Mediobanca on Monday said it has agreed to sell its bad loan acquisition unit for 100 million euros ($110 million), as Italy's leading investment bank focuses on capital-light businesses ahead of unveiling a new three-year strategy, Reuters reported. Banca IFIS agreed to buy Revalea, a unit Mediobanca set up last year by separating purchasing from management of bad debts. Mediobanca will continue to operate the latter through its MBCredit Solutions unit. It was the second deal announced by Mediobanca in days as it prepares to present a new business plan through 2026 on Wednesday.
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It may not pay to fly nice, or to be so trusting — at least, it appears so given the tragic case of Niceair’s bankruptcy due to losing access to its sole aircraft less than a year after its initial flight on May 30, 2022, Simple Flying reported. Niceair — a small virtual airline intended to directly connect European cities like Copenhagen and Tenerife to northern Iceland’s Akureyri — used a single Airbus A319-100 in 9H-XFW operated by Hi Fly Malta, and Hi Fly Malta operated the 150-seat A319 on Niceair’s behalf with aircrew wearing Niceair uniforms.
Wasps, one of England’s most storied rugby teams and a two-time European champion, must begin rebuilding from the bottom of the country’s league pyramid after having a license to play in the second-tier Championship revoked on Thursday, the Associated Press reported. The club was expelled from the top-flight Premiership after falling into administration — a form of bankruptcy protection — in October amid debts totaling 95 million pounds ($118 million).
A day after dismissing a question that would have forced a payout on some of Credit Suisse Group AG’s default swaps, a panel that oversees the derivatives market received another query that could trigger the contracts, Bloomberg News reported. The Credit Derivatives Determinations Committee was asked whether a bankruptcy credit event had occurred with regards to the Swiss lender in March, when it was taken over in a hastily arranged deal by rival UBS Group AG, according to a statement on its website. The ploy is seen as having little chance of success.
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The European Central Bank is at a key juncture because it needs to keep persevering with its monetary policy just as consumer-price growth shows signs of slowing, President Christine Lagarde said, Bloomberg News reported. “Now is a moment which is also quite critical because inflation is beginning to go down,” she said in an interview with Spanish state-run channel TVE broadcast Friday.
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Italy won’t lose its investment-grade status at Moody’s Investors Service for now after the company chose not to issue a new assessment on one of Europe’s most indebted countries, Bloomberg News reported. In a boost to Premier Giorgia Meloni’s government, a possible announcement scheduled for Friday didn’t materialize, as already happened in September last year. Moody’s currently assesses Italy at Baa1, just one notch above junk, with a negative outlook. A spokesperson said there’s no plan to publish a report on Friday.
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A panel tasked with overseeing the credit default swaps market said that the writedown of Credit Suisse Group AG’s Additional Tier 1 notes will not trigger an insurance payout, Bloomberg News reported. The Credit Derivatives Determinations Committee ruled at a meeting on Wednesday that the controversial wipeout of the high-risk bonds won’t lead to a payout of the default swaps tied to the bank’s subordinated debt, according to a notice on its website.
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Company insolvencies in England and Wales last month were sharply lower than a year earlier after a big rise in March, although they remained higher than before the COVID-19 pandemic, government data showed on Tuesday, Reuters reported. Some 1,685 companies were registered insolvent in April, down 15% from the same month a year earlier and almost a third lower than in March, according to non-seasonally adjusted figures from the British government's Insolvency Service.
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The European Banking Authority has been holding talks on ways to boost investor interest in the AT1 market after Switzerland’s shock decision to wipe out about $17 billion of Credit Suisse Group AG notes, Bloomberg News reported. The EBA earlier this month addressed ideas such as a ban on banks paying dividends before they consider skipping an AT1 coupon to preserve capital during times of stress, people familiar with the matter said, asking not to be identified discussing the private information.
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UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG in a deal it did not want, as a global bank crisis worsened the latter's finances and prompted authorities to take swift action, a regulatory filing showed, Reuters reported. UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it had less than four days to conduct due diligence given the "emergency circumstances". It estimated a hit of about $17 billion from the takeover. Switzerland's biggest bank agreed to buy its smaller rival after the latter had endured a difficult year.
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