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Italy

In Italy Elections, Salvini Coalition Fails to Take Tuscan Prize (New York Times)

September 23, 2020 | File Under: , , ,

“A center-right coalition led by Matteo Salvini, once Italy’s most powerful politician, won three key regions but fell short in Tuscany, where victory could have bolstered his comeback bid.” – by Gaia Pianigiani

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Investors in Europe: 2020 Coronavirus Update

Investors in Europe: 2020 Coronavirus Update

Lockdowns across Europe have resulted in unprecedented economic damage over the first half of 2020.  Eurozone GDP fell 12% in the 2nd quarter of 2020 following a 4% contraction in Q1.

When the novel Coronavirus (COVID-19) initially struck Wuhan, China in January 2020, most investors in Europe did not expect the disease to reach the continent. Yet here we are; a seemingly innocuous holiday stop in the French Alps by a Brit returning home from a conference in Singapore has morphed into a full-scale virus outbreak […]

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Intesa’s UBI deal sounds wake-up call for Italy’s banks (Reuters)

“What is not clear is who will be doing the buying. By snapping up the healthiest second-tier lender, Intesa has removed the candidate slated to lead long-awaited deals between the handful of mid-market players which are most at risk from the threats facing the sector.” – by Valentina Za

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Italy takes control of motorways as Benettons yield on Atlantia (Reuters)

“Italy will bring thousands of kilometres of roads back under state control after the powerful Benetton family agreed to give up its stake in Atlantia’s motorway unit to avoid the threatened cancellation of its lucrative operating concession.” – by Francesca Landini and Giuseppe Fonte  

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Italy bank showdown looms in test for European consolidation (Reuters)

July 1, 2020 | File Under: , , ,

“As many bankers fled Italy’s financial capital for second homes in the mountains or lakes at the start of a coronavirus lockdown in March, Victor Massiah rushed instead to rent a house within walking distance of UBI Banca’s Milan offices.” – by Andrea Mandala, Valentina Za and Pamela Barbaglia

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Italy’s Del Vecchio asks ECB to allow bigger Mediobanca stake (Reuters)

June 1, 2020 | File Under: , , ,

“Del Vecchio’s holding company Delfin said it had filed the request to increase its Mediobanca holding above 10% and up to 20% with the Bank of Italy on May 29, adding that the authorisation process usually takes up to 60 days.” – by Claudia Cristoferi

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Interview with Philip R. Lane, Member of the Executive Board of the ECB (El País)

May 19, 2020 | File Under: , , , , , , ,

“The speed at which the economy bounces back will then hinge on whether consumers are more reluctant to consume and businesses hold back on investment. From today’s perspective, it looks in any case unlikely that economic activity will return to its pre-crisis level before 2021, if not later.” – Luis Doncel

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Italy’s future is in German hands

April 2, 2020 | File Under: , , , , , , , , ,

“As coronavirus cuts a swath of economic destruction across Europe, pushing the already-strained budgets of southern countries to the brink, calls are getting louder for the eurozone to intervene by issuing debt backed by all members.” – by Silvia Borrelli and Matthew Karnitschnig

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Investing in Europe in 2020 – The Year Ahead

An overview of some European key themes and political risks for 2020

2020 brings with it the 10th year of recovery since the global financial crisis. Equity markets continue to break records, ample credit is available, yet the bullish performance appears cosmetic at times and investing in Europe in 2020 is fraught with political risks.  The US deficit doubled from $385bn to $779bn last year, the UK […]

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Intesa Sanpaolo launches €4.9bn bid to buy Italian banking rival UBI Banca (FT)

February 19, 2020 | File Under: , , , , ,

“Intesa Sanpaolo, Italy’s biggest domestic lender, has launched a €4.86bn ($5.26bn) takeover bid for its rival UBI Banca in an audacious attempt to kick-start consolidation in Italy’s fragmented banking sector.” – by Stephen Morris, Arash Massoudi and Laurence Fletcher

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