Milan Corruption Probe Casts Shadow Over City's Property Boom
Prosecutors are investigating more than 70 people, including mayor Giuseppe Sala, while the city's best-known developer will be questioned by the police and faces arrest, according to reports and documents seen by Bloomberg.
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16 minutes ago
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European stocks muted amid earnings reports, crunch trade talks
- European stocks were subdued on Monday, as investors assess a range of corporate earnings and ongoing trade negotiations between the U.S. and the European Union. By 04:06 ET (08:06 GMT), the pan-regional Stoxx 600 index was broadly unchanged, along with the DAX in Germany. Elsewhere, France's CAC 40 had slipped by 16 points, or 0.2%, and the FTSE 100 in the U.K. had risen by 12 points, or 0.1%. Markets were mulling over earnings from budget carrier Ryanair (LON:0RYA). The company posted net profit that more than doubled in the April-June quarter, fueled by an uptick in last-minute fares and the timing of this year's Easter Holiday. Bookings for the rest of the key summer travel period are also "robust," Ryanair said. However, carmaking giant Stellantis (NYSE:STLA) flagged that it anticipates a net loss of 2.3 billion euros in the first half of 2025, sending Milan-listed shares in the Jeep-owner lower in early dealmaking. Trade talks in focus Beyond a stream of corporate returns, traders were keeping close tabs on developments around all-important trade discussions between the U.S. and the European Commission, the trade negotiator for the EU. On Sunday, U.S. Commerce Secretary Howard Lutnick noted confidence in the prospect of a trade pact being reached before the implementation of President Donald Trump's elevated "reciprocal" tariffs on August 1. But doubts still remain around the prospects of an agreement. The European bloc has been pushing for Washington to agree to maintain a baseline 10% duty, but U.S. officials told the EU's trade chief last week that they expect Trump to demand more concessions, the Wall Street Journal reported. These would include a baseline tariff of 15% or higher, the paper added. In response, Germany -- Europe's biggest exporter and economic powerhouse -- has stepped away from a more conciliatory tone and joined France in backing a confrontational stance with the Trump administration, the WSJ said. The EU is even mulling fresh measures to hit back against U.S. companies that go beyond already-outlined retaliatory levies on goods should a deal not be reached, according to the report. Amidst the talks with the U.S., top EU officials, including European Commission President Ursula von der Leyen and European Council President Antonio Costa, are due to meet with Chinese leader Xi Jinping on Thursday. ECB decision ahead this week The European Central Bank is expected to unveil its next policy decision on July 24, with investors widely anticipating that it will leave key interest rates unchanged. Analysts widely expect the ECB to keep its key deposit rate steady at 2%. At its last meeting in June, policymakers, bolstered by signs of flagging inflation and tepid economic activity in the 20-member euro zone, slashed rates by 25 basis points. It was the eighth reduction in a year, although it came with an indication from the ECB that it would likely pause in July, largely due to uncertainty around trade tensions with the Washington. "[T]he ECB's next steps will be heavily influenced by developments in the tariff dispute and its impact on growth expectations," analysts at Erste Group said in a note. Oil prices slip Elsehwere, oil prices inched down, swayed by concerns over the impact of trade tensions on demand and the effect of European sanctions on Russian crude supplies. Brent crude futures had dipped by 0.3% to $69.08 per barrel, while West Texas Intermediate crude futures fell by 0.3% to $65.89 a barrel by 04:23 ET. Last week, the EU approved a fresh set of measures against Russia over the longstanding conflict in Ukraine. The latest package particularly targeted India's Nayara Energy, which exports oil products refined from Russian crude. Analysts at ING flagged that the market had a muted reaction to the sanctions, arguing that traders are "not convinced" by their effectiveness. But they said: "The part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries." Related articles European stocks muted amid earnings reports, crunch trade talks BP names former CRH chief Manifold as new chairman Street Calls of the Week
Yahoo
16 minutes ago
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Packaging outlook mixed as O-I Glass downgraded
The packaging industry is exhibiting mixed results, with certain segments performing well while others face challenges. This trend was highlighted on July 18, 2025, when Wells Fargo lowered its rating on O-I Glass — a leading producer of glass containers — from 'Overweight' to 'Equal Weight.' In investment terms, that means analysts no longer expect O-I to outperform its competitors. Instead, they now see the company's stock as likely to perform about the same as the broader market. While the change reflects company-specific challenges, it raises a broader question: What does it mean for the packaging sector as a whole? In short, the downgrade is not a red flag for the entire industry, but it does highlight a growing divide within it. While companies tied to glass packaging are facing operational and trade-related headwinds, others — particularly those producing aluminium beverage cans or paper-based packaging — are showing more resilience. The overall message is that the packaging sector is no longer moving in one direction. Sub-sectors are being shaped by different forces, from regional demand shifts and supply chain pressures to changing consumer habits and geopolitical uncertainty. O-I's struggles offer a useful lens through which to understand where the weak spots — and strengths — may lie. A sign of shifting fortunes in packaging Wells Fargo's downgrade of O-I Glass was driven by three main concerns: excess capacity in Europe, weak volumes in North America, and uncertainty around tariffs. In Europe, O-I is producing more than the market demands, pushing the company to reduce inventory levels and temporarily cut back production. These are signs that supply is outpacing demand — a drag on profitability. In North America, volume growth has remained soft despite a 34% rise in the company's share price so far this year. Analysts argue that without stronger demand, that stock performance is hard to maintain. The third pressure comes from tariff risks, particularly in US–Europe trade. While only around 4.5% of O-I's global sales are currently affected, future tariffs on glass containers could impact competitiveness — especially in a market where glass already costs 25–30% more than aluminium cans. Packaging winners and losers are emerging O-I's challenges are not shared across the board. Wells Fargo emphasised that other packaging firms are faring better. Makers of aluminium beverage cans — such as Ball, Crown Holdings, and Ardagh Metal Packaging — are benefiting from strong promotional activity and robust demand. Some are even expected to upgrade their financial outlooks. At the same time, consumer behaviour is changing. Shoppers looking for value could cut back on purchases of more expensive or premium-packaged products, a trend that might impact firms like Graphic Packaging, which rely on volume growth. This again shows how demand patterns are becoming more complex across packaging types. How O-I is responding O-I Glass isn't ignoring the challenges. Through its ongoing 'Fit to Win' turnaround strategy, the company has already secured US$61 million in savings in the first quarter of 2025 and is forecasting up to US$200 million in free cash flow for the year. It is also taking structural steps, including closing facilities in France and simplifying its operations in Europe. These efforts reflect a growing need across the industry for agility and cost efficiency — especially in segments facing slower growth or external pressures. The takeaway Wells Fargo's downgrade of O-I Glass shouldn't be seen as a judgment on the entire packaging sector. Rather, it highlights the growing gap between companies that are well-positioned for current market conditions and those that are struggling to adapt. As packaging firms continue to navigate regional differences, shifting consumer habits, and trade uncertainty, the industry's outlook will become more dependent on sector-specific and even company-specific factors. Investors, suppliers, and brand owners alike will need to look beyond headlines and assess which types of packaging are best suited to weather the next phase of market change. "Packaging outlook mixed as O-I Glass downgraded" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 minutes ago
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Currys launches AI-powered employee-led ideas platform
UK electricals retailer Currys has introduced the Pitch, an AI-powered ideas platform that transforms suggestions from the company's staff members into actionable improvements. Developed on Sideways 6's Microsoft-integrated platform, the Pitch is fully embedded in Microsoft Teams, making it easily accessible and user-friendly for Currys' employees. According to the early results, the platform has seen significant engagement, with 450 ideas submitted and more than 100 already in progress. 41% of the implemented ideas are 'delivering measurable results', including savings of more than 3,000 hours and 'unlocking six-figure cost efficiencies'. The platform's adoption rates are tracking 3% above the market average, indicating 'strong' employee engagement. Currys chief operating officer Lindsay Haselhurst stated: 'We're very pleased with the early results. Our colleagues are our greatest asset - close to our customers, they are full of ideas, insights and practical suggestions. We've always believed in the value of colleague ideas but struggled to consistently capture, assess, action and track them. This is where the Pitch has been a game changer for us.' Currys plans to expand the Pitch to an additional 9,000 employees, which would increase the total number of users to 14,000 by the end of the financial year 2025/26. The expansion will include stores, support functions, digital operations, contact centres and Currys' third-party partner, Concentrix. The ideas implemented from the platform range from improving in-house training processes to enhancing console repairs, all contributing to increased efficiency and cost savings. The AI technology behind the system streamlines the process by automatically grouping similar suggestions and identifying trends, allowing teams to spot patterns and collect the best ideas from the start. Sideways 6 founder Will Read stated:'This is a great example of cost optimisation done right. Currys has built a culture where people on the ground drive real value and feel a part of the company's most important aims. The fact that they're seeing results this fast is a credit to their leadership and their people.' In early July 2025, Currys Group recorded an adjusted profit before tax of £162m ($221.07m) in the fiscal year 2024/25 – a 37% jump from the previous year. "Currys launches AI-powered employee-led ideas platform" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
