of Sicily and attracts more arrivals than the capital Palermo. Some disruption was inevitable, but visitors describe scenes of utter chaos that jar with the government's jaunty "Welcome to Wonder" advertising campaign, which aims to attract tourists using a computerised "influencer" version of Venus. "We are now told our flight won't leave before 6 p.m. (1600 GMT). "Airport people were shouting the names of the flights to be boarded, but what happens if you don't hear them?," she said.

Persons: Julie, Maria Grazia Salamone, Ugo Zinna, Guglielmino, Alberto Chiumento, Gavin Jones, Sharon Singleton Organizations: Reuters, Thomson Locations: CATANIA, Italy, Sicily's, Catania, Mount Etna, Sicily, Palermo, California, Taormina, Syracuse, Rome, Genoa, Catania's, Belpasso

Before he was fired by Pope Francis over another issue, Becciu was one of the most powerful men in the Vatican. The Vatican sold the building last year, taking an estimated loss of about 140 million euros. The others on trial include several Vatican employees and two outside brokers who the Vatican has accused of extortion. He asked the court to confiscate 172 million euros of Mincione's assets and 71 million euros of Torzi's. At the time of Becciu's firing, he was also stripped of what the Vatican then said were his "rights associated with being a cardinal".

Persons: Becciu, Cardinal Angelo Becciu, Pope Francis, Alessandro Diddi, Diddi, Raffaele Mincione, Rene Bruelhart, Tommaso Di Ruzza, Cecilia Marogna, Phil Pullella, Andrew Heavens, Toby Chopra, Alison Williams Organizations: VATICAN CITY, Vatican, of State, Vatican's Financial Intelligence, Thomson Locations: London, Vatican, Swiss, Mali, al Qaeda

But she said more needed to be done to prevent migrants trying to make the perilous Mediterranean crossing via unauthorised means. European Commission President Ursula von der Leyen echoed Meloni's point about offering legal routes into the 27-nation European Union (EU). Europe has pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy, with 100 million euros speficially earmarked for tackling illegal migration. The EU could work with countries such as Tunisia in expanding their production of renewable energy to the benefit of all, she added. Conference host Italy is struggling to cope with the number of unauthorised migrants arriving in centres such as its far southern island of Lampedusa.

Persons: Giorgia Meloni, Meloni, Ursula von der Leyen, von der Leyen, Mohamed al, POPE, Peter's, Pope Francis, COVID, Antonio Tajani, Ahmed Elumami, Foo Yun Chee, Conor Humphries Organizations: European Union, Presidential, Conference, EU, Thomson Locations: Italian, Rome, Europe, Italy, EU, Tunisia, St, Africa, Lampedusa, Tripoli, Brussels

☆ Italy's Meloni says Biden never raised issue of Belt and Road membership
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - Italy's Prime Minister Giorgia Meloni, who will visit the White House on Thursday, said that U.S. President Joe Biden had never challenged her on the issue of Rome being part of the Chinese Belt and Road Initiative (BRI). Meloni leads 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. "The president of the United States has never directly raised the question with me," she told a news conference following an international meeting on migration in Rome. The deal was signed in 2019 under the administration of Prime Minister Giuseppe Conte, drawing criticism from Washington and Brussels, and Italy is highly unlikely to renew it when it expires early next year. It has produced little benefit for Italy over the past four years, with exports to China totalling 16.4 billion euros ($18.1 billion) last year from 13 billion euros in 2019.

Persons: Giorgia Meloni, Joe Biden, Meloni, Giuseppe Conte, Angelo Amante, Keith Weir Organizations: Italy's, White, Initiative, Thomson Locations: Rome, China, Asia, Europe, United States, Washington, Brussels, Italy

☆ Tunisia migration deal a model for others, EU's von der Leyen says
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - The European Union's pact with Tunisia can serve as a model for other countries, European Commission President Ursula von der Leyen said on Sunday, as the EU struggles to stem unauthorised flows of migrants across the Mediterranean. The EU and Tunisia last week signed a "strategic partnership" deal that includes cracking down on human traffickers and tightening borders. Europe also pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy and rescue state finances. For partnerships with other countries in the region," von der Leyen told a conference in Rome. New strategic partnerships would incorporate economic development, trade and investment, with mutual advantages in areas such as climate and renewable energy.

Persons: Ursula von der Leyen, von der Leyen, Angelo Amante, Foo Yun, Keith Weir Organizations: European, Thomson Locations: Tunisia, EU, Europe, Rome, Egypt, Morocco

☆ Italy's migration conference aims to stem flows by helping Africa
▼ + stars: | 2023-07-21 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

The meeting will focus on building partnership for projects in sectors including agriculture, infrastructure and health, an Italian government statement said on Friday. "The conference aims to govern the migration phenomenon, combat human trafficking and promote economic development according to a new model of cooperation between states," the statement said. Meloni, who has led a right-wing coalition since October, has so far floundered in her efforts to stem the increase. At least 94 people died when their ship broke up just off the coast of Calabria in late February. ($1 = 0.8946 euros)Reporting by Angelo Amante; Editing by Keith Weir and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jihed, Giorgia Meloni, Mattei, Kais Saied, Angelo Amante, Keith Weir, Alison Williams Organizations: REUTERS, United Arab, European Union, IMF, Reuters, Eni, Human Rights Watch, Thomson Locations: Italy, Sfax, Tunisia, Middle, Rome, Africa, Europe, Turkey, Libya, Algeria, United Arab Emirates, France, Calabria

☆ Chipotle is becoming a huge hit in small towns, and it's hurting chains like Chick-fil-A, McDonald's, and Texas Roadhouse
▼ + stars: | 2023-07-19 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

Now, it's expanding to small towns and hurting chains like Chick-fil-A, according to Placer.ai. Popular steak house chain Texas Roadhouse, which is 1.6 miles from the new Chipotle, saw year-over-year traffic slide by 5.27% in April and by 3.92% in May 2023. A Chick-fil-A less than a mile from Chipotle, saw foot traffic decrease four out of five weeks in May, Placer.ai reports. "I don't see how Chipotle's brand can transfer to small towns." Chipotle isn't betting all of its growth on small towns.

Persons: Chipotle, Placer.ai, Jack Hartung, Tim Powell, Zers, Powell Organizations: Service, Wall Street, Placer.ai, Texas, X Locations: Wall, Silicon, Chipotle, America, Texas, San Angelo , Texas, The Texas, McDonald's, Covington , Louisiana, Camden , Delaware, Washington, Canada, France, Germany

☆ Angelo Mozilo, Founder of Mortgage-Lending Giant, Dies at 84
▼ + stars: | 2023-07-18 | by ( James R. Hagerty | Christina Rexrode | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: angelo

☆ Angelo Mozilo, Whose Mortgage Giant Fell in Housing Bust, Dies at 84
▼ + stars: | 2023-07-18 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Angelo Mozilo, a founder of Countrywide Financial who presided over that lending giant’s rapid ascent and then its collapse during the financial crisis of 2008, died on Sunday. His death, in the Santa Barbara, Calif., area, was announced in a statement by the Mozilo Family Foundation, the family’s philanthropic organization. Countrywide was a major player in the run-up to the housing crisis, when looser financial regulations enabled lenders to aggressively sell risky mortgage products to prospective homeowners, contributing to a bubble in housing prices. Mr. Mozilo, the son of a Bronx butcher and who worked his way through Fordham University, became one of the most recognized executives associated with the crisis. Motivated by his modest beginnings, he had built Countrywide into one of the nation’s largest mortgage lenders by the early 2000s.

Persons: Angelo Mozilo, Mozilo Organizations: Countrywide Financial, Foundation, Countrywide, Fordham University Locations: Santa Barbara, Calif, U.S, Bronx

[1/3] People cool off near the Spanish Steps, during a heatwave across Italy, as temperatures are expected to rise further in the coming days, in Rome, Italy July 18, 2023. They have added fresh urgency to talks this week between the United States and China, the world's top greenhouse gas polluters. "Whilst most of the attention focuses on daytime maximum temperatures, it is the overnight temperatures which have the biggest health risks, especially for vulnerable populations," it said. The European Union's Copernicus Climate Change Service says 2022 and 2021 were the continent's hottest summers on record. In a large part of the territory, night-time temperatures were in the top 5% of the highest recorded at this time of year.

Persons: Remo Casilli, John Kerry, Xi Jinping, Carlo Spanu, Anita Elshoy, Elshoy, AEMET, Talim, Angelo Amante, Emma Farge, Giselda, Crispian Balmer, Angeliki Koutantou, Emma Pinedo Gabrielle Tétrault, Farber, Matthias Williams, Janet Lawrence Organizations: REUTERS, World Meteorological Organization, WMO, Thomson Locations: Italy, Rome, Europe, U.S, Asia Italy, ROME, Asia, United States, Sardinia, Lazio, heatwaves, Death, China's, Greece, Swiss, India, South Korea, China, Beijing, North America, North Africa, Sicily, Sulcis, Norway, Spain, Catalonia, Aragon, Mallorca, Andujar, 44.9C, Toledo, Dervenochoria, Athens

NO CANCELLATIONS YETDemand for travel has soared again this summer as tourists leave behind years of pandemic restrictions, and travel companies say the heat hasn't caused many cancellations - yet. Stories of tourists being airlifted off Italian beaches or ferried away in ambulances from Athens' Acropolis have flooded European media in recent weeks. Italy's Environment Ministry warned in a report this year that foreign tourists would in future travel more in the spring and autumn and choose cooler destinations. Greek authorities closed Athens' ancient Acropolis during the hottest part of the day on Friday to protect tourists. In Spain, high vacation demand is expected in coastal destinations in the north of the country and on Spanish tourist islands, where summer temperatures tend to be cooler, according to a report from national tourism association Exceltur.

Persons: Miguel Sanz, Anita Elshoy, Elshoy, Sean Tipton, Sanz, Dalphna Niebuhr, Daniel Otero, Rebeca Vazquez, Renee Maltezou, Elisa Anzolin, Angelo Amante, Corina Rodriguez, Catherine Evans Organizations: Travel Commission, EUROPE Tourists, Reuters, Ministry, Thomson Locations: ROME, Europe, Czech Republic, Denmark, Ireland, Bulgaria, Norway, Rome, Sicily, Athens, EUROPE, American, Greece, Mykonos, Spain, Bilbao, Italy, Madrid

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