Italy faces capital demand of more than $8 BLN to offload Monte dei Paschi
Italy has been asked to provide more than 7 billion euros in capital to UniCredit to strike a deal over Monte dei Paschi and offload as much as possible of the state-owned bank to the stronger rival. UniCredit agreed to discuss buying selected parts of Monte dei Paschi (MPS) from Italy’s Treasury. Under the terms […]
Stablecoins to face same safeguards
Stablecoins would have to comply with the same safeguards. This is because their more traditional competitors in payments under proposals from regulators, as authorities get to grips with a rapidly evolving sector. Stablecoins are cryptocurrencies, that are designed to have a stable value relative to traditional currencies. This is to avoid the volatility that makes bitcoin and […]
Italy’s next move to close SIA
Nexi said its acquisition of smaller rival SIA to create an Italian payments champion will be completed after Italy’s antitrust authority gave a conditional green light to the deal. The competition watchdog gave the approval. Last month, they said that it had opened an investigation into the merger. This is due to antitrust concerns in Italy’s digital payments industry. […]
Yellen calls for strong action to boost data integrity at IMF
U.S. Treasury Secretary Janet Yellen called for strong action by international financial institutions. This is to protect data integrity and to prevent misconduct in the wake of a World Bank data-rigging scandal. Yellen, in a statement to the steering committee of the International Monetary Fund, also called for moves by international financial institutions. This is to enhance […]
Klarna introduces pay now option in UK
Swedish payments firm Klarna said that it has introduced a number of changes to its product in the United Kingdom. This includes the option for its users to pay now. The announcement comes as the UK is expected to introduce rules for buy-now pay-later (BNPL) credit after the unregulated market spiked. This is because of […]
Whitbread’s Cadbury as new finance chief by British airway’s owner
British Airways owner IAG said that its finance chief, Steve Gunning, would step down after the airline’s 2021 results. Also, they named Premier Inn hotel operator Whitbread’s Nicholas Cadbury as his successor. Gunning, a company veteran, became IAG’s chief financial officer (CFO) in 2019. He leaves IAG at a time when airline operators have just begun to […]