Latest news with #ElviraPollina
Yahoo
16-07-2025
- Business
- Yahoo
Italy asks Poste, state mint to revive talks over PagoPA deal
By Elvira Pollina and Giuseppe Fonte MILAN (Reuters) -Italy wants state-backed Poste Italiane and the state mint to revive talks to buy PagoPA, the Treasury-owned platform that handles digital payments to the public administration, two sources familiar with the matter said. Under a plan drafted last year, Poste - which has expanded beyond its core mail and parcels business into financial, broadband and energy supply services - would take a minority stake in PagoPA to bolster its payments business. But negotiations hit a snag over the valuation of PagoPA, with Poste and the mint questioning a price tag of 500 million euros ($581 million) determined by a Treasury adviser, Reuters reported in April. According to one of the sources, who declined to be named due to the sensitivity of the matter, the parties are now seeking to finalise a deal in September, although no formal deadline has been set. PagoPA, which this year has handled payments to Italy's public administration worth 57 billion euros, is set to play a leading role in the Italian government's efforts to set up a digital wallet through the IO mobile app. The app enables Italians to store official documents, including proof of their digital identity to access public services online, and to make payments. The prospect of Poste taking a stake in PagoPA has alarmed Italy's crowded banking sector, which is grappling with strong competition in digital payments from the likes of Apple, Google owner Alphabet and PayPal. For its part, Poste is concerned that part of its business might be dented by PagoPA's plan to develop the so-called SEND project, a digital platform for public administrations to send and receive legal notices, a source close to the matter said. ($1 = 0.8607 euros) 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
The Star
16-07-2025
- Business
- The Star
Italy asks Poste, state mint to revive talks over PagoPA deal
FILE PHOTO: A signboard of Poste Italiane is seen hanging outside a post office in central Rome October 9, 2015. REUTERS/Alessandro Bianchi/File Photo MILAN (Reuters) -Italy wants state-backed Poste Italiane and the state mint to revive talks to buy PagoPA, the Treasury-owned platform that handles digital payments to the public administration, two sources familiar with the matter said. Under a plan drafted last year, Poste - which has expanded beyond its core mail and parcels business into financial, broadband and energy supply services - would take a minority stake in PagoPA to bolster its payments business. But negotiations hit a snag over the valuation of PagoPA, with Poste and the mint questioning a price tag of 500 million euros ($581 million) determined by a Treasury adviser, Reuters reported in April. According to one of the sources, who declined to be named due to the sensitivity of the matter, the parties are now seeking to finalise a deal in September, although no formal deadline has been set. PagoPA, which this year has handled payments to Italy's public administration worth 57 billion euros, is set to play a leading role in the Italian government's efforts to set up a digital wallet through the IO mobile app. The app enables Italians to store official documents, including proof of their digital identity to access public services online, and to make payments. The prospect of Poste taking a stake in PagoPA has alarmed Italy's crowded banking sector, which is grappling with strong competition in digital payments from the likes of Apple, Google owner Alphabet and PayPal. For its part, Poste is concerned that part of its business might be dented by PagoPA's plan to develop the so-called SEND project, a digital platform for public administrations to send and receive legal notices, a source close to the matter said. ($1 = 0.8607 euros) (Reporting by Elvira Pollina in Milan and Giuseppe Fonte in Rome. Editing by Mark Potter)
The Star
10-07-2025
- Business
- The Star
Italy probes Revolut over alleged unfair practices in investment services
FILE PHOTO: Revolut logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration/File Photo MILAN (Reuters) -Italy's competition authority (AGCM) has opened a probe into some units of British financial technology giant Revolut for alleged unfair commercial practices related to its investment and banking services, the watchdog said on Thursday. Revolut allegedly misled users, promoting investments in shares by emphasising the absence of commissions and failing to flag additional costs and limitations, AGCM said. Revolut said that it was fully cooperating with AGCM and would continue to do so, adding it could not comment on specific details because the probe is ongoing. "We take AGCM enquiries very seriously," it said. "Revolut remains fully committed to upholding the highest standards of compliance and customer protection in Italy and acrosstheglobe." According to the watchdog, Revolut did not make clear that its so-called zero fee products included fractional shares, which are significantly different from whole stocks in terms of voting and transfer rights. The regulator, which is in charge of policing consumer rights, added that Revolut allegedly failed to clearly tell clients with investments in crypto assets that they would not be able to change stop-loss and take-profit settings, options that usually help investors in managing risks. AGCM also said Revolut adopted an aggressive approach in suspending and blocking financial accounts, without providing customers with sufficient notice or adequate assistance. "This prevented users to access their cash and related services, even for extended periods of time," it said. The regulator and Italy's finance police carried out inspections at the Italian premises of Revolut Bank UAB on Tuesday, AGCM said in a statement. Revolut has emerged as the most successful of the handful of European fintechs founded in the past decade with a digital-only model. It was valued at $45 billion last year, rivalling big European lenders, and it has plans to expand into mortgages and consumer lending to challenge high street lenders, as well as to grow in the United States. Under Italian legislation, breaches of consumer rights rules can lead to company fines ranging from 5,000 euros to 10 million euros. (Reporting by Elvira Pollina and Gianluca Semeraro. Additional reporting by Lawrence White in London. Editing by Mark Potter)
Time of India
03-07-2025
- Business
- Time of India
Telecom Italia secures 750 mln euro state-backed loan
By Elvira Pollina and Giuseppe Fonte MILAN: Telecom Italia (TIM) is set to receive a 750-million euro ($884 million) syndicated loan backed by Italy's export credit agency SACE, two sources familiar with the matter told Reuters on Thursday. The five-year facility provided by a pool of banks will benefit from a 70% guarantee under SACE's Archimede scheme, the sources said, asking not to be named. It is expected to be finalised as early as this month. The Archimede programme is designed to support Italian companies investing in strategic sectors such as digital transformation and the green transition. It envisages a maximum exposure of 60 billion euros through 2029, of which 10 billion were already taken on by SACE last year, according to the Treasury's multi-year budget plan unveiled in April. Despite the phasing out of the state aid emergency programmes adopted in the wake of the COVID pandemic, Italy helps firms secure funding through several guarantee schemes worth more than 13% of gross domestic product (GDP), the latest government data showed. EU accounting rules state that public guarantees do not drive up the national debt until they are tapped by the banks which benefit. TIM will use the resources to fund ongoing infrastructure upgrades and boost its digital services, in line with national and EU digital goals . Spokespeople for Telecom Italia and SACE declined to comment. TIM, the heir to Italy's former phone monopoly and the country's largest telecoms group, last year sold its prized fixed-line network infrastructure for 18.8 billion euros to a consortium led by U.S fund KKR and including Italy's Treasury. The deal, aimed at slashing the company's debt pile and streamlining its operations, has helped TIM to improve its credit rating, which remains below investment grade territory. State-backed financial conglomerate Poste Italiane has become TIM's single largest investor this year with a 24.8% stake, replacing France's Vivendi.
Hindustan Times
03-07-2025
- Business
- Hindustan Times
Soccer-Italy needs to upgrade ageing stadiums for club revenue boost, Euro 2032
* Soccer-Italy needs to upgrade ageing stadiums for club revenue boost, Euro 2032 Future of San Siro unclear amid rebuild or renovate debate * Serie A clubs' matchday revenue lags behind Premier League * Italy plans to help fast-track stadium projects for Euro 2032 By Elvira Pollina, Alvise Armellini MILAN, - Milan's San Siro is one of the most famous stadiums in world soccer, but the storied home of AC Milan and Inter Milan is showing its age and lags behind what other major European clubs offer their fans. Italy is trying to raise its game when it comes to stadiums, pressed by foreign investors who have acquired a number of clubs including the two Milan giants, and also needing arenas that are fit for purpose when it co-hosts the 2032 Euros, with Turkey. But teams like AC Milan and Inter, as well as Lazio and Roma further south, are struggling to rebuild or renovate, wrangling with public bodies who often own stadiums, and getting caught up in red tape. The result is that only six Italian stadiums were built or redeveloped in the 2007-2024 period, compared with 19 in Germany, 13 in England and 12 in France, according to consultancy firm PwC. "At the San Siro stadium, we can't cook anything. The little food that we sell is all microwaved three minutes beforehand," AC Milan Chairman Paolo Scaroni told a PwC Italy event in March. He contrasted it to the situation in Britain, where Tottenham Hotspur's new stadium even features an in-built microbrewery "because the English like to drink beer, and we can't even cook a plate of spaghetti." The Tottenham stadium, designed by specialist company Populous, opened in 2019 at a cost of around 1 billion pounds and features a retractable pitch. It also hosts other events such as NFL games. GOVERNMENT HELP The Italian government is trying to help, with a plan in the works to appoint a special commissioner with power to fast-track projects worth 5 billion euros across different agencies, and speed up preparations for Euro 2032, the first major tournament in Italy since the 1990 World Cup. The Italia 90 tournament, when matches were played at 12 venues across the country, marked the last time Italy embarked on a serious round of stadium upgrades. "For Italian teams, sports facilities are the real gap with European peers," said Luigi De Siervo, Chief Executive Officer of Italy's top flight soccer league Serie A. Although crowds have risen to levels not seen since the early 2000s, Serie A clubs generated just 440 million euros in matchday revenue in 2023-24 according to a report from Deloitte less than half of what England's Premier League earned. "More modern arenas structurally generate higher match day revenues, they usually have a higher occupancy rate, more food outlets, with different price ranges, and pricier tickets," said Cristian Celoria, partner at consultancy firm PwC. EURO 2032 CONCERNS Besides frustrating club owners, Italy's lack of progress in redeveloping its sporting infrastructure could harm its role as a co-host of the Euros. Italy must give European soccer's ruling body UEFA a list of five stadiums to host Euro 2032 games by October next year. At present, among the 10 arenas Italy named in its initial bid document, only the Juventus one in Turin one of the few club-owned grounds in Italy is fit for the tournament, according to a UEFA official. The 41,000-seater venue was completed only in 2011, replacing the Stadio delle Alpi which was built for the 1990 World Cup. Venues needing redevelopment or new builds can be included in the final Euro 2032 shortlist, but the projects need to be fully financed and approved by next year's deadline, said the UEFA official, who asked not to be named. "The need for a special commissioner is becoming even more urgent, as next year we will undergo a series of checks that may even result in some matches being reallocated to Turkey," said De Siervo, the Serie A chief. However, the Italian Football Association remains confident it can meet the deadline, with work underway in Bologna and Florence and scope to bring Rome's Olympic Stadium and the current San Siro venue in line with specifications. FATE OF SAN SIRO The San Siro, with its striking spiral staircases wrapped around the outside of the stadium, was one of the symbols of Serie A's golden age in the 1990s, but much like Italian soccer in general, it has seen better days. AC Milan and Inter - owned by U.S. investment firms RedBird and Oaktree respectively - have billed as unfeasible a full revamp of the arena, officially known as the Giuseppe Meazza after a forward who played for both clubs in the 1920s-1940s. AC Milan and Inter are in talks to jointly buy the stadium, built in 1926, and the surrounding area from the Milan municipality as part of a 1.2 billion euro redevelopment including a real estate project. The plan, first presented in 2019, envisages the clubs continuing to use the 76,000-seater stadium until a new one is built nearby. Once that is ready, the old ground would be demolished except for a heritage section comprising part of its second tier. The clubs, however, face opposition from those who would like to preserve one of the temples of Italian soccer. "It is still a functional stadium. It can be modernised, and we have fought for that, but the problem is that no one is listening to our calls," said Luigi Corbani, president of a citizens' committee opposing clubs' demolition plans. Even rock stars who love playing concerts in the huge San Siro have chimed in. "It is the greatest stadium in the world, it has personality, heart and soul," Bruce Springsteen's guitarist Steven Van Zandt, aka Little Steven, told Italy's Corriere della Sera daily, calling plans to knock it down "criminal". This article was generated from an automated news agency feed without modifications to text.
