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In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros ($351.95 billion). That compared with its forecast of 310-320 billion euros made at the start of the year. Germany reduced its needs in the fourth quarter by 31 billion euros ($32.59 billion). The Treasury has so far covered around 80% of its 2023 gross funding needs, it estimated on Friday. For the fourth quarter, the Treasury estimated gross issuance of medium and long-term bonds at around 60 billion euros, with issuance net of redemptions seen at a negative 12 billion euros over the same period.

Persons: JP Morgan, Analysts, Italy –, Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European Union, Treasury, European Commission, Thomson Locations: Italy, Rome, MILAN, ROME, Germany, Portugal, France, London

☆ 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

The Treasury will issue new economic targets on Wednesday providing the framework for a budget in which Meloni will attempt to keep her tax-cutting promises while also lowering the fiscal deficit. "This budget is Meloni's first real economic test since she came to power last October," said Tim Jones, euro zone analyst for market consultancy firm Medley Advisors. Meloni has much less room for manoeuvre than when she hiked deficit targets in her first budget a year ago. Episodes targeting airlines and investors in Italy's 307- billion-euro ($326.74 billion) bad loan market have followed a similar pattern. Meloni subsequently said no measures were planned regarding non-performing loans, but her party's proposal is still before parliament and uncertainty persists.

Persons: Giorgia Meloni, Meloni, Tim Jones, she's, Morgan Stanley, Reuters.G Rome, Roberto Perotti, Meloni's, Valentina Za, Francesco Canepa, Giuseppe Fonte, Sara Rossi, Gianluca Semeraro, Ed Osmond, Giselda Organizations: Treasury, Advisors, European Central Bank, Reuters, Ryanair, Milan's, Bank of, ECB, Thomson Locations: ROME, Italy, Greece, Rome, Italian, Italy's, Brussels, EU, Milan

Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. Cinven, which acquired Eurovita in 2017, also launched a tender offer to buy back another 20 million euros of bonds from investors including Italian financial institutions, so that only around 9 million remain outstanding, the source said. Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.

Persons: Matthew Childs, Cinven, Eurovita, Assicurazioni, Valentina Za, Emilio Parodi, Josie Kao Organizations: REUTERS, Reuters, GIC, Germany's Allianz, Allianz, Thomson Locations: London, Britain, Cinven

☆ UniCredit picks headhunters to advise board on own slate of nominees
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILANO, Sept 26 (Reuters) - UniCredit (CRDI.MI) said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the board in identifying candidates to be included in the slate of nominees current directors will put forward to appoint their successors. The current board is up for renewal next spring. In June UniCredit Chief Executive Andrea Orcel said he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Egon Zehnder, Spencer Stuart, Andrea Orcel, Gianluca Semeraro, Valentina Za Organizations: REUTERS, UniCredit, Thomson Locations: Siena, Italy, Italian

☆ Larger Italian banks still seen paying one-off tax despite opt-out offer
▼ + stars: | 2023-09-25 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The government sparked a market rout last month with the surprise announcement of a 40% tax on the profits banks are reaping from rising interest rates. The option would benefit banks that hold a higher proportion of Italian government bonds among their assets relative to loans. Banca Akros and broker Equita also expect most banks to pay the tax. Equita also said paying the levy would allow lenders to maintain more flexibility over their remuneration policy. Switching the tax basis to risk-weighted assets helps banks which have a lower 'risk density', meaning the average risk weight per unit of exposure.

Persons: Jennifer Lorenzini, Equita, Akros, Siena, Valentina Za, Kirsten Donovan Organizations: REUTERS, Generale, Banca Akros, ICCREA, Bank, Banca Generali, Thomson Locations: Monte dei, Siena, Italy, Italy's

ROME, Sept 23 (Reuters) - Italy plans to revisit its contested windfall tax on banks by giving lenders the option to boost their reserve buffers instead of paying the levy, a draft amendment seen by Reuters showed on Saturday. Bank shares tumbled before the economy ministry clarified that it would not collect more than 0.1% of lenders' total assets. More importantly, instead of paying the tax, banks can boost their non-distributable reserves by earmarking an amount equivalent to two and a half times the levy. Such an option is expected to exempt cooperative banks from the tax, as they usually put aside a large part of their profits as reserves. In the current version, the tax would apply if NIM grows by 5% in 2022 and 10% in 2023 from 2021 levels.

Persons: Giorgia Meloni, NIM, Jan Harvey Organizations: Reuters, European Central Bank, Bank, Treasury, Thomson Locations: Italy, Rome, Frankfurt

☆ Italy has no buyers for Monte dei Paschi, eyes small share sales instead of exit, sources say
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

General view of a branch of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned business merger, in Siena, Italy, August 11 2021. Reuters was first in May to report the Treasury was open to selling down its Monte dei Paschi (MPS) stake on the market if conditions were right. Though the Treasury is considering cutting its stake with share placements, it would retain majority ownership, one of the sources said. Bankers said the capital raise has made any deal more expensive for any buyer, complicating the prospect for a merger. Reporting by Giuseppe Fonte in Roma and Valentina Za in Milan; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Rome, Luigi Lovaglio, Lovaglio, Giuseppe Fonte, Valentina Za, Alvise Organizations: REUTERS, European, Reuters, Treasury, EU, MPS, Banco, Bankers, Thomson Locations: Monte dei, Siena, Italy, Roma, Milan

☆ World’s 50 best hotels for 2023 revealed
▼ + stars: | 2023-09-20 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +7 min

London CNN —It opened just over a year ago, but a luxurious 24-key Italian property has already been named the best hotel in the world. Passalacqua, which overlooks Lake Como, beat off stiff competition to receive the top spot on the first-ever edition of the World’s 50 Best Hotels list, which was announced at an awards ceremony in the UK on Tuesday night. The highly-anticipated list honored 50 hotels from 35 destinations across the world. “After seeing the devastating impact of Covid-19 on the hospitality industry, it’s been especially fulfilling to see so many hoteliers from around the world gather in London to celebrate each other’s achievements under one roof for the first-ever awards ceremony of The World’s 50 Best Hotels,” Tim Brooke-Webb, managing director for the World’s 50 Best Hotels, said in a statement. The World’s 50 Best Hotels: Full list1.

Persons: –, Aman Tokyo, ’ Capello, Aman, Rosewood São, ” Valentina De Santis, Passalacqua, Silvio Vettorello, Vincenzo Bellini, ”, De Santis, it’s, Tim Brooke, Webb, Soneva, Chablé, Aman Venice, Le Sirenuse, Borgo, Royal Mansour, São, Cheval Blanc, Soneva Jani, Eden, Oberoi, Hôtel de Crillon Organizations: CNN, London CNN, Firenze, Rosewood, ’ Capello Bangkok, Capella, Hudson Yards, NoMad, CNN Travel, Somerset, Park, Eco, Hospitality, Lodges, Hotel Academy, Singita, Raffles, Madrid, Capella Singapore, Le Bristol Paris, Hyatt Kyoto, Hoshinoya, Atlantis, Equinox Locations: London, Lake Como, Europe, Florence, Asia, Rosewood Hong Kong, Bangkok, Chao Phraya, Hong Kong, Capella Bangkok, Aman New York, York, Hudson, Connaught, Rosewood São Paulo, Brisbane, South Africa, Scotland, Bruton , Somerset, Utah, Italy, Aman Tokyo, Mamounia, Marrakech, Morocco, Soneva Fushi, Maldives, Puerto Vallarta , Mexico, Australia, Chocholá, Mexico, Claridge’s, Raffles Singapore, Wanokaka, Indonesia, Tulum, France, São Paulo, Brazil, Kyoto, Japan, Réserve, Paris, Auchterarder, Du, Antibes, Somerset, Bruton, United Kingdom, Sri Lanka, Hoshinoya Tokyo, Bali, Barths, Siam, Badrutt’s, Moritz, Switzerland, Dubai, Agra, India, Spain

☆ Fendi kicks off Milan's womenswear week with Roman ease
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 20 (Reuters) - Milan kicked off its catwalk calendar on Wednesday, with Italian luxury label Fendi exploring the "ease of dressing with a certain Roman freeedom" at its womenswear fashion show. Milan Fashion Week follows New York and London events in which designers have been presenting their creations for spring/summer 2024. A patchwork of fabrics recreated Fendi's F logo on coats and dresses through "a playful and abstract exploration" of the symbol Karl Lagerfeld created in 1966, a year after joining the Roman brand as creative director. Milan Fashion Week includes 62 physical fashion shows of spring summer collections. Milan fashion week will mark the debut of Sabato De Sarno as creative director of Gucci, Peter Hawkings as creative director of Tom Ford, and Simone Bellotti as creative director of Bally.

Persons: Kim Jones, mohair, Karl Lagerfeld, Fendi, Jones, Giorgio Armani, Prada, Versace, Sabato De Sarno, Gucci, Peter Hawkings, Tom Ford, Simone Bellotti, Elisa Anzolin, Valentina Za Organizations: Milan, New, Bally, Thomson Locations: New York, London, Fendi, Rome, Milan

LAS VEGAS (AP) — Alexa Grasso retained her flyweight title after coming away with a split draw against Valentina Shevchenko on Saturday night at UFC Fight Night 227. It marked the first time UFC held a main card on Mexican Independence Day, keeping in tradition for combat sports to hold big fights on Sept. 16. Grasso quickly moved in for the takedown and eventually was able to apply a rear naked choke to win the belt. It took a strong finish in the fifth round by Grasso to earn the split draw, as each fighter earned a 48-47 score, with a third judge scoring the bout 47-47. In a three-round featherweight bout to open the main card, Kyle Nelson (15-5-1) defeated Fernando Padilla (15-5) by unanimous decision with scores of 29-28, 29-28, 30-27.

Persons: — Alexa Grasso, Valentina Shevchenko, Grasso, Shevchenko, Jack Della Maddalena, Kevin Holland, ” Della Maddalena, Raul Rosas Jr, Terrence Mitchell, Mark Smith, Oyuki Rios, “, ”, Rosas, ” Daniel Zellhuber, Christos Giagos, Kyle Nelson, Fernando Padilla, Tracy Cortez, Jasmine Jasudavicius, I’ve, Cortez, Erin Blanchfield Organizations: LAS VEGAS, UFC, Independence, “

☆ Grasso retains UFC flyweight title in rare split draw with Shevchenko
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

LAS VEGAS, Sept 17 (Reuters) - Mexican fighter Alexa Grasso celebrated her nation's independence day in unusual fashion, holding on to her UFC flyweight title after fighting to a seldom-seen split draw against former champion Valentina Shevchenko on Saturday. Grasso, who beat Shevchenko by submission in March to win the title, topped the card at the T-Mobile Arena at the Noche UFC event, which had a strong Mexican flavor due to it taking place on Sept. 16, the day Mexicans celebrate their independence. Shevchenko said she thought she won the fight three rounds to two and that the Mexican celebration may have influenced the scoring. "I did a lot of damage ... all of my punches were hard, and yes, I'm the winner. The close nature of the fight has already led to calls from fans for a third match, but Grasso was non-committal when asked about that prospect.

Persons: Alexa Grasso, Valentina Shevchenko, Grasso, Shevchenko, Let's, Philip O'Connor, Tom Hogue Organizations: LAS VEGAS, UFC, Mobile, Noche UFC, Thomson Locations: Guadalajara

☆ 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

☆ Italy's new bank tax should count as cost, ABI banking lobby
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

MILAN, Sept 12 (Reuters) - Italian banks should be able to deduct from their overall tax bill the one-off tax on income deriving from higher interest rates which the government plans to introduce, industry lobby ABI said on Tuesday. In comments prepared for a parliamentary hearing, ABI also said that the impact of lenders' government bond holdings on their income and capital should also be excluded from the tax. ABI warned the tax risked violating principles set by Italy's constitutional law. It added the sector faced challenges such as a rising cost of funding and a possible increase in unpaid loans driven by the higher rates. Reporting by Valentina Za and Giuseppe Fonte; editign Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Valentina Za, Giuseppe Fonte, editign Federico Maccioni Organizations: ABI, Thomson

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis 30-year-old earns $134,000 as a food photographer in CanadaSean Audet, 30, lives in Winnipeg, Canada, and earns around $134,000 a year as a food photographer. He has worked with over 200 clients, including McDonald's and Campbell's. Sean was a cook and chef for several years before transitioning to photography. 07:24 2 hours ago

Persons: Canada Sean Audet, Campbell's, Sean Locations: Canada, Winnipeg

REUTERS/Johnny Carvajal Acquire Licensing RightsCARACAS, Sept 7 (Reuters) - Before they were arrested and sentenced to 16 years in prison on conspiracy charges, the six Venezuelan activists marched peacefully to call for better salaries for teachers, according to their families and lawyers. The latest moves by Venezuelan authorities demand a coordinated response from other countries, advocates said. He has long accused Venezuela's opposition of seeking to spread chaos. "But obviously I don't have faith in Venezuelan justice," said Oropeza, the wife of activist Bracho. Reporting by Vivian Sequera; Writing by Julia Symmes Cobb; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Oropeza, Alcides, Johnny Carvajal, Nicolas Maduro's, Yorbelis Oropeza, Fionnuala Ni Aolain, Clement Nyaletsossi Voulue, Juan Pappier, Gonzalo Himiob, Hugo Chavez, Venezuela's, Maduro, Javier Tarazona, Tarazona, Roland Carreno, Joel Garcia, Tarazona's, Himiob, Valentina Ballesta, Franks Cabana, Oscar Perez, Ana Leonor Acosta, Xiomara Andara, John Alvarez, Garcia, Bracho, Vivian Sequera, Julia Symmes Cobb, Daniel Wallis Organizations: REUTERS, Rights, Maduro, Judiciary, United Nations, Human Rights, Foro Penal, Amnesty International, Coalition for Human Rights, Democracy, Thomson Locations: Caracas, Venezuela, Rights CARACAS, U.S, they'll, Foro, Russia, China, Colombia, Brazil, Colombian, Venezuelan

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow this Googler earning $194,000 in Orange County, California spends his moneyEthan Nguonly, 22, lives in Orange County, California, and earns around $194,000 a year as a software engineer for Google. He owns two homes and has around $135,000 invested. 08:29 2 hours ago

Persons: Ethan Nguonly Organizations: Google Locations: Orange County , California

This story is part of CNBC Make It's Millennial Money series, which details how people around the world earn, spend and save their money. Ethan Nguonly, 22, is a software engineer at Google living in Orange County, California. Living in Orange County, California, Nguonly aims to spend intentionally in order to put as much money as he can toward his investments. Tristan Pelletier | CNBC Make ItAbout a year after buying his investment property, Nguonly purchased his primary residence in La Palma, California. While he's kept a significant amount of money in crypto, Nguonly now mainly focuses on investing in ETFs and real estate.

Persons: Ethan Nguonly, it's, he's, Nguonly, Tristan Pelletier, Nguonly's, I'm, Ethan Nguonly Nguonly's, lockdowns, couldn't, — Nguonly, It's, it'd, didn't, Sakura, takeout, you've, there's Organizations: CNBC, FIRE, Google, University of California, UC Berkeley, Transportation, Spotify Locations: Orange County , California, Florida, California, Berkeley, Qualtrics, Virginia, Riverview , Florida, Riverview, Hurricane, La Palma , California, Orange County, New York, Singapore, Cambodia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs tiny home living the secret to saving money today? Make It journeys to Atlanta, Santa Monica and New York to connect with three individuals who live in small spaces to save big money. Alex Verhaeg, 23, lives in a tiny 95-square-foot apartment located in NYC's East Village. In 2022, Sung Yoo moved from New York to Santa Monica, California, into a 140-square-foot tiny home. Precious Price, 26, lives for free with her dog in a tiny home in her backyard in Atlanta, Georgia.

Persons: Alex Verhaeg, Sung Yoo, Precious Price Locations: Atlanta, Santa Monica, New York, NYC's East, Santa Monica , California, Atlanta , Georgia

☆ ‘Brief Encounters’ and ‘The Long Farewell’ Review: Soulful Soviet Dramas
▼ + stars: | 2023-08-24 | by ( Natalia Winkelman | ) www.nytimes.com time to read: +1 min

Through the 1970s and much of the 1980s, Kira Muratova’s stirring films “Brief Encounters” and “The Long Farewell” went unseen, banned by the Soviet Union. “The Long Farewell” provoked such outrage from censors that Muratova, then a new voice in cinema, was stripped of her film degree and prohibited from filmmaking for years. The female characters pine, ache and, amplified by the dramas surrounding them, seem to scream: Life is hard! “Brief Encounters,” from 1967 and my favorite of the pair, is an audacious portrait of two women on the cultural fringes pining after the same man. The film opens on Valentina cast in chiaroscuro, groaning over unfinished work and dirty dishes.

Persons: Kira Muratova’s, ”, “, Muratova, Valentina —, Valentina, Nadia, Nina Ruslanova Locations: Soviet Union, StudioCanal, Moldova, Odesa, Ukraine, who’s

AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.

Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI bought an abandoned lighthouse for $71,000 in Fairport Harbor, Ohio—take a look insideSheila Consaul, 65, bought an abandoned lighthouse for $71,000 in Fairport Harbor, Ohio and turned it into her summer home. The renovations began in the summer of 2012 and are almost complete. So far, Sheila has spent over $300,000 on renovating the lighthouse. 10:16 2 hours ago

Persons: Sheila Consaul, Sheila Locations: Fairport Harbor , Ohio

The Fairport Harbor West Lighthouse is located in Ohio and overlooks Lake Erie. The Fairport Harbor West Lighthouse in Ohio became available at auction and Consaul started bidding in 2009. Since buying the lighthouse, Consaul estimates she has spent over $300,000 renovating it. Other than the extensive work the lighthouse needed, Consaul says her biggest challenge so far is that the lighthouse is completely off the grid. The Fairport Harbor West Lighthouse is located a half mile from the nearest parking lot in Headlands Beach State Park.

Persons: Sheila Consaul's, Peter Bittner, Consaul Organizations: Historic Lighthouse, CNBC, Washington D.C, U.S . Army Corps of Engineers, U.S . Coast Guard, National Weather Service, Ohio, Historic Preservation Locations: Fairport, Ohio, Lake Erie, Lighthouse, Washington, Headlands Beach, Fairport Harbor

☆ Agnelli family's Exor buys $2.8 bln stake in Philips
▼ + stars: | 2023-08-14 | by ( Tosterling Bart H. Meijer | Bart H. Meijer | ) www.reuters.com time to read: +3 min

[1/2] Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. The group combines two of the three sectors Exor targets in its investment strategy: healthcare and technology. While not an activist investor, Exor aims to play an active role in supporting Philips' strategy, the source said. "Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement. Philips last month reported core profit of 453 million euros and slightly upgraded financial targets for the full year.

Persons: de, Exor, Italy's Agnelli, Philips, Feike Sijbesma, John Elkann, Lifenet, Louboutin, Roy Jakobs, Valentina Za, Kim Coghill, David Goodman, Susan Fenton Organizations: Philips Healthcare, REUTERS, Philips, Philips AMSTERDAM, Exor, Institut, Ferrari, Italian soccer, Juventus, ING, U.S . Department of Justice, Thomson Locations: , Netherlands, Exor, Louboutin . New York, Italian, Milan

☆ Italy PM Meloni takes 'full responsibility' for bank tax
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jonathan Ernst/File PhotoMILAN, Aug 14 (Reuters) - Italian Prime Minister Giorgia Meloni on Monday took "full responsibility" for last week's shock decision to impose a one-off bank tax that has been blamed for causing lasting damage to her government's credibility with financial markets. In comments to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Meloni said the 40% levy had no punitive intent. The new tax targets a rise in profits banks have derived from higher rates. Sources told Reuters when the measure was announced the Treasury expected to draw less than 3 billion euros ($3.3 billion) from the tax. With Economy Minister Giancarlo Giorgetti noticeably absent from the press conference to announce the tax, Meloni said he had been informed about the decision.

Persons: Giorgia Meloni, Joe Biden, Jonathan Ernst, MILAN, Meloni, Giancarlo Giorgetti, France's Marie Le Pen, Claudia Cristoferi, Federico Maccioni, Valentina Za, Bernadette Baum Organizations: Italy's, U.S, White, REUTERS, Italian, della, Repubblica, la Repubblica, Reuters, Treasury, Forza Italian, Thomson Locations: Washington , U.S, La, la

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