The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
-Intesa CEO@ (Adds comments, details)
TURIN, Italy, April 30 (Reuters) - A rescue plan for Italy's Carige by U.S. asset manager BlackRock would allow a fund financed by Italian lenders to take part in a cash call at the Genoa-based bank, the chief executive of Intesa Sanpaolo said on Tuesday.
Carlo Messina said the BlackRock proposal was consistent with a restructuring plan drafted by Carige's temporary administrators which allowed the Italian banking fund to take a stake by converting debt into equity.
Italian banks propped up Carige in November by buying a 320 million euro hybrid bond to beef up its total capital via the voluntary-contribution arm of a depositor guarantee fund.
Messina told shareholders that Intesa indirectly held 25.3 percent of that bond through the fund.
"It appears the deal proposed by BlackRock is in line with the relaunch plan drawn up by the bank's commissioners," Messina said at Intesa's annual general meeting.
The European Central Bank (ECB) appointed temporary administrators to run Carige at the start of the year after the top shareholder in Italy's 10th-largest bank in December blocked a 400 million euro cash call.
The cash call was part of an industry-financed rescue that would have seen lenders convert the 320 million euro bond.
The commissioners are now looking for a buyer to fill a capital shortfall which has swelled to 630 million euros.
However, sources have said the BlackRock plan may envisage an even bigger cash call to build up a capital buffer.
The ECB has extended until mid-May a bid deadline to give more time to BlackRock, the only known potential buyer through one of its funds specialising in restructuring. (Reporting by Gianluca Semeraro, writing by Valentina Za, editing by Maria Pia Quaglia and Alexander Smith)