EUR/USD 1.16004
-0.063%
Gold 4584.03
-0.694%
Oil 59.741
1.044%
USD/JPY 158.080
-0.336%
GBP/USD 1.33823
0.001%
GBP/JPY 211.552
-0.324%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The German DAX 30 index closed down 87.88 points, or 0.35%, at 25286.63 on Friday, January 16; the UK FTSE 100 index closed down 8.89 points, or 0.09%, at 10230.05 on Friday, January 16; the French CAC 40 index closed down 54.18 points, or 0.65%, at 8258.94 on Friday, January 16; European... The Stoxx 50 index closed down 14.99 points, or 0.25%, at 6026.15 on Friday, January 16; the Spanish IBEX 35 index closed up 59.93 points, or 0.34%, at 17702.63 on Friday, January 16; and the Italian FTSE MIB index closed down 83.27 points, or 0.18%, at 45766.50 on Friday, January 16.On January 17th, U.S. Treasury prices fell as Trump hinted at nominating someone other than National Economic Council Director Hassett to succeed Powell, and traders reduced their expectations for two U.S. interest rate cuts in 2026. The decline in U.S. Treasuries pushed the two-year yield up as much as 5 basis points to 3.61%, the highest level since the Feds last rate cut in December. Following Trumps comments on Hassett, short-term interest rate contracts reflected a decreased probability of two 25-basis-point rate cuts by the Fed this year. Meanwhile, the Treasury market continued to be troubled by the December jobs data released a week earlier, prompting Wall Street banks that had previously predicted a rate cut at the Feds next meeting on January 28th to abandon that view. Morgan inflation economists predict that despite the change in Fed leadership, the Fed will not cut rates further. John Fath, managing partner of BTG Pactual Asset Management U.S., said, "The previous trade was betting that whoever becomes the next Fed chairman will be dovish. That has reversed in the last few days."Finnair: Operations in Iraqi airspace have been suspended until further notice.Finnair: Due to the situation in the Middle East, we are avoiding Iraqi airspace, so flights from Dubai and Doha to Helsinki may take longer than usual.January 17th - According to US media reports, as the world awaits a ruling on Trumps signature tariff policy, the US Supreme Court has set January 20th (Tuesday) as the next ruling day, at which time at least one ruling is likely to be issued. As is customary, the court did not specify which rulings are ready to be issued, only stating that a decision may be delivered when the justices appear in court at 10:00 AM Washington time (11:00 PM Beijing time). If a ruling on the tariff case is not issued next week, it may take at least another month. If the Supreme Court rules against Trump on the tariff issue, it will weaken a core pillar of his economic agenda and represent his biggest legal setback since returning to the White House. The focus of the dispute is the tariffs he imposed on April 2nd, "Liberation Day," a policy that imposes tariffs of 10% to 50% on most imported goods and imposes tariffs on countries such as Canada and Mexico under the pretext of addressing fentanyl trafficking.

Italy Investigates Other Options For TIM As Its Bid For A Network Wanes

Aria Thomas

Nov 29, 2022 11:46

1.png


Telecom Italia (BIT:TLIT), a troubled former phone monopoly, would likely need extra options from the future Italian government, as a bid for its landline network by state lender CDP appears increasingly unlikely.


The multibillion-euro offer, which was championed by Mario Draghi's former administration, is part of a bigger push to combine TIM's network assets with those of smaller competitor Open Fiber to establish a unified broadband champion under the supervision of CDP.


Also crucial to TIM CEO Pietro Labriola's plan to break apart the struggling phone company in order to lower its 26 billion euro debt is an offer due on November 30.


Monday, a government source told Reuters that Italian Prime Minister Giorgia Meloni favors postponing the CDP's request.


Three sources previously stated that CDP was unlikely to reach the Wednesday deadline, while a fourth source reported that CDP had not yet scheduled a board meeting to consider an offer.


The offices of Meloni and the Treasury were slow to respond to requests for comment.


Friday, contrary to custom, Meloni transferred the government's broadband policy to cabinet undersecretary Alessio Butti. Butti has attacked the CDP's intentions for TIM in public.


Instead, Butti has encouraged CDP, which is owned by the Treasury, to purchase TIM in its entirety and then sell its service operations, including its Brazil-listed firm.


In response to Butti's suggestions, Economy Minister Giancarlo Giorgetti indicated last week that the government had "many opportunities" to assume control of TIM's network.


Analysts believe that establishing a new plan to integrate TIM and Open Fiber would take a minimum of one year, leaving TIM's future unknown at a time when rising interest rates increase the group's cash flow loss due to interest payments.


Existing cash supports TIM's debt commitments through mid-2024, and debt refinancing seems more challenging than in the past; thus, the window of opportunity to find a solution is closing. Intesa Sanpaolo (OTC:ISNPY) revealed the following in a research note.

Suggestion