Latest news with #Nagel
Business Recorder
2 days ago
- Business
- Business Recorder
ECB can take time on policy, policymaker Nagel says
FRANKFURT: The European Central Bank can take its time on interest rates with monetary policy now set at a neutral level that is no longer restrictive, ECB policymaker Joachim Nagel said on German radio on Sunday. The ECB cut interest rates on Thursday for the eighth time in a year but signalled at least a policy pause next month after inflation returned to its 2% target. Nagel, who is also the president of Germany's central bank, said rates are now at a neutral level - central-banker language to describe policy that neither expands nor brakes the economy. ECB should not 'overreact' if inflation edges below 2%, Vujcic says 'We are no longer restrictive. I believe that we can now take the time to look at the situation first. We now have maximum flexibility at this interest rate level,' Nagel said in a live interview on Deutschlandfunk radio. The ECB has lowered borrowing costs eight times, or by 2 percentage points since last June, seeking to prop up a euro zone economy that was struggling even before erratic U.S. economic and trade policies dealt it further blows.
Yahoo
21-05-2025
- Business
- Yahoo
Bundesbank's Nagel sees progress on tariffs but work to be done
By Christian Kraemer BANFF, Alberta (Reuters) -There has been progress towards a solution on a damaging tariff dispute with the United States but there are more hurdles to overcome, the Bundesbank's President Joachim Nagel told German television on Wednesday from the G7 meeting in Canada. Speaking to the ARD broadcaster, European Central Bank policymaker Nagel said the United States was showing better understanding of Europe's point of view and that there was acknowledgement on both sides that trade conflicts have no winners. Finance ministers from the Group of Seven industrial democracies are meeting in the mountain resort town of Banff, Alberta, against the backdrop of a global trade dispute after President Donald Trump unleashed sweeping tariffs. "My impression here is that we are beginning to come closer together on certain issues, to better understand each other, but there are still some hurdles to overcome. So, there is still a lot of work to be done," Nagel said. "I also believe that the U.S. side now understands some things better, and I am a little more confident than I perhaps was a few days ago," he added. The German Council of Economic Experts had earlier cut its forecast for Europe's largest economy, expecting it to stagnate this year during a "pronounced phase of weakness." Nagel said the projection was not a surprise, given the damaging uncertainty of the tariffs. He said first-quarter growth could be better than expected but saw growth worsening in the second quarter as the effects of the tariff dispute are felt. He looked forward to stronger growth of 1% or more in 2026, depending on how quickly the government implemented planned fiscal measures. In a separate interview with German broadcaster ZDF, Nagel said U.S. Treasury Secretary Scott Bessent had been constructive. Nagel said he did not see a split in the G7 group into six countries against the United States. "It's a G7." (Writing by Matthias WilliamsEditing by Rod Nickel) Sign in to access your portfolio
Hindustan Times
21-05-2025
- Business
- Hindustan Times
Bundesbank's Nagel sees progress on tariffs but work to be done
BANFF, Alberta, - There has been progress towards a solution on a damaging tariff dispute with the United States but there are more hurdles to overcome, the Bundesbank's President Joachim Nagel told German television on Wednesday from the G7 meeting in Canada. Speaking to the ARD broadcaster, European Central Bank policymaker Nagel said the United States was showing better understanding of Europe's point of view and that there was acknowledgement on both sides that trade conflicts have no winners. Finance ministers from the Group of Seven industrial democracies are meeting in the mountain resort town of Banff, Alberta, against the backdrop of a global trade dispute after President Donald Trump unleashed sweeping tariffs. "My impression here is that we are beginning to come closer together on certain issues, to better understand each other, but there are still some hurdles to overcome. So, there is still a lot of work to be done," Nagel said. "I also believe that the U.S. side now understands some things better, and I am a little more confident than I perhaps was a few days ago," he added. The German Council of Economic Experts had earlier cut its forecast for Europe's largest economy, expecting it to stagnate this year during a "pronounced phase of weakness." Nagel said the projection was not a surprise, given the damaging uncertainty of the tariffs. He said first-quarter growth could be better than expected but saw growth worsening in the second quarter as the effects of the tariff dispute are felt. He looked forward to stronger growth of 1% or more in 2026, depending on how quickly the government implemented planned fiscal measures. In a separate interview with German broadcaster ZDF, Nagel said U.S. Treasury Secretary Scott Bessent had been constructive. Nagel said he did not see a split in the G7 group into six countries against the United States. "It's a G7."
Reuters
20-05-2025
- Business
- Reuters
Mediobanca CEO to pitch Banca Generali bid to Italian investors on June 4
MILAN, May 20 (Reuters) - CEO Alberto Nagel plans to present Mediobanca's bid for the private bank Banca Generali ( opens new tab to a group of Italian investors on June 4, a source with knowledge of the matter said on Tuesday, ahead of a shareholders' meeting slated for mid-June to vote on the deal. Mediobanca ( opens new tab said last month read more Banca Generali, which is controlled by Italy's top insurer Generali ( opens new tab in a 6.3 billion euro ($7.1 billion) deal. Mediobanca is itself seeking to fend off an unsolicited bid from smaller rival Banca Monte dei Paschi (MPS) ( opens new tab, part of a complex web of interconnected Italian finance M&A deals. Mediobanca's board rejected the Tuscan bank's takeover bid, saying a tie-up would be detrimental to its shareholders because it lacked any strategic and financial rationale. The group of Italian investors, who signed a consultation agreement in 2018 on the most important issues regarding Mediobanca and collectively hold an 11.9% stake, stated in February that they agreed with the board's considerations. Under Nagel's leadership, Mediobanca has moved away from its historic role as a financial holding company and boosted its wealth management and consumer credit operations. It has been hunting a wealth management partner for years and had considered a bid for Banca Generali in the past, but no transaction ever materialised. Nagel has said he hopes that shareholder backing for the Banca Generali move would signal investors intend to reject Monte dei Paschi's proposal. Mediobanca and MPS have two major shareholders in common -- Italy's Del Vecchio and Caltagirone families, which have clashed with Mediobanca over their role as investors in Generali. Nagel has met Francesco Milleri, chairman of Delfin, the holding company of the del Vecchio family, and with Francesco Gaetano Caltagirone in recent days to discuss the bid for Banca Generali, the source said, adding he would meet institutional investors in London and New York this week and the next. The group of Italian investors who are part of the consultation agreement includes Italian asset manager Banca Mediolanum ( opens new tab, with a stake of 3.5% in Mediobanca. ($1 = 0.8902 euros)
Euronews
28-04-2025
- Business
- Euronews
Mediobanca launches bid for Banca Generali as M&A flurry intensifies
ADVERTISEMENT Italy's Mediobanca announced a €6.3 billion offer for Banca Generali on Monday, a bid that comes against a backdrop of intensifying banking consolidation in the country. Mediobanca is already the largest stakeholder in Assicurazioni Generali, the parent company of Banca Generali, holding around 13%. It said in a statement on Monday that it intends to finance the deal by selling this stock. A shareholder meeting will be held on 16 June to seek investor approval for the takeover. Under the leadership of CEO Alberto Nagel, the offer is the second attempt from Mediobanca to take control of Banca Generali, after a failed attempt in 2020. 'The combination of Banca Generali and Mediobanca…completes the transformation path embarked on by the Mediobanca Group more than a decade ago, when the gradual sale of its equity investments was accompanied by the launch of activities in Wealth Management, coupled with major strengthening in Investment Banking and Consumer Finance,' Mediobanca's Nagel said on Monday. Related Banking mergers are hot right now, but cross-border deals still face hurdles France's Crédit Agricole gains ECB nod to raise stake in Banco BPM In the same statement, the bank estimated that the deal would produce around €300 million in cost synergies. It added that the acquisition would double its wealth management revenues to €2bn and that net profit would increase fourfold to €800mn. Mediobanco's bid adds a 11.4% premium on Banca Generali's closing share price on Friday. Monday's announcement also comes as Mediobanca is itself fending off a takeover attempt from Banca Monte dei Paschi di Siena (MPS). Europe is seeing a wave of M&A activity as interest rates fall and lenders look for ways to diversify revenue streams. In recent years, high lending costs have also allowed banks to build up cash cushions, placing them in a stronger position to pursue these deals. Italy's Banco BPM launched an offer to buy asset manager Anima Holding late last year. Larger Italian bank UniCredit then proposed a takeover offer for Banco BPM , although the smaller lender argued that the proposition undervalued its business. Rumours have also hinted at a merger between Banco BPM and MPS.
