UniCredit Taps Adviser for BPM Bid Branch Sales Amid Deal Doubts
The Italian lender has asked Kitra Advisory to help it offload branches across Italy in a move that would address demands from the European Union antitrust watchdog if the takeover goes ahead, the people said. The potential disposal of branches is part of a project dubbed Stardust, they said asking to not be named discussing private information.
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Associated Press
41 minutes ago
- Associated Press
Fights over charters loom over NASCAR as teams, series await key court rulings
CHARLOTTE, N.C. (AP) — It's the summer to sue in NASCAR, the sport where the on-track bumping and banging is in danger of being overshadowed by the action in the courtroom. Two teams -- one owned by retired NBA great Michael Jordan -- are suing NASCAR over antitrust allegations. 23XI Racing and Front Row Motorsports are awaiting a federal court ruling before Sunday's race in Delaware that could impact their ability to compete. Meanwhile, seven-time champion Jimmie Johnson is battling tiny Rick Ware Racing and his lawyers at Legacy Motor Club went hard at Ware's attorneys in a Monday hearing. What is all the fighting about? Charters, which are at the heart of NASCAR's business model. Having one is vital to a team's survival. The legal wrangling is only making the the charters skyrocket in value. When Spire Motorsports debuted in 2019, it had bought a charter for $6 million. Now, one of Spire's founders brokered the now-disputed deal for Ware to sell one of his two charters to Legacy for $45 million. Johnson is not enjoying the legal brawling, including the higher-profile antitrust fight. He called on those parties to settle. 'I'm just sitting back watching it all play out, learning a lot about the legal process and the amount of injunctions and appeals that can take place,' Johnson said. 'It's a big game of chess and I'm watching all the strategy that goes into it all. 'I would love to see a settlement of some kind. I really don't think that getting into a knock-down, drag-out lawsuit is good for anybody.' The NASCAR lawsuit 23XI and FRM filed a federal antitrust suit against NASCAR last year after they were the only two organizations out of 15 to reject NASCAR's extension offer on charters. The case has a Dec. 1 trial date, but in the meantime, the two teams are fighting to be recognized as chartered for the current season, which has 16 races left. A charter guarantees one of the 40 spots in the field each week, but also a base amount of money paid out each week. Jordan and FRM owner Bob Jenkins won an injunction to recognize 23XI and FRM as chartered for the season, but the ruling was overturned on appeal earlier this month. Both teams were set to be stripped of a combined six charters on Wednesday, which would force them to compete as 'open cars.' Three-time Daytona 500 winner Denny Hamlin co-owns 23XI with Jordan and said they are prepared to send Tyler Reddick, Bubba Wallace and Riley Herbst to the track each week as open teams. But they still filed for a restraining order Monday and claimed that through discovery they learned NASCAR upon revocation planned to immediately begin the process of selling the six charters which would put 'plaintiffs in irreparable jeopardy of never getting their charters back and going out of business.' NASCAR said it has asked multiple times for settlement proposals but heard nothing. NASCAR also has no intention of re-negotiating the charter agreements held by 30 other teams. Jordan has the money to keep 23XI running without charters, but FRM doesn't have the same level of funding. Additionally, if the teams aren't chartered, they will have to qualify on speed each week to make the field. It won't be an issue this weekend at Dover as fewer than the maximum 40 cars are entered. But should 41 cars show up anywhere this season, someone slow will be sent home. 'We're not worried because our cars have the speed. We've always said we're racing no matter what. If we have to race open, we have to race open,' Hamlin said at Sonoma Raceway last weekend. 'We worked to get an injunction and obviously feel like Dec. 1 is all that matters.' Legacy vs. RWR This case is actually a dispute over agreed-upon terms for Ware to sell one of his two charters to Johnson and his partners at Knighthead Capital Management. Ware this season is leasing a charter to RFK Racing and was already under agreement with that team to get the charter back in 2026, then lease RFK its second charter next season. He never had a charter to sell for 2026 unless he ceased operations. Yet when he signed the contract with Legacy, Ware has said, he didn't read it through and catch that the sale terms were for next season and not 2027, when he'd have both charters in his possession. RWR is alleging Legacy pulled a bait-and-switch, and if true, it is on Ware for not seeing it in the contract he signed. The curveball came when T.J. Puchyr, the Spire co-founder who now acts as a consultant and brokered the deal between Legacy and Ware, said last month he plans to buy Ware's team. Legacy argued in court Monday it was blindsided by the news, that if Ware is selling then the charter rightfully belongs to them, and they urgently needed depositions before Ware sold his race team out from under them. It didn't help when Ware's lawyers couldn't answer questions about a potential sale: 'I think you need to talk to your client,' the judge told them before warning Ware may be in contempt of court and ordering depositions for later this week. Ware, meanwhile, apparently accepted the Legacy offer for his charter despite a second bid of more than $50 million from another party. With NASCAR indicating through discovery in the 23XI/FRM suit that it has interested buyers for the six charters, it is a seller's market. Johnson, with financial backing from Knighthead, is certain he will be getting the Ware charter one way or another to expand Legacy to three full-time Cup Series drivers. 'I'm not sure there is a plan B,' Johnson said of his confidence level at winning the case. ___ AP auto racing:
Yahoo
an hour ago
- Yahoo
Inflation accelerates in June as investors eye tariff-related price increases
Inflation ticked higher in June, according to new government data released Tuesday, as investors continued to look for signs that President Trump's tariffs may be starting to work their way through to consumer wallets. The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 2.7% on an annual basis in June, an uptick from May's 2.4% gain that was driven by a reversal in falling gas prices. Economists had expected headline inflation to come in at 2.6%. On a monthly basis, prices rose 0.3% compared to May's 0.1% uptick, matching economists' estimates.. On a "core" basis, which excludes volatile food and energy costs, CPI rose 2.9% over the past year in June, ahead of May's 2.8%. Monthly core prices increased 0.2%, also ahead of the prior month's 0.1% gain. Heading into the report, economists had expected core CPI to rise 2.9% year over year and 0.3% month over month. Read more: June inflation breakdown: Consumers feel the pinch with tariffs looming The report landed amid renewed trade tensions between the US and other countries. President Trump has unveiled new letters to over 20 countries outlining tariffs ranging from 20% to 50%, including a 35% duty on Canadian goods and 30% tariffs on imports from Mexico and the European Union. He has also floated sweeping 15% to 20% tariffs on most trading partners. The EU, in response, is scrambling to negotiate while preparing potential countermeasures. The back-and-forth raises fresh questions about the Federal Reserve's rate-cutting path. Markets still expect the central bank to hold rates steady at its policy meeting in two weeks, largely due to uncertainties on how tariffs will trickle through to prices. The odds of a September cut ticked just below 60% shortly after the release. Although inflation remained relatively muted in June, there are signs that tariffs may be starting to make their way through the system. Read more: What Trump's tariffs mean for the economy and your wallet Apparel prices rose 0.4% last month, while footwear saw a 0.7% increase after several months of declines. Furniture and bedding prices also climbed 0.4%, reversing the 0.8% drop the index saw in May, a potential indication that tariff-related cost pressures are beginning to reach consumers. "With inflation coming in softer than expected for the fifth month in a row, it may initially seem like there is still little sign of the tariff induced boost to inflation that the Fed has been expecting," wrote Seema Shah, chief global strategist at Principal Asset Management, referring to the slower-than-expected monthly gain in core prices. "However, with increases in categories like household furnishings, recreation, and apparel, import levies are slowly filtering through to core goods prices." Shah noted that tariffs usually take time to show up in inflation data, and because many imports were front-loaded, only a limited number of goods may have been affected so far. While any inflation bump from tariffs is likely to be temporary, the recent wave of new tariffs suggests the Fed would be wise to hold off on policy changes for the next few months. Greg Daco, chief economist at EY, echoed that view, emphasizing that the full impact of tariffs has yet to materialize given the latest trade whiplash but any resulting price increases will likely be temporary. "A lot of businesses are talking about rapidly passing on the higher tariff shock from these higher duties. So we're anticipating a rather swift pass through," he told Yahoo Finance. "But if we are in an environment where there are staggered tariffs over the next year, then there is a risk of more inflation persistence. And I think that's the key risk for the US economy right now." Core inflation has remained stubbornly elevated due to sticky costs for shelter and services like insurance and medical care, though a slight moderation in shelter prices helped ease June's monthly reading. The shelter index rose 3.8% year over year and 0.2% month over month, down from May's 3.9% annual increase and 0.3% monthly gain. According to the BLS, shelter remained the largest contributor to the overall monthly rise in prices. The index for rent and owners' equivalent rent (OER) rose 0.2% and 0.3%, respectively, over the prior month. Owners' equivalent rent is the hypothetical rent a homeowner would pay for the same property. Notably, lodging away from home fell 2.9% in June after a 0.1% decrease in May. Outside of shelter, the downside surprise in monthly core inflation was also aided by other categories, including a drop in airline fares, used cars and trucks, and new vehicles. Meanwhile, food prices remained sticky, with the index rising 0.3% for the second straight month. One notable exception: eggs. Prices dropped 7.4% from May to June after soaring to historic highs, though they remain up about 27% year over year. — Allie Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at Sign in to access your portfolio
2 hours ago
Markets are shrugging off Trump's tariffs. Experts explain why.
President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street. Stocks even recorded gains on Monday as investors looked past tariffs over the weekend targeting the European Union and Mexico, two top U.S. trade partners. Trump has rolled back many of his steepest tariffs over recent months, giving rise to an investor posture known as TACO, short for Trump Always Chickens Out. That view has largely won out among investors on Wall Street, who have come to see tariff announcements as diplomatic fodder rather than firm policy declarations, Bret Kenwell, U.S. investment analyst at eToro, told ABC News. Investors, Kenwell added, are experiencing "headline fatigue." "There's a realization that all of these trade headlines and policy proposals are a negotiating tactic rather than a hardline stance," Kenwell said. As recently as April, the markets gyrated in response to Trump's tariff announcements. When Trump unveiled sweeping " Liberation Day" tariffs on April 2, the major stock indexes lost about $3.1 trillion in value the next day, suffering their biggest one-day decline since the onset of the COVID-19 pandemic. In all, the Dow Jones Industrial Average dropped nearly 4%, while the S&P 500 fell 4.8%. The tech-heavy Nasdaq tanked nearly 6%. Days later, on April 9, Trump delayed a major swathe of the tariffs for 90 days, saying he would pursue trade negotiations with scores of targeted countries. The move sent the stock market to one of its largest ever single-day increases. The Dow soared nearly 8%, while the S&P 500 climbed 9.5%. The Nasdaq increased a staggering 12%. "Once the administration opened the door to a negotiating period, that's when markets realized there's a point where the administration was willing to back down," Kenwell said. "Once that was the case, they realized it's not going to be an endless run on trade policy. One month later, Trump established a trade framework with China, ratcheting down tariffs on the top U.S. trade partner from 145% to 30%. That day, each of the major stock indexes climbed at least 2.8%. When Trump doubled tariffs on steel and aluminum in early June, however, investors didn't appear to care. The major indexes were essentially unchanged. For his part, Trump has rejected the notion that he backs down from tariffs, insisting the on-again, off-again levies make up a key part of his negotiation strategy. When asked about the TACO moniker at the White House in May, Trump said; "I chicken out? I've never heard that." Despite a rollback of some tariffs, levies are highly elevated relative to where they stood before Trump took office. Taking into account recent tariff announcements – which are set to take effect on Aug. 1 – the effective tariff rate registers at 20.6%, the highest such rate since 1910, the Yale Budget Lab found. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as Trump's tariff policy took hold, government data on Tuesday showed. "Call it TACO, or corporate resiliency, whatever you want. Tariffs are coming due in the form of higher inflation, thinner margins, or a combination of both. I'm still not sure people have processed this," Callie Cox, chief market strategist at Ritholtz Wealth Management, told clients on Tuesday in a memo shared with ABC News. Key measures of the economy have proven resilient in recent months, however, defying fears of sky-high inflation and a possible economic downturn. Even after the recent uptick, inflation remains lower than the pace registered in January, the month Trump took office. For markets to demonstrate greater concern about tariffs, Kenwell said, investors would "need to see significantly higher inflation." "Markets find a way to shrug off bad news," Kenwell added. "It doesn't make them invincible but it does make them resilient." Tariffs on dozens of countries stand poised to take effect on Aug. 1, making it a potential inflection point for the market view of tariffs. Analysts at France-based financial firm BNP Paribas showed minor concern in a memo to clients shared with ABC News on Tuesday. "The risk of an escalatory tit-for-tat scenario has risen," BNP Paribas said, before acknowledging that it expects "deals will be struck by 1 August to limit the further increase in tariffs."
