Italy court rejects Banco BPM's appeal against UniCredit bid suspension
UniCredit secured a one-month suspension of its offer for BPM by the country's markets regulator after the bid ran into difficulties due to government-set conditions.
BPM had sought to have the suspension scrapped, saying it limited the bank's decision-making abilities and damaged its shareholders.
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Reuters
2 hours ago
- Reuters
Australia's Abacus Storage King gets $1.43 billion sweetened offer, shares jump
July 14 (Reuters) - Australian self-storage company Abacus Storage King ( opens new tab said on Monday it had received a sweetened A$2.17 billion ($1.43 billion) takeover offer from a consortium of Ki Corp and Public Storage (PSA.N), opens new tab, sending its shares more than 7% higher. The new offer price of A$1.65 per share represents a premium of 11.9% to the stock's last close. The earlier offer of A$1.47 per share made in mid-May had valued the company at A$1.93 billion. Shares of the Sydney-based company climbed as much as 7.1% to A$1.580, their highest level since June 23, while the broader benchmark index (.AXJO), opens new tab was largely unchanged, as of 0130 GMT. Abacus Storage's independent board committee said it would grant the consortium six weeks for due diligence to see if a binding deal could be agreed. The consortium consists of South African billionaire Nathan Kirsh's family office, Ki Corp, and U.S.-listed Public Storage (PSA.N), opens new tab. "A further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal," analysts at Citi said in a note. Net tangible assets represent the value of a company's physical assets minus liabilities. "There is no certainty that the parties will be able to agree terms to implement the revised proposal," Abacus said in a statement. ($1 = 1.5223 Australian dollars)
Sky News
3 hours ago
- Sky News
Economists say the cost of living crisis is over - here's why many households disagree
Talk to economists and they will tell you that the cost of living crisis is over. They will point towards charts showing that while inflation is still above the Bank of England's 2% target, it has come down considerably in recent years, and is now "only" hovering between 3% and 4%. So why does the cost of living still feel like such a pressing issue for so many households? The short answer is because, depending on how you define it, it never ended. Economists like to focus on the change in prices over the past year, and certainly on that measure inflation is down sharply, from double-digit levels in recent years. But if you look over the past four years then the rate of change is at its highest since the early 1990s. But even that understates the complexity of economic circumstances facing households around the country. For if you want a sense of how current financial conditions really feel in people's pockets, you really ought to offset inflation against wages, and then also take account of the impact of taxes. That is a complex exercise - in part because no two households' experience is alike. But recent research from the Resolution Foundation illustrates some of the dynamics going on beneath the surface, and underlines that for many households the cost of living crisis is still very real indeed. 2:32 The place to begin here is to recall that perhaps the best measure of economic "feelgood factor" is to subtract inflation and taxes from people's nominal pay. You end up with a statistic showing your real household disposable income. Consider the projected pattern over the coming years. For a household earning £50,000, earnings are expected to increase by 10% between 2024/25 and 2027/28. Subtract inflation projected over that period and all of a sudden that 10% drops to 2.5%. Now subtract the real increase in payments of National Insurance and taxes and it's down to 0.2%. Now subtract projected council tax increases and all of a sudden what began as a 10% increase is actually a 0.1% decrease. 2:29 Of course, the degree of change in your circumstances can differ depending on all sorts of factors. Some earners (especially those close to tax thresholds, which in this case includes those on £50,000) feel the impact of tax changes more than others. Pensioners and those who own their homes outright benefit from a comparatively lower increase in housing costs in the coming years than those paying mortgages and (especially) rent. Nor is everyone's experience of inflation the same. In general, lower-income households pay considerably more of their earnings on essentials, like housing costs, food and energy. Some of those costs are going up rapidly - indeed, the UK faces higher power costs than any other developed economy. But the ultimate verdict provides some clear patterns. Pensioners can expect further increases in their take-home pay in the coming years. Those who own their homes outright and with mortgages can likely expect earnings to outpace extra costs. But others are less fortunate. Those who rent their homes privately are projected to see sharp falls in their household income - and children are likely to see further falls in their economic welfare too.
BBC News
4 hours ago
- BBC News
Europe's freedom faces greatest 'threat' since WW2, says Macron
French President Emmanuel Macron has outlined plans for a big increase in defence spending, warning Europe's liberty is facing a "greater threat" than at any time since the end of World War a speech to the armed forces in Paris, he said "we are living in a pivotal moment" due to complex called for France's defence spending to rise by €3.5bn (£3bn) next year and then by a further €3bn in the threat from Russia, he denounced "imperialist policies" and "annexing powers". Fighting has raged since Moscow launched its full scale invasion of Ukraine in February 2022. Macron pledged to double France's military budget by 2027, three years earlier than originally planned. In 2017, his country's defence budget stood at €32bn and under the plans would rise to €64bn in two years time. The proposals still need to be approved by the French government."To be free in this world, you must be feared. To be feared, you must be powerful," he said in the speech, which fell on the eve of Bastille said the world was witnessing the return of nuclear power and the "proliferation of major conflicts". He also referenced the US bombing of Iran, fighting between India and Pakistan and what he called the "ups and downs in American support for Ukraine".Last month, Nato members agreed to commit to spending 5% of GDP annually on defence, up from the previous target of 2%. The UK also announced its own defence review, with Defence Secretary John Healey saying it would send a "message to Moscow".On Friday, the head of the French army, Thierry Burkhard, said Russia saw France as its "main adversary in Europe".Russia posed a "durable" threat to Europe, Burkhard said, adding that the "rank of European countries in tomorrow's world" was being decided in Prime Minister Francois Bayrou is expected to outline next year's budget on Thursday.
