Latest news with #GiorgiaMeloni
Qatar Tribune
9 hours ago
- Business
- Qatar Tribune
UniCredit boosts outlook despite Banco BPM pullout
Agencies Italy's banking giant UniCredit posted a sharp rise in quarterly profit on Wednesday despite lower revenues, a day after it withdrew its offer for smaller rival Banco BPM due to government restrictions. Late Tuesday, UniCredit said it was dropping its bid for Italy's third-largest bank Banco BPM, blaming restrictions on the deal imposed by the Italian government while calling it a 'missed opportunity' for shareholders. Resolution of the impasse did not have 'a clear deadline on it,' CEO Andrea Orcel told analysts during a conference call following results. 'That for us had become a drag. That is the main reason we withdrew,' he said. The country's second-largest bank posted second quarter net profit of 3.3 billion euros ($3.9 billion) versus 2.7 billion euros a year earlier, a nearly 25% rise. Excluding one-off items, UniCredit said its net profit stood at 2.9 billion euros, up 8%, above analysts' average estimates of 2.5 billion euros. Revenues fell, however, by 3.3% to 6.1 billion euros from 6.3 billion euros in the quarter, hit by hedging costs associated with its 9.9% stake in Commerzbank, where UniCredit is now the largest shareholder. By midmorning, UniCredit shares rose as high as 60.77 euros, up 4.6% on the Milan stock exchange, while those of Banco BPM fell as much as 4.6% to 9.82 euros. Looking ahead, UniCredit said it was boosting its net income outlook for 2025 to 10.5 billion euros, above its earlier expectation of 9.3 billion euros. It also expects 2025 net revenue above 23.5 billion results demonstrated how 'a transitional year' turned into the bank's 'best year ever,' UniCredit said in a statement. UniCredit said one-off items impacted its second quarter, including the equity consolidation of its Commerzbank stake and the acquisition of life insurance joint ventures. For 2026 and beyond, revenue and profit would be boosted through 'the internalisation of life insurance and the equity consolidation of Alpha Bank and Commerzbank,' it said. UniCredit also said it would soon begin a 3.6-billion-euro share buyback program. The surprise announcement of UniCredit's withdrawal brought to an end a protracted tug of war since November, pitting UniCredit against Banco BPM and the Italian government, which opposed the potential deal originally valued at 10.1 billion euros. While Banco BPM considered the move hostile and the offer insufficient, Italy's government under Prime Minister Giorgia Meloni similarly opposed it, as it would have thwarted its plans to create a third large banking group in Italy, comprising Banco BPM and Monte dei Paschi di Siena (MPS). The point of contention for UniCredit was the government's so-called 'golden power' provision, which it exercised in April and which cited national security concerns due to UniCredit's operations in Russia. The provision allows the government to set certain restrictive conditions on takeovers in strategic sectors, such as banking. Those included an obligation for UniCredit to maintain the level of loans granted in Italy for a certain period of time, and to cease all activity in Russia. UniCredit said Wednesday it was further reducing its exposure in Russia and was already well ahead of its targets and those of the European Central Bank (ECB). Earlier in July, the European Commission warned Italy that the provision was in potential violation of EU law. On Tuesday, Italy's financial market regulator, Consob, suspended the bid for 30 days, citing a 'situation of uncertainty' around the offer, potentially giving the parties more time to resolve the problems. But even with an extended deadline, the uncertainty remained, Orcel said.
Fashion Network
17 hours ago
- Automotive
- Fashion Network
France and Italy meet to defend "made in Europe"
The two countries' ministers are also expected to discuss automotive issues, with the "shared objective" of "strengthening demand for clean vehicles with European content," and to tackle the question of "European preference," for example in public procurement. "Italy is moving closer and closer to France on a number of positions," said Parisian representatives, referring again to nuclear power, which Italy wants to revive. Italy also advocates, like France, that nuclear power should be treated in a similar way to renewable energies in European legislation. "The issue of competitiveness and technological neutrality is one of the subjects on which we agree with the Italians," added the French ministers' offices. Thursday's meeting in Paris will take place as part of the Quirinal Treaty, signed between the two countries in 2021. The treaty includes annual meetings between French and Italian ministers. Giorgia Meloni and Emmanuel Macron displayed their "shared commitment" and "strong convergences" during a long tête-à-tête in Rome in early June. The meeting was held in part to dispel the tensions of recent weeks, which have been amplified since Donald Trump 's return to the White House.
The Star
17 hours ago
- Business
- The Star
Italy and Algeria boost cooperation with new security and business deals
Italian Prime Minister Giorgia Meloni and Algerian President Abdelmadjid Tebboune talk as they meet during the Italy-Algeria summit at Villa Doria Pamphilj in Rome, Italy, July 23, 2025. REUTERS/Remo Casilli ROME (Reuters) -Italy and Algeria agreed to work together to fight terrorism and control migration during an intergovernmental meeting in Rome on Wednesday, while companies signed off on deals in sectors including energy and telecommunications. Italian Prime Minister Giorgia Meloni met Algerian President Abdelmadjid Tebboune at the 17th-century Villa Doria Pamphili, after a trip to Algiers by Foreign Minister Antonio Tajani in March. "Our bilateral relations have reached a level of intensity and solidity that had never been achieved before," Meloni told a news conference after the meeting. Algeria is Rome's leading trading partner in Africa, with trade worth almost 14 billion euros ($16.4 billion) while Italian investments there amount to 8.5 billion euros, Meloni's government said. "I express my confidence in what we have achieved at this summit. The agreements signed open broad horizons for a model strategic partnership that reflects the depth of our relations," Algerian President Tebboune said. A total of 13 agreements have been signed between the governments of Italy and Algeria, including one on fighting terrorism and its financing. It was not specified which threats the countries were focused on. The two nations have also agreed on a plan to coordinate the search and rescue operations for migrants who attempt the dangerous sea crossing from North Africa to Europe. Meloni's right-wing government was elected in 2022 on a mandate to curb migrant arrivals. BUSINESS TIES On the business side, Italian energy group Eni this month signed a production sharing contract with oil and gas company Sonatrach worth $1.3 billion to explore and develop hydrocarbons in Algeria. On the sidelines of the meeting, the two companies signed an additional agreement to strengthen their cooperation. "We are very satisfied with the collaboration between Eni and its counterpart Sonatrach, which will become even stronger," Meloni told reporters. Eni buys gas from Sonatrach under a long-term contract that has made the north African country one of the key fuel suppliers for Italy after Rome severed ties with Russia's Gazprom following Moscow's invasion of Ukraine. A separate deal will involve Submarine cable company Sparkle, a unit of Telecom Italia (TIM), which is set to be sold to a consortium led by Italy's Treasury later this year. Sparkle will sign a preliminary agreement with Algerie Telecom for a new subsea cable connecting the two countries. "Algeria is a strategic partner, and we are working hard to make this partnership ever broader, stronger and more diversified," Foreign Minister Tajani said during a speech at a business forum with over 400 companies from the two nations. ($1 = 0.8521 euros) (Reporting by Angelo Amante; Additional reporting by Tarek Amara; Editing by Toby Chopra and Keith Weir)
Straits Times
17 hours ago
- Business
- Straits Times
Italy and Algeria boost cooperation with new security and business deals
Find out what's new on ST website and app. ROME - Italy and Algeria agreed to work together to fight terrorism and control migration during an intergovernmental meeting in Rome on Wednesday, while companies signed off on deals in sectors including energy and telecommunications. Italian Prime Minister Giorgia Meloni met Algerian President Abdelmadjid Tebboune at the 17th-century Villa Doria Pamphili, after a trip to Algiers by Foreign Minister Antonio Tajani in March. "Our bilateral relations have reached a level of intensity and solidity that had never been achieved before," Meloni told a news conference after the meeting. Algeria is Rome's leading trading partner in Africa, with trade worth almost 14 billion euros ($16.4 billion) while Italian investments there amount to 8.5 billion euros, Meloni's government said. "I express my confidence in what we have achieved at this summit. The agreements signed open broad horizons for a model strategic partnership that reflects the depth of our relations," Algerian President Tebboune said. A total of 13 agreements have been signed between the governments of Italy and Algeria, including one on fighting terrorism and its financing. It was not specified which threats the countries were focused on. The two nations have also agreed on a plan to coordinate the search and rescue operations for migrants who attempt the dangerous sea crossing from North Africa to Europe. Meloni's right-wing government was elected in 2022 on a mandate to curb migrant arrivals. BUSINESS TIES On the business side, Italian energy group Eni this month signed a production sharing contract with oil and gas company Sonatrach worth $1.3 billion to explore and develop hydrocarbons in Algeria. On the sidelines of the meeting, the two companies signed an additional agreement to strengthen their cooperation. "We are very satisfied with the collaboration between Eni and its counterpart Sonatrach, which will become even stronger," Meloni told reporters. Eni buys gas from Sonatrach under a long-term contract that has made the north African country one of the key fuel suppliers for Italy after Rome severed ties with Russia's Gazprom following Moscow's invasion of Ukraine. A separate deal will involve Submarine cable company Sparkle, a unit of Telecom Italia (TIM), which is set to be sold to a consortium led by Italy's Treasury later this year. Sparkle will sign a preliminary agreement with Algerie Telecom for a new subsea cable connecting the two countries. "Algeria is a strategic partner, and we are working hard to make this partnership ever broader, stronger and more diversified," Foreign Minister Tajani said during a speech at a business forum with over 400 companies from the two nations. REUTERS
Mint
18 hours ago
- Business
- Mint
Italy and Algeria agree to tackle terrorism and migration at summit
ROME, July 23 (Reuters) - Italy and Algeria agreed to work together to fight terrorism and control migration during an intergovernmental meeting in Rome on Wednesday, documents showed, while companies signed off on deals on sectors including energy and telecommunications. Italian Prime Minister Giorgia Meloni met Algerian President Abdelmadjid Tebboune at the 17th-century Villa Doria Pamphili, after a trip to Algiers by Foreign Minister Antonio Tajani in March. Algeria is Rome's leading trading partner in Africa, with trade worth almost 14 billion euros ($16.4 billion) while Rome's investments there amount to 8.5 billion, Italy said. According to a document seen by Reuters, a memorandum will be signed between Italy and Algeria on fighting terrorism and its financing. The document did not say which threats the countries were focused on. The two nations will also agree on a plan to coordinate the search and rescue operations for migrants who attempt the dangerous sea crossing from North Africa to Europe. Meloni's right-wing government was elected in 2022 on a mandate to curb migrant arrivals. On the business side, Italian energy group Eni this month signed a production sharing contract with oil and gas company Sonatrach worth $1.3 billion to explore and develop hydrocarbons in Algeria. A document said the two companies will sign an additional agreement on the sidelines of the summit to strengthen their cooperation. Eni buys gas from Sonatrach under a long-term contract that has made the north African country one of the key fuel suppliers for Italy after Rome severed ties with Russia's Gazprom following Moscow's invasion of Ukraine. A separate deal will involve Submarine cable company Sparkle, a unit of Telecom Italia (TIM), which is set to be sold to a consortium led by Italy's Treasury later this year. Sparkle will sign a preliminary agreement with Algerie Telecom for a new subsea cable connecting the two countries. "Algeria is a strategic partner, and we are working hard to make this partnership ever broader, stronger and more diversified," Foreign Minister Tajani said during a speech at a business forum with over 400 companies from the two nations. ($1 = 0.8521 euros) (Reporting by Angelo Amante; Editing by Toby Chopra)
