Italy Seeks €1.2 Billion From ION's Pignataro in Tax Probe
Italian authorities are seeking as much as €1.2 billion ($1.3 billion) from London-based ION Group founder Andrea Pignataro as part of a probe over alleged tax evasion, according to people familiar with the matter.
Prosecutors in Bologna, where the fintech billionaire was born, are asking him to pay arrear taxes for the 2016 to 2023 period to the tune of around €500 million, said the people, who asked not to be identified because they aren't authorized to talk about it. The bill could rise to €1.2 billion, including interest and other costs, they people said.
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Business Wire
31 minutes ago
- Business Wire
BCI Invests in KKR Tower Platform Pinnacle Towers
SINGAPORE & VICTORIA, Canada--(BUSINESS WIRE)--KKR, a leading global investment firm, British Columbia Investment Management Corporation ('BCI'), and Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, today announced the signing of definitive agreements under which BCI will acquire a minority stake in Pinnacle Towers from KKR, which will remain the majority shareholder. Pinnacle Towers was established in 2020 to serve the rapidly increasing demand for connectivity and quality telecommunications infrastructure in the Philippines. Led by a highly experienced management team, the platform specializes in executing on Build-to-Suit ('BTS') telecommunications tower projects, optimizing the use and management of Sale-and-Leaseback ('SLB') assets with leading mobile network operators, and providing ancillary management services to industry players. In the span of five years, Pinnacle Towers has scaled to become the largest independent tower company in the Philippines with around 7,000 towers. 1 Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources, BCI, said, 'We are excited to work closely with KKR and Pinnacle's management team to support the growth of the business. The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services. This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners. We look forward to supporting Pinnacle Towers as it continues to enhance digital connectivity and drive meaningful impact across the Philippines.' Projesh Banerjea, Managing Director, Infrastructure, KKR, said, 'We are very proud of the success that we have achieved with Pinnacle Towers to serve the Philippines' connectivity needs. Since our initial investment, we have collaborated closely with Pinnacle Towers' outstanding management team to deepen the platform's capabilities and scale its presence organically and through bolt-on acquisitions. We are delighted to welcome BCI, who share our long-term vision and commitment to developing critical digital infrastructure, as strategic partners and look forward to building on Pinnacle Towers' strong growth momentum.' Patrick Tangney, Chairman and CEO of Pinnacle Towers, said, 'Over the last five years, with the support of KKR, Pinnacle Towers has grown to become the leading independent tower company in the Philippines. BCI's investment marks an important milestone in our journey and is a strong endorsement of our mission. With BCI and KKR as strategic partners, we are well-positioned to continue driving greater digital connectivity in the Philippines and across the region.' BCI Infrastructure & Renewable Resources has a global portfolio with nine active investments in the Asia-Pacific region, including Rakuten Mobile (a leading communications tower company in Japan), Altius (a leading communications tower company in India), and Cube Highways (the largest toll road operator in India). The program continues to expand its presence in the region with the addition of this minority stake acquisition in Pinnacle Towers. KKR made its investment in Pinnacle Towers from its Asia Infrastructure Funds I and II. KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. KKR's Asia Pacific infrastructure platform was established in 2019 and has since organically grown to approximately US$13 billion in assets under management. The transaction is expected to be completed by Q3 2025, subject to customary regulatory approvals. About BCI British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients. Learn more at About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at Pinnacle invests in, builds and operates telecommunications infrastructure with a focus on towers and related assets. Pinnacle is an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippines market. Frontier's leadership team includes founders of a number of highly successful tower companies and former C-level executives from some of the world's leading wireless operators. KKR first invested in Pinnacle Towers in 2020.
Yahoo
40 minutes ago
- Yahoo
US, China seek to extend trade truce with London talks
After a round of talks in Geneva last month, the United States and China will sit down at the negotiating table in London on Monday to attempt to preserve a fragile truce on trade, despite simmering tensions. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will lead the US delegation, President Donald Trump announced Friday. Chinese Vice Premier He Lifeng -- who led Beijing's negotiating team in Geneva -- will also lead the team in London, the foreign ministry announced at the weekend. "The meeting should go very well," Trump said in a post on his Truth Social platform. His press secretary, Karoline Leavitt, told Fox News on Sunday: "We want China and the United States to continue moving forward with the agreement that was struck in Geneva." While the government of UK Prime Minister Keir Starmer reiterated that it was not involved in the content of the discussions in any way, a spokesperson said: "We are a nation that champions free trade." UK authorities "have always been clear that a trade war is in nobody's interests, so we welcome these talks," the spokesperson added. - 'Correcting the course' - The talks in London come just a few days after Trump and Chinese President Xi Jinping finally held their first publicly announced telephone talks since the Republican returned to the White House. Trump said that call, which took place on Thursday, had reached a "very positive conclusion." Xi was quoted by state-run news agency Xinhua as saying that "correcting the course of the big ship of Sino-US relations requires us to steer well and set the direction." The call came after tensions between the world's two biggest economies had soared, with Trump accusing Beijing of violating a tariff de-escalation deal reached in Geneva in mid-May. "We need China to comply with their side of the deal. And so that's what the trade team will be discussing tomorrow," Leavitt said Sunday. In April, Trump introduced sweeping worldwide tariffs that targeted China most heavily. At one point the United States hit China with additional levies of 145 percent on its goods as both sides engaged in tit-for-tat escalation. China's countermeasures on US goods reached 125 percent. Then in Switzerland, after two days of talks, the two sides agreed to slash their staggeringly high tariffs for 90 days. But differences have persisted, including over China's restrictions on the export of rare earth minerals used in tech products. - 'Green channel' - Throughout its talks with Washington, China also has launched discussions with other trading partners -- including Japan and South Korea -- in a bid to build a united front to counter Trump's tariffs. On Thursday, Beijing turned to Canada, with the two sides agreeing to regularize their channels of communication after a period of strained ties. Canadian Prime Minister Mark Carney and Chinese Premier Li Qiang also discussed trade and the fentanyl crisis, Ottawa said. Beijing proposed establishing a "green channel" to ease the export of rare earths to the European Union, and fast-tracking approval of some export licenses. That proposal from the commerce ministry in Beijing came after talks on Tuesday between China's Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic. China is expected to host a summit with the EU in July, marking 50 years since Beijing and Brussels established diplomatic ties. bur-els/sst/aha
Yahoo
41 minutes ago
- Yahoo
US and China set to meet for trade talks in London
A new round of talks aimed at resolving a trade war between the US and China is set take place in London on Monday. US President Donald Trump announced on Friday that a senior US delegation would meet Chinese representatives. Over the weekend, Beijing confirmed that Vice Premier He Lifeng will attend the talks. The announcements came after Trump and China's leader Xi Jinping had a phone conversation last week, which the US president described as a "very good talk". Last month, the world's two biggest economies agreed a temporary truce to lower import taxes on goods being traded between them, but since then both countries have accused the other of breaching the deal. Writing on his Truth Social platform on Friday, Trump said US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would meet Chinese officials in London on Monday. On Saturday, China's foreign ministry said Vice Premier He would be in the UK between 8 and 13 June, and that a meeting of the "China-US economic and trade mechanism" would take place. The new round of negotiations came after Trump said his phone conversation with Xi on Thursday mainly focused on trade and had "resulted in a very positive conclusion for both countries". According to Chinese state news agency Xinhua, Xi told Trump that the US should "withdraw the negative measures it has taken against China". The call was the first time the two leaders had spoken since the trade war erupted in February. When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. Beijing responded with its own higher rates on US imports, and this triggered tit-for-tat increases that peaked at 145%. In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset". It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. The agreement gave both sides a 90-day deadline to try to reach a trade deal. But since then, relations appeared to have soured. Last month, Trump said China had "totally violated its agreement with us", and then a few days later China said the US had "severely violated" the agreement. The US accused China of failing to restart shipments of critical minerals and rare earth magnets vital to car and computer industries. On Saturday, the Chinese Ministry of Commerce said it had approved some applications for rare earth export licences, although it did not provide details of which countries involved. The announcement came after Trump said on Friday that Xi had agreed to restart trade in rare earth materials. Bu speaking on Sunday, White House National Economic Council Director Kevin Hassett told CBS News that "those exports of critical minerals have been getting released at a rate that is, you know, higher than it was, but not as high as we believe we agreed to in Geneva". Trump confirms China trip after 'very good' call with Xi China says US has 'severely violated' tariffs truce What does the US-China tariff deal mean?
