Tag Archives: France

Huawei asks Germany not to close it from building a 5G network – Der Spiegel | Instant News


PHOTO PHOTO: Huawei logo displayed at IFA consumer technology exhibition in Berlin, Germany, September 6, 2019. REUTERS / Hannibal Hanschke

BERLIN (Reuters) – Huawei [HWT.UL] Top managers in Germany have appealed to the government not to stop building the 5G cellular network, Der Spiegel said on Friday, after Britain decided to clean Chinese company equipment from its network for security reasons.

Chancellor Angela Merkel’s government has postponed the decision on tougher certification rules until after the summer holidays, amid pressure from some lawmakers sympathizing with the US call to immediately ban Huawei.

“The government’s approach in establishing the same and strong security criteria for all is the right way to ensure a secure network,” Huawei’s representative in Germany, David Wang, told the weekly news magazine.

Three German cellular operators are all Huawei customers, who have been present in the country for 15 years. No one found evidence to support US allegations that the equipment was not safe, Wang added.

Britain this month ordered Huawei equipment to be removed from the 5G network by the end of 2027, while France had told operators to revoke Huawei’s 5G equipment by 2028 without announcing a public ban, sources said.

Deutsche Telekom, leader of the German market, began building 5G networks under existing agreements and only signed contracts with Chinese providers last month. The 5G network now covers almost half the population.

Analysts and industry sources say Deutsche Telekom, which opposes Huawei’s ban, is trying to prevent such results by launching most of the 5G network before political decisions are taken.

Spanish-controlled Telefonica Deutschland said this week it had signed a 5G reserve contract with another telecommunications vendor to cover the risk that Huawei was finally banned from the German market.

(This story corrects the context in paragraph 6 of the 5G contract between Deutsche Telekom and Huawei)

Reporting by Douglas Busvine; Editing by Edmund Blair and David Evans

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Air Canada assesses order cancellations and blames travel restrictions after second quarter loss | Instant News



(Reuters) – Air Canada said on Friday it would weigh possible cancellations of Boeing and Airbus aircraft orders after COVID-19 crippled air travel and pushed the carrier to a second quarter loss. FILE PHOTO: An Air Canada Boeing 737 MAX 8 from San Francisco approaches to land at Toronto Pearson International Airport over an Air Canada Boeing 737 MAX 8 aircraft parked in Toronto , Ontario, Canada, March 13, 2019. REUTERS / Chris Helgren / File PhotoIt was the airline’s second consecutive quarterly loss as it felt the impact of the pandemic, but said it expected it that cash consumption slowed slightly in the third quarter. Air Canada shares fell 6% in afternoon trading. The carrier blamed Canadian travel restrictions, which it described as among the toughest in the world, even as rising COVID-19 cases in the United States dampen the industry-wide’s hopes of a rapid recovery in air travel. Air Canada cabin crew members echoed the carrier on Friday in urging the Canadian government to bail out the country’s airlines if it did not relax restrictions. “Without the support of government industry and as travel restrictions are extended, we will be looking at other opportunities to further reduce costs and capital, including further road suspensions and possible cancellations.” of Boeing and Airbus planes on order, including the Airbus A220, ”Air Canada chief executive officer Calin Rovinescu told analysts. The A220 is manufactured in the Canadian province of Quebec in a factory previously owned by Bombardier. Canada on Friday extended the ban on foreigners entering the country until August 31. He previously extended restrictions on non-essential travel at U.S. borders until August 21. Canadians entering the country from abroad must self-isolate for two weeks. “We know that the airlines face significant challenges, and we will continue to work with them and closely monitor the situation in the hard-hit aviation sector,” Transport Minister Marc Garneau said in a press release by email. Air Canada expects third quarter capacity to decline by 80%. The airline saw a 96% drop in passengers carried in the second quarter. European airlines have also urged Canada to remove travel restrictions. “So many Canadians write to us and tell us that they want to travel and that the biggest obstacle, and we did our own survey on that, the biggest obstacle (is) quarantine,” Rovinescu said. Air Canada forecasts third quarter net cash consumption of between C $ 15 million ($ 11.18 million) and C $ 17 million per day on average, compared to net cash consumption of approximately C $ 19 million. Canadian dollars per day in the previous quarter. The airline reported a loss of C $ 1.75 billion, or C $ 6.44 per share, in the quarter ended June 30, against profit of C $ 343 million, or C $ 1.26 per share, a year earlier. Reporting by Allison Lampert in Montreal and Sanjana Shivdas in Bangalore. Additional reporting by Julie Gordon in Ottawa; Edited by Aditya Soni, Susan Fenton and Paul Simao Our Standards: Thomson Reuters Trust Principles. .



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UPDATE sells Euro-2 zone bonds; Italy has set the best month since May | Instant News


* Eurozone periphery government bond yields tmsnrt.rs/2ii2Bqr (Updates throughout)

By Elizabeth Howcroft

LONDON, July 31 (Reuters) – Eurozone government bonds were sold on Friday, both in the core and periphery, with Italian 10-year bonds set as the worst day since early May but still producing strong performance throughout the month.

With the market widely cautious on Friday, analysts said the sell-off could be triggered by an unusual month-end flow.

“I attribute it to long-term, long-term positions from dealers who may be mistaken because of the sale of real cash flow,” said Peter Chatwell, chief of multi-asset strategy at Mizuho.

Analysts were surprised by the move, because the month-end index extension – where funds rebalanced their portfolios to reflect activity during the month – was expected to support bonds at the start of the session.

Italian 10-year yields are at their highest level in more than a week, up 6 basis points (bps) at 1.092% at 1449 GMT.

However, Italian bonds have experienced a decent month, with yields set down 24 bps in July – the best month since May. The paper demand was driven by recovery funds agreed by the European Union last week.

The 750 billion euro fund, which will partly be offered as a grant to the member states hardest hit by the coronavirus, has been hailed as a game changer for the eurozone and has increased Italy’s debt, given concerns about the country’s sustainability. loan.

Italy’s risk premium pays Germany for 10-year debt falling to March lows when the fund was agreed, although it has risen again this week, and is 3 bps wider on Friday at 160.65 bps.

Mizuho Chatwell said the Italian rally that was easing this week could be due to oversupply.

“What happened to BTP was a bit exhausted after recording a number of supplies,” he said.

“I think the market is now saturated with this positivity, but supply continues to run,” he added.

The 10-year German Bund benchmark was set for the best month since April, as investors flocked to safe-haven debt, pushing yields below -0.5%.

Safe-haven bonds are likely to remain supported given the increasing number of coronavirus cases around the world, raising fears of new lockouts.

Global fund managers prefer to cut equities to their lowest level in four years in July while keeping bond allocations unchanged, as hopes for economic recovery fade, a Reuters poll shows.

Data on Thursday revealed a record contraction in Germany – the region’s leading economy – and sent Bund results to two and a half month lows, but there was little reaction on Friday to the euro zone GDP estimates.

But euro zone inflation suddenly rose in July, supporting the European Central Bank’s expectations that negative headline readings could be avoided. (Reporting by Yoruk Bahceli and Elizabeth Howcroft; editing by Gareth Jones and Mark Potter)

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Thomas Pesquet drives a Dragon, fashion as an antidote and Keith Urban reflects | Instant News


Issued on:

This week FRANCE 24 spoke with astronaut Thomas Pesquet about getting ready to board SpaceX Dragon 2 and musician Keith Urban in his latest release, “The Speed ​​of Now”. We also explored the legacy of Egyptian singer Umm Kulthoum to arouse excitement, the suffering of French midwives and the hajj which is unusual for some lucky people, who were streamlined in the midst of a coronavirus pandemic.

ARTICLE

France bans heating in open cafes and restaurants

The famous French outdoor cafe culture might be affected when the heating ban on the outdoor terrace came into effect in early 2021 as part of a push towards a greener economy.

French woman pardoned for killing her husband after years of domestic abuse died at the age of 72

A French woman who became a célèbre cause for those who fight domestic violence has died at the age of 72. Jacqueline Sauvage was found guilty in 2012 for murdering her husband after she and her family suffered decades of persecution but were later pardoned by then president François Hollande.

After choking on the incident, the French minister sparked outrage by saying the police brutality claims made him ‘choke’

The controversial new French Interior Minister Gérald Darmanin sparked new anger this week when he said police brutality charges made him “choke”, echoing the words of a man who died January 5 after being pinned to the ground by French police while repeatedly pleading: “I am I choked. “


A pregnant patient awaits treatment at the Maison de Santé du Pré-Saint-Gervais health center in northeast Paris on July 25, 2020. © Sarah Leduc / France 24

Post-Covid health reform in France pushed midwives to the brink

Although they are at the forefront along the peak of the Covid-19 epidemic, midwives feel forgotten by health care reforms adopted by France after its coronavirus crisis.

The decision to honor the legendary Egyptian singer in Israel angered the right wing

Perhaps there is no modern Egyptian cultural treasure that is more beloved than Umm Kulthoum. Anyone who has visited the Arab world may have heard a different, resonant tone in his voice. The Israeli city of Haifa recently moved to respect its legacy – and sparked controversy in the process.

From the Umayyad Empire to the Ottomans, Islamic art

From the expansion of the Umayyad Empire in the seventh century to the fall of the Ottomans in the early 20th century, Muslim artists produced a steady stream of great works circulating throughout the world – adorning places of worship, palaces and luxurious residences of the nobility.

French cinemas appear to be surviving in the midst of the drought of Hollywood best-selling films from Covid-19

French cinema reopened on June 22 with a certain amount of intensity after a three-month coronavirus hiatus. At least one Paris film house, Les 5 Caumartin, has led film enthusiasts eager for the much-awaited revival with a film screening one minute after midnight. But a month later, the cinemas in the birthplace of this medium felt the effect when the global industry remained asleep.

People attend French film screenings
People attend the screening of the French film “Le Grand Bain” in the La Villette basin on the first day of the “Paris-Plages” event on July 18, 2020, in Paris. © Geoffroy Van Der Hasselt, AFP

VIDEO REPORT

When French tourists find Paris, local restaurants find demanding customers

Fear of corona virus coupled with travel restrictions has made foreign tourists a rare sight in Paris. Instead the French converged in the city to rediscover their capital. But France has a tighter wallet than US or Asian tourists, and they don’t spend enough money to compensate for the loss of tourism revenue.

Covid-19: Streamlined Hajj begins for some lucky pilgrims

Muslim pilgrims begin arriving at the Grand Mosque in Mecca, Saudi Arabia, to begin the annual pilgrimage on Wednesday. But amid the coronavirus pandemic, this year’s hajj has been dramatically reduced.

Pilgrims at the Great Mosque, Mecca, on July 29, 2020.
Pilgrims at the Great Mosque, Mecca, on July 29, 2020. © AFP / FRANCE 24

NASA is looking for life on Mars and leading the space race with China

NASA’s Perseverance Explorer began its journey to Mars on Thursday with a successful launch from Cape Canaveral Florida. The ambitious mission will be the first for NASA to look for signs of past life on Mars and follow China’s own exploration mission to the red planet earlier this month.

United Launch Alliance Atlas V transports the Mars 2020 Rover Perseverance at Cape Canveral on 30 July 2020.
United Launch Alliance Atlas V transports the Mars 2020 Rover Perseverance at Cape Canveral on 30 July 2020. © Joe Skipper, Reuters

INTERVIEW

Hong Kong Activist Nathan Law: ‘Every time there is oppression, there is resistance’

In an interview with FRANCE 24, Hong Kong pro-democracy activist Nathan Law promised to continue his struggle from his new base in Britain. While he acknowledged that Hong Kong pro-democracy activists facing Beijing were a “David versus Goliath” scenario, he expressed hope that he would win with help from other countries.

French astronaut Thomas Pesquet speaks to FRANCE 24.
French astronaut Thomas Pesquet speaks to FRANCE 24. © France 24

French astronaut Thomas Pesquet: ‘I am very excited to go back into space’

French astronaut Thomas Pesquet will be the first European to fly using the new SpaceX Dragon 2, which will fly from Cape Canaveral to the International Space Station in the spring of 2021. Pesquet has spent six months riding the ISS from November 2016 to June 2017. He spoke to FRANCE 24 is about training to return to space, why his new mission is called “Alpha” and why he thinks manned missions to Mars will occur in his lifetime.

AGAIN!

Keith Urban on his way to ‘Speed ​​of Now’

The multi-award winning Grammy musician chased us in an existential atmosphere, reflecting the nature of the time when he released his latest album, “The Speed ​​of Now”. We talk about the artistic paralysis he felt at the beginning of the Covid-19 crisis, and how life today is a cure for all types of illness. Urban tells us about starting in Nashville as a country singer with an Australian accent, and how different musical styles always enter his voice.

AGAIN!
AGAIN! © FRANCE 24

TV series: Australian refugee drama ‘Stateless’ and drama stripper directed by ‘P-Valley’ women

TV critics Dheepthika Laurent and Clovis Casali see a new release ahead of the European summer. They discussed the horrifying detention asylum seeker drama “Stateless”, co-produced by Cate Blanchett, plus “P-Valley”, a drama about strippers in the heart of the African-American community in the US. They also chatted about the program from NBC’s new streaming platform “Peacock”, including the modern adaptation of “Brave New World”. Finally, they saw Netflix’s windy new reality show!

Drama asylum seeker detention
Drama detention asylum seeker “Stateless” © Netflix / FRANCE 24

FOCUS

A brief history of masks for centuries

As the Covid-19 pandemic continues to claim casualties throughout the world, many countries have made mandatory face masks in an effort to stop the spread of the corona virus. But throughout medical history, the use of masks has long been controversial. How can that be a symbol of civic responsibility and public health? We see the history of masks for centuries.

FOCUS
FOCUS © FRANCE 24

MODE

Fashion films: An antidote to lock in uncertainty

Our reporter Pascal Mourier also teaches communication at a number of fashion schools. During eight weeks of unprecedented locking in France, he asked his students to write and produce fashion films from their own homes. Project: to only use available material immediately to tell the story of the character’s interaction with clothing items. We saw several offers.

THE 51 PERCENT

From the ground up: Women in architecture

In many architecture schools throughout the world, women make up the majority of students. But why are so many buildings in cities and towns still designed by men? In the special edition ‘The 51 Percent’, we ask what is needed to build a more balanced approach in the world of architecture. Our reporter visits a neighborhood in Vienna that has become a research experiment to test the idea of ​​equality in design. Annette Young also spoke with Brigitte Métra, one of France’s leading female architects.

Architect Brigitte Métra on the spot.
Architect Brigitte Métra on the spot. © FRANCE 24

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France, Italy, Spain are beginning to see a shocking virus attack on the economy | Instant News


France, Italy and Spain reported sharp contractions on Friday as their economies were hit hard by the corona virus, with the pandemic wiping out years of growth in a matter of weeks when the lockout closed shops, factories and restaurants.

Spain’s economy shrank by 18.5% in the April-June period from the previous quarter, the French economy by nearly 14% and Italy by 12.4%.

Spain’s contraction is by far the sharpest drop since the country’s national statistics body began gathering data. Spanish Prime Minister Pedro Sánchez met late Friday with regional leaders in Spain to discuss how to rebuild the economy and where to spread billions of euros in EU aid for recovery.

Spain in mid-March experienced closure for more than three months, stopping many economic activities, due to COVID-19 cases and soaring deaths. Lockdown ends June 21.

In France, a surprising decline of 13.8% in April-June from the previous three-month period also clearly illustrates the economic costs of the penalty of a two-month lockout. It was the third consecutive economic contraction in a worsening French recession. The pain has been so damaging to jobs and industry that the government is talking about the possibility of another national lockdown because the infection is increasing again.

The French economy had shrunk in the last quarter of 2019, before the coronavirus pandemic attacked at full strength. For France and other major economies, this caused a sharp decline.

“All the growth in GDP seen in the decade 2010-2019 has been removed in five months,” said Marc Ostwald, chief economist at ADM Investor Services International. In the case of Italy, economists say they are wiping out around 30 years of growth.

Because lockdowns have abated and many businesses have reopened, there is hope that the recession will be short-lived, although an increase in transmission in many countries remains a risk.

France fared worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% decline in GDP during the April-June period as exports and business investment collapsed. Germany’s decline is also the biggest since quarterly growth figures began to be compiled in 1970, the official statistics agency said.

In March, the health crisis prompted the French government to introduce what is one of the tighterest European stalls, stopping many activities in the second largest economy in countries that use the euro currency. In France, COVID-19 has now killed more than 30,000 people and infected more than 186,000.

In releasing gloomy numbers on Friday, Insee said the economic low was in April, when only workers who were considered important could leave their homes. Activities began to increase again from May when the authorities began to ease lockdown restrictions, Insee added.

Friday’s figures show that the construction industry is one of the hardest hit in France, because workplaces stand idle, with workers forced to stay at home.

Detained families, many of whom have survived by government grants and work preservation schemes, have tightened their wallets amid job worries but also because shops have closed. Household spending dropped 11% in April-June, following a 5.8% decline in the first quarter.

Trade was also hit, when global lockdown stopped flights, closed borders and factories, and made transportation chaotic. French imports, already down 5.5% in the first quarter, shrank further in the second quarter, down 17.3%.

The damage to exports was even worse, down by a whopping 25.5% in the second quarter after a 6.1% retreat in the first quarter.

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Coronavirus news: England tightens restrictions who say “young people” for surges | world news | Instant News


The Iranian authorities have ignored repeated requests from high-ranking prison officials for assistance in the containment of the syndrome in overcrowded prisons in the country, according to the organization “Amnesty international”.

The rights group said it had reviewed copies of four letters to the health Ministry signed by the officials of the organization in Iranian prisons, “raising concerns about a serious shortage of protective equipment, disinfectants and essential medical equipment”.

The Ministry “did not respond, and Iran’s prisons are still sorely unequipped for outbreaks,” Amnesty said in a statement.

Iran was forced to contain the deadly novel middle East coronavirus beginning with the release of its first case on February 19 . Authorities confirmed over 16 000 deaths from the coronavirus.

Amnesty said the head of the Department of health in the organization of the prison for the first time sent a letter to the Ministry of health with a request to help on February 29, before a follow-up letter was sent in March, may, June and July.

The letter asked for disinfectants and protective equipment to last three months, including 1m litres of disinfectant and 5.4 m Amnesty said.

“These formal letters provide damning evidence of the appalling failure of the government to protect prisoners,” said Eltahawy Diana, Deputy regional Director of Amnesty International’s Middle East and North Africa.






Women wearing protective face masks shop in the Bazaar in Tehran. Iran has already registered more than 300,000 cases of coronavirus, and more. 16,500 deaths. Photo: News Agency Vanir/Reuters

Amnesty international stated that the letters “stand in stark contrast” with public statements the adviser to the head of the judiciary, Asghar Jahangir, who praised the “exemplary” of Iran’s initiatives to protect the prisoners from the pandemic.

The rights group said it “has received disturbing reports of prisoners displaying COVID-19 symptoms are ignored for several days, even when they have existing problems with the heart and lungs, diabetes and asthma.”

“When conditions deteriorate, many are simply quarantined in a separate section in the prison or put in solitary confinement, without access to proper medical care,” the rights group alleged.

Since March, more than 100,000 prisoners in Iran, was granted temporary release or benefits of the sentence to limit infection in prisons.

But the group of UN experts stated that released prisoners are currently returned to prison, despite the second wave of the virus in the country.

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The UBI Intesa Agreement sounds an appeal to Italian banks | Instant News


MILAN (Reuters) – Intesa Sanpaolo’s (ISP.MI) victory battle for UBI rivals (UBI.MI) has sent shock waves through the fragile Italian banking sector as investors try and find out who will be the next in a mature industry for consolidation.

FILE PHOTOS: Italian bank logo Intesa Sanpaolo seen in Milan, Italy, January 18, 2016. REUTERS / Stefano Rellandini / Photo File

The unsolicited offer, the biggest banking agreement in Europe in a decade, has set the stage for further mergers in fragmented sectors with increasing losses caused by a pandemic, adding to the current lender’s struggle with negative interest rates and the need to adapt to rapid changes digital world.

Analysts say the European Central Bank’s support for UBI’s offer and the use of Intesa’s “bad intentions” – buying UBI at a discount for net book value and pocketing gaps as profits – could encourage more banks to pursue ties as a way to cut costs.

“The Intesa Agreement has ushered in a new phase,” said an Italian banker. “We now know that a hostile banking takeover is not only possible but can succeed.”

What is not clear is who will make the purchase. By picking up the second-most healthy lender, Intesa has removed candidates who are scheduled to lead the long-awaited agreement among a handful of mid-market players who are most at risk from the threats facing the sector.

However, Alberto Nagel, chief adviser to Intesa Mediobanca, said Thursday’s talks were intensified when the CEO tried to position their bank for a potential M&A scenario.

Citi analysts expect adjusted returns on tangible equity of only 2% for Italian banks this year, with only “a few signs of recovery” in 2021-2022.

“The Italian banking system must move from sub-partial profitability from the last decade,” Scope Ratings Executive Director Marco Troiano said.

TAKE RISK

The clearest candidate to take risks in the future is Banco BPM, the third largest bank in Italy formed three years ago when Banca Popolare di Milano and Banco Popolare joined. Operating in Northern Italy where the combined Intesa-UBI will be increasingly dominant, sources with knowledge of the issue told Reuters that it had come under pressure from the Italian finance department to buy Monte dei Paschi in Siena, the troubled child of Italian banking now 68% owned by the state.

Banco BPM has repeatedly refused interest. Bankers say it could instead become a target for France’s Credit Agricole (CAGR.PA) or BNP Paribas (BNPP.PA), both of which are present in Italy and can cut costs through a merger.

A source familiar with the matter said the possibility of a French bid for Banco BPM had raised concerns among several domestic investors of the Milan bank, who would be better off seeing ties with Italy’s biggest lender UniCredit (CRDI.MI) which replicates the Intesa-UBI agreement.

A second source confirmed that such a combination would please the shareholders of the Banco banking foundation BPM.

But UniCredit, under CEO Jean Pierre Mustier, in recent years distanced himself from his home territory by spilling domestic assets and reducing exposure to Italy’s 2.5 trillion euro ($ 2.9 trillion) public debt heap.

Mustier has ruled out M&A activity but the first source said the bank’s strategy could change if the French banker, who earlier this year turned down a top job at HSBC, would leave after overseeing a successful restructuring.

The Intesa-UBI Agreement will also enhance the role of BPER Banca (EMII.MI), which bought 532 branches from a joint group to enable Intesa to win antitrust approval.

FILE PHOTOS: UBI bank headquarters seen in Brescia, Italy, March 9, 2016. REUTERS / Alessandro Bianchi / Photo File

BPER, whose main shareholder is the insurance company UnipolSAI (US.MI), had discussed the merger with UBI just weeks before Intesa launched its offer.

CEO Alessandro Vandelli said BPER would look to play an active role in banking consolidation after integrating branches purchased from Intesa.

Representatives for Banco BPM, UniCredit, Credit Agricole and BNP Paribas declined to comment on this story.

Additional reporting by Gianluca Semeraro in Milan and Maya Nikolaeva in Paris, edited by Rachel Armstrong, Kirsten Donovan

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The UBI Intesa Agreement sounds an appeal to Italian banks | Instant News


MILAN (Reuters) – Intesa Sanpaolo’s (ISP.MI) victory battle for UBI rivals (UBI.MI) has sent shock waves through the fragile Italian banking sector as investors try and find out who will be the next in a mature industry for consolidation.

FILE PHOTOS: Italian bank logo Intesa Sanpaolo seen in Milan, Italy, January 18, 2016. REUTERS / Stefano Rellandini / Photo File

The unsolicited offer, the biggest banking agreement in Europe in a decade, has set the stage for further mergers in fragmented sectors with increasing losses caused by a pandemic, adding to the current lender’s struggle with negative interest rates and the need to adapt to rapid changes digital world.

Analysts say the European Central Bank’s support for UBI’s offer and the use of Intesa’s “bad intentions” – buying UBI at a discount for net book value and pocketing gaps as profits – could encourage more banks to pursue ties as a way to cut costs.

“The Intesa Agreement has ushered in a new phase,” said an Italian banker. “We now know that a hostile banking takeover is not only possible but can succeed.”

What is not clear is who will make the purchase. By picking up the second-most healthy lender, Intesa has removed candidates who are scheduled to lead the long-awaited agreement among a handful of mid-market players who are most at risk from the threats facing the sector.

However, Alberto Nagel, chief adviser to Intesa Mediobanca, said Thursday’s talks were intensified when the CEO tried to position their bank for a potential M&A scenario.

Citi analysts expect adjusted returns on tangible equity of only 2% for Italian banks this year, with only “a few signs of recovery” in 2021-2022.

“The Italian banking system must move from sub-partial profitability from the last decade,” Scope Ratings Executive Director Marco Troiano said.

TAKE RISK

The clearest candidate to take risks in the future is Banco BPM, the third largest bank in Italy formed three years ago when Banca Popolare di Milano and Banco Popolare joined. Operating in Northern Italy where the combined Intesa-UBI will be increasingly dominant, sources with knowledge of the issue told Reuters that it had come under pressure from the Italian finance department to buy Monte dei Paschi in Siena, the troubled child of Italian banking now 68% owned by the state.

Banco BPM has repeatedly refused interest. Bankers say it could instead become a target for France’s Credit Agricole (CAGR.PA) or BNP Paribas (BNPP.PA), both of which are present in Italy and can cut costs through a merger.

A source familiar with the matter said the possibility of a French bid for Banco BPM had raised concerns among several domestic investors of the Milan bank, who would be better off seeing ties with Italy’s biggest lender UniCredit (CRDI.MI) which replicates the Intesa-UBI agreement.

A second source confirmed that such a combination would please the shareholders of the Banco banking foundation BPM.

But UniCredit, under CEO Jean Pierre Mustier, in recent years distanced himself from his home territory by spilling domestic assets and reducing exposure to Italy’s 2.5 trillion euro ($ 2.9 trillion) public debt heap.

Mustier has ruled out M&A activity but the first source said the bank’s strategy could change if the French banker, who earlier this year turned down a top job at HSBC, would leave after overseeing a successful restructuring.

The Intesa-UBI Agreement will also enhance the role of BPER Banca (EMII.MI), which bought 532 branches from a joint group to enable Intesa to win antitrust approval.

FILE PHOTOS: UBI bank headquarters seen in Brescia, Italy, March 9, 2016. REUTERS / Alessandro Bianchi / Photo File

BPER, whose main shareholder is the insurance company UnipolSAI (US.MI), had discussed the merger with UBI just weeks before Intesa launched its offer.

CEO Alessandro Vandelli said BPER would look to play an active role in banking consolidation after integrating branches purchased from Intesa.

Representatives for Banco BPM, UniCredit, Credit Agricole and BNP Paribas declined to comment on this story.

Additional reporting by Gianluca Semeraro in Milan and Maya Nikolaeva in Paris, edited by Rachel Armstrong, Kirsten Donovan

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China warns Britain: You have no future if you try to put China aside | Instant News


LONDON (Reuters) – The Chinese ambassador to London frankly warned Britain on Thursday that they have no future if they try to separate themselves from the communist state.

“It’s hard to imagine a ‘Global Britain’ that bypasses or excludes China, separating from China means separating from opportunities, separating from growth and separating from the future,” Chinese ambassador to London Liu Xiaoming told reporters.

He said Britain would “pay the price” if it wanted to treat China as a hostile country.

Reported by Guy Faulconbridge and Kate Holton

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EU air leaders, airlines urge Canada to restore safe travel | Instant News



MONTREAL (Reuters) – Executives of European airlines and airports urged the Canadian government this week to allow a “safe travel restoration” between Canada and Europe, adding industry pressure on Ottawa to that it remove the coronavirus restrictions that have discouraged international air travel. FILE PHOTO: A passenger wears a mask which is now mandatory as a ‘Healthy Airport’ initiative is launched to travel, taking into account social distancing protocols to slow the spread of coronavirus disease (COVID-19) to the Toronto Pearson International Airport in Toronto, Ontario, Canada June 23, 2020. REUTERS / Carlos Osorio In a letter dated July 27, senior executives from nearly a dozen European airlines and airports warned that “since de many countries in the EU (European Union) and Switzerland require reciprocity to restore access, Canada’s entry restrictions and quarantine requirements become problematic. The contents of the letter, sent to Canadian Prime Minister Justin Trudeau and other government ministers, have been reviewed by Reuters. The International Air Transport Association (IATA) air trade group has also called on Ottawa to replace quarantine restrictions with multi-pronged measures, including testing, to reduce the transmission of travel. “We urge the Canadian government to remove general travel restrictions for travelers from countries whose successful control of COVID-19 has significantly reduced risks to Canada,” the IATA CEO said Wednesday , Alexandre de Juniac. The EU has taken steps in recent weeks to ease travel conditions both internally and for citizens of some other countries, including Canada, although Britain has reintroduced a quarantine this week. 14 days for arrivals from Spain. Canada’s borders are closed to all non-citizens except essential workers. Canadians entering the country from abroad must self-isolate for two weeks. Trudeau has rejected repeated calls by Air Canada to ease air travel restrictions in some countries. Experts say Canada is reluctant to ease restrictions on European travelers while maintaining strict rules against citizens of the United States, the country’s largest trading partner, where cases of the coronavirus are on the rise. The July 27 letter was signed by executives from Air France-KLM and the German group Lufthansa, among others. The Trudeau office and Air France-KLM were not immediately available for comment. “Canada should seek to remove restrictions on travel to European Union and Swiss nationals and allow safe, prudent and sensible restoration of travel between two major trading partners,” the leaders said in the letter. . The leaders stressed that the EU and Switzerland are “safe jurisdictions”, with many countries having lower infection rates than Canada. “Canada has made tremendous progress during the pandemic, but it cannot remain isolated forever. Reporting by Allison Lampert in Montreal; Additional reporting by Laurence Frost in Paris and Steve Scherer in Ottawa; Edited by Paul Simao and Bernadette Baum Our Standards: Thomson Reuters Trust Principles. .



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