— Breaking News

  1. Italy

    Economic calendar for May 24

    (Il Sole 24 Ore Radiocor Plus) - New York, 23 May - Economic calendar for Wednesday, May 24 00:00 JPY BoJ Governor Kuroda Speaks 00:30 AUD MI Leading Index (MoM) 0.1% 01:30 AUD Construction Work Done (QoQ) (Q1) -0.2% -0.2% 05:00 JPY Leading Index 105.5 105.5 06:00 EUR GfK German Consumer Climate (Jun) 10.2 10.2 07:00 EUR Spanish PPI (YoY) 6.0% 07:15 CHF Industrial orders (Q1) -3.3% 08:00 ZAR Core CPI (YoY) (Apr) 4.9% 4.9% 08:00 ZAR Core CPI (MoM) (Apr) 0.3% 0.7% 08:00 ZAR CPI (MoM) (Apr) 0.4% 0.6% 08:00 ZAR CPI (YoY) (Apr) 5.6% 6.1% 08:30 EUR ECB's Praet Speaks 09:00 EUR Italian Trade Balance Non-EU (Apr) 4.14B 09:35 EUR German 10-Year Bund Auction 0.330% 11:00 USD MBA 30-Year Mortgage Rate 4.23% 11:00 USD MBA Mortgage Applications (WoW) -4.1% 11:00 USD MBA Purchase Index 243.6 11:00 USD Mortgage Market Index 398.8 11:00 USD Mortgage Refinance Index 1,269.1 11:30 INR M3 Money Supply 6.2% 12:00 BRL FGV Consumer confidence (May) 84.5 82.2 12:45 EUR ECB President Draghi Speaks 13:00 USD House Price Index (MoM) (Mar) 0.6% 0.8% 13:00 USD House Price Index (YoY) (Mar) 6.4% 13:00 USD House Price Index (Mar) 244.8 14:00 USD Existing Home Sales (MoM) (Apr) -1.1% 4.4% 14:00 USD Existing Home Sales (Apr) 5.65M 5.71M 14:00 CAD BoC Interest Rate Decision 0.50% 0.50% 14:30 USD Crude Oil Inventories -2.419M -1.753M 14:30 USD Crude Oil Imports 0.577M 14:30 USD Cushing Crude Oil Inventories 0.035M 14:30 USD Distillate Fuel Production 0.086M 14:30 USD EIA Weekly Distillates Stocks -0.743M -1.944M 14:30 USD Gasoline Production -0.032M 14:30 USD Heating Oil Stockpiles 0.460M 14:30 USD Gasoline Inventories -1.194M -0.413M 15:30 BRL Foreign Exchange Flows 0.50B 16:00 EUR France Jobseekers Total 3,508.1K 17:00 USD 5-Year Note Auction 1.875% 18:00 USD FOMC Meeting Minutes 22:00 USD FOMC Member Kaplan Speaks 23:50 JPY Foreign Bonds Buying 1,821.2B 23:50 JPY Foreign Investments in Japanese Stocks 372.2B A24-Zap (RADIOCOR) 23-05-17 22:43:44 (0889) 5 NNNN

  2. Italy

    EU clears lowers co-generation surcharges for energy groups

    Applies to energy-intensive companies in Germany, Italy (Il Sole 24 Ore Radiocor Plus) - Brussels, 23 May - The European Commission said it has approved under EU state aid rules reductions granted to energy-intensive companies on surcharges to finance support for cogeneration in Germany and Italy. The Commission said it found that both measures further EU energy and climate goals and ensure the global competitiveness of energy-intensive industries, whilst preserving competition in the EU Single Market. Under Italy's plans, the reductions of the surcharges will be limited to companies active in sectors exposed to international trade and will be limited to maximum 85% of the renewable and cogeneration surcharge. A24-Cia (RADIOCOR) 23-05-17 21:54:59 (0860) 5 NNNN

  3. Italy

    Aedes buys Serravalle Retail Park for 39 mln eur

    Seller is Herald Level 2 Lux Holding (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - Italian real estate investment trust Aedes Siiq said that it has bought for 39 million euros the Serravalle Retail Park from Herald Level 2 Lux Holding. The 27,655 square metre retail park is situated between Milan and Genoa and has an occupancy rate of 86%, which is soon expected to reach 100%. The yield is about 9%. Aedes Siiq is building an 18,279 square metre extension of the park that is expected to be ready in spring 2018. A24-Web (RADIOCOR) 23-05-17 21:54:52 (0859) 5 NNNN

  4. Italy

    Percassi to invest over 100 mln eur in Oriocenter

    (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - The Italian group Percassi, through its unit Finser, said that it has invested over 100 million euros to extend the Oriocenter shopping mall by 35,000 square metres to 105,000 square metres. The new area will be opened on May 25 and will lead to the creation of 600 new jobs. The shopping centre is one of the largest in Europe and is located next to the airport of Orio al Serio, close to the town of Bergamo. Percassi said that it hopes to create in the future a direct access to the shopping mall from the airport. A24-Web (RADIOCOR) 23-05-17 20:24:46 (0632) 5 NNNN

  5. Italy

    Veneto, Popolare Vicenza EU talks making progress - Padoan

    Won't comment on speculation of obstacles (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - Progress is being made in talks between aimed at securing European Commission approval for a state-supported bailout of Veneto Banca and Banca Popolare di Vicenza despite media reports of new obstacles, Italian economy minister Pier Carlo Padoan told journalists. "I don't comment on speculation, there's a lot, and I don't do it for obvious reasons when banks are involved," the minister said. "I guarantee that we are making progress with full respect for the rules." A24-Hob (RADIOCOR) 23-05-17 19:22:00 (0583) 5 NNNN

  6. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 23 May - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.41%; up 0.01 percentage points from previous close. France - yield 0.84%; down 0.01 percentage points from previous close. Belgium - yield 0.78%; down 0.02 percentage points from previous close. Italy - yield 2.11%; down 0.02 percentage points from previous close. Spain - yield 1.60%; down 0.00 percentage points from previous close. A24-Zap (RADIOCOR) 23-05-17 18:11:56 (0522) 5 NNNN

  7. Italy

    Prysmian not interested in Nexans - CEO

    Several overlaps with French peer (Il Sole 24 Ore Radiocor Plus) - Milan , 23 May - Italian energy and telecoms group Prysmian is on the lookout for acquisitions but is not interested in a deal with French peer Nexans, said Prysmian chief executive Valerio Battista. "There would be several overlaps with Nexans," Battista said on the sidelines of a conference, explaining that it would be necessary to sell assets in order to get antitrust approval for a transactions. "It's useless to look at something if you then need to sell pieces." Prysmian is "able to make" acquisitions and will evaluate "the market conditions, also because it's unlikely that there will be discounted prices", he said. A24-Hob (RADIOCOR) 23-05-17 17:23:07 (0494) 5 NNNN

  8. Italy

    EU Tobin tax plans on hold - French finance minister

    Need to evaluate Brexit impact (Il Sole 24 Ore Radiocor Plus) - Brussels, 23 May - Plans for the European Union financial transactions tax (FTT), the so-called Tobin tax, have been put on hold in light of the UK's decision to leave the EU, said French finance minister Bruno Le Maire. "There was Brexit and we need to measure all of its consequences before making a decision on the FTT," Le Maire said. Ten EU countries - Germany, France, Belgium, Spain, Austria, Portugal, Slovakia, Greece, Estonia, Italy and Slovenia - have been discussing plans to introduce the tax since 2013. The project foresees a minimum 0.1% tax on transactions for financial instruments other than derivatives, which would instead by subject to a 0.01% levy. A24-Hob (RADIOCOR) 23-05-17 17:12:28 (0489) 5 NNNN

  9. Italy

    Swiss April watch exports 1.5 bln francs, down 5.7% -2-

    Watches below 200 francs see heavy fall in exports (Il Sole 24 Ore Radiocor Plus) - Zurich, 23 May - Watches with an export price of less than 200 francs reported a heavy fall, with their export value contracting 21.8% compared to April 2016 and volumes down 11.4%. For watches above 200 francs, the federation said there was a 4.5% decline in terms of both value and volume. Swiss watch exports to Hong Kong fell 16.8% year on year in April while those to the US were down 19.0%. Exports to China soared 38.9% while those to the UK were 30.0% higher. Japan, Italy and Germany all remained in negative territory, with exports to these countries down 7.3%, 13.4% and 5.3%, respectively. A24-Hob (RADIOCOR) 23-05-17 17:05:54 (0479) 5 NNNN

  10. Italy

    BMPS close to EU agreement on recapitalization - official

    Banking system has turned the page - Pagani (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - Italy is close to reaching an agreement with the European Commission on a rescue plan for Tuscan bank Monte dei Paschi di Siena, a government official said. "It's a matter of days," Fabrizio Pagani, the head of the office of the minister of economy, said on the sidelines of the Italian Investment Conference organized by UniCredit and Kepler. The planned bailout of BMPS includes a precautionary recapitalization of the bank for 8.8 billion dollars where the state can provide state aid to a bank to help it address a capital shortfall on condition that the lender is solvent and can meet supervisory capital requirements in a reasonable amount of time. The planned securitization of BMPS' bad loans (NPLs) is also close to being completed, Pagani said. "I believe that the Italian banking system in the last four years has turned the page with the recapitalization of UniCredit, the reduction of NPLs, the sale of the four Veneto banks and finally the entry of the state in BMPS," the official said. A24-Cia (RADIOCOR) 23-05-17 16:34:48 (0455) 5 NNNN

  11. Italy

    Enel sells 5 bln usd bond to institutional investors

    Biggest US bond backed by Italian corporate (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - The Enel Finance International unit of Italian power group Enel, announced that it has launched a 5 billion US dollar multi-tranche bond issue on the US and international markets. The issue is the largest bond ever placed in the US backed by an Italian corporation. Enel said the bond was oversubscribed by about 3.5 times, receiving more than 17 billion dollars in orders from over 400 institutional investors in the US and other international markets. "The appetite for the bond underscores the appreciation of the market for our financial results and solid capital structure," said Enel chief executive and general manager Francesco Starace. Enel said the offering is part of the up to 7 billion euros in bond issuance it announced in April and fits with its strategy for financing, as well as refinancing the group's maturing consolidated debt. The transaction is divided into three tranches: a 2.0 billion dollar tranche at a 2.875% fixed rate maturing in 2022, a 2.0 billion tranche at a fixed rate of 3.625% maturing in 2027 and a 1.0 billion tranche at a fixed rate of 4.750% maturing in 2047. All tranches have been assigned a provisional rating of BBB by Standard & Poor's, Baa2 by Moody's and BBB+ by Fitch, Enel said. A24-Hob (RADIOCOR) 23-05-17 13:20:23 (0328) 5 NNNN

  12. Italy

    Hera open to tie-ups -2-

    No interested in Acam, Gas Natural's Italian assets (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - Hera added however that it is not interested in Acam, a water and waste management company located in Liguria, nor in the Italian assets of the Spanish group Gas Natural, which are largely located in Sicily where Hera is not present. A24-Web (RADIOCOR) 23-05-17 12:49:01 (0305) 5 NNNN

  13. Italy

    Hera open to tie-ups

    Monitoring potential targets (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - The Italian utility Hera is open to tie-ups, said its chairman Tomaso Tommasi di Vignano. "This year and last year we focused on acquisitions to buy into the unregulated markets, as well as seeking potential mergers, that we will continue to monitor," he said on the sidelines of a conference. A24-Web (RADIOCOR) 23-05-17 12:46:31 (0301) 5 NNNN

  14. Italy

    Italy 10-yr govt bond spread vs Bund falls to 1.71 pct pts

    Yield dips to 2.11% (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - The differential between yields on 10-year Italian government bonds and their German counterparts dipped to 1.71 percentage points in early trade from 1.74 points at the close Monday. The yield on the benchmark Italian bonds inched down to 2.11% from 2.14% at the close yesterday. A24-Sch (RADIOCOR) 23-05-17 10:40:46 (0205) 5 NNNN

  15. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 23 May - Newspaper headline round-up FINANCIAL TIMES Terror attack kills 22 in Manchester explosion. Greek creditors fail to reach deal in 7-hour talks. Trump calls on Congress to push through 3.6 trln usd of cuts. EU ministers agree tough Brexit mandate. India's new private ports challenge state giants. THE WALL STREET JOURNAL Blast at UK concert kills at least 22. Trump's budget seeks cuts to taxes, safety-net programs. Trump, Netanyahu cast Iran as common enemy. Flynn won't cooperate with senate Russia probe. Brazilian meatpacker JBS shares fall 30% Amid insider-trading accusations. LES ECHOS Suicide attack in Manchester, tally rises to 22 dead. Greek creditors fail to agree. French employers divided on labour reform. France increases its appeal towards foreign investors. IL SOLE 24 ORE BMPS rescue looms as Rome, Brussels and Frankfurt now near deal. EU's suggestion that Rome reinstate a property tax is rebuffed by economy minister Padoan. University enrollment shrinks, only 61% of high school graduates matriculates. Eni is most valuable Italian brand, study says. CINCO DIAS At least 22 dead in terrorist attack during a concert in Manchester. Testa to be listed in 2018 with assets of more than 2.1 bln eur. Airline warn about risk of collapse at El Prat airport this summer. HANDELSBLATT Suicide attack hits Ariana Grande concert in Manchester. Germany's economy shows unhealthy growth. Food delivery firm Delivery Hero sales almost double. Germany's pampered car industry. Foreign investors target stable, skilled Germany. Bavarian premier calls for diesel car subsidies. Brexit, low interest rates pressure UBS, chairman says. A24-Web (RADIOCOR) 23-05-17 10:12:40 (0180) 5 NNNN

  16. Italy

    China largest fintech credit market with 99.7 bln usd -FSB

    Followed by US, UK; Italy 16 mln usd (Il Sole 24 Ore Radiocor Plus) - Milan, 22 May - China is the world's largest fintech credit market with 99.7 billion dollars in 2015, followed by the United States (34.3 billion dollars) and the United Kingdom (4.1 billion), according to a report by the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB). The available data suggest that fintech credit market activity has grown rapidly from a very low base. Between 2013 and 2015, the volume of new credit expanded by multiples of around four or more, both in large and small markets, with the main exception of the nordic region. According to more timely data provided by AltFi, annual growth in fintech credit volumes has recently accelerated in Europe, but slowed for the UK to around 35% in March. The United States, based on four large platforms, showed a small decline in new credit volumes during late 2016. Italy, which has risen from zero credit in 2013 to 16 million dollars in 2015, sits well below France (from 59 million dollars to 201 million) and Germany (from 48 million to 205 million). A24-Cia (RADIOCOR) 22-05-17 21:59:53 (0891) 5 NNNN

  17. Italy

    Beretta Holding FY net 59.6 mln eur, up 26%

    FY sales 679.4 mln eur, up 3% (Il Sole 24 Ore Radiocor Plus) - Milan, 22 May - The Italian conglomerate Beretta Holding said that 2016 net profit rose 26% to 59.6 million as sales rose 3% to 679.4 million euros. EBITDA grew 13% to 117 million euros and operating profit was up 19% to 85.1 million. This year, the group aims to achieve sales of over 700 million euros and to increase its profit margins. A24-Web (RADIOCOR) 22-05-17 19:54:19 (0637) 5 NNNN

  18. Italy

    Europe shares end lower as euro rebounds vs dollar

    FTSE 100 up 0.34%, DAX down 0.15%, CAC 40 down 0.03% (Il Sole 24 Ore Radiocor Plus) - London, 22 May - European stock prices closed lower, with the euro rising against the dollar, as concerns stemming from the political situation in Washington eased. Stocks struggled to find a clear direction amid a lack of fresh catalysts. Global sentiment soured last week amid an ongoing political scandal in the White House, following media reports that US President Donald Trump interfered with the Federal Bureau of Investigation's probe on his former National Security Advisor Michael Flynn, asking the agency to drop the investigation. The news, that followed reports that Trump shared highly classified intelligence with Russia's foreign minister about an Islamic State plot, sparked concerns over Trump's ability to implement his reform agenda. Investors now watch Trump's participation this week in the G7 Summit in Taormina, Sicily. Investors also await today's Eurogroup meeting, where the EU finance ministers will discuss the payment of the third bailout tranche of 7 billion euros after the Greek parliament approved a package of budget measures for 4.9 billion euros. In other macroeconomic news, the European Commission confirmed that Italy adopted the additional measures requested for the 2017 budget and therefore in this phase, no additional measures are necessary to guarantee compliance with the debt criteria. But it added that Italy, along with Cyprus and Portugal, still have excessive macroeconomic imbalances and must enact reforms. Sentiment in London was supported by rising oil prices, that climbed for a fourth straight day ahead of this week's OPEC meeting to discuss production targets. The London FTSE 100 closed up 0.34% at 7,496.34 points, the Frankfurt DAX dropped 0.15% to 12,619.46 points, the Paris CAC 40 declined 0.03% to 5,322.88 points, in Milan the FTSE MIB lost 1.15% at 21,318.58 points and in Madrid the IBEX 35 ended down 0.37% at 10,795.20 points. A24-Cia (RADIOCOR) 22-05-17 18:05:19 (0545) 5 NNNN

  19. Italy

    Italy requires 'substantial fiscal effort' for 2018 -2-

    Should accelerate with reduction of NPLs (Il Sole 24 Ore Radiocor Plus) - Brussels , 22 May - The European Commission also recommended Italy reduce the trial length in civil justice through effective case management and rules ensuring procedural discipline and to step up the fight against corruption, in particularly by revising the statute of limitations. It said Italy should complete public employment reforms of publicly-owned enterprises while adopting and implementing the pending law on competition and addressing remaining restrictions to competition. It advised Italy to accelerate the reduction in the stock of nonperforming loans and to step up incentives for balance-sheet clean-up and restructuring, particularly at banks under national supervision. The European Commission added that, with the involvement of social partners, Italy should strengthen the collective bargaining frameworks to allow collective agreements to better reflect local conditions. It also recommended Italy "ensure effective active labor market policies" and facilitate the take-up of work for second earners while rationalizing social spending and improving its composition. A24-Hob (RADIOCOR) 22-05-17 16:44:23 (0493) 5 NNNN

  20. Italy

    Italy requires 'substantial fiscal effort' for 2018 - EU

    Needs to shift to taxes that are less detrimental to growth (Il Sole 24 Ore Radiocor Plus) - Brussels , 22 May - Italy should pursue its fiscal policy in line with the requirements of the preventive arm of the Stability and Growth pact, which translates into a "substantial fiscal effort" for 2018, the European Commission said in its specific recommendations for the country. "When taking policy action, consideration should be given to achieving a fiscal stance that contributes both to strengthening the ongoing recovery and ensuring the sustainability of Italy's public finances," it said. "Shift the tax burden from the factors of production onto taxes less detrimental to growth in a budgetary neutral way by taking decisive action to reduce the number and scope of tax expenditures, reforming the outdated cadastral system and reintroducing the first residence tax for high-income households," it said. The commission also called on Italy to broaden the compulsory use of electronic invoicing and payments. A24-Hob (RADIOCOR) 22-05-17 16:42:36 (0492) 5 NNNN