2023-08-11 09:45:20
Italy taxes banks’ superprofits: A surprise measure…
The government of Giorgia Meloni announced on Monday August 7 that it wanted to introduce an exceptional tax on the profits of banks, which benefit from high interest rates. Before correcting the situation on Tuesday evening before the falls of banking establishments on the stock market.
The Deputy Prime Minister, Matteo Salvini, announces the creation of a 40% tax on the “surplus profits” of “billions” of euros from the banks. The right-wing and far-right government coalition wants to offset the cost to households and businesses of the ECB’s interest rate hike.
“The cost of money has increased,” laments the vice-president of the Council, Matteo Salvini. According to him, this increase has also significantly increased the profits of banks and hurt their customers, who bear the full brunt of the increase in their borrowing rate. “It is not a question of a few handfuls of millions, but of a few billion euros made by the banks”, insists Matteo Salvini, boss of the League, a far-right party, member of the government coalition.
Meloni thus intends to mobilize funds with a view to drawing up the budget for 2024. The revenue from this tax must be paid into a fund intended to finance measures aimed at reducing the tax burden on households and businesses.
Oil: Brent falls to 86.17 USD
Crude prices edged higher on Tuesday after initially losing ground, weighed down by concerns over Chinese demand following the release of trade data in the country.
A barrel of Brent crude from the North Sea, for October delivery, gained 0.97% to USD 86.17 after dropping more than 1% in the session. Its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in September, rose 1.19% to 82.92 USD while it lost the same amount earlier in the day. The US dollar, which had risen sharply during the day (up to +0.58%) also lost ground and only advanced by 0.38% at the time of the close of crude prices. This slight weakening also helped the course change direction. An appreciation of the US currency discourages oil purchases, while a weaker USD strengthens demand.
« Boeing »: Over 300 aircraft books
The American aircraft manufacturer Boeing has delivered 309 planes since the beginning of the year, including 243 copies of its star plane, the 737 MAX, which more or less corresponds to all of the group’s deliveries, all models combined, over the same period of the previous year. Between January and July 2022, the group had indeed delivered 242 aircraft in total. In 2023, in July alone, Boeing handed over 43 planes to their owners – including 33 of the 737 32 MAX and one in the P8 military version – and ten jumbo jets (three 767s, three 777s in cargo version, four 787s) , according to data published Tuesday, August 8 on its website. During the presentation of its results for the second quarter, on July 26, the management of the group had confirmed the delivery objectives for the whole of the current financial year: 400 to 450 for the 737 and 70 to 80 for the 787. The group also confirmed that the monthly production rate of the 737 continued to increase to soon reach 38 aircraft (compared to 31 previously), with still the intention of increasing it to 50 per month by 2025-2026. For the 787, the project is to increase to 10 at the same time (5 per month at the end of 2023). After a month of June boosted by the Bourget air show, near Paris, which enabled it to post historical net monthly orders (288), Boeing recorded 52 orders in July (gross and net) including twelve 737 MAX, a 777 in cargo version and 39 copies of the 787 from the Saudi company Saudia. Since the beginning of the year, the aircraft manufacturer has received orders for 579 aircraft gross and 467 net (excluding cancellations and conversions). At the end of July, the order book reached 5,588 aircraft.
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