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01/07/2021

Brussels and Rome have been in lengthy talks over Alitalia's fate and its successor Italia Trasporto Aereo (ITA), demanding that ITA should be independent from the former so that it will not be liable for Alitalia's billions of euros in state aid received in recent years.

Commission Competition Commissioner Margrethe Vestager met Italy's economy and industry ministers late on Wednesday.

"Following intense and constructive discussions at all levels, the Commission and the Italian authorities have reached a common understanding on the key parameters to ensure economic discontinuity between ITA and Alitalia," a Commission spokesperson said.

The two sides had previously disagreed over ITA ceding half of Alitalia's slots at Milan Linate airport, the old brand and the loyalty programme.

The Commission declined to comment on Rome's plan to extend to December the maturity of a 400-million-euro ($473.9 million)bridge loan granted Alitalia, according to a draft decree seen by Reuters.

"It is for member states to assess whether a measure involves state aid that needs to be notified to the Commission under EU rules," the spokesperson said.

01/07/2021

EU governments have gone on a spending splurge since the start of the outbreak, further increasing debt piles that already surpassed a year's worth of economic output before the start of the pandemic in a handful of countries such as Italy and Greece.

The European Systemic Risk Board (ESRB) warned that a further rise in U.S. bond yields could drag up borrowing costs on the other side of the Atlantic, curbing the economic recovery and spelling trouble for debt-laden sovereigns.

"Spillover effects from a further rise in long-term US sovereign bond yields could weigh on EU economic activity if the steepening of the yield curve were to perceptibly precede the economic recovery in the EU," the ESRB said in its annual report.

"A perceptibly-stronger-than-currently-observed rise in European sovereign bond yields could have an adverse impact on debt dynamics, most notably in countries that already entered the COVID-19 crisis with an elevated debt burden," it added.

Founded in the wake of the last financial crisis, the ESRB identifies the biggest financial risks facing the bloc and makes recommendations to authorities, although these are not binding.

It is hosted by the European Central Bank and headed by ECB President Christine Lagarde, who will present the report to the EU Parliament on Thursday.

The ECB has sought to keep a lid on euro zone government bond yields via massive purchases but voices calling for tapering that buying are growing louder as the pandemic fades.

30/06/2021

LONDON (Reuters) - Banks in the European Union became significantly more profitable in the first quarter of 2021 due to higher income from trading and as the burden of souring loans eased, the bloc's banking watchdog said on Wednesday.

The European Banking Authority (EBA) said in its quarterly Risk Dashboard that banks' return on equity, a key measure of profitability, rose to 7.6% in the first quarter from 1.9% in the year ending 2020, the highest since the watchdog began compiling its dashboard in 2014.

The rise was driven by contracting cost of risk, rising fees and commission, and income from trading, EBA said. The dashboard is based on a sample of 131 banks which represent 80% of the EU's banking sector assets.

EU bank profitability jumps to 7-year high, says watchdog

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30/06/2021

The bills, which include billions of dollars in grants and tax credits, could get swept into broader infrastructure or spending bills snaking through Congress. Democrats hold a thin majority in both houses, and individual Democratic lawmakers are likely to leverage that position to extract regional benefits from the broader bills.

The biofuel industry is trying to position itself as lower-carbon bridge to an electric car future. Biden is counting on a surging electric car market to hit his target for net-zero carbon emissions by 2050.

One funding bill, co-introduced by U.S. Democratic Senator Amy Klobuchar, of Minnesota and U.S. Republican Senator Joni Ernst, of Iowa, would provide $1 billion in grants to pay for pumps and storage tanks with higher gasoline blends of biofuels like corn ethanol.

A second bill introduced by the two senators would provide a $200 per-car tax credit for automakers who make "flex fuel" vehicles that can run on virtually any blend of gasoline or ethanol.

"Diversifying our fuel supply, introducing higher blends of biofuels to the market, and making sure retailers have the right equipment to take advantage of these blends will promote clean energy and support our rural economies," Klobuchar said in written statement provided to Reuters.

Reuters first reported the lawmakers' plan on June 21.

A third bill, sponsored by Klobuchar and Republican U.S. Senator John Thune, of South Dakota, would give fuel blenders and retailers like gas stations a tax credit for each gallon of fuel containing 15% or greater ethanol content that they sell.

"Biofuels not only support a critical market for our farmers and deepen American energy security, but they offer a lower-carbon fuel for domestic use and export without the unresolved costs, labor issues, and resource constraints of the all-in push for vehicle electrification," Thune said in a written statement.

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