The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
(Adds quotes, background)
July 12 (Reuters) - Italy's biggest builder, Salini Impregilo, expects to receive state and bank support by Monday for its "Project Italy" plan to revive the moribund construction industry, starting with a takeover of rival Astaldi .
Salini wants to become the cornerstone of an industry consolidation, aiming to secure the backing of sovereign fund Cassa Depositi e Prestiti (CDP) and commercial banks for a plan that would use mergers to create a national champion.
Salini chief financial officer Massimo Ferrari told reporters on Friday he expected to receive commitments from CDP and banks to back two funding operations totalling 1.5 billion euros ($1.69 billion) which would underpin the plan.
The first would be 900 million euros in bank loans to be shared by Salini and Astaldi, followed in October by a 600 million euro ($675 million) share issue by Salini, with both required to pull off a successful takeover of Astaldi.
About 120,000 building firms have gone bust in Italy over the past 11 years, hurt by rising indebtedness, weak infrastructure spending and a lack of global heavyweights able to compete as head contractors on major projects.
Astaldi, the country's second largest builder behind Salini, is under bankruptcy protection. Salini also has heavy debts and fears that a failure of Astaldi could harm its own business, given both are partners in some major projects.
"The fundamental point is (to keep alive) the contracts, both in the country's interest and our own," Ferrari said.
"The contracts have multiple participants, some in profit and others not, but we need to make sure that the contracts go ahead."
Salini shares were down 2.3% in afternoon trade, while Astaldi shares were broadly unchanged. ($1 = 0.8886 euros) (Editing by Mark Bendeich and Louise Heavens)