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High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ Italy not tied to any deadline to exit Monte Paschi, FinMin says
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

View of the entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsMARRAKECH, Oct 13 (Reuters) - Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday. After a failed attempt to sell the bank to UniCredit (CRDI.MI) in 2021, Italy agreed with Brussels new privatisation terms that were never fully disclosed. Both Giorgetti and Prime Minister Giorgia Meloni have said that the government would try to boost competition among banks with the privatisation of MPS. ($1 = 0.9499 euros)Reporting by Elisa Martinuzzi, writing by Giuseppe Fonte, editing by Jane Merriman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Giancarlo Giorgetti, Giorgetti, Giorgia Meloni, Meloni, Elisa Martinuzzi, Giuseppe Fonte, Jane Merriman, Gavin Jones Organizations: Monte, REUTERS, Rights, European Union, World Bank, International Monetary Fund, MPS, Banco, Treasury, Thomson Locations: Monte dei, Siena, Italy, Rights MARRAKECH, Rome, UniCredit, Brussels, Marrakech

Research shows women in richer economies are more likely to have children if they work. Prime Minister Giorgia Meloni - Italy's first female premier - has said women are "an untapped resource" that lessens the need for immigrant labour. Yet her conservative government's 2024 budget, to be presented on Monday, is not expected to include measures to drive change. According to a government report relating to 2021, nearly one in five Italian women aged under 50 left their job after having their first child. SPANISH SUCCESSMeloni's government could learn from Spain, whose female activity rate lagged Italy's in the early 1990s but is now above the EU average.

Persons: Guzzo, Vittoria, Claudia Greco, Elena, Claudia Goldin, Giorgia Meloni, Claudia Olivetti, Enza Guzzo, Gian Carlo Blangiardo, Blangiardo, Giancarlo Giorgetti, Olivetti, Paola Profeta, Katharine Neiss, Valentina Za, Elisa Anzolin, Giuseppe Fonte, Catherine Evans Organizations: REUTERS, European Union, Reuters, Research, Dartmouth College, ISTAT, Bank of, EU, France's, Milan's Bocconi University, AXA Research, Treasury, Thomson Locations: Arese, Italy, MILAN, Bank of Italy, Rome, Barcelona, Spain, Milan

The government last week revisited a 40% tax on banks' net interest margin (NIM) that it had introduced in a shock move in August. Lenders now have the option to boost reserves by an amount equivalent to 2.5 times the tax. Economy Minister Giancarlo Giorgetti said on Sept. 27 the final outcome of the process would be "a great bank policy measure" that makes Italy's banks the strongest in Europe. The law requires banks that forego the tax to set aside money under ad hoc reserves in their accounts. If forced to boost capital through the ad hoc reserves, banks can use larger buybacks over time to compensate shareholders, one of the sources said.

Persons: Giancarlo Giorgetti, Remo Casilli, Banks, Luigi Lovaglio, Andrea Orcel, Giorgia Meloni, Giorgetti, Bernadette Baum Organizations: REUTERS, Treasury, Economy, European Central Bank, Monte, Thomson Locations: Rome, Italy, ROME, Europe, Monte dei, Siena

☆ Brazil's Lula Leaves Hospital After Hip Surgery
▼ + stars: | 2023-10-01 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva left hospital on Sunday two days after hip surgery and will spend three weeks recovering at the Alvorada presidential residence, his office and doctors said. Lula underwent surgery at the Sirio-Libanes Hospital on Friday for arthrosis of the right hip caused by the extremely painful wear and tear of the cartilage on the head of the femur. His doctors had expected him to remain in the hospital until Tuesday, but he began to walk on Saturday in physiotherapy sessions. The hospital reported he had walked up and down stairs on Sunday. The arthroplasty, carried out under general anesthetic, involved removing the head of the femur to implant a prosthesis.

Persons: Luiz Inacio Lula da Silva, Lula, Giancarlo Polesello, Anthony Boadle, Aurora Ellis Organizations: Reuters, Libanes, United Locations: BRASILIA, United Arab Emirates, Alvorada

☆ Brazil's Lula Stable After Hip Surgery, Starts Walking in Physio Sessions
▼ + stars: | 2023-09-30 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva is clinically stable one day after hip surgery and has begun to walk in physiotherapy sessions, the Sirio-Libanes Hospital in Brazil's capital said on Saturday. Lula underwent surgery on Friday for arthrosis of the right hip caused by the extremely painful wear and tear of the cartilage on the head of the femur. His doctors expect him to remain in hospital until Tuesday when he will move to the presidential residence from where he will govern for three weeks as he recovers. The arthroplasty procedure, under general anesthetic, involved removing the head of the femur to implant a prosthesis. Lula will only resume presidential trips abroad at the end of November, when he plans to travel to the United Arab Emirates to attend the COP28 global climate meeting.

Persons: Luiz Inacio Lula da Silva, Lula, Giancarlo Polesello, Bernardo Caram, Nick Zieminski Organizations: Reuters, Libanes, United Locations: BRASILIA, Brazil's, United Arab Emirates

☆ Italy plans 21-billion euro asset sell-off to keep debt in check
▼ + stars: | 2023-09-30 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

ROME, Sept 30 (Reuters) - Italy aims to raise at least 1% of gross domestic product (GDP), or roughly 21 billion euros ($22.2 billion), through asset sales between 2024 and 2026, the Treasury said in its Economic and Financial Document (DEF) published on Saturday. The plan is part of Prime Minister Giorgia Meloni's efforts to keep in check the euro zone's second-largest debt pile as a proportion of GDP, while investors keep a close eye on Rome's creaking public finances. The new targets factor in the proceeds of asset disposals expected in the next three years, the DEF said, showing that without the sell-off plans the debt burden would probably rise. Economy Minister Giancarlo Giorgetti said in the document that the stake sales would involve companies that are subject to privatisation commitments already agreed with the European Commission. This is a reference to bank Monte dei Paschi di Siena (MPS) (BMPS.MI), which was bailed-out in 2017 at a cost of 5.4 billion euros for taxpayers.

Persons: Giorgia, Giancarlo Giorgetti, Giorgetti, Giuseppe Conte, Giuseppe Fonte, Helen Popper Our Organizations: Treasury, Economy, European Commission, Monte, Thomson Locations: Italy, Siena

☆ Aaron Judge belts two homers as Yanks blank Blue Jays
▼ + stars: | 2023-09-28 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/23] Sep 27, 2023; Toronto, Ontario, CAN; New York Yankee starting pitcher Gerrit Cole (45) delivers a pitch against the Toronto Blue Jays in the first inning at Rogers Centre. Mandatory Credit: Dan Hamilton-USA TODAY Sports Acquire Licensing RightsSeptember 28 - Aaron Judge hit a pair of two-run home runs, right-hander Gerrit Cole pitched nine innings and the visiting New York Yankees defeated the Toronto Blue Jays 6-0 Wednesday night. The Yankees (81-77) were officially eliminated from postseason contention on Sunday while the Blue Jays (87-71) are trying to clinch an American League wild-card spot. Judge hit the first pitch to him to right for his 36th home run of the season. It was the 37th home run of the season for Judge, who did not play Tuesday in the series opener.

Persons: Gerrit Cole, Dan Hamilton, Aaron Judge, Cole, American League Cy Young, Jose Berrios, Berrios, LeMahieu, Judge, Ben Rortvedt, Gleyber Torres, Giancarlo Stanton, Torres, Trevor Richards, Oswald Peraza, Richards Organizations: CAN, New York Yankee, Toronto Blue Jays, Rogers Centre, New York Yankees, American League, Minnesota Twins, Yankees, Toronto, Blue Jays, Thomson Locations: Toronto , Ontario, Brandon, New York, Toronto

☆ Ninth-inning homer lifts Yankees over Blue Jays
▼ + stars: | 2023-09-27 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/44] Sep 26, 2023; Toronto, Ontario, CAN; Toronto Blue Jays manager John Schneider (14) talks to members of the media during batting practice before a game against the New York Yankees at Rogers Centre. Mandatory Credit: Nick Turchiaro-USA TODAY Sports Acquire Licensing RightsSeptember 27 - Austin Wells hit a two-run home run in the top of the ninth inning and the visiting New York Yankees defeated the Toronto Blue Jays 2-0 on Tuesday night. The Blue Jays (87-70) have a slim lead in the race for the second American League wild card. After Kiner-Falefa stole second, Stanton was cut down at home on Oswaldo Cabrera's grounder to shortstop Bo Bichette, who bounced his throw to the plate. The Blue Jays did not get their second hit until Bichette singled with one out in the eighth against Brito.

Persons: John Schneider, Nick Turchiaro, Austin Wells, Gleyber Torres, Jordan Romano, Wells, Clay Holmes, Kevin Gausman, Michael King, King, Vladimir Guerrero Jr, Gausman, Estevan Florial, DJ LeMahieu, Giancarlo Stanton, Stanton, Isiah Kiner, Falefa, Oswaldo Cabrera's grounder, Bo Bichette, Oswald Peraza's flyout, Jhony Brito, Daulton, Varsho, Kevin Kiermaier, Bichette, Brito, Guerrero, Aaron Judge, Anthony Volpe, Brandon Organizations: CAN, Toronto Blue Jays, New York Yankees, Rogers Centre, Toronto, Blue Jays, American League, Yankees, Estevan, Thomson Locations: Toronto , Ontario

☆ Meloni’s Italian job is a lesson for EU’s right
▼ + stars: | 2023-09-26 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

This is particularly true of Meloni’s surprise decision in August to tax what she called “unjust profits” by domestic banks. Ill-fated tax credits for building renovations introduced by a previous executive are expected to balloon to up to 150 billion euros, UniCredit analysts reckon. That’s 30 billion euros higher than what the current government predicted in April, or around 1.5% of GDP. That’s Meloni’s biggest Italian lesson for parties like Vox and AfD. CONTEXT NEWSThe Italian Treasury will present new economic targets on Sept. 28, which will be the framework for the country’s 2024 budget.

Persons: Spain’s, Benito Mussolini’s “, Rome ”, Ursula von der Leyen, Meloni, Vladimir Putin, –, Silvio Berlusconi, Matteo Salvini – Meloni, ”, Mario Draghi’s, it’s, Giancarlo Giorgetti, Liz Truss, Meloni’s, Vox, Giorgia Meloni, Francesco Guerrera, Oliver Taslic Organizations: Reuters, NATO, European Union, EU, Commission, Economy, Italian Treasury, Thomson Locations: Rome, Italy, Ukraine, Kyiv, China, Greece, Brussels, British, Italian

REUTERS/Yara Nardi/File Photo Acquire Licensing RightsMILAN, Sept 20 (Reuters) - U.S. fund KKR and Italy's Treasury are set to ask Telecom Italia (TIM) for more time to arrange a joint bid for its landline grid, three sources close to the matter said. KKR (KKR.N) last month won the backing of Prime Minister Giorgia Meloni's government, which authorised the Treasury to join its bid for an asset deemed of strategic national interest. The U.S. fund's preliminary bid valued the business -- dubbed NetCo -- at around 23 billion euros ($25 billion) including debt and taking into account a number of variables. The French group, which owns 24% of TIM, has so far shown little appetite for a deal under KKR's terms. The Treasury is evaluating the request, one of these people said, without adding further details.

Persons: Yara, Giorgia, Arnaud de Puyfontaine, Giancarlo Giorgetti, Elvira Pollina, Giuseppe Fonte, Alvise Armellini, Alexander Smith Organizations: REUTERS, KKR, Italy's Treasury, Telecom Italia, Treasury, TIM, NetCo, Reuters, Vivendi, Thomson Locations: Rome, Italy, U.S

☆ The 2023 superyacht summer recap: Jeff Bezos is now king of the high seas
▼ + stars: | 2023-09-14 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

For billionaires and their celebrity friends, warm weather means it's yacht season. Four years later, Bezos is no longer Amazon's CEO, and he's spent the last few months earning a new title: king of the high seas. As 2023's yacht season comes to a close, it's clear that Bezos' brand new $500 million superyacht won the summer. AdvertisementAdvertisementYacht season's runner-up: billionaire Barry Diller's EosThe Eos, owned by Barry Diller and Diane von Furstenberg, is a yacht-season staple. The Eos docked in Venice to end its summer season, where von Furstenberg hosted the annual DVF Awards — and began furnishing one of her dry-land residences.

Persons: Jeff Bezos, David Geffen's, Goldman Sachs, Lloyd Blankfein, he's, superyacht, David Zaslav, Bezos, Koru, Lauren Sanchez —, —, that's, Sanchez, Bill Gates, Whitney Wolfe Herd, Ari Emanuel, Leonardo DiCaprio, Orlando Bloom, Katy Perry, Usher, Barry Diller's Eos, Barry Diller, Diane von Furstenberg, Horacio Villalobos, Eos, Diller, von Furstenberg, Oprah Winfrey, Gayle King, Edward Enninful, Valentino, Valentino Giancarlo Giammetti, Kris Jenner, Candice Bergen, Emma Thompson, Jason Blum, Diane Sawyer, Bryan Lourd, Giorgio Armani's, Sydney Sweeney, Kerry Washington, Geffen, it's Organizations: Service, Warner Bros, Discovery, Hollywood, Bezos, British Vogue, Creative Artists Agency, Geffen Locations: Wall, Silicon, Gibraltar, Spain, Cannes, Positano, Dubrovnik, Croatia, Mallorca, Greece, Amalfi, Venice, Venice's, Capri, Portland , Maine

☆ Italy poised to shake up Treasury with new unit for state-run firms
▼ + stars: | 2023-09-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The audit court on Thursday approved the decree needed to set up the unit, the sources said, despite making critical observations about some aspects of it. Giorgetti has approached former banker Marcello Sala, currently director for investor relations at the Treasury, to lead the department, they added. Under the reorganisation plan, the influential Treasury department within the ministry led by veteran economist Riccardo Barbieri would be split into two units. The Treasury will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. ($1 = 0.9323 euros)Additional reporting by Valentina Za in Milan Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sala, Giancarlo Giorgetti, Giorgetti, Marcello Sala, Antonino Turicchi, Dario Scannapieco, Riccardo Barbieri, Valentina Za, Christina Fincher Organizations: Treasury, Economy, ITA Airways, Department, Thomson Locations: ROME, Italy, Siena, Milan

NEW YORK (AP) — Milwaukee's Corbin Burnes is pitching a no-hitter through seven innings Sunday against the New York Yankees. The 2021 NL Cy Young Award winner retired his first 12 hitters before walking Giancarlo Stanton on his 54th pitch. Winless in eight starts since July 20, Burnes is attempting to throw Milwaukee’s third no-hitter. He combined with Josh Hader on the Brewers' second, pitching eight innings at Cleveland on Sept. 11. Milwaukee’s first no-hitter was by Juan Nieves on April 15, 1987 against the Orioles.

Persons: — Milwaukee's Corbin Burnes, Cy Young, Giancarlo Stanton, Everson Pereira, Andruw Monasterio, Oswaldo Cabrera, Burnes, Isiah Kiner, Josh Hader, Milwaukee’s, Juan Nieves, Houston’s Cristian Javier, Hector Neris, Ryan Pressly, ___ Organizations: New York Yankees, Cy, San, Brewers, Cleveland, Orioles, Yankees Locations: San Francisco, Bronx

☆ Brewers crank out 7 late runs to beat Yankees
▼ + stars: | 2023-09-09 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

September 9 - Tyrone Taylor hit a go-ahead homer to spark a three-run eighth inning and the Milwaukee Brewers pulled away for a 9-2 victory over the host New York Yankees on Saturday after a long rain delay. Taylor hit a 1-0 sinker off Jonathan Loaisiga (0-2) down the left-field line for his sixth homer. Taylor hit his 348-foot homer after being inserted late into Milwaukee's lineup to replace Christian Yelich (lower back soreness). The Brewers (79-62) produced five straight hits to open the eighth, including a pair of bloops. Willy Adames hit an RBI triple and scored Milwaukee's second run on a throwing error by DJ LeMahieu in the fourth.

Persons: Tyrone Taylor, Taylor, Jonathan Loaisiga, Christian, Carlos Santana, Giancarlo Stanton, Gleyber Torres, Mark Canha, Victor Caratini, William Contreras, Caratini, Andrew Monasterio, Willy Adames, DJ LeMahieu, Adames, Anthony Volpe, Stanton, Monasterio, Peraza, Michael King, King, Wade Miley, Joel Payamps, Jasson Dominguez, Aaron Judge Organizations: Milwaukee Brewers, New York Yankees, The Brewers, NL Central, Chicago Cubs, Yankees, New, Milwaukee, Thomson Locations: New York

Stanton smashed his 400th home run, Gerrit Cole burnished his Cy Young Award credentials and the New York Yankees beat the Detroit Tigers 5-1 on Tuesday night. Just celebrated that moment with him, and coming in a big spot — tie game late," Yankees manager Aaron Boone said. Miguel Cabrera had an RBI single off Cole in the opener of his final series at Yankee Stadium. Detroit has dropped seven straight at Yankee Stadium since April 30, 2021. NEW KID ON PLANET EARTHPrized rookie Jasson Domínguez went 1 for 4 with an eighth-inning double for New York in his Yankee Stadium debut.

Persons: — Giancarlo Stanton's, Stanton, Gerrit Cole burnished, Cy Young, DJ LeMahieu, Gleyber Torres, “ I’m, Cole, José Cisnero, Mark McGwire, Babe Ruth, Alex Rodriguez, Albert Pujols, Aaron Boone, Stanton —, —, ” Stanton, “, Miguel Cabrera, Cabrera, Jake Rogers, ” Javier Báez, Tommy Kahnle, Jonathan Loáisiga, Clay Holmes, Joey Wentz, Aaron Judge, Torres, ” Rogers, “ We're, Jasson Domínguez, “ It’s, ” Domínguez, he's, Steven Spielberg, Boone, Mariano Rivera, ” Cabrera, Anthony Rizzo, Matt Manning, Clarke Schmidt, ___ Organizations: New York Yankees, Detroit Tigers, Yankees, Yankee, Miami, American League, Detroit, Tigers, EARTH, York, 161st Street Yankee, NEXT Tigers Locations: Detroit, Bronx

☆ '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

☆ Italy sees 2023 deficit above target due to home incentives, sources say
▼ + stars: | 2023-09-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

ROME, Sept 4 (Reuters) - Italy is preparing to raise its 2023 budget deficit above the target of 4.5% of gross domestic product (GDP) set in April due to the impact of costly fiscal incentives for home improvements, two sources close to the matter told Reuters on Monday. The impact on 2024 budget is still to be assessed and the government could take action again to prevent further deviations from targets, the sources added. He described the Superbonus as a banquet where everyone had a meal and the state was left with the bill. Italy had already hinted in July that it was studying changes to these tax incentives as part of talks with European Union authorities to revamp the country's post-COVID national recovery Plan. The government will update a raft of economic projections by Sept. 27 through the Treasury's Document of economy and finance (DEF).

Persons: Giancarlo Giorgetti, Giorgetti, Lincoln Organizations: Reuters, European Union, Thomson Locations: Italy

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

FILE PHOTO-Italy's Minister of Economy and Finance Giancarlo Giorgetti delivers a speech at the G7 High-Level Corporate Governance Roundtable in Niigata on May 11, 2023. "It may be that the tax is inappropriate, it can certainly be improved upon ... but I do not accept that it is considered an unfair tax," Giorgetti said at The European House - Ambrosetti economic forum. Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of their total assets. Forza Italia is also seeking an exemption for small banks and wants a guarantee the levy will not be extended beyond 2023. Giorgetti did not comment on his government ally's proposals on the bank tax.

Persons: Finance Giancarlo Giorgetti, KAZUHIRO, Giancarlo Giorgetti, Giorgetti, Antonio Tajani, Siena, Giselda Vagnoni, Giancarlo Navach, Hugh Lawson, David Evans Organizations: Economy, Finance, Bank, League, Forza Italia, Monte, Thomson Locations: Niigata, Italy, Cernobbio

☆ EU's Gentiloni confident over budget rule deal by year-end deadline
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

EU Economic Commissioner Paolo Gentiloni holds a news conference on the European Commission's economic forecasts for the EU for 2023 and 2024 on GDP and inflation, in Brussels, Belgium February 13, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - European Union Commissioner for Economy Paolo Gentiloni said on Saturday he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024. "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," Gentiloni told reporters on the sidelines of the European House Ambrosetti economic forum in Cernobbio. Italy is preparing a difficult 2024 budget in which it will seek to meet Prime Minister Giorgia Meloni's tax-cutting promises while at the same time reducing the deficit while faced with an economic slowdown. Gentiloni said failing to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.

Persons: Paolo Gentiloni, Johanna Geron, Gentiloni, Giancarlo Giorgetti, Giorgia, Christine Lagarde, Elvira Pollina, Giselda, Tomasz Janowski, Helen Popper Our Organizations: EU, REUTERS, Union, House, Italian Economy, European Commission, European Central Bank, ECB, Thomson Locations: Brussels, Belgium, Italy, Ukraine

☆ Pure Storage CEO talks the impact of AI and Q2 results
▼ + stars: | 2023-08-30 | 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 EmailPure Storage CEO talks the impact of AI and Q2 resultsCharles Giancarlo, Pure Storage chairman and CEO, joins 'Closing Bell Overtime' to talk the impact of AI on data storage, quarterly earnings and more.

Persons: Charles Giancarlo Organizations: Pure

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

☆ Italy to propose ex-minister Franco for ECB board, source says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Italy's Economy Minister Daniele Franco addresses a news conference after the G7 Summit in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File photo Acquire Licensing RightsROME, Aug 20 (Reuters) - Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday. He was appointed economy minister in 2021 in Mario Draghi's unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper. The government had initially put Franco forward as the Italian candidate to lead the European Union's lending arm, the European Investment Bank (EIB).

Persons: Daniele Franco, Benjamin Westhoff, Fabio Panetta, Franco, Mario Draghi's, Piero Cipollone, Giancarlo Giorgetti, Giorgia Meloni, Crispian Balmer, Giuseppe Fonte, Christina Fincher, David Holmes Organizations: REUTERS, Rights, European Central Bank, ECB, Bank of Italy, European Investment Bank, Reuters, Thomson Locations: Koenigswinter, Bonn, Germany, Italy, Ukraine, France, Rome, Italian, Franco

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