{"id":1995121,"date":"2023-08-09T07:42:02","date_gmt":"2023-08-09T11:42:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/italian-banks-recover-after-government-caps-windfall-tax\/"},"modified":"2023-08-09T07:43:19","modified_gmt":"2023-08-09T11:43:19","slug":"italian-banks-recover-after-government-caps-windfall-tax","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/italian-banks-recover-after-government-caps-windfall-tax\/","title":{"rendered":"Italian banks bounce back after government limits windfall tax."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fitalian-banks-recover-after-government-caps-windfall-tax%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1995121&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Italy Caps Windfall Tax on Banks, Boosting \u200cFinancial Stocks<\/h2>\n<blockquote>\n<p>By Alvise Armellini and Valentina Za<\/p>\n<\/blockquote>\n<p>Italy\u2019s government has implemented a surprise windfall \u200ctax on profits generated by the country\u2019s \u2063banks, but has now capped its\u200b impact, leading to a recovery in financial stocks. The tax, which targets profits made on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives\/\" title=\"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives\">higher interest rates<\/a>,\u200d will not exceed \u20640.1% of the banks&#8217; total assets, according to the economy ministry.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>This <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/italian-banks-recover-after-government-caps-windfall-tax\/\" title=\"Italian banks bounce back after government limits windfall tax.\">unexpected announcement caught<\/a> the market off guard, damaging confidence and raising\u2064 concerns about similar measures across Europe. However, analysts at UBS estimate\u200d that the capped tax will have an aggregate impact of 1.9 billion euros ($2.1 billion), significantly lower than the initial projections of below \u200b3 billion euros.<\/p>\n<p>Italian banks, including Intesa\u2062 Sanpaolo, Banco BPM, UniCredit,\u200c and FinecoBank, experienced a rebound in their share prices following the \u200dnews. UBS predicts that Italian retail banks may face an &#8220;earnings erosion&#8221; ranging from 6% for UniCredit to 15-16% for Banco BPM.<\/p>\n<h3>Government Stands\u200c by\u2064 the Measure<\/h3>\n<p>The conservative \u2064government, led by Prime Minister Giorgia Meloni, \u2062had previously considered a bank tax but appeared to have abandoned the idea. The decision to implement the windfall tax came as a surprise\u200b even to ministers attending a cabinet meeting. \u2062Despite initial \u200dmarket jitters,\u2063 government officials defended the measure, \u2062accusing banks of profiting excessively from interest rate \u200dhikes.<\/p>\n<p>Deputy Prime Minister and Infrastructure Minister \u200bMatteo Salvini \u2063stated, &#8220;Redistributing a small part of these profits is\u200b economically and socially\u200c justified.&#8221; The government plans to use \u200dthe tax \u2064proceeds to assist mortgage holders, low-income individuals, and\u2063 those with small pensions.<\/p>\n<p>($1\u2063 = 0.9113 euros)<\/p>\n<p>  (Reporting by Alvise Armellini and Francesca Piscioneri, Writing \u2062by Valentina \u2062Za and\u2064 Keith Weir; Editing\u200c by Alexander Smith and \u200cMark Potter)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/italian-banks-recover-after\/attachment\/file-photo-illustration-shows-intesa-sanpaolo-bank-logo-and-decreasing-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>President Biden Highlights Climate and Conservation Efforts<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Allegations of Vaccine Discourse Censorship Against \u200cBiden Administration<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Trump Supporters Gather in New Hampshire to Hear from the Former President<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Make America Great Again \u2064Inc. 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The economy ministry clarified that the tax would be capped at 40%, easing concerns from the previous session.<\/p>\n","protected":false},"author":66,"featured_media":1995122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1995121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1995121"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1995122"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1995121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1995121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1995121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}