The European Union should clarify rules for identical stablecoins issued across borders, a senior Bank of Italy official said on Thursday, urging uniform standards to protect users, Reuters reported. Stablecoins - crypto assets pegged to traditional currencies or commodities - have created friction between the European Commission and the European Central Bank. They are also known as electronic money tokens (EMTs).
Read more
Mediobanca shareholders rejected a roughly €7bn proposal to acquire wealth manager Banca Generali in a pivotal vote on Thursday, Reuters reported. The Milanese bank said that 35% of investors accepted the proposal, just shy of the 50% plus one vote needed to pass. 32% of investors abstained, while 10% rejected the proposal. The outcome could threaten Mediobanca’s independence as the bank seeks to fend off a takeover by Italian competitor Monte dei Paschi di Siena (MPS).
Read more
Sales of new cars in Italy fell by 5.11% year-on-year in July, transport ministry data showed on Friday, indicating a persistently weak market in the European Union's third largest economy. Total sales in July stood at 118,493 vehicles, Reuters reported. Market leader Stellantis, whose brands include Fiat, Jeep and Peugeot, suffered an even bigger sales slide of around 13% year-on-year, according to Reuters calculations.
Read more
Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.
Read more
Eleven executives from companies including Japan's Mitsubishi and Luxembourg-based International Chemical Investors (ICIG) were convicted for contaminating nearly 200 square kilometres (77 square miles) of drinking water as well as soil through the Miteni plant in the northeastern city of Trissino, France24.com reported. The court sentenced them to prison terms ranging from two years and eight months to 17 years, in the case of two executives at now-folded Italian firm Miteni.
Read more
Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.
The recent bankruptcy of Marelli, a supplier of automotive components, has sent shockwaves through the global automotive industry, MSN.com reported. This event marks one of the first major corporate failures triggered by the new tariffs imposed by Donald Trump's administration. Marelli's collapse directly impacts Stellantis and its renowned brands, including Jeep, Chrysler and Dodge. Marelli, known for its expertise in vehicle lighting and electronic components, had been grappling with financial difficulties for years.
Italian teams Brescia and SPAL have declared bankruptcy and will not participate in the next Serie C season, CNA.al reported. Brescia, after 114 years of history, failed to repay part of its debts, which amounted to around 9 million euros. It was forced to liquidate, after losing the right to compete in professional championships. SPAL is also in the same situation, declaring bankruptcy after investors withdrew. The club had received a -4 point penalty for financial irregularities, which contributed to its relegation from Serie B.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
A civil court in Turin, Italy, has ruled admissible a class action suit against Stellantis concerning potentially faulty airbags made by Japanese automotive parts company Takata, Stellantis and two consumer groups behind the legal action said on Monday, Reuters reported. Affected vehicle owners have 150 days to join the class action, the two consumer groups Codacons and Altroconsumo said in two separate statements. They added that a court hearing on the case had been adjourned to November 21. Similar legal actions against Stellantis have already been launched in France.