Tag Archives: Banking and Investment Services (TRBC)

Soccer-Italia Serie A opposes the decision to sell shares in the media business | Instant News


MILAN, 30 July (Reuters) – Italian Serie A soccer league has postponed the decision on the project to sell minority shares from its media business, because representatives from the country’s top clubs have asked for more time to assess the proposal for private equity funds.

Looking for ways to increase revenue and overcome the coronavirus crisis, Serie A has asked investors to bid to buy up to 15% of shares in newly created media companies that will control broadcast rights.

But sources close to the matter told Reuters several Serie A clubs were reluctant to accept losing their power over this vital business.

Private equity firms CVC, Bain Capital and Advent International have submitted bids for shares in the business, while the credit arms of Apollo, Fortress and Blackstone GSO have made proposals for offering debt or hybrid financing, the source said.

Moreover, Chinese media companies Wanda Sports and Mediapro have submitted separate proposals to create a special Serie A broadcast channel that will distribute more than a number of platforms, the source added.

“We need to judge what is the best way,” Serie A president Paolo Dal Pino told reporters after meeting with top executives from 20 clubs on Thursday.

“We decided to take more time, until August 25, to assess all the opportunities we have at our table,” he said.

Serie A, which relies on broadcast rights for more than half of its income, lags behind the financial heavyweights of the English Premier League, La Liga in Spain and the German Bundesliga. (Reporting by Elvira Pollina; Editing by Mark Potter)

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Australian shares close higher on Fed pledges, technology shares shine | Instant News


(Update to close)

By Arundhati Dutta

30 July (Reuters) – Australian shares closed higher on Thursday as investors welcomed the Federal Reserve’s statement that they would use “various tools” to support a virus-stricken US economy, with an increase in technology stocks ahead of a series of key US earnings.

The S & P / ASX 200 index closed 0.74% higher at 6,051.1, halting two consecutive sessions of decline.

Fed policymakers reiterated pledges to keep interest rates near zero for as long as needed to recover from a coronavirus pandemic, but warned that “the economic path will be highly dependent on the path of the virus”.

“The fact that the US Federal Reserve has some pretty dovish comments gives investors little confidence that there will be support, even though we continue to see large COVID cases in Australia,” said James Tao, a market analyst at Commsec.

Australia reports a record jump in COVID-19 new cases with at least 13 deaths and more than 700 new infections mainly in the state of Victoria.

“We have lower US futures at the moment, so we can see the US market giving back some of the recent gains … that might lead to a softer start for Aussie stocks tomorrow,” Tao said.

However, he said, “That is one situation where you cannot look too far ahead with much certainty.”

Most major sub-indices closed higher, with gold stocks the only drag after the gold price fell.

Technology shares led gains by 2.4%, marking their best session in more than a week, after Facebook, Apple and Alphabet’s Google closed higher overnight ahead of their earnings.

Among the top gainers, Afterpay Ltd and WiseTech Global rose 1.6% and 5.9% respectively.

Energy stocks closed 1% higher, helped by heavyweights Woodside Petroleum and Santos Ltd.

In New Zealand, the benchmark S & P / NZX 50 index rose 0.8% to 11,692.02, with main gainers Mainfreight Ltd and A2 Milk Co. each up nearly 3%. (Reporting by Arundhati Dutta in Bengaluru; Editing by Subhranshu Sahu)

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The Italian government won Senate support to increase the 2020 deficit | Instant News


FILE PHOTOS: Italian Prime Minister Giuseppe Conte speaks at the upper house of parliament about coronavirus (COVID-19) in Rome, Italy, 28 July 2020. REUTERS / Remo Casilli

ROME (Reuters) – The upper house of the Italian parliament on Wednesday authorized the government to increase the 2020 budget deficit, paving the way for approval in early August of the latest stimulus package aimed at helping the economy overcome the coronavirus crisis.

The new measures, worth a total of 25 billion euros (22.6 billion pounds), will push Italy’s fiscal gap to 11.9% of national output, versus the 10.4% goal set in April and the 1.6% figure reported in 2019, the lowest in 12 years.

Rome sees its public debt, the second highest in the euro zone after Greece, rising to 157.6% of GDP this year.

The Senate endorsed deficit requests with 170 fourth votes in 319 seats, with right-wing opposition parties abstaining. The lower house, where the coalition has a much bigger majority, will vote on the size later on Wednesday.

Italy has said additional spending will be used to increase funding for education and local authorities, to help workers who were temporarily laid off during the crisis and to help the tourism and automotive sectors.

Speaking to lawmakers before the vote, Economy Minister Roberto Gualtieri also pledged to extend a moratorium on home loan payments which will now end in September.

New measures come on top of the around 75 billion euros that have been mobilized to help businesses and families. Overall, Rome plans to pledge up to 212 billion euros including state guarantees for bank loans, although only part of this amount is expected to be spent.

The size of the planned additional deficit can be reviewed later this year, because Italy hopes to load up to 10% of the money that can be received from European recovery funds starting in 2021.

Prime Minister Giuseppe Conte announced this week that Italy would send Europe a national recovery plan in mid-October.

Reporting by Giuseppe Fonte; Editing by Alexandra Hudson

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UPDATE 2 – Brembo Italia increased its stake in Pirelli to 4.99%, ending the purchase | Instant News


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MILAN, July 29 (Reuters) – Italian brake maker Brembo said on Wednesday that he would not buy additional shares in the Pirelli tyremaker after increasing his stake to nearly 5%.

Brembo, which makes brakes for cars including Ferrari and Tesla as well as several Formula One teams, said it now holds a 4.99% stake in Pirelli, both directly and indirectly through Nuova FourB’s parent company, and that he has completed the buying process.

Brembo Deputy Chief Executive Matteo Tiraboschi on Wednesday told Reuters that the company has no plans to increase its current ownership, and has no desire to play a role in the Pirelli administration.

“We have invested, which we have decided before the COVID-19 outbreak, in a company that we know and are very respectful of, with a market positioning very similar to ours,” he said.

Brembo said in March that they had bought a 2.43% stake in Pirelli with a “non-speculative long-term approach”.

This surprise move heightened speculation that this could be the first step towards the integration of the two groups in the future – both focused on premium market segments – to create an Italian heavyweight in the supply of auto parts.

Pirelli, whose tires are used by Formula One racing teams and car makers such as BMW and Audi, are not available for comment.

Pirelli is controlled by ChemChina and China’s Silk Road Fund, which together hold about 46% and are linked by a shareholder agreement that ends in 2023 with Camfin, investment vehicle for Pirelli Ececutive Chief Marco Tronchetti Porvera, which has a stake of just over 10%.

Tronchetti Porvera previously said there were no plans to merge with Brembo and move to strengthen its influence on the tyremaker with Camfin in May agreeing with the Niu China family to create a joint venture that could allow him to control an 18% stake in Pirelli.

Reporting by Giulio Piovaccari; edit by James Mackenzie, Emelia Sithole-Matarise, Kirsten Donovan

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UPDATE 1 – Brembo Italia increased its stake in Pirelli to 4.99%, said ending the purchase | Instant News


(Add context, details, title changes)

MILAN, 29 July (Reuters) – Italian brake maker Brembo said on Wednesday that it had increased its shareholding in tyremaker Pirelli to 4.99% and added it had completed the acquisition process, without giving further details.

The shares are held either directly or indirectly through Nuova FourB’s parent company, Brembo said.

Brembo, which makes brakes for car makers including Ferrari and Tesla as well as several Formula One teams, announced in March that it had bought a 2.43% stake in Pirelli with a “non-speculative long-term approach”.

The surprise move has led to speculation that this could be the first step towards integration of the two groups in the future – both focusing on premium market segments – to create an Italian heavyweight in the supply of auto parts, as the industry faces the challenge of transitioning to electric mobility. .

Pirelli, whose tires are used by racing teams and Formula One car makers such as BMW and Audi, could not be reached for comment.

Pirelli is controlled by ChemChina and China’s Silk Road Fund, which together hold about 46% and are linked by a shareholder agreement that ends in 2023 with Camfin, investment vehicle for Pirelli Ececutive Chief Marco Tronchetti Porvera, which has a stake of just over 10%.

Tronchetti Porvera said there were no plans to merge with Brembo and move to increase his influence on Italian tyrem makers with the help of Chinese partners.

In May Camfin agreed with the Chinese Niu family to establish a joint venture that could allow Camfin to control 18% of Pirelli’s shares.

Reporting by Giulio Piovaccari; edited by James Mackenzie and Emelia Sithole-Matarise

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