Banca Monte Dei Paschi Gets ECB Approval for Mediobanca Bid
Monte dei Paschi said the European Central Bank approved the direct acquisition of a controlling shareholding in Italian investment bank Mediobanca MB 4.21%increase; green up pointing triangle.
The authorization also includes the acquisition of a direct stake in Mediobanca–whose value exceeds 10% of the group's consolidated own funds–and in the relevant indirect shareholdings, it said Wednesday.
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The Verge
33 minutes ago
- The Verge
Lamborghini Revuelto review: perfect harmony
With the dawning of a new era of hybridization in the automotive industry, more and more manufacturers are integrating electric propulsion into their lineups. Mild-hybrid systems are well-established, and more beneficial plug-in hybrid systems keep getting better and better. Even Lamborghini's participating in the latest wave of hybridization, which might come as a surprise to some. That's because this Italian company's outlandish supercars have never been regarded as thrifty, or ever trying to be thrifting. They've always returned old-truck-like fuel economy thanks to their ravenous 10- and 12-cylinder engines. And their innate ability to make those behind the wheel drive them as inefficiently as possible doesn't help, either. But by God, it's a reality in the 2025 Lamborghini Revuelto, the Italian brand's top V12-powered model. Its plug-in hybrid system is mainly there to up the thrills, but surprisingly, it can also return respectable fuel economy with no downsides to its ravenous driving experience. Here's how $612,858 (before costly options) worth of Lambo slots into our current golden age of hybridized high-performance. Lamborghini goes out of its way to call the Revuelto its first-ever plug-in hybrid HPEV (high-performance electric vehicle), and it truly is: a 3.8 kWh battery sends juice to two AC motors mounted on the front axle, and another attached to the transverse-mounted eight-speed dual-clutch gearbox. By default, the mighty Lambo comes to life without firing up its engine, instead sending power to the front motors for backing up (there's no reverse gear), as well as offering up to five miles of EV-only range. That may sound comically low, but considering just 30 miles of normal driving can fully top it back up, it's more useful than one might assume. If I was allowed more mileage for my press loan, I would've loved to run the battery down on the highway, firing up the engine until it was recharged, and repeating the process until the tank ran low. Its plug-in hybrid system is mainly there to up the thrills. After all, it's rated at 23 MPGe—12 combined without hybrid assistance. The latter barely beats its Aventador predecessor and means this thing carries a $4500 gas guzzler tax for not meeting minimum fuel efficiency standards. Not many PHEVs can claim that honor. That said, I was pleasantly surprised by how easy it was to come close to 23 MPGe. Over a generally traffic-free, 15-mile stretch of Los Angeles freeway with radar cruise control set to 75 mph, I was able to easily exceed 21 MPGe. Not only that, it prioritized EV propulsion for passing slower cars while the engine sat dormant at a very calm 2,000 rpm in eighth gear. Despite some significant road noise, this brutish supercar was rather relaxing on the highway. But exiting off and transitioning to twistier blacktop high up in California's San Gabriel Mountains, it quickly became anything but. As the Revuelto is Lamborghini's flagship V12 supercar, the specs are insane: its 6.5-liter naturally aspirated V12 screams to 9,500 rpm and produces 814 horsepower and 535 lb-ft of torque. The three motors contribute up to an additional 296 hp and 364 lb-ft, reaching a peak total output of 1,001 hp and 1,044 lb-ft of torque. You'd never know from behind the wheel that this thing weighs 4,290 pounds, as 0-60 mph happens in just 2.5 seconds, and 150 arrives in less than 10. If the main reason for hybridization is pure excitement, then I'm here for it. Launching off the line, you feel the motors punch down low as the V12 revs up, and once the tach needle reaches the midrange, all hell breaks loose in wonderful electron-flowing and fuel-burning harmony. The specs are insane The Revuelto doesn't hold back in its pursuit of filling the cabin, and several city blocks in either direction, with glorious V12 music. It's endlessly entertaining regardless of mode and RPM, even lightly cruising around between 3,000 and 4,500 RPM. I'd never been so content having a ringing in my ears as I did filling up its 22.5-gallon fuel tank twice in one weekend. The shove back in the seat while ripping off the line is truly something special, too. I've had the honor and privilege of driving some thrilling hardware during my tenure in automotive journalism, but this takes the cake for all-out savagery. Upshifts seamlessly continue the effort forth towards felony offenses, and once it's time to slow down, some light gearbox whine and sharp puck noises make for buttery smooth, GT3 race car-like downshifts. It's all intoxicating. The Bolognese brand didn't just make the Revuelto faster and optionally thriftier. Active aerodynamics sitting atop the rear deck to help it cut through the air 66 percent more efficiently, as well as bleed off speed. Carbon fiber and aluminum comprise its chassis and bodywork, making it 10 percent lighter and 25 percent more rigid than its predecessor. Combined with a mix of adaptive dampers and double-wishbone independent suspension, its rectangular battery pack mounted in what used to be called the transmission tunnel, all-wheel drive, plus its mid-engine layout, this thing is a monster at corners. Conveniently, switching between damper and motor settings, as well as drive modes, was quite easy as they're all done on the steering wheel. I've never been a big fan of complication here, but Lamborghini's method works great. This thing is a monster at corners The steering itself possessed decent weight under cornering and sufficient communication, tack-sharp front-end response, and above all, the perfect ratio for high-performance driving. It was so nice being far tilted back in the Lambo's sport seat (this was very necessary, as headroom is at a high premium for tall folks), hands at nine and three, and getting into a daze-like rhythm of carving corners at breathtaking speed. While power delivery was merciless, it was quite easy to tame with smooth inputs and thoughtful downshifts, which weren't as frequent as other exotic fare thanks to the engine's sky-high redline. The end result was reaching well-traveled mountain top landmarks in a shockingly short amount of time. All while experiencing an immensely good ride quality in either its stiffer or softer damper mode, too—a testament to how much engineering went into this beast's chassis dynamics. The 2025 Lamborghini Revuelto is unlike anything I'd ever driven before. I may not have fit very well inside, the seat back may have been designed for someone a foot shorter than me, but goddamn was it totally worth it. Not only was the sensation of a screaming, 6.5-liter V12 behind me something beautifully unique, but behind all the drama was a chassis tremendously potent in its grip and athleticism. Then, its unparalleled mix of 12-cylinder ferocity plus hybridization created a harmoniously hilarious good time. It even returned admirable fuel economy numbers for a supercar, if I wanted… but I mostly didn't, as its consumption proved to be one of the wisest financial investments ever. Photography by Peter Nelson / The Verge
New York Times
34 minutes ago
- New York Times
E.T.F.s Are Booming. Mutual Funds Want In on the Action.
Good morning. Andrew here. This Saturday, we take a deep dive into a potentially major shift in the investing world. Ian Frisch, who has been writing about surprising trends in business for a decade, takes us into the $30 trillion question of whether mutual funds can also market themselves as E.T.F.s. Plus, Calum Marsh, a DealBook contributor who has reported extensively on fitness trends and wrote an upcoming book about the history of CrossFit, speaks with the C.E.O. of Hyrox, a global fitness craze that wants to become an established sport. The modern market for exchange-traded funds has enabled retail investors to easily put money into basically anything. That includes various cryptocurrencies ($IBIT and $ETH), the investment strategies of Congressional Democrats ($NANC), pet-care brands ($PAWZ), and private equity funds with exposure to Elon Musk' s SpaceX ($XOVR) and OpenAI ($ARKVX). Mutual funds wish they could say the same. But the Securities and Exchange Commission long ago built a firewall between those funds, which are typically accessible through private investment companies, and E.T.F.s, which trade on public exchanges like single stocks. Want all of The Times? Subscribe.
CBS News
44 minutes ago
- CBS News
Jeff Bezos and Lauren Sánchez's wedding is celebrated with celebrity guests in Venice. See the photos.
Billionaire Amazon founder Jeff Bezos and former TV journalist Lauren Sánchez got married in Venice, Italy, on Friday, with a star-studded celebrity guest list joining them for the festivities. Sánchez posted a photo of the couple on Instagram, showing herself in a fitted wedding dress with a long train, high neck and lace sleeves, and Bezos in a classic black tuxedo, as their guests clapped. Wedding location details have been kept under wraps, but Italian newspapers and Venetian locals predicted it would take place at San Giorgio Maggiore, one of the Venetian islands, which is known for the Church of San Giorgio Maggiore. Bezos and Sanchez invited some 200 guests, according to media reports. Jeff Bezos waves from a water taxi on June 27, 2025 in Venice, Sanchez blows a kiss to the camera ahead of her anticipated wedding celebrations with Jeff Bezos, in Venice, Italy, on Friday, June 27, 2025. Antonio Calanni/AP This is the second marriage for both Bezos, 61, and Sánchez, 55. Bezos was previously married to philanthropist Mackenzie Scott, but the pair divorced in 2019. Sánchez's first marriage to Patrick Whitesell, the executive chair of the talent firm Endeavor, also ended in 2019. Ahead of the nuptials, movie stars, TV personalities and business titans were sighted around Venice. Some were seen arriving on Thursday at the Madonna dell'Orto church for the first of several planned events. Some of the more recognizable names seen in photos include Leonardo DiCaprio, Orlando Bloom, the Kardashians and Jenners, Oprah Winfrey, Gayle King, Tom Brady, Bill Gates, Diane von Furstenberg, Usher, Ivanka Trump and her husband, Jared Kushner. The influx of so much money and star power prompted protests from local Venetian residents, who launched the "No Space for Bezos" campaign. It comes amid a broader pushback against an overload of tourists across Europe, with some blaming the crowds of visitors for increased costs and rent. But nothing seemed to mar the celebratory mood as Bezos, Sánchez and their guests gathered for the big day. Amazon founder Jeff Bezos leaves the Aman Hotel in Venice wearing a tuxedo on June 27, 2025. STEFANO RELLANDINI/AFP via Getty Images Lauren Sanchez leaves her hotel in Venice ahead of her wedding celebrations with Jeff Bezos, June 27, 2025. Luca Bruno/AP The boat carrying Jeff Bezos travels past St. Mark's Square in Venice on the way to celebrations of his wedding to Lauren Sanchez, on Friday, June 27, 2025. Luigi Costantini / AP A motorboat transports Amazon founder Jeff Bezos towards San Giorgio Maggiore on the second day of festivities celebrating his wedding to Lauren Sanchez, in Venice, Italy, June 27, 2025. Yara Nardi / REUTERS Kim Kardashian and Khloe Kardashian leave the Gritti Palace Hotel in Venice on June 27, 2025. STEFANO RELLANDINI/AFP via Getty Images Oprah Winfrey and Gayle King leave the Gritti Palace Hotel for the wedding of Jeff Bezos and Lauren Sanchez in Venice on June 27, 2025. ANDREA PATTARO/AFP via Getty Images Khloé Kardashian leaves a hotel ahead of the anticipated wedding celebrations of Jeff Bezos and Lauren Sanchez in Venice on June 27, 2025. Luigi Costantini / AP Brooks Nader leaves a hotel ahead of the anticipated wedding of Jeff Bezos and Lauren Sanchez in Venice on June 27, 2025. Luigi Costantini / AP Kylie Jenner and Kendall Jenner are seen ahead of the Jeff Bezos and Lauren Sanchez wedding on the island of San Giorgio Maggiore on June 27, 2025 in Venice, Italy. Luigi Iorio/Kylie Jenner is helped into a water taxi in Venice on the second day of the wedding festivities of Jeff Bezos and Lauren Sanchez, June 27, 2025. Yara Nardi / REUTERS Orlando Bloom is seen ahead of the Jeff Bezos and Lauren Sanchez wedding in Venice on June 27, 2025. Luigi Iorio/Jordan's Queen Rania Al Abdullah leaves the St. Regis Hotel in Venice on the second day of the wedding festivities of Jeff Bezos and Lauren Sanchez, June 27, 2025. Guglielmo Mangiapane / REUTERS Ellie Goulding and friends ahead of the Jeff Bezos and Lauren Sanchez wedding on the island of San Giorgio Maggiore on June 27, 2025 in Venice, Italy. Luigi Iorio/Leonardo DiCaprio leaves Gritti Palace in Venice with a black baseball cap shielding his face, ahead of the wedding festivities of Jeff Bezos and Lauren Sanchez, June 27, 2025. Guglielmo Mangiapane / REUTERS Jared Kushner and his wife Ivanka Trump leave the St. Regis Hotel in Venice on June 27, 2025. MARCO BERTORELLO/AFP via Getty Images Usher and his wife Jennifer Goicoechea leave a hotel ahead of the anticipated wedding celebrations of Jeff Bezos and Lauren Sanchez in Venice, Italy, on June 27, 2025. Luigi Costantini / AP Kris Jenner leaves Gritti Palace on the second day of the wedding festivities of Jeff Bezos and Lauren Sanchez, in Venice, Italy, June 27, 2025. Yara Nardi / REUTERS Kim Kardashian and Khloe Kardashian take a selfie on their way to Jeff Bezos and Lauren Sanchez's wedding in Venice on June 27, 2025. Luigi Iorio/Pre-wedding festivities Celebrations started on Thursday, with guests gathering for a reception ahead of the wedding day. Photos captured many celebrity guests boarding water taxis and enjoying the beautiful surroundings. Jeff Bezos and Lauren Sanchez leave a hotel for their pre-wedding reception in Venice, Italy, Thursday, June 26, 2025. Luca Bruno/AP Jeff Bezos waves as he and Lauren Sanchez leave a hotel for their pre-wedding reception in Venice, June 26, 2025. Luca Bruno/AP Bill Gates and partner Paula Hurd leave after a visit at the Gallerie dell'Accademia di Venezia, ahead of Jeff Bezos and Lauren Sanchez's wedding, on June 27, 2025. ANDREA PATTARO/AFP via Getty Images Kylie Jenner and Kendall Jenner are sighted ahead of Jeff Bezos and Lauren Sanchez's wedding on June 26, 2025, in Venice, Italy. Ernesto Ruscio/GC Images Tom Brady, center, leaves a hotel for the pre-wedding reception of Amazon founder Jeff Bezos and Lauren Sanchez in Venice, June 26, 2025. Antonio Calanni/AP Orlando Bloom, center, leaves a hotel for the pre-wedding reception of Amazon founder Jeff Bezos and Lauren Sanchez in Venice, June 26, 2025. Antonio Calanni/AP Lydia Kives stands on a balcony of the Gritti Palace in Venice, ahead of the wedding of Amazon's founder Jeff Bezos with Lauren Sanchez, on June 26, 2026. MARCO BERTORELLO/AFP via Getty Images Usher arrives in Venice, Italy, on Thursday, June 26, 2025, ahead of Jeff Bezos and Lauren Sanchez's wedding. Luigi Costantini/AP Leonardo Di Caprio is sighted ahead of Jeff Bezos and Lauren Sanchez's wedding at Hotel Gritti in Venice on June 26, 2025. Ernesto Ruscio/GC Images Vittoria Ceretti, center right, and Edward Enninful, center left, leave a hotel for the pre-wedding reception of Amazon founder Jeff Bezos and Lauren Sanchez in Venice, June 26, 2025. Antonio Calanni/AP Oprah Winfrey and Gayle King are seen ahead of Jeff Bezos and Lauren Sanchez's wedding at Hotel Gritti on June 26, 2025 in Venice, Italy. Ernesto Ruscio/GC Images Orlando Bloom is sighted ahead of Jeff Bezos and Lauren Sanchez's wedding at Hotel Gritti on June 26, 2025, in Venice, Italy. Ernesto Ruscio/GC Images Domenico Dolce, left, arrives in Venice on June 26, 2025, ahead of Jeff Bezos and Lauren Sanchez's wedding. Luigi Costantini/AP Usher and wife Jennifer Goicoechea take a selfie on a taxi boat in the Venice lagoon ahead of Jeff Bezos and Lauren Sanchez's wedding, June 27, 2025. STEFANO RELLANDINI/AFP via Getty Images Barry Diller, left, and Diane von Furstenberg arrive in Venice on June 26, 2025, ahead of Jeff Bezos and Lauren Sanchez's wedding. Luigi Costantini/AP
