Italy Aims to Get More Tax Out of Most Profitable Companies

Italy plans to raise taxes on the companies that benefitted most from the economic turbulence of recent years in order to help bring down the country’s budget deficit, Finance Minister Giancarlo Giorgetti said, Bloomberg News reported. Giorgetti said that he is looking at levies that would apply to companies in a number of industries, without offering any further detail. Italy’s benchmark stock index fell as much as 1.5%. The 57-year-old finance chief faces a delicate balancing act in trying to persuade Italian executives to accept his plans without provoking a public backlash.
Italy
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Germany to Keep Commerzbank Shares After UniCredit Takes Stake

Germany’s government decided to keep its stake in Commerzbank until further notice, after a sale of a portion of its shares to Italy’s UniCredit sparked speculation about a potential takeover, The Wall Street Journal reported. The German government — the biggest shareholder in Commerzbank — said Friday that it won’t offload any additional shares in the bank following the sale to UniCredit for 702 million euros ($783.5 million) completed last week, which reduced its ownership to 12% from 16.49%.

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Italy
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Canadian-Owned Venezia Averted Insolvency, All Thanks to Drake

In a story that reads like the script of a Hollywood film, one of the world’s most famous musicians, Canadian rapper Drake, emerged as the unlikely hero for an Italian club on the brink of financial collapse, World Soccer Talk reported. Venezia, a club steeped in history but battling financial turmoil, found an unexpected lifeline in Drake. His intervention was crucial in saving the club from bankruptcy and ensuring its survival. The Winged Lions, based in the iconic city of Venice, experienced a rollercoaster ride in recent years.

Italy
Canada
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