Latest news with #Poste
Reuters
22-04-2025
- Business
- Reuters
Sale of Italian payments company PagoPA to mint and Poste hits valuation snag, sources say
MILAN, April 22 (Reuters) - A dispute over valuation is complicating Italy's plan to sell PagoPA, which handles digital payments to the public administration, to the state mint and financial conglomerate Poste Italiane ( opens new tab, two sources close to the matter said. The prospect of PagoPA changing hands, even though it would remain under state-controlled entities, has alarmed Italy's crowded banking sector, which is grappling with increasing competition in the digital payment business. Under the plan, state-backed Poste - which over time has expanded beyond its core mail and parcel business into payments, broadband services and energy supply - would retain a minority stake in PagoPA. But Poste and the mint are questioning a 500 million-euro ($575.30 million) price tag pegged by Treasury adviser KPMG for the Treasury-owned company, the sources told Reuters, asking not to be named. The mint and Poste have obtained access to PagoPA's financial data for more clarity on its accounts amidst doubts over whether its business plan supports the valuation, the sources said. The involved parties were not immediately available for comment, or declined to comment. PagoPA, which this year has handled payments towards Italy's public administration worth 33 billion euros, is set to play a leading role in the Italian government's efforts to set up a digital wallet through the IO app. The app enables Italians to store both official documents, including proof of their digital identity to access public services online, but also payments. Italian banks fear Poste could use PagoPA to strengthen its position in the digital payments market as they deal with the increasing presence of tech giants such as Apple (AAPL.O), opens new tab Google owner Alphabet (GOOGL.O), opens new tab or PayPal (PYPL.O), opens new tab. The ballooning use of stablecoins, which are a type of cryptocurrencies designed to maintain a constant value, is also a factor of concern for European banks as they give people a means of payment for cross-border transactions, without the need for a bank account. ($1 = 0.8691 euros)
Yahoo
19-04-2025
- Politics
- Yahoo
Looking back at 'pioneering' U.S.-Canadian summits at SLU
Apr. 19—Since President Donald Trump took office for his second term in January, he has expressed a desire to annex Canada while imposing tariffs and creating a trade war. The situation has echoes of 1930 when the Smoot-Hawley Trade Act, designed to protect U.S. businesses and farmers, triggered a global trade war, hurting the U.S. and its trading partners, including Canada. The act may have exacerbated the Great Depression and relations between the U.S. and Canada were tinged with a growing sense of resentment. On July 1, 1935, C.F. Poste, manager of the St. Lawrence River Power Company in Cornwall, Ontario, was the guest speaker at the Massena Monday Luncheon Club. "The Canadians as a people like their American neighbors but have a feeling of resentment towards your government due to treaties, the American feeling of, 'We won the war' and the Chicago drainage canal," Poste told the gathering. Poste was referring to World War I. In 1914, Canada, then a self-governing dominion of the British Empire, joined the war with Great Britain. The U.S. entered the conflict in 1917. Figures from Veterans Affairs Canada reflect more than 66,000 Canadians and Newfoundlanders gave their lives in the war and more than 172,000 were wounded. The U.S. National Park Service reports that America suffered 53,402 battle deaths in World War I in less than six months of fighting. Another 63,114 died from accidents and disease. The Chicago drainage canal, aka, the Chicago Sanitary and Ship Canal, was completed in 1900. It was built to reverse the flow of the Chicago River, diverting water from Lake Michigan to the Illinois and Mississippi Rivers, leading to controversies regarding water usage and water levels on the Great Lakes and the St. Lawrence River. Following an April, 1930 Supreme Court ruling, management of the canal was turned over to the United States Army Corps of Engineers, which reduced the flow of water from Lake Michigan into the canal. Diversions from the Great Lakes system are now regulated by the binational International Joint Commission. "Canadians do not like the Chicago drainage canal situation, that is, as they claim, lowering the water in the St. Lawrence and the canals in this section. They feel that the government has ruled as to how much water may be diverted but that the rulings are note being held to," Poste said. 'Pioneering' gatherings Poste spoke in Massena about a month after a multi-day forum on Canadian-American relations was held at St. Lawrence University, Canton. The Carnegie Endowment for International Peace cooperated with Queens University, Kingston, Ontario, and SLU in sponsoring the gathering. James T. Shotwell, director of the division of economics and history of the Carnegie Endowment, opened the gathering by calling it "pioneering." "It is the first time in the history of Canada and the United States that representative citizens of both countries meet together to take stock of the fundamentals in their interrelationship in all the varied fields of intellectual, economic, social and political activity." He predicted the conference would be sort of a "town meeting" — but "a town meeting without authority, really a meeting of citizens of the North American community discussing in utter frankness ... varied points of view." The Carnegie conferences on relations between the two countries were repeated in 1939 and 1941. In 1936, a book was published on the 1935 conference. "So vast and so complex are these relationships that it seems almost incredible that no serious effort has ever been made to bring to their analysis an adequate measure of cooperative study and discussion," the book's preface states. Economic subjects were a main focus of the 1935 event, with tariffs, trade barriers and "migration" topping the list. John W. Dafoe, prominent Canadian editor, shared his belief that the U.S. must take the lead in world affairs "and thereby regain the moral leadership which he considered this country abandoned at the Paris Peace Conference after the world war was expressed," according to Times files. A conference planned at SLU for 1943 was scaled back because of World War II. In the decades since, SLU has continued to stress the importance of ties between the U.S. and Canada. As an example, the university offers a Canadian Studies Program. "In our program, we want you to experience Canada first hand. You'll learn from expert professors and think critically about international relations while gaining experience through research and independent study," the program's website advises. "Our faculty's connections with Canadian scholars ensure you'll hear from exceptional guest speakers as you develop a deep understanding of the country's geography, history, economy, politics and cultures."
Yahoo
01-04-2025
- Business
- Yahoo
Poste open to exploring Telecom Italia tie-up with Iliad, sources say
By Elvira Pollina and Giuseppe Fonte MILAN (Reuters) - Poste is open to discussions with Iliad over any potential tie-up between the French telecoms firm and Telecom Italia (TIM), three sources familiar with the matter said, in a move to consolidate Italy's telecoms sector. Financial conglomerate Poste is set to become TIM's single largest investor with a 24.8% stake after it agreed to buy an additional 15% holding from France's Vivendi. State-controlled Poste, whose businesses include energy, payments and phone services as well as mail and parcels, first became an investor in TIM in February with a 9.8% stake, replacing state lender Cassa Depositi e Prestiti (CDP). In announcing its further stake increase, Poste said it would play the role of long-term industrial partner at TIM, favouring synergies between Poste and TIM's businesses, as well as promoting the consolidation of Italy's telecoms sector. While no formal steps have been undertaken yet, Poste is open to exploring a potential tie-up between Telecom Italia and Iliad, the people said, asking not to be named. Iliad's entry into Italy six years ago spurred aggressive price competition in the retail telecoms market, especially in the mobile segment. Experts say that profit margins in the sector are too thin to finance the required investments. Any tie-up between Iliad, majority-owned by French billionaire Xavier Niel, and TIM would reduce the number of mobile network operators in Italy to three from four, and would need antitrust approval. Iliad, which has been pushing for consolidation in Italy, had approached the government about TIM, but Rome put any talk about a potential combination on hold, as Poste's investment took precedence, Reuters reported in February. In order for Italy to preserve a meaningful presence in TIM should it tie up with another telecoms firm, Poste first needed to boost its stake, sources had said before the stake increase was made official. Sign in to access your portfolio
Yahoo
31-03-2025
- Business
- Yahoo
Poste Italiane Now Runs Telecom Italia, and Deals Could Follow
(Bloomberg) -- After a decade under French control, Telecom Italia SpA now has an Italian state-backed group as its top investor — and it's one that wants to foster mergers and acquisitions in the telecoms market. Gold-Rush Fever Returns to Historic New Zealand Mining Town What Frank Lloyd Wright Learned From the Desert Bank Regulators Fight for Desks as OCC Returns to New York Tower These US Bridges Face High Risk of Catastrophic Ship Strikes Charter Schools, Colleges Push Muni Debt Distress Near Record Postal service Poste Italiane SpA this weekend became the phone company's biggest shareholder with a holding of nearly 25%, after purchasing the majority of a stake held by French media conglomerate Vivendi SE. Poste says the deal will support industry consolidation. It's a shape-shifting moment for a troubled carrier that was privatized nearly 30 years ago, and it comes at a time when governments from the US to Europe are taking a more active role in corporate affairs. It also comes as Iliad SA is seeking to shake up the Italian sector through M&A, possibly by combining its local unit with Telecom Italia. Government oversight could offer some advantages to Telecom Italia, which Rome views as a core national asset given the volume of sensitive data it handles and the strategic importance of its digital infrastructure. Prime Minister Giorgia Meloni's right-wing government has kept a close eye on companies it considers 'national champions,' and her administration has seen Poste as a natural fit for Telecom Italia. Still, whether state-backed Poste can succeed where private investors failed remains an open question. Telecom Italia has been a chronic underperformer for years, hobbled by a growing debt pile that forced the firm to last year sell off its landline network, its most valuable asset, in a deal valued at as much as €22 billion ($23.8 billion). Italy has one of the world's most competitive telecoms markets, already largely in the hands of foreign players. Domestic competitors include Swisscom AG's Fastweb — which last year bought Vodafone Group Plc's local unit — and CK Hutchison Holdings Ltd.'s Wind Tre SpA. Vivendi retains a 2.5% stake in Telecom Italia. The company's legacy as a former monopoly operator crippled it from the start through a complex mix of high labor costs and ever-higher investments. Partnering with Poste Italiane could breathe new life into Telecom Italia, possibly even giving it a chance to be a player in the next wave of sector moves. Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer Business Schools Are Back How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P. Sign in to access your portfolio
Reuters
29-03-2025
- Business
- Reuters
Poste Italiane in talks to buy part of Vivendi's TIM stake, sources say
MILAN, March 28 (Reuters) - Poste Italiane ( opens new tab is in talks with Vivendi ( opens new tab to buy part of its stake in Telecom Italia (TIM) ( opens new tab, in a move which would make the state-backed conglomerate the leading investor in the former phone monopoly, three sources close to the matter said. Last week, Vivendi cut its stake in TIM to 18.4% by selling a 5% holding in the former phone monopoly, in line with its earlier strategic decision to divest from the Italian telecoms operator. Poste, which in February became TIM's second-largest investor with a 9.8% stake, is considering raising its stake further and taking the driving seat at TIM as Italy's telecoms market is seen ripe for consolidation, Reuters reported in February. Poste is eyeing a stake of about 10% in TIM to add to its existing stake, said the sources who declined to be named given the sensitivity of the matter. Poste would need to remain under the 25% threshold that triggers a mandatory buyout bid under existing rules in any stake purchase, meaning Poste could take at most another 15% of TIM's ordinary share capital. The sources said talks are under way on the terms of a potential deal, with the aim of clinching an agreement before TIM's annual general meeting scheduled for the end of June. Vivendi, which is looking to get a premium from the sale, could also opt to initially keep a residual single-digit stake, two of the people said. Poste and Vivendi declined to comment. Il Sole 24 Ore daily reported earlier on Friday, Poste and Vivendi were talking about a potential stake deal. At current market prices, a stake of 10% in TIM is worth about 480 million euros. Poste, whose business spans traditional mail and parcel delivery to energy, insurance and phone services, became a TIM investor in February when it acquired the holding from Italian state lender CDP as part of a plan backed by Italy's conservative government led by Giorgia Meloni. Poste's further investment would come after TIM last year stabilised its finances by cutting debt through the sale of its landline grid to a consortium led by U.S. fund KKR under a government-backed plan. Italy's Treasury Junior Minister Federico Freni said earlier this week Poste would be a suitable partner for TIM when asked if the state-backed financial conglomerate could replace France's Vivendi as TIM's single largest investor.
