Latest news with #Nagel
Business Recorder
a day ago
- Business
- Business Recorder
ECB will keep doing all is needed to meet inflation goal, Nagel says
MILAN: The European Central Bank (ECB) will keep doing all that is necessary to complete its nearly accomplished mission on inflation, one of its top policymakers, Bundesbank President Joachim Nagel, said on Thursday. Annual euro zone inflation fell to 1.9% in May, from 2.2% in April, EU statistics office Eurostat said on Wednesday. Speaking at the Young Factor student conference in Milan to promote financial literacy, ECB Governing Council member Nagel said that bringing euro zone inflation to the 2% target was the best thing the central bank could do to promote economic growth. 'I guess this year we are coming close to our target, 2% on average, that is more or less mission accomplished,' the German central banker said, adding that the ECB has been shown to be good at using a wide range of tools to achieve price stability. 'We are now in the neutral territory of monetary policy,' he said. 'So I believe that we are on the right track when it comes to monetary policy. … We will do what is necessary, we did it in the past.' ECB has learned its lesson about ills of easy money, de Guindos says ECB Vice President Luis de Guindos, at the same conference, said the ECB would stick to a data-dependent, meeting-by-meeting approach to monetary policy given the high level of uncertainty linked to geopolitical developments. In Milan on Wednesday, ECB policymaker and Bank of Italy Governor Fabio Panetta said the ECB would retain a flexible approach, pointing to forecasts indicating that euro zone inflation would undershoot the ECB's 2% target for an extended period of time. Bank of Portugal Governor Mario Centeno said on Wednesday at the student conference that weak economic growth in the euro zone could prevent inflation from hitting the ECB's target. However, Nagel stressed that the ECB's mandate was solely price stability, so it did what it could within that remit, laying the ground for politicians to do the rest.
Yahoo
4 days ago
- Business
- Yahoo
Mediobanca's Banca Generali vote delay prevented possible defeat, sources say
By Gianluca Semeraro, Valentina Za and Giuseppe Fonte MILAN (Reuters) -Mediobanca's decision to delay the shareholder vote on its bid for Banca Generali prevented a likely defeat from shareholders who oppose the deal and have beefed up their holdings in recent weeks, four sources close to the matter said. On Sunday, Mediobanca said it would delay until September 25 the vote that had been scheduled for Monday. The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS. MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for the all required authorisations. Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition. Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow. But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said. That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue. The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said. JUDICIAL PROBE Opposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% and 7%, and can count on the support of UniCredit CEO Andrea Orcel. UniCredit, which faces government opposition to its own bid for Banco BPM, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front. Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio. Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank. That sale is being investigated by Milan prosecutors who are investigating how the process was handled. The sources said the vote postponement had also bought time to see how the criminal investigation unfolded. While Delfin Chairman Francesco Milleri has welcomed Nagel's efforts to promote change at Mediobanca, Caltagirone has criticised the Banca Generali deal saying he saw no value in it. The two are also some of the biggest shareholders in Assicurazioni Generali, Italy's biggest insurer, which owns private bank Banca Generali. By using its Generali shares as payment for the Banca Generali deal, Nagel hoped to win over Delfin and Caltagirone who have repeatedly criticised Mediobanca's influence over Generali. The three latest clashed in April when Generali shareholders picked a new board. At the time, following a last minute U-turn, UniCredit CEO Andrea Orcel sided with Caltagirone after amassing a 6.7% Generali stake. (Additional reporting by Giulio Piovaccari; editing by Barbara Lewis) Sign in to access your portfolio
New York Post
6 days ago
- Entertainment
- New York Post
'The Sperminator' Ari Nagel, 50, is retiring on Father's Day
Even the country's most prolific baby daddy believes in sperm limits. Father of 176, Ari Nagel, better known as 'The Sperminator,' is retiring from baby-making, effective this Father's Day, he revealed to The Post. The prolific papa – who spread his valuable seed to complete strangers for 17 years across 20 states, 10 countries and five continents – conceded that while he may feel invincible, his sperm is not. Advertisement 'It's best if they find someone younger – it's healthier. Better safe than sorry,' said Nagel, who turns 50 in August and recently began dating a 22-year-old he met at an art gallery. His much younger beau doesn't want her own children – and after years of abstinence to accommodate women's ovulation schedules with the highest possible sperm count, Nagel said he is ready to get back in the saddle in a relationship. 5 Ari Nagel, known as 'The Sperminator,' told The Post he is retiring from baby-making. Advertisement 'She probably has daddy issues, so she wanted America's dad,' he joked. The 6-foot-2, blue-eyed, CUNY Kingsborough math professor has five more bouncing bundles of joy due this year. His main draw is that he has never charged a woman for his donations, enabling them to avoid sperm bank costs, which can run into the thousands of dollars, as well as all the associated red tape. 'My legacy will never be money or fame – it's family,' said Nagel. He helped scores of women – single, lesbian, those hitched to impotent hubbies – who thought motherhood was off the table. Advertisement 5 Nagel flanked by three of his kids, Elijah, Zoe and Aria, named in homage to her dad, wearing matching t-shirts. The kids are now 10. Courtesy of Ari Nagel And he's done the deed — or at least handed off fresh seed — in a dizzying array of places, from Starbucks bathrooms and Nets games to the Port Authority bus terminal and 'lots of airports.' His first child, Ari Jr., was born in 2008 to a lesbian mom who posted an ad for a donor on Craigslist and wound up having sex with Nagel. 'We conceived the old fashioned way,' he said, adding that he tries to do the deed as 'quickly' as possible to reduce any lesbian's discomfort. 'I was many lesbians' first guy,' he said. Many of his spawn carry part of his name, such as Ari, Aria, Aacari, Khari, Arianna, Aries and Ariel. Advertisement 'It's an untraditional modern family,' said Nagel, who grew up as the middle of seven children in an Orthodox Jewish home in upstate Monsey. 'But in the end, it's more than just biology – it's about being present, which is part of the reason I'm retiring,' said the overworked dad who has more birthdays, ball games and graduations than he can count. 'Being a father is more than just about biological material — it's about showing up.' 5 Nagel surrounded by multiple baby mamas on 'Maury' — the Maury Povich Show. Courtesy of Ari Nagel Nagel — who is currently separated from his first wife with whom shares three children — briefly married five women across the globe during his donation spree, and stressed that the unions were never romantic or conventional – but for religious, legal or cultural reasons. And he's on the hook for child support for five different moms from his early donating days. He's on the hook for about half of his $100,000 annual salary, with the sums deducted from each paycheck. Comparing himself to father of 14 Elon Musk, Nagel quipped, 'I feel richer than Elon musk, even if my bank account doesn't show it.' Since The Post first broke the story of the hardest-working man in insemination in 2016 – following him into the bathroom of a downtown Brooklyn Target as he handed off his genetic material to a wannabe baby mama – Nagel has had his hands full. 5 Many of his spawn carry part of his name, such as Ari, Aria, Aacari, Khari, Arianna, Aries and Ariel. Jack Forbes / NY Post Design Advertisement At that point he had a relatively modest clan of 22 kids with 18 different women. Since then he battled with the Israel Supreme Court to legally donate, had his 50th child with an 18-year-old homeless baby mama, took a stint as a pitchman for a male fertility drug, and starred in a six-part web series for The Post. He's even had a baby born in the clink in 2017 to a mom who was accused by her jilted lesbian ex of kidnapping their own daughter, who they shared with Nagel – so getting used to cradle bars wasn't a big adjustment. 5 Nagel — who is currently separated from his first wife with whom shares three children — briefly married five women across the globe during his donation spree. Tamara Beckwith/NY Post Retirement will pay dividends for his love life, since Nagel conceded that his biggest concession all these years is 'abstinence.' Advertisement 'If someone is ovulating tomorrow, and I'm ejaculating today, the sperm count declines,' explained Nagel, who kvetched he was 'basically abstaining all the time because you never know when they're going to ovulate.' But throwing in the towel doesn't mean Nagel gets out of diaper duty. 'I have my hands full,' said Nagel. 'I never did this to see how many kids I can have. Every child added a new layer to my heart. Whatever I gave, I got it back in abundance.'
Yahoo
7 days ago
- Politics
- Yahoo
Lexington ‘No Kings' rally to remain peaceful amid anti-ICE protests in LA
LEXINGTON, Ky. (FOX 56) — Thousands of 'No Kings' rallies are expected to take place this weekend. More than 20 are planned in the Bluegrass, including Lexington. The protest will take place on Saturday at 12 at Lexington's Robert F. Kennedy Stephens Federal Courthouse Plaza. Lexington 'No Kings' rally to remain peaceful amid anti-ICE protests in LA Guilty verdict reinstated for Lexington father convicted of killing son on Father's Day Board approves proposed tuition increases at EKU, Murray State, WKU With anti-ICE protests making waves across the country, organizers of Saturday's protest are reminding everyone to keep it peaceful. 'It shouldn't be that hard to keep it peaceful here,' said organizer Annabel Nagel. 'We've held multiple of these rallies before right here in Lexington, and nothing has gone wrong.' By Saturday afternoon, the quiet plaza will transform into a sea of signs and voices with thousands of Kentuckians rallying against the current administration. 'We feel the need to step up anytime something goes wrong within our government, whether it be state or local; we want people to feel like they have a voice,' Nagel added. 'We want D.C. and the Trump administration to hear us and hear our concerns and know that we care and we are ready to get mobilized.' Kentuckians spend the 3rd highest share of their income on fast food Bill could make federal minimum wage $15: Kentucky among states paying less than that Kentucky sitting near bottom of rankings in environmental protection: Study Nagel said they're well aware of how protests have escalated in L.A., but said this one is built on non-violent principles. 'We're taking extra precautions to make it safe and everyone feels comfortable and nothing dangerous happens,' Nagel said. 'We have volunteers dedicated to safety and helping people cross roads, just making sure everything stays as legal and as calm as possible.' More than 2,000 people have already signed up, and while organizers hope for more, they understand the hesitation after what's happened in L.A. 'This is a fully peaceful protest. Everything we're doing is going to be legal. We have permits, and everything is in line with all of the organizers. They have experience; we've been through this before,' added Nagel. Congressman curses fellow lawmaker on House floor Democrats demand testimony from Noem over Padilla handcuffing Lexington 'No Kings' rally to remain peaceful amid anti-ICE protests in LA The Lexington Police Department stated that they are aware of events occurring across the country and are monitoring developments in Lexington. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
13-06-2025
- Business
- Yahoo
Mediobanca's Nagel bets on final makeover act to fend off Italian rival
By Gianluca Semeraro and Valentina Za MILAN (Reuters) -Mediobanca shareholders will vote on Monday on the final act of an overhaul its CEO Alberto Nagel began three decades ago to turn a bank born to fund Italy Inc's postwar reconstruction, into its No. 2 wealth manager. To stave off a hostile bid from state-backed Monte dei Paschi di Siena (MPS), Nagel in April proposed buying private bank Banca Generali. His plan, part of a game of chess to reshape Italian finance, crucially involves severing Mediobanca's historic ties with the target's owner, insurance giant Assicurazioni Generali. It is a bold bet to protect Mediobanca's independence and Nagel's own legacy at a pivotal time for Italian banking. The 60-year-old keen off-piste skier and tennis fan, joined Mediobanca in 1991, dedicating his entire career to the bank. He began his quest to transform Mediobanca at the end of that decade when he managed to convince co-founder Enrico Cuccia that Mediobanca should start managing the money its clients pocketed from transactions Nagel handled as head of investment banking. Made CEO in 2008, Nagel set out to steer the bank away from its role as the lynchpin of Italian capitalism, sitting at the heart of an intricate web of corporate shareholdings. "That role was necessary when Italy's capital market was small and closed," Nagel told Reuters last week. "Once outside capitals started flowing in, and the big foreign banks arrived, I knew Mediobanca had to transform," he said, speaking at the bank's headquarters, a 16th century aristocratic mansion nested behind Milan's La Scala opera theatre. Now, Nagel is marketing the proposed 6.3 billion euro Banca Generali deal using a 13% stake in its parent Generali as an alternative to the MPS offer, betting it could render Mediobanca too big for its smaller rival to swallow. THORN IN THE SIDE He also hopes it will allow him to win over two investors who have long been a thorn in his side and are now backing MPS' takeover attempt - Delfin, the holding company of late Ray-Ban owner Leonardo Del Vecchio, and construction tycoon Francesco Gaetano Caltagirone. Both, who are also major Generali shareholders, have repeatedly clashed with Nagel and accused him of relying excessively on income from the insurer while holding back its growth, which Nagel rejects. In the latest twist of the years-long confrontation, Delfin and Caltagirone have recently become the top shareholders in Mediobanca's suitor MPS. Nagel, who used to drive a Fiat Panda, rarely gives interviews and generally keeps a low profile, has come to embody the understated power and influence of the institution whose identity he is now fighting to preserve. Though one of his first moves as CEO was to secure retail funding for a bank that had no depositors, and he has steadily grown the lender's consumer finance business, Nagel sees a culture clash in a tie-up with a commercial bank like MPS. Still, he broke with Mediobanca's past in 2013, outlining plans to sell all of its corporate holdings except for the Generali stake, and to expand the investment banking business abroad, eventually buying up boutiques such as London-based Arma Partners. The wealth management business, meanwhile, progressed only slowly, taking off in earnest only in 2015-2016 when Mediobanca bought out its partner in a joint venture and made a series of acquisitions. Nagel hunted for years for a wealth management target, but the sector commanded big valuations and returns from the Generali stake he would dispose of to fund a deal were hard to match. Banca Generali would boost wealth management to account for 45% of revenues, from a quarter at present, and 50% of profits from one fifth now. "We'll achieve what would have otherwise taken us eight to 10 years," Nagel said when presenting the deal. Monday's vote will show whether his bank can ward off MPS and make that leap, but he can already count on some investors. "Mediobanca swapping the (Assicurazioni) Generali shares for Banca Generali is such a tectonic shift," said Cole Smead, CEO of Arizona-based Smead Capital Management, who welcomed the plan as an overdue modernisation of Mediobanca's capital structure. "They're cutting the umbilical cord, for us that's a good thing," Smead said. ($1 = 0.8753 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
