Salty Casaleggio, Indifferent Hope, Russian Spallanzani, Fruit Copasir, Creval in French Sauce
Creval, Speranza, Gabrielli, Figliuolo, Appendino, Urso, Copasir, Gabrielli, Coinbase and more. Facts, names, numbers, curiosities and controversies. The tweets of Michele Arnese, director of Start
DRAGONS SEEN FROM THE NEW YORK TIMES
Mario Draghi is making Italy a powerful player in Europe. Italy's new prime minister is using his European relations and solid reputation to make Italy a force in Europe as it hasn't been for decades. (Jason Horowitz, New York Times)
– Michele Arnese (@Michele_Arnese) April 15, 2021
HUFFINGTON HOPEFUL POST
"Dangerous play on Speranza. The attempt to replace Speranza risks wearing down Draghi. Corrections in the course of work are a mere illusion". (Huffington Post Italy)
– Michele Arnese (@Michele_Arnese) April 15, 2021
THE INDIFFERENCE OF HOPE
Minister Speranza told the Bergamo Public Prosecutor's Office that "the report (by Zambon, ed) is a completely indifferent document for the Italian State". (Source: Corsera)
– Michele Arnese (@Michele_Arnese) April 15, 2021
VACCINAL CHAOS
"The Czech Republic has asked Denmark to sell its doses of AstraZeneca, amounting to 2.4 million. While some EU states, including Germany, have recommended a vaccine other than Astrazeneca for the booster of those under 60. . In fact, chaos reigns. " (Corsera)
– Michele Arnese (@Michele_Arnese) April 15, 2021
SPALLANZANI WILL RUSH?
"The Spallanzani database on Covid is available to the Russians. With the close agreement between the Roman institute and Gamaleya, it was decided to start the study on Sputnik to determine if it can be a further effective weapon against Covid and its variants ". (Republic)
– Michele Arnese (@Michele_Arnese) April 15, 2021
EUROPE AGENDA
The orientation of Europe is to make more and more use of the preferred mRna vaccines, therefore, of the viral vector ones. It is learned from qualified sources in Italy after the reported cases of thrombosis following vaccinations with AstraZeneca and Johnson & Johnson. (Source: Ansa)
– Michele Arnese (@Michele_Arnese) April 14, 2021
DRAGONS AGENDA
"The first to reopen will be the restaurants for lunch, then the entertainment venues and only after gyms and swimming pools. From the middle of the month and not before, in compliance with the" gradual "line chosen by the government, dinners in the premises could be allowed public ". (Corsera)
– Michele Arnese (@Michele_Arnese) April 15, 2021
THE NUMBERS OF SON
"At 20.20 last night the vaccine doses administered amounted – data from the Ministry of Health and Lab24-IlSole24Ore – to about 202 thousand, compared to 274 thousand on Tuesday and 258 thousand on Monday. Reaching the goal of 500 thousand doses per day will be a unlikely undertaking ". (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) April 15, 2021
DEMOCRAT INCOME
"We must be a great force against national and international revenues". So Antonio Rosati, a member of the Pd assembly, yesterday illustrated the aims of the newly formed left “current” founded by Bettini within the Democratic Party. Rosati is at Eur spa (90% Mef). (source: Sole)
– Michele Arnese (@Michele_Arnese) April 15, 2021
STATE OF STEEL
Invitalia (Mef) subscribed to the capital increase of 400 million euros of AMInvestCo Italy, obtaining a stake in the share capital equal to 38% and voting rights equal to 50% in the company that will be renamed Acciaierie d'Italia Holding. (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) April 15, 2021
THE BUSINESS OF TURIN GRILLINA
"The" wrong Monopoli "on the former municipal Iren company costs almost 30 million euros to the taxpayers of Turin and its province. 2 years of sales and purchases produce a waste of public money equal to the collection of 700 thousand fines for no parking". (Rep)
– Michele Arnese (@Michele_Arnese) April 15, 2021
SALTY HOUSE
€ 1 million and 200 thousand paid by Moby di Onorato to Casaleggio Associati for the «creation and management of a website, and the creation of the Facebook and Instagram page». (source: Repubblica)
– Michele Arnese (@Michele_Arnese) April 15, 2021
TREMONTI ON COINBASE
"The impression – says Tremonti referring to the news on Coinbase -" is that they listed nothing, certified from nothing. Nothing by means of nothing, you can say "". (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) April 15, 2021
CYBER GABRIELLI
Cybersecurity Agency: «It is not a theme of
intelligence, but industrial policy, ”Franco Gabrielli, Undersecretary to the Prime Minister with responsibility for Services and Security, said at the Copasir hearing. (Source: Rep).– Michele Arnese (@Michele_Arnese) April 15, 2021
FRUIT COPASIR
Without Urso, the Copasir plenum is missing: 9 members are insufficient to continue the work. And Meloni's party, which claims the presidency of the Committee, has no intention of replacing him. Unlike Forza Italia with Elio Vito. (source: Repubblica)
– Michele Arnese (@Michele_Arnese) April 15, 2021
BANKING FRANCISMS
In the case of Creval, as at 31 December 2020, Dta was recognized in the balance sheet for 81 million and another 180 million off balance sheet. At the same date, Crédit Agricole had 136 million Dta in its balance sheet. The group will benefit from a tax asset of 331 million. (Sun)
– Michele Arnese (@Michele_Arnese) April 15, 2021
SPANISH RECOVERY
Pnrr Spain: "Green investments represent 39% of the plan, followed by digitization projects, which represent a third of the total and are mainly aimed at helping small businesses, public administration and key sectors such as tourism". (Sun)
– Michele Arnese (@Michele_Arnese) April 15, 2021
CHINESERIE
"In 2020 China became the EU's first trading partner, dethroning the United States. In Asia too, Beijing is rapidly replacing America in trade and as an economic reference for various governments in the region". (Adriana Castagnoli, Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) April 15, 2021
THE SUN SHINES THE SOFA-GATE
The Europe of the “sofagate” appears not only ridiculous but pathetic. He got the story wrong. But it is not by blowing some heads, if he does so, that he will find the way to recovery. (Adriana Cerretelli, Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) April 15, 2021
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EXTRACT FROM A COMMENT BY ADRIANA CERRETELLI ON THE SUN 24 ORE:
There are elections in Germany in September and in France in May '22. The end of theMerkel era and the possible one of Emmanuel Macron. In both cases the risk of more nationalist than pro-European pressures in the two leading countries of the Union. With the question mark in Italy on the future of the Draghi government in view of the election in '22 of the new head of state.
In less than 100 days, Biden's America runs towards immunity by vaccinating 4 million people a day, pumping out money to rebuild and relaunch the economy, infrastructure, industry and social consensus: his recipe for coping with the Chinese expansion with a dynamic country re-projected to the future.
From this point of view, the Europe of “sofagate” appears not only ridiculous but pathetic. He got the story wrong. But it is not by blowing some heads, if he does so, that he will find the way to recovery.
To do so, it will have to break with the structural ambiguity of its common institutions, the result of the non-choice between the Community (Commission) and intergovernmental (Council) model, between the federal and confederal Union, where the European machine is always and only the convergence of national interests. Which works (badly) when you can afford to take an average of two years to come to a joint decision. That time is over. Either it regenerates itself quickly or this Europe will lose the train of the new history in the pipeline.
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EXTRACT FROM AN ARTICLE BY ANTONELLA OLIVIERI DEL SOLE 24 ORE ON CREVAL:
In the Creval, Credit Agricole will find a fiscal “treasury” that it can immediately monetize with the merger and which can be quantified in almost 3 euros for each Creval share. The 2021 Budget Law, which brings the date of 30 December 2020, has introduced a potential incentive to business combination processes carried out through mergers, spin-offs or company transfers. In particular, the finance law, as the offer prospectus recalls, allows the transformation of the value of tax losses into a tax credit both in the event that the Dta (deferred tax assets) at this value are recognized in the financial statements and if they are not, against payment of a gross commission of 25% of the Dta, deductible for IRES and IRAP purposes.
In the case of Creval, as at 31 December 2020, Dta was recognized in the balance sheet for 81 million and another 180 million off balance sheet. At the same date, Crédit Agricole had 136 million Dta in its balance sheet. Against an estimated cost of 66 million, the group will benefit from a tax asset of 331 million, provided that the merger takes place within 12 months from the payment of the shares delivered in the offer: a nice "gift" considering that at 12.50 euros (the maximum price of the raise) the Creval is valued at 875 million.
Even if all costs are attributed to the part contributed by Creval, the acquired bank will receive the contribution of 195 million net of potentially distributable capital, which, spread over 70 million shares of the former Popolare, make 2.78 euros per share. Considering only the 180 million off-balance sheet, net of the portion of commissions, it would still amount to over 2 euros per share.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/casaleggio-salato-speranza-indifferente-spallanzani-russa-copasir-alla-frutta-creval-in-salsa-francese/ on Thu, 15 Apr 2021 07:07:37 +0000.