Search

The chairmen of Italy’s two biggest banks played down risks that a landslide victory by a right-wing coalition will spark market turmoil. [ABSTRACT FROM AUTHOR]

Ferrari is building a new factory for making hybrid and electric supercars in Maranello, northern Italy, where the company is headquartered. Read more: Ferrari Boss Takes Debut Electric Model Prototype for a Spin Ferrari shares jumped on Thursday after the company raised its full-year guidance for the second time in three months and reported third-quarter earnings that surpassed analysts' expectations. (Bloomberg) -- Ferrari NV is ahead of schedule in fine-tuning the components for its latest fully electric prototype, as the Italian manufacturer prepares to unveil its first battery-powered supercar in late 2025. [Extracted from the article]

The FTSE MIB is one of the more domestically-exposed indexes in Europe, with about 40% of revenue exposure to Italy and another 25% to the rest of Europe, according to Bell. The FTSE MIB is "vulnerable to higher yields, wider spreads and any worsening in growth outcomes", strategists led by Sharon Bell said in a note on Friday. [Extracted from the article]

The premier also urged European Council President Charles Michel to include immigration on the agenda of the EU council in October, she said on social media, and called for an EU mission to stop the illegal departures of migrants headed for Europe. (Bloomberg) -- Italian Prime Minister Giorgia Meloni called for urgent help from the European Union to help curb the flow of migrants as her government prepares to announce new measures as soon as Monday. [Extracted from the article]

The tax applies to 40% of banks' extra profits, as defined against a 2021 benchmark, and won't exceed 0.1% of a firm's assets. (Bloomberg) -- Shares in Italian lenders fell on Thursday, making them the worst performers on the STOXX Europe 600 Banks index, after Prime Minister Giorgia Meloni said that even if a new windfall tax on banks' profits is modified, the state will still expect inflows of almost €3 billion ($3.2 billion). [Extracted from the article]

(Bloomberg) -- European stocks fell on Wednesday as stagflation fears hit sentiment, after reports indicated that the region's economy was further sinking into a downturn while inflation was set to stay persistently high. Banking stocks outperformed as money markets boosted ECB policy tightening wagers, pricing a quarter-point increase by year-end. [Extracted from the article]

(Bloomberg) -- Spirits maker Campari saw its shares rise more than 520% under the 16-year tenure of retiring Chief Executive Officer Bob Kunze-Concewitz, who oversaw a surge in demand from European and US drinkers for the company's namesake product. Read More: Campari CEO Who Led Aperol Revival Steps Down After 16 Years Campari shares fell as much as 6.1% on Tuesday on the announcement that Kunze-Concewitz was stepping down. [Extracted from the article]

(Bloomberg) -- The longtime head of spirits maker Campari, who orchestrated a revival in demand for Italian cocktails including the Negroni and Aperol Spritz, is stepping down. Campari said Matteo Fantacchiotti, the managing director for the Asia-Pacific region, will take on the role of deputy CEO effective immediately. [Extracted from the article]

Under Kunze-Concewitz's tenure, Campari has boosted and diversified its portfolio of brands beyond its eponymous aperitif. (Bloomberg) -- Beverage maker Davide Campari-Milano NV said on Tuesday that longtime Chief Executive Officer Bob Kunze-Concewitz will retire effective in April of next year. [Extracted from the article]

(Bloomberg) -- Davide Campari-Milano NV's said Bob Kunze-Concewitz has decided to retire as chief executive office effective as of April 2024, according to a statement. Matteo Fantacchiotti, managing director Asia Pacific, is appointed deputy CEO effective immediately to ensure a smooth handover and will succeed Kunze-Concewitz as CEO in April. [Extracted from the article]

Monte Paschi shares have risen 29% so far this year, giving the bank a market value of €3.1 billion ($3.3 billion). (Bloomberg) -- Banca Monte dei Paschi di Siena SpA was the lead decliner on the Italian stock benchmark index amid concern by analysts and investors about the lack of a clear strategy for the state's sale of its stake. [Extracted from the article]

(Bloomberg) -- The Italian government's partial u-turn on plans for a new banking windfall tax will likely allow lenders to keep their promises on shareholder returns intact, according to analysts. Last month, UniCredit SpA increased its guidance on 2023 shareholder remunerations for the second straight quarter, saying it will distribute €22 billion ($24.2 billion) under its 2021-2024 business plan period. The clarification meant it was now "more sustainable" for lenders to fulfill their guidance on an increase in distributions for 2023, Equita Sim Spa analyst Andrea Lisi said. [Extracted from the article]

What Bloomberg Intelligence Says: Italian lenders, especially domestically focused banks, could collectively owe more than €3 billion in taxes if the government's extraordinary levy is imposed, based on the six Italian banks in BI's coverage. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares", Citigroup Inc. analysts led by Azzurra Guelfi wrote in a note. [Extracted from the article]

(Bloomberg) -- Italian stocks dropped after a surprise new tax on bank profits sent the country's lenders tumbling, erasing as much as €9.5 billion ($10.4 billion) from their combined market capitalization. The analysts calculate that the tax is equivalent to about 19% of banks' net income in 2023, approximately 3% of their 2023 tangible book value and around 0.5% on 2023 risk-weighted assets. [Extracted from the article]

(Bloomberg) -- Italy's unexpected levy on banks' windfall profits is throwing some of Europe's most generous investor payout policies into question. "According to preliminary estimates the levy could cost banks more than €2 billion ($2.2 billion), forcing them to reduce the pool of money for buybacks and dividends.". [Extracted from the article]

(Bloomberg) -- Italy's right-wing government spooked markets with an unexpected tax on banks' windfall profits, sending the country's leading lenders down in Milan trading at the opening. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares", Citigroup Inc. analysts led by Azzurra Guelfi wrote in a note. [Extracted from the article]

(Bloomberg) -- European stocks fell after Italy surprised investors with a new tax on bank profits, sending lenders' shares plunging. In other individual stock moves Tuesday, Glencore Plc fell the most in a month after the commodities trading and mining giant reported a steep drop in profit. [Extracted from the article]

(Bloomberg) -- Italian stocks were set to open lower after Prime Minister Giorgia Meloni's cabinet on Monday approved a surprise tax on the "extra profits" of lenders this year. Read More: Italy Surprises Markets With Tax on "Extra" Profits of Banks --With assistance from Jan-Patrick Barnert and Farah Elbahrawy. [Extracted from the article]

(Bloomberg) -- Davide Campari SpA shares fell after posting first-half earnings that slightly missed estimates as price hikes failed to fully offset inflation pressure. What Bloomberg Intelligence says: Campari maintained its flat adjusted-operating-margin guidance despite poor weather affecting organic growth and profit in 2Q. [Extracted from the article]

Tunisia and the European Union signed an agreement on July 16 aimed at building cooperation on migration policy that could become a blueprint for curbing deadly migrant journeys. (Bloomberg) -- Italy wants to limit migration inflows from North Africa to Europe by boosting cooperation among authorities aimed at restricting departures, its prime minister said. [Extracted from the article]

(Bloomberg) -- Catania Airport in Sicily is struggling to restore services after a fire last week, adding to woes for travelers affected by the heat wave in much of Italy. UK leisure carrier Jet2 Plc on Sunday said it's withdrawing and canceling all its flights to Catania until August 3. [Extracted from the article]

Read more: Greek Wildfires Force Evacuation of 19,000 From Island of Rhodes UK leisure carrier Jet2 Plc on Sunday said it's withdrawing and canceling all its flights to Catania until August 3. (Bloomberg) -- Catania Airport in Sicily is struggling to restore services after a fire last week, adding to woes for travelers affected by the heat wave in much of Italy. [Extracted from the article]

(Bloomberg) -- Italian coffee roaster Illycaffe SpA is partnering with e-commerce firm Hangzhou Onechance Tech Corp. to grow its business in China, daily newspaper la Repubblica reported on Sunday. Illycaffe is on track to meet its goal of having an initial public offering by 2026, Scocchia said in June. [Extracted from the article]

For cobbler Marco Zanin, who's worked at Golden Goose since 2019, shoe repair is second nature. But adding repair services performed by cobblers - who can mend and revive shoes made by Golden Goose or anyone else - is helping the company bring the concept to the next level, Chief Executive Officer Silvio Campara said in an interview. [Extracted from the article]

Read More: A Night Train Through Europe's Heart Has a Lot Riding On It The first two trains will start service embarking from Rome to northern and southern Italy, along with tours through Sicily. Italy's Latest Night Train Is a €25,000 Luxury Getaway on Rails (Bloomberg) -- On Italy's newest rail service, trains will take days to reach their destinations and tickets will cost thousands of euros. [Extracted from the article]

The FTSE MIB's valuation ratio based on forward earnings is 8.3 times, ranking as one of the cheapest in Europe even after gains of about 39% since a rally started in late September. The last time the FTSE MIB index touched the 2008 levels was in January 2022. (Bloomberg) -- Italy's benchmark FTSE MIB index climbed to its highest level in almost 15 years, as investors continue to be attracted to the market by its low stock valuations. [Extracted from the article]

The FTSE MIB's valuation ratio based on forward earnings is 8.3 times, ranking as one of the cheapest in Europe even after gains of about 38% since a rally started in late September. (Bloomberg) -- Italy's benchmark FTSE MIB index is poised for its highest close in almost 15 years, as investors continue to be attracted to the market by its low stock valuations. [Extracted from the article]

The Italian scooter also appeared on Luca, Disney and Pixar's animation movie that takes place in the Italian Riviera. Piaggio isn't new to collaborations with other brands and celebrities for its iconic Vespa. (Bloomberg) -- Piaggio & C SpA on Wednesday unveiled a limited edition Mickey Mouse-themed Vespa scooter to celebrate the 100th anniversary of Walt Disney Co. [Extracted from the article]

The most immediate focus of investors and analysts is the ownership structure of his family holding company, Fininvest SpA, which controls MFE. (Bloomberg) -- MFE-MediaForEurope NV rose for a second day with investors speculating that Silvio Berlusconi's successors could pave the way for potential M&A scenarios for Italy's largest commercial broadcaster. [Extracted from the article]

(Bloomberg) -- Juventus Football Club SpA said that it will start discussions with Real Madrid and FC Barcelona on a potential exit from the ill-fated European Super League project. Juventus plans "to initiate a discussion period among the three clubs" on Juventus' possible pullout from the project, according to a statement Tuesday. While the Super League collapsed just days after its launch in 2021, Juventus and the two top Spanish clubs haven't yet exercised their withdrawal rights. [Extracted from the article]

(Bloomberg) -- Ferrari NV new factory making electric supercars as well as next-generation powertrains will be ready from the middle of next year to start the manufacturer's EV chapter. Ferrari plans to unveil its first fully electric Ferrari in the fourth quarter of 2025, Vigna said. [Extracted from the article]

The chairmen of Italy’s two biggest banks played down risks that a landslide victory by a right-wing coalition will spark market turmoil. [ABSTRACT FROM AUTHOR]

Juventus earlier this month was handed a 10-point ranking reduction in Serie A for this season as a result of an accounting case. (Bloomberg) -- Juventus Football Club SpA shares jumped the most in over two years after the team reached a settlement with Italy's national football federation in relation to a probe on its business practices and agreed to pay a penalty. [Extracted from the article]

Weight training "will increasingly be recognized as a treatment by national health authorities", Alessandri, who serves as both chairman and chief executive officer, said in an interview. (Bloomberg) -- Fitness billionaire Nerio Alessandri's customers are pumping more and living longer, and doctors are noticing. [Extracted from the article]

(Bloomberg) -- Ferrari NV's market value has surpassed that of Stellantis NV - the auto conglomerate that contains Fiat, which was once the parent of the iconic Italian luxury sports-car maker. Ferrari is trading at about 41 times 12-month forward earnings, by far the most expensive car stock in Europe and almost in line with Tesla Inc. in the US. [Extracted from the article]

Meloni, the first woman to lead an Italian government, has said that naming the first female chief executive at a listed, state-controlled company is one of her administration's main challenges. (Bloomberg) -- Italy's government nominated Giuseppina Di Foggia to be the next chief executive officer of power grid operator Terna SpA, as Prime Minister Giorgia Meloni followed through on a pledge to appoint a woman to run at least one of the country's listed, state-controlled firms. [Extracted from the article]

Low birth rates have strained pension and health-care systems across Europe for years as the number of working-age adults to support an aging population shrinks. (Bloomberg) -- The birth rate in Italy hit a historical low last year with less than 7 newborns for every 1,000 inhabitants, according to the country's statistics agency Istat. [Extracted from the article]

Born Jorge Mario Bergoglio in Buenos Aires, Francis has been the spiritual leader of the world's roughly 1.3 billion Catholics since his predecessor's abdication in 2013. (Bloomberg) -- Pope Francis was released from hospital on Saturday to return to the Vatican after being treated for a pulmonary infection. Pope Francis Discharged From Hospital, Says "I'm Still Alive". [Extracted from the article]

Ermotti said he believes the new entity's business model should be similar to the current one of UBS, citing the central role of wealth management and "the containment of investment banking activities and related risks." (Bloomberg) -- Sergio Ermotti, incoming chief executive officer of UBS Group AG, brushed off concerns about the bank's size after its combination with Credit Suisse Group AG. [Extracted from the article]

Alternative protein sources are seen as a part of the European Union's sustainability agenda and selling insects for food has been allowed in the bloc since 2021. As part of their ongoing attempt to downplay living standards in Europe, pro-Kremlin outlets now regularly feature stories about Europeans "forced to eat" insects by their governments. EU Critics Have a New Conspiracy Theory. [Extracted from the article]

(Bloomberg) -- Tesla Inc. is no longer the favorite US-listed automaker of Adam Jonas, the Morgan Stanley analyst who has been a long-time bull on the electric vehicle maker. Jonas raised his price target on Ferrari's US-listed stock to $310 from $280, implying 14% upside from Friday's close. [Extracted from the article]

(Bloomberg) -- Italian luxury yachtmaker Ferretti SpA is seeking Hong Kong regulatory approval for its planned Milan share sale, in what's set to be the first-ever dual listing between the two cities, people with knowledge of the matter said. Goldman Sachs Group Inc., JPMorgan Chase & Co. and UniCredit SpA are leading Ferretti's planned Milan offering as joint global coordinators, the people said. [Extracted from the article]

(Bloomberg) -- Italian luxury yachtmaker Ferretti SpA is seeking Hong Kong regulatory approval for its planned Milan share sale, in what's set to be the first-ever dual listing between the two cities, people with knowledge of the matter said. Goldman Sachs Group Inc., JPMorgan Chase & Co. and UniCredit SpA are leading Ferretti's planned Milan offering as joint global coordinators, the people said. [Extracted from the article]

Every engine has its own "signature" sound, Vigna said, adding that he expected Ferrari's electric cars to have their own signature engine roar too. (Bloomberg) -- Ferrari NV's electric supercars will feature distinctive engine noise created through a new amplification system, according to a patent filed by the iconic Italian producer and cited by analysts at Oddo BHF. [Extracted from the article]

The ruling also involves a temporary ban for 11 top managers at Juventus, including former chairman Andrea Agnelli. (Bloomberg) -- Shares of Juventus Football Club SpA slumped in Milan after Italy's football federation penalized the billionaire Agnelli family's team by cutting its points standing following an investigation into accounting practices. [Extracted from the article]

Vasseur has most recently held the position of chief executive officer and team principal of Sauber Motorsport, currently Alfa Romeo F1 Team, since 2017, according to a statement. (Bloomberg) -- Ferrari NV appointed Fred Vasseur as Formula 1 team principal and general manager to replace Mattia Binotto who resigned last month. [Extracted from the article]

(Bloomberg) -- Illycaffe Chief Executive Officer Cristina Scocchia cuts a rare figure in the Italian corporate world as a woman at the head of a famous family firm where she's not related to anyone. And now, as she prepares to lead the company to a stock-market listing, Scocchia wants to inspire a new generation of female executives in the country. [Extracted from the article]

(Bloomberg) -- Italy will speed up drilling for new sources of domestic gas in a bid to lower energy prices for its industries, reversing a decade of restrictions on new exploration. Meloni's budget pledges will be partly financed by raising deficit targets for this year and next. [Extracted from the article]

The cutoff of Italian gas comes days after underwater eruptions crippled the key Nord Stream gas pipelines connecting Russia with Europe. Russia's state-controlled Gazprom PJSC suspended natural gas deliveries to Italy in an apparent scuffle over regulation in Austria, escalating the energy crisis in Europe. [Extracted from the article]