
UniCredit Gets 30-Day Suspension by Regulator on Banco BPM Bid
Consob stated that the process undertaken by UniCredit leads to uncertainties that may affect investors' ability to make a decision over the deal, according to a statement on its website. The regulator suspended the offer in order to clarify the situation and update the offer document.
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Australia's New Home Battery Plan And The Race for Net Zero
Never miss an episode. Follow The Bloomberg Australia Podcast today. Australians have enthusiastically embraced rooftop solar panels. Now the government has introduced a A$2.3 billion rebate plan to get more people to install batteries at their homes, to store all of that solar power to smooth out supply at times of peak demand.
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Starmer faces Labour turmoil and global volatility as he marks year in Number 10
Sir Keir Starmer is facing Labour dissent, economic uncertainty and spiralling conflict abroad as he marks a year in Number 10. The Prime Minister led his party back into power with more than 400 MPs on July 4 last year – clinching a majority just short of Sir Tony Blair's landslide in 1997. But with a daunting in-tray of problems including a stuttering economy, creaking public services and global volatility, his political honeymoon period was short-lived. His personal popularity is now the lowest of any British premier after their first 12 months in office, political scientist and polling guru Professor Sir John Curtice said. 'There were pretty clear potential weaknesses before they even started, and most of those weaknesses have basically just been exposed over the course of the last 12 months,' he told the PA news agency. Sir John said part of the problem lay in what he described as a failure of narrative in setting out the Government's vision for change to the public. 'They're portraying themselves as a repair gang rather than the builders of a new Jerusalem. Pessimism doesn't necessarily go down very well,' he told PA. 'The thing with Starmer is, he's a brilliant prosecution lawyer… But prosecution lawyers present cases that have been (put together) by someone else. The problem is that as a political leader you've got to prosecute your own case. 'Maybe he needs new personnel? Either he's got to learn to do it himself or get someone in to do it for him.' That verdict was echoed by some dissenting voices within Labour ranks, where there is lingering discontent among rebels over the Government's Welfare Bill despite Number 10 offering major concessions on the legislation. The Government saw off the threat of a major Commons defeat over the legislation on Tuesday after shelving plans to restrict eligibility for the personal independence payment (Pip), the main disability benefit in England. 'I think he really needs to think about why he wants to be a Labour Prime Minister and what is it he actually cares about,' one long-serving Labour MP said. They said Tuesday had marked 'the lowest point' in Sir Keir's premiership so far and raised questions about his authority, warning that backbenchers may now feel emboldened to demand further U-turns elsewhere. Sir John said that the Government's challenges in passing legislation were unsurprising with the broad but fragile coalition of support on which Labour built its election victory, securing 412 seats on just 35% of the vote. That means many MPs defending narrow majorities and raises the prospect of 'a large body of people who are nervous about their political futures,' he said. The Government's original welfare proposals had been part of a package that ministers expected to save up to £5 billion a year, leaving Chancellor Rachel Reeves needing to look for the money elsewhere. 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'The worst they can do is nothing,' the backbencher added. The Prime Minister used a Cabinet meeting on Tuesday to defend his record in office, telling ministers the welfare Bill was 'to help those who can work into employment and ensure dignity and security for those who can't work.' He said they could all 'rightly look back with a real sense of pride and achievement' on the last 12 months, pointing to a reduction in NHS waiting lists and a series of economic agreements struck with the US, EU and India. Abroad, the Prime Minister faces a tricky diplomatic balancing act as he seeks to strengthen ties with both Europe and Washington amid global instability from the Ukraine war and Middle East crisis. At home, Labour is staring down a threat from Nigel Farage's Reform UK party, which turned opinion poll momentum into widespread gains at the ballot box during the local elections in May. Sir John said that parties such as Reform and the Greens offer more choice to voters wanting to express their discontent with Labour while the Tories continue to flounder in the polls. 'The character of the challenge is different from what it has been historically,' he said. Tim Bale, professor of politics at Queen Mary University, said people had been expecting bold change on areas such as workers' rights and growth, and the Government's achievements so far were 'pretty small beer' by comparison. Critics say the first year has instead been marked by a series of U-turns, including a partial reversal of cuts to the winter fuel payment and the move to launch a national inquiry into grooming gangs after months of resisting opposition pressure to do so. The Government disputes that framing, pointing out for example that ministers had never explicitly ruled out a statutory probe into child sexual exploitation but waited for a review to be carried out before making a decision. Prof Bale said he believed the first year had gone 'worse than most people imagined' and warned 'it's difficult for a leader who starts badly to persuade people that he or she is what they need.' But he said the problems were not necessarily fatal, adding that setbacks early on in a premiership have an upside in allowing for more time to 'turn it round'. 'If you look back to Margaret Thatcher, she was able to do that, so it's not a foregone conclusion that all is lost, even for Keir Starmer himself,' he said. Arguing that the Government could recover in the polls if its plans for the economy and public services pay off, he added: 'I think you can see the light at the end of the tunnel, but it's a very long tunnel.' Sir Keir has pledged to lead a 'decade of national renewal' through a phased approach to Government, the first year of which he said would involve 'cleaning up the mess' his administration had inherited. In a speech last week seeking to set the tone for the future, he said: 'We've wiped the state clean, we've stabilised the economy, and now we can go on to the next phase of government, building on that foundation.' A Government spokesperson said: 'We were elected with a commitment to deliver change and security for working people – and we are getting on with the job. 'We are delivering our Plan for Change – wages are rising faster than prices, interest rates have been cut four times, immigration has come down with 30,000 people with no right to be here removed and over four million NHS appointments have been delivered. 'Progress has been made, but we know people are impatient for change – and we are too – so we will continue to govern in the national interest for British people and deliver a decade of national renewal.'
Yahoo
2 hours ago
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Spain's Santander buys TSB Bank to boost presence in the UK
Spanish Banco Santander S.A., the biggest lender in continental Europe by market capitalisation, is buying Scotland-based commercial bank TSB for £2.65 billion (€3.08bn). This is a major step to bolster the Spanish lender's future in the UK, as it has been struggling to keep its UK arm afloat. The acquisition of TSB Bank means 5 million customers will be transferred to Santander, who will keep a total of £35bn (€40.1bn) in their deposits. The combined entity will become the third-largest bank in the UK by share of personal current accounts and the fourth-largest by mortgages. However, TSB Bank's name and branding could disappear, as the Spanish lender intends to integrate TSB into the Santander UK group. Santander's chief executive Mike Regnier said to BBC, "We haven't made any decisions yet", but "we tend to use the Santander brand on the high street around the world". Related Sabadell Bank raises shareholder payout promise as BBVA eyes takeover Spanish bank BBVA will start offering bitcoin and ether trading Santander announces buyback plan while CA also sees earnings rise The Spanish bank is hoping to turn its fortunes around after it announced in March that it would cut hundreds of jobs and close a fifth of its branch network in the UK. TSB Bank has been a subsidiary of the Spanish Sabadell Group since 2015, which has now decided to sell the Edinburgh-based lender after it received unsolicited interest from another Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA). Selling TSB Bank could weaken Sabadell's appeal as a merger target. The Spanish bank is expected to boost its returns to its shareholders, using the money it receives from Santander in the deal. It is part of a strategy where Sabadell seeks to retain shareholder interest as it attempts to repel the renewed takeover attempts from BBVA. Sabadell keeps a tab on its website for investors dedicated to the takeover bid, indicating how much shareholders would lose if they agreed to the merger. BBVA said on Monday that the bank 'is moving forward with the acquisition of Banco Sabadell,' despite Sabadell's opposition. Santander's deal is expected to generate a return on invested capital of over 20%. The common cost base of the two banks is expected to decline by 13%, equating to around £400mn (€466mn) in cost savings, according to the bank. A Santander spokeswoman did not rule out branch closures, and said to the BBC that there would be job cuts in the back offices without naming the number of jobs in danger. TSB announced in May that it would lay off 250 employees and close 36 branches. The bank has around 5,000 staff and 175 branches. Santander's deal, first, needs to gain the necessary regulatory approvals and a green light from Sabadell shareholders. After the announcement, the bank's shares were up by nearly 3% at midday in Europe. Sign in to access your portfolio