Giancarlo Giorgetti News

MILAN, Italy — European policymakers have longed for bigger banks across the continent.

Divided between two takeover courtships, UniCredit's Andrea Orcel still has room to sweeten his bid for Italy's Banco BPM, analysts say, while political turmoil stalls a deal with Germany's Commerzbank. 

Italy’s far-right government has approved a budget for next year of about 30 billion euros, or $33 billion, which officials say will be partly funded by a levy on Italian banks and insurers

The European Commission has approved Lufthansa’s takeover of Italian airline ITA with conditions to protect competition

Finance officials from the Group of Seven rich democracies say they have moved toward agreement on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries

Janet Yellen stated on Friday that she is working to save a component of the global corporate tax agreement targeting highly profitable multinational corporations, and added that “India is refusing to engage on issues important to US interests".Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been “all but absent" in the negotiations to finalize “Pillar 1" of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries."We are actively engaged in this negotiation," to meet an end-June deadline for the deal, Yellen told Reuters. “We're committed to doing everything we possibly can to make it work."Also Read: Yellen ‘Feeling Good’ About G-7 Alignment on Russian AssetsEarlier on Friday, Italian Finance Minister Giancarlo Giorgetti told reporters that the Pillar 1 negotiations were set to fail, citing objections from the U.S., India and China.The Pillar 1 negotiations primarily focus on redistributing the taxing authority concerning US-based digital giants, potentially enabling around $200 billion of corporate profits to be taxed in the nations where these companies operate.In addition to Pillar 1, the tax deal includes a second pillar involving the implementation of a 15% global minimum tax on corporate profits, which many countries are independently adopting.

U.S. Treasury Secretary Janet Yellen said on Friday she is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.

By Giuseppe Fonte

By Giuseppe Fonte

Italy’s far-right-led government has approved a budget for next year that aims to bolster public health services, encourage families to have more children and put more money in the pockets of low- and medium-wage earners

By Giuseppe Fonte

By Giuseppe Fonte and Giancarlo Navach

MILAN (Reuters) -Italian Prime Minister Giorgia Meloni on Monday took «full responsibility» for last week's shock decision to impose a one-off bank tax that has been blamed for causing lasting damage to her government's credibility with financial markets.

By Gavin Jones and Giuseppe Fonte

Giorgia Meloni, whose political party with neo-fascist roots, Brothers of Italy, emerged victorious in recent elections, was sworn in on Saturday as Italy’s first far-right prime minister since the end of World War II.