Banks have offloaded their debt exposure to Italian toymaker Giochi Preziosi SpA to alternative asset managers after getting engulfed in restructuring talks, Bloomberg News reported. Banco BPM SpA and UniCredit SpA have sold their Giochi Preziosi debt to DeA Capital, while Intesa Sanpaolo SpA offloaded its exposure to Sagitta SGR SpA, an Arrow Global-backed firm advised by Europa Investimenti. Giochi Preziosi has been in talks with lenders for months, after the majority of its roughly €250 million ($265 million) in debt came due earlier this year.
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Recaro has been rescued from bankruptcy. The financial lifeboat comes courtesy of Proma Group, an Italian automotive parts supplier, which yesterday announced that it had signed an investment agreement to take over operations for the world's oldest seat maker, Car and Driver reported. Proma said in a press release that its investment will allow Recaro Automotive, which is based in Germany, to continue operations amidst a transitional phase. That will lead to a European relaunch in January, when OEM production will move to Italy.
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Italy's economy minister said on Thursday he was ready to review proposals to raise a tax on cryptocurrency capital gains, after pressure from some lawmakers in his own party to drop the plan, Reuters reported. "I am willing to consider different forms of taxation for people who keep investments in their portfolio," Minister Giancarlo Giorgetti said. Under the 2025 budget, to be approved by parliament by end-December, the Treasury intends to hike taxation on capital gains from cryptocurrency such as bitcoin to 42% from 26%.
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Germans are eager to sell hundreds of billions of euros’ worth of goods in Italy, while drinking its wines, skiing its Alps and sunning on its beaches. But in the weeks since UniCredit, a multinational bank based in Milan, swooped in to take a 21 percent stake in Commerzbank, one of Germany’s largest lenders, that fondness has been shown to have its limits, the New York Times reported.
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Italy's economy minister on Thursday defended his decision to raise taxes on cryptocurrency capital gains as part of next year's budget, despite pressure from some lawmakers in his own party to backtrack, Reuters reported. Giancarlo Giorgetti said savers should make a distinction between investments that finance tangible projects and cryptocurrencies, whose value he said is completely disconnected from underlying assets. "Cryptocurrencies present a very high level of risk," Giorgetti said.
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Italy is struggling to find a "strategic" buyer for its stake in lender Monte dei Paschi di Siena before a year-end deadline, leaving it with little alternative but to turn to the market and broaden a fragmented shareholder base, Reuters reported. Italy must cut its 26.7% stake below 20% by the end of December to show the European Union authorities it no longer controls MPS, in line with re-privatisation commitments agreed during a 2017 bailout. The original EU deadline was extended after Italy failed to sell MPS to UniCredit in 2021.
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