Italian regulators launch probe into Google over abuse of market dominance

Italy’s antitrust authority announced Friday it has opened an investigation into Google over alleged abuse of its dominant market position. The competition watchdog said the probe relates to Google’s alleged abuse of its position in the smart device market. In a press release, originally in Italian, the Italian Antitrust Authority said it had approved the initiation of a preliminary proceeding against Alphabet Inc., Google LLC and Google Italy S.r.l., collectively referred to as Google. The auth


Italy’s antitrust authority announced Friday it has opened an investigation into Google over alleged abuse of its dominant market position. The competition watchdog said the probe relates to Google’s alleged abuse of its position in the smart device market. In a press release, originally in Italian, the Italian Antitrust Authority said it had approved the initiation of a preliminary proceeding against Alphabet Inc., Google LLC and Google Italy S.r.l., collectively referred to as Google. The auth
Italian regulators launch probe into Google over abuse of market dominance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: elliot smith
Keywords: news, cnbc, companies, dominance, probe, antitrust, alleged, app, google, authority, market, watchdog, regulators, italian, abuse, launch, enel


Italian regulators launch probe into Google over abuse of market dominance

Italy’s antitrust authority announced Friday it has opened an investigation into Google over alleged abuse of its dominant market position.

The competition watchdog said the probe relates to Google’s alleged abuse of its position in the smart device market.

In a press release, originally in Italian, the Italian Antitrust Authority said it had approved the initiation of a preliminary proceeding against Alphabet Inc., Google LLC and Google Italy S.r.l., collectively referred to as Google.

The authority confirmed that officials carried out inspections Thursday in some of the companies concerned.

The antitrust authority claims Google had refused to integrate the “Enel X Recharge” app, developed by Enel, in its Android Auto app.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: elliot smith
Keywords: news, cnbc, companies, dominance, probe, antitrust, alleged, app, google, authority, market, watchdog, regulators, italian, abuse, launch, enel


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Formula One reaches agreement to keep the Italian Grand Prix at Monza until 2024

Kimi Raikkonen of Finland driving the Scuderia Ferrari SF71H during the Formula One Grand Prix of Italy on September 2, 2018 in Monza, Italy. Organizers of the Italian Grand Prix say they have reached a deal with Formula One (F1) to keep the race at the historic Monza circuit, until 2024. This year will see Monza host the 70th edition of Italian Grand Prix, which takes place over the first weekend of September. Formula One’s owner Liberty Media is keen to maintain legacy races such as Monza and


Kimi Raikkonen of Finland driving the Scuderia Ferrari SF71H during the Formula One Grand Prix of Italy on September 2, 2018 in Monza, Italy. Organizers of the Italian Grand Prix say they have reached a deal with Formula One (F1) to keep the race at the historic Monza circuit, until 2024. This year will see Monza host the 70th edition of Italian Grand Prix, which takes place over the first weekend of September. Formula One’s owner Liberty Media is keen to maintain legacy races such as Monza and
Formula One reaches agreement to keep the Italian Grand Prix at Monza until 2024 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: adam reed
Keywords: news, cnbc, companies, agreement, formula, liberty, prix, reaches, deal, million, monza, 2024, race, italian, media, grand


Formula One reaches agreement to keep the Italian Grand Prix at Monza until 2024

Kimi Raikkonen of Finland driving the Scuderia Ferrari SF71H during the Formula One Grand Prix of Italy on September 2, 2018 in Monza, Italy.

Organizers of the Italian Grand Prix say they have reached a deal with Formula One (F1) to keep the race at the historic Monza circuit, until 2024.

No other F1 track has hosted more races than Monza, which is situated just north of the Italian city of Milan.

In a statement released on Tuesday, Formula One said there had been an “agreement in principle for a new five-year deal.”

While no formal deal has been officially signed, the Automobile Club of Italy (ACI) who run the racetrack has also said in its own statement that its President Angelo Sticchi Damiani will continue negotiations with Formula One on all the technical and commercial aspects related to the partnership. It went on to say that the “economic aspects of the contract” had also been taken care of.

This year will see Monza host the 70th edition of Italian Grand Prix, which takes place over the first weekend of September.

Formula One’s owner Liberty Media is keen to maintain legacy races such as Monza and talks continue over the future of the British Grand Prix, which still remains unclear beyond 2019.

A report in the Financial Times last week said that Liberty Media was close to agreeing a deal for the British race, but there was still a debate over the amount payable to the U.S. company for race “promotion fees.” Liberty Media is demanding £18 million ($23.5 million) a year, while the BRDC (The British Racing Drivers’ Club) has offered £15 million, according to the FT.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: adam reed
Keywords: news, cnbc, companies, agreement, formula, liberty, prix, reaches, deal, million, monza, 2024, race, italian, media, grand


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Macron’s efforts to appease Yellow Vest protesters could fuel another rift in Europe

These new measures are expected to increase the country’s fiscal deficit further and breach the European Union’s rules once again. European rules state that member nations should not surpass a deficit threshold of 3%. In this battle over extra spending, the Italian government has accused Brussels of treating different countries in different ways. This is because France has breached fiscal rules on several occasions without receiving serious punishment, such as a fine, from the EU. However, the B


These new measures are expected to increase the country’s fiscal deficit further and breach the European Union’s rules once again. European rules state that member nations should not surpass a deficit threshold of 3%. In this battle over extra spending, the Italian government has accused Brussels of treating different countries in different ways. This is because France has breached fiscal rules on several occasions without receiving serious punishment, such as a fine, from the EU. However, the B
Macron’s efforts to appease Yellow Vest protesters could fuel another rift in Europe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: silvia amaro
Keywords: news, cnbc, companies, salvini, europe, fuel, rules, european, different, spending, efforts, yellow, vest, rift, appease, france, italy, italian, told, macrons, fiscal, protesters


Macron's efforts to appease Yellow Vest protesters could fuel another rift in Europe

President Emmanuel Macron’s promise of new tax cuts in France could create further tension between Italy’s anti-establishment government and the European Union, analysts told CNBC. In an attempt to stop months of ongoing protests at home, Macron announced Thursday income tax cuts totaling 5 billion euros ($5.6 billion). He also said that worker bonuses of up to 1,000 euros wouldn’t be taxed; single parents would get extra support; and no schools or hospitals would be closed until 2022. These new measures are expected to increase the country’s fiscal deficit further and breach the European Union’s rules once again. Analysts at Berenberg Bank estimate that France’s fiscal deficit will reach 3.2% this year, even excluding these latest measures. European rules state that member nations should not surpass a deficit threshold of 3%.

Double standards?

“That is as sure as eggs is eggs. The Italian government has done it before and will do it again,” Florian Hense, economist at Berenberg told CNBC when asked if Rome is likely to use the French situation to accuse Brussels of double standards. Italy has been at odds with the European Commission, the EU’s executive arm, over spending since the current anti-establishment government took power in June last year. The executive in Rome increased public spending — something that Brussels criticized and tried to curb, arguing that Italy was disrespecting the EU’s fiscal rules. In this battle over extra spending, the Italian government has accused Brussels of treating different countries in different ways. This is because France has breached fiscal rules on several occasions without receiving serious punishment, such as a fine, from the EU.

Italy’s Deputy Prime Minister Matteo Salvini said in December that the Commission must treat Italy and France in the same way regarding their spending plans. However, the Brussels-based institution made it clear that the fiscal situations in Italy and France are different and require different approaches. Whereas in Paris, Macron is still presiding over a reform agenda, Rome has shown little desire to improve the structural foundations of the Italian economy. At the same time, Italy has the second highest pile of public debt in the euro zone at about 130% of GDP (gross domestic product). “This is the perfect story for Salvini. It gives him more flexibility,” Claus Vistesen, economist at Pantheon Macroeconomics, told CNBC over the phone about the latest French policies. He argued that Macron’s measures give more power to Salvini and other Italian politicians to argue in favor of their country’s fiscal expansion.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: silvia amaro
Keywords: news, cnbc, companies, salvini, europe, fuel, rules, european, different, spending, efforts, yellow, vest, rift, appease, france, italy, italian, told, macrons, fiscal, protesters


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Italy’s deputy leader Di Maio says he won’t change the country’s economic path

Italy’s Deputy Prime Minister, Luigi Di Maio, has told CNBC that his country will not change course despite fears of ballooning debt and struggling growth. Last week, Italy’s anti-austerity government cut its 2019 growth forecast to 0.2% from a previous forecast of 1%. After the announcement, the European Commissioner for Economic and Financial affairs, Pierre Moscovici, said “We could again have problems with Italy.” “When we forecasted 1% GDP growth, Germany forecasted to grow by 1.9%, now Ger


Italy’s Deputy Prime Minister, Luigi Di Maio, has told CNBC that his country will not change course despite fears of ballooning debt and struggling growth. Last week, Italy’s anti-austerity government cut its 2019 growth forecast to 0.2% from a previous forecast of 1%. After the announcement, the European Commissioner for Economic and Financial affairs, Pierre Moscovici, said “We could again have problems with Italy.” “When we forecasted 1% GDP growth, Germany forecasted to grow by 1.9%, now Ger
Italy’s deputy leader Di Maio says he won’t change the country’s economic path Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: david reid, antonio masiello, getty images, john thys, afp
Keywords: news, cnbc, companies, country, prime, economic, change, european, minister, leader, wont, growth, saidthe, path, di, risk, maio, italys, italian, deputy, countrys


Italy's deputy leader Di Maio says he won't change the country's economic path

Italy’s Deputy Prime Minister, Luigi Di Maio, has told CNBC that his country will not change course despite fears of ballooning debt and struggling growth.

Last week, Italy’s anti-austerity government cut its 2019 growth forecast to 0.2% from a previous forecast of 1%.

The country also raised its 2019 deficit to 2.4%, breaking a commitment given to the European Commission last year to stick to just over 2%. The government also predicted public debt would hit a fresh record high of 132.6% of gross domestic product (GDP).

After the announcement, the European Commissioner for Economic and Financial affairs, Pierre Moscovici, said “We could again have problems with Italy.”

Speaking to CNBC’s Dan Murphy in Dubai on Monday, Di Maio said he still had faith in his government’s plan to reject austerity measures preferred by lawmakers in Brussels.

“We are not going to change path.We are on this path for growth and we want to further improve Italian production compared to the the past,” he said.

The 32-year-old said Italy’s attempts to improve its economy had to be looked at in the context of the ongoing trade dispute between the United States and China as well as Britain’s drawn out exit from the European Union.

“When we forecasted 1% GDP growth, Germany forecasted to grow by 1.9%, now Germany is fighting to achieve 0.5% growth. So our targets are positive, compared to other European nations. We are not resigned to zero percent growth and we are passing a series of laws to boost growth in Italy,” he said.

The deputy prime minister added that while there had been some losses in value to Italian banks at the end of 2018, the volatility in markets had passed and he didn’t think there was a risk for Italian lenders at the moment.

“We are a country of savers, we have a lot of private savings and this is very important for our economy. So, in general, I don’t see any risk for the Italian banks, for the euro zone, and for Europe.”


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: david reid, antonio masiello, getty images, john thys, afp
Keywords: news, cnbc, companies, country, prime, economic, change, european, minister, leader, wont, growth, saidthe, path, di, risk, maio, italys, italian, deputy, countrys


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Italy has a $26 billion hole to fix. And it could mean another battle with the EU

The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market. According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target. After a tense cou


The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market. According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target. After a tense cou
Italy has a $26 billion hole to fix. And it could mean another battle with the EU Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: joumanna bercetche, alessia peirdomenico, bloomberg, getty images
Keywords: news, cnbc, companies, 2019, fix, ministry, mean, yields, billion, 26, battle, hole, revised, eu, italian, finance, deficit, italy, bond, plans, budget


Italy has a $26 billion hole to fix. And it could mean another battle with the EU

The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market.

According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target.

The new deficit targets could be wider than the circa 2% number agreed with the European Commission — the EU’s executive arm — toward the end of last year.

Things came to a head between Rome and Brussels last fall after Italy’s coalition government announced a draft budget for 2019 of 2.4%, which would have breached Maastricht Treaty requirements and opened up the possibility of an infringement procedure.

After a tense couple of months, the Italian finance ministry eventually revised the 2019 deficit forecast to 2.04% to avoid sanctions. Financial assets recovered with 10-year bond yields falling back after hitting highs of 3.68% in October. Yields move inversely to sovereign debt prices.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: joumanna bercetche, alessia peirdomenico, bloomberg, getty images
Keywords: news, cnbc, companies, 2019, fix, ministry, mean, yields, billion, 26, battle, hole, revised, eu, italian, finance, deficit, italy, bond, plans, budget


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‘Brexit-plus’ if populists win in EU elections, former Italian leader says

‘Brexit-plus’ if populists win in EU elections, former Italian leader says8 Hours AgoFormer Italian Prime Minister Enrico Letta says the mismanagement of the financial crisis and migration is to blame for Brexit and the rise of European populism.


‘Brexit-plus’ if populists win in EU elections, former Italian leader says8 Hours AgoFormer Italian Prime Minister Enrico Letta says the mismanagement of the financial crisis and migration is to blame for Brexit and the rise of European populism.
‘Brexit-plus’ if populists win in EU elections, former Italian leader says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05
Keywords: news, cnbc, companies, rise, populists, mismanagement, minister, eu, win, prime, says8, populism, leader, elections, brexitplus, italian, migration


'Brexit-plus' if populists win in EU elections, former Italian leader says

‘Brexit-plus’ if populists win in EU elections, former Italian leader says

8 Hours Ago

Former Italian Prime Minister Enrico Letta says the mismanagement of the financial crisis and migration is to blame for Brexit and the rise of European populism.


Company: cnbc, Activity: cnbc, Date: 2019-04-05
Keywords: news, cnbc, companies, rise, populists, mismanagement, minister, eu, win, prime, says8, populism, leader, elections, brexitplus, italian, migration


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Italy joining China’s Belt and Road project is ‘geopolitically unwise,’ former prime minister says

Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday. “Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.” “Europe is showing its divisions toward China, and t


Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday. “Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.” “Europe is showing its divisions toward China, and t
Italy joining China’s Belt and Road project is ‘geopolitically unwise,’ former prime minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: natasha turak
Keywords: news, cnbc, companies, belt, decision, unwise, energy, worth, xi, italy, italian, project, china, billion, road, geopolitically, joining, prime, chinas, minister


Italy joining China's Belt and Road project is 'geopolitically unwise,' former prime minister says

Italy’s former prime minister doesn’t approve of the current government’s newly inked partnership with China, calling the decision “unwise” during a conversation with CNBC Monday.

“Politically, geopolitically, I deem (it) really unwise from the Italian government to take such a decision without coordination with the European Union and our allies,” Paolo Gentiloni, who served as prime minister from 2016 to 2018, told CNBC’s “Squawk Box Europe.”

“Europe is showing its divisions toward China, and this is not something that will strengthen our position even on trade.”

The Italian government stirred up fresh controversy over the weekend as it officially agreed to join China’s massive Belt and Road Initiative (BRI), becoming the first EU and Group of 7 country to do so.

Chinese President Xi Jinping’s visit to Rome saw a total of 29 deals signed, altogether worth 2.5 billion euros ($2.8 billion). They were focused on agricultural, finance and energy sectors, and opened up new access to the Chinese market for major Italian energy and engineering firms.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: natasha turak
Keywords: news, cnbc, companies, belt, decision, unwise, energy, worth, xi, italy, italian, project, china, billion, road, geopolitically, joining, prime, chinas, minister


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Italy Di Maio first EU country to join China Belt and Road initiative

The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing. Italy on Sat


The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing. Italy on Sat
Italy Di Maio first EU country to join China Belt and Road initiative Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: natasha turak, antonio masiello, getty images, christian minelli, nurphoto via getty images
Keywords: news, cnbc, companies, italy, belt, italian, road, maio, initiative, told, energy, tell, join, worry, signed, visit, european, di, country, eu, china


Italy Di Maio first EU country to join China Belt and Road initiative

The raft of investment deals that Italy’s leadership has just signed with Beijing as part of its massive Belt and Road program is “nothing to worry about,” Italian Deputy Prime Minister Luigi Di Maio told CNBC.

“We are maximizing all precautionary measures, and I want to tell the U.S., and I will tell them as well in next week’s visit, that they are our allies, and that we understand their concerns. But the contents of the MOU (memorandum of understanding) that we are signing tomorrow contains nothing for them to worry about, nothing relating to 5G or any agreement on strategic telecommunications,” Di Maio told CNBC’s Joumanna Bercetche on Friday just before the signing.

Italy on Saturday became the first European Union and Group of 7 country to join China’s expansive Belt and Road Initiative (BRI), drawing concern from the U.S. and European allies.

Chinese President Xi Jinping’s visit to Rome saw a total of 29 deals signed, altogether worth 2.5 billion euros ($2.8 billion). They were focused on agricultural, finance and energy sectors, and opened up new access to the Chinese market for major Italian energy and engineering firms.


Company: cnbc, Activity: cnbc, Date: 2019-03-24  Authors: natasha turak, antonio masiello, getty images, christian minelli, nurphoto via getty images
Keywords: news, cnbc, companies, italy, belt, italian, road, maio, initiative, told, energy, tell, join, worry, signed, visit, european, di, country, eu, china


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Fiat is struggling in the US. Is the Italian brand ready to pull the plug on America, again?

Fiat is marking its 120th anniversary with a pint-sized concept car appropriately dubbed the Centoventi, or 120 in Italian. The prototype that made its debut this month at the Geneva Motor Show is believed to offer a hint of one of the battery-powered production models the brand is working up. But the debut of the Centoventi, which is even smaller than the familiar Fiat 500, comes at a time when the future of the Fiat brand is coming into question, especially its role in the U.S. market. After p


Fiat is marking its 120th anniversary with a pint-sized concept car appropriately dubbed the Centoventi, or 120 in Italian. The prototype that made its debut this month at the Geneva Motor Show is believed to offer a hint of one of the battery-powered production models the brand is working up. But the debut of the Centoventi, which is even smaller than the familiar Fiat 500, comes at a time when the future of the Fiat brand is coming into question, especially its role in the U.S. market. After p
Fiat is struggling in the US. Is the Italian brand ready to pull the plug on America, again? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: paul a eisenstein, mustafa yalcin, anadolu agency, getty images, source, fiat chrysler, chrysler fiat, andreas solaro, afp
Keywords: news, cnbc, companies, ready, struggling, upbut, today, debut, fiat, viability, stepped, italian, america, plug, working, pull, brand, centoventi, chrysler


Fiat is struggling in the US. Is the Italian brand ready to pull the plug on America, again?

Fiat is marking its 120th anniversary with a pint-sized concept car appropriately dubbed the Centoventi, or 120 in Italian.

The prototype that made its debut this month at the Geneva Motor Show is believed to offer a hint of one of the battery-powered production models the brand is working up.

But the debut of the Centoventi, which is even smaller than the familiar Fiat 500, comes at a time when the future of the Fiat brand is coming into question, especially its role in the U.S. market.

After pulling out of the American market in the early 1990s due to poor sales, Fiat staged a comeback in 2011 shortly after the Italian automaker stepped in to save its bankrupt U.S. competitor, Chrysler. But the best-laid plans don’t always go as expected, and despite the grand expectations of its parent, today known as Fiat Chrysler Automobiles, a number of analysts are questioning the flagship brand’s long-term viability in the U.S.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: paul a eisenstein, mustafa yalcin, anadolu agency, getty images, source, fiat chrysler, chrysler fiat, andreas solaro, afp
Keywords: news, cnbc, companies, ready, struggling, upbut, today, debut, fiat, viability, stepped, italian, america, plug, working, pull, brand, centoventi, chrysler


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Generali beats 2018 targets despite ‘challenging’ Italian market, raises dividend

“But when people do not invest because the economy is not growing, the life insurance business and asset management is growing.” Donnet also claimed that Generali’s 59 billion euros in Italian BTPs was not a concern to investors. Generali has reserved up to 4 billion euros for acquisitions and growth as it looks to asset management and high-margin business in Latin America and Asia. Clarification: This story has been updated to reflect that Donnet claimed that Generali’s 59 billion euros in Ital


“But when people do not invest because the economy is not growing, the life insurance business and asset management is growing.” Donnet also claimed that Generali’s 59 billion euros in Italian BTPs was not a concern to investors. Generali has reserved up to 4 billion euros for acquisitions and growth as it looks to asset management and high-margin business in Latin America and Asia. Clarification: This story has been updated to reflect that Donnet claimed that Generali’s 59 billion euros in Ital
Generali beats 2018 targets despite ‘challenging’ Italian market, raises dividend Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: reuters with cnbccom, pier marco tacca, getty images
Keywords: news, cnbc, companies, management, euros, despite, 2018, generalis, growing, targets, dividend, billion, market, business, beats, reflect, raises, generali, challenging, btps, economy, italian


Generali beats 2018 targets despite 'challenging' Italian market, raises dividend

Europe’s third-largest insurer said it would pay a dividend of 0.90 euros per share, up from the previous year’s 0.85 euros.

When it came to a potential European slowdown in 2019, however, Donnet said Generali was not concerned. He explained that people sought out the solutions Generali provided whether the economy was booming or lagging.

“Our business is very resilient, because when people do invest and the economy is growing, the property and casualty business is growing,” he said. “But when people do not invest because the economy is not growing, the life insurance business and asset management is growing.”

However he noted heavy competition in its domestic market, especially with motor insurance, adding that it was “challenging.”

“In Italy and France, by the way, we had to face very important claims … which obviously had a significant impact on the operating result,” he added.

Donnet also claimed that Generali’s 59 billion euros in Italian BTPs was not a concern to investors.

“(Investors) do not struggle any more on this — we have demonstrated that we have a strong capital position. We have further increased our solvency ratio by 9 percentage points, so our exposure to BTPs is no longer an issue,” he told CNBC.

Generali has reserved up to 4 billion euros for acquisitions and growth as it looks to asset management and high-margin business in Latin America and Asia.

Clarification: This story has been updated to reflect that Donnet claimed that Generali’s 59 billion euros in Italian BTPs was not a concern to investors. The headline has also been changed on this story to more accurately reflect Generali’s earnings release.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: reuters with cnbccom, pier marco tacca, getty images
Keywords: news, cnbc, companies, management, euros, despite, 2018, generalis, growing, targets, dividend, billion, market, business, beats, reflect, raises, generali, challenging, btps, economy, italian


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