Italy Nears Decree on $216 Billion in Guarantees to Companies

Italy is finalizing new measures aimed at providing liquidity to companies, Treasury Minister Roberto Gualtieri said.

The government will guarantee loans of up to 800,000 euros at 100%, and will boost guarantees to 90% on another 200 billion euros ($216 billion) in loans, Gualtieri said in a televised comment on Rai TG1. Companies will be able to seek bank loans for as much as 25% of their revenue, and those new benefits could be combined with the other measures the government is studying to help Italian businesses.

Read More: Why the Fate of Milan Will Be the Fate of Italy (1)

Prime Minister Giuseppe Conte is working on a new decree to further boost liquidity for businesses, while another package later this month will include emergency income for people trapped in the so-called underground economy.

The government is deploying at least 25 billion euros in new economic aid after an initial stimulus package approved in March for the same amount. The Italian daily La Stampa said earlier Saturday that the liquidity decree will be approved by Monday.

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ISA warning: Tomorrow is the last day that allowances can be used before resetting

ISAs allow people to save money in a tax efficient manner but the government impose strict rules for them. To open an ISA, a person must be at least 16 years old and reside in the UK and deposits must take place within the tax year.


  • ISA limits: How much is the tax free allowance?

There are four type of ISA and each one has slightly different features.

A person can split the £20,000 limit among the different types or put all of their savings in a single account.

Currently it is possible to open cash, stocks and shares, innovative finance or lifetime ISAs.

It is generally advisable to put as much money as possible in ISA accounts to take advantage of their benefits.

However time is running out to do this before the allowance is reset, leaving any unused allowances lost.

ISA allowances reset as the new tax year starts on 6 April.

This means that tomorrow is the last day that money can be put inside these accounts for the current tax year.

It’s important to note that unused allowances cannot be carried forward to the following tax year.

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As the new tax year starts it also presents opportunities to open new accounts.

Fortunately consumers have plenty of options to turn to for opening an account.

It is possible to open ISAs with banks, building societies, stock brokers and several other financial institutions.

Providers will likely have differing rules and procedures for opening accounts so they should be contacted directly for guidance.


  • Pension & ISA deadline looms: Change urged amid coronavirus crisis

It is possible to transfer ISAs from one provider to another to take advantage of better rates or terms.

The state detail that if a person wants to transfer money they’ve invested in an ISA during the current year they must transfer all of it.

On top of this, money saved in previous years can also be partly or completely transferred.

However, transfer Lifetime ISA transfers could trigger a withdrawal fee of 25 percent.

To transfer ISAs the providers involved will need to be contacted. A transfer form will need to be completed but it should be noted that transfers will not happen instantly.

Generally, it will take up to 15 working days for cash ISA transfers to be completed and up to 30 for other types.

ISAs are generally easy to set up and manage but if the holder moves abroad their options will be limited.

If an ISA holder moves abroad they will no longer be able to contribute money to their accounts.

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Oil’s Stunning Demand Collapse Threatens Closures Everywhere

In this article

The survivors of oil’s last crash were the lowest-cost producers. But the crisis engulfing the industry now is so fast, the same rules don’t apply.

From the shale patch of Texas and the oil sands of Canada to the plains of Siberia, production of at least one in every 10 barrels around the world is likely to be shuttered as demand is shredded by the coronavirus pandemic. Cost won’t be the ultimate arbiter for producers this time, because as the International Energy Agency says, “there could soon be no place for their oil to go.”

Every imaginable space — from tanks and pipelines to rail cars — is filling to the brim. It’s a key reason that pressure is building for an output cut by OPEC and other producers at their meeting next week, though even the 10 million barrels a day of curbs that’s been touted may not be enough. Only those who can find a place to shelter their unwanted crude are likely to remain standing.

“It’s important to think about who’s going to shut in. It’s all dictated by logistics and where you sit in these major pipelines around the world,” Jeff Currie, head of commodities research at Goldman Sachs Group Inc., said in a Bloomberg television interview. “It’s going to be Russia, the U.S., Canada and parts of Latin America where you see the real damage.”

Staggering Destruction

The rout in demand is staggering. With large swathes of the global economy shut down to tackle the virus pandemic, with no idea of how long it’ll continue, some oil traders are estimating an unprecedented 35 million barrels a day destruction in oil use.

Even if OPEC and other producers agree to a 10 million barrels a day of output cuts — in itself a mammoth undertaking — the IEA estimates 15 million a day of stockpile would still build up.

When oil last collapsed five years ago it was America’s shale producers who took the immediate hit because of their sensitivity to price swings, and the nation’s industry is set to be battered again. Pipeline operators have asked drillers in Texas to ratchet back output.

This time round everyone is sharing the pain. About 7 million barrels of daily output due to be shipped next month by a range of exporters is “homeless,” with “literally nowhere to go,” consultant JBC Energy GmbH estimates.

Production is starting to buckle everywhere.

IHS Markit expects as much as 10 million barrels a day of output to be shut-in from April through June as storage fills up. In Canada, Athabasca Oil Corp. suspended some oil sands operations and Suncor Energy Inc. said last month it will partly shut some of its fields.

Brazil’s Petrobras is paring production by 200,000 barrels a day. Landlocked Chad in Africa has halted two fields, and Ecuador, Citigroup Inc. said, “isn’t able to sell its crude anywhere to anybody.”

Producers who are operating offshore, or have access to coastal terminals, possess the widest options to reroute their barrels and will be the most “immune,” Goldman’s Currie said. Those “sitting behind thousands of miles of pipe” are the most exposed.

Russia Vulnerable

Russia, despite having helped initiate the global price war, is among those particularly vulnerable to its fallout. As sales from ports and its Druzhba pipeline melt away, the country could be incapable of selling about 1 million barrels a day of its output, according to Ed Morse, head of commodities research at Citi.

Neighbors such as Kazakhstan and Azerbaijan, both far away from their customers, face “severe offtake issues,” said David Wech, an analyst at JBC Energy in Vienna.

While logistics are critical, oil’s collapse is simply making some production unprofitable. At $25 a barrel crude, about 5% of global production is losing money, according to the IEA.

Companies are also slashing spending. BP Plc will invest less in its U.S. shale operations this year as it looks to reduce expenditure by about $5 billion, lowering production. Some North Sea fields just aren’t economical at current oil prices.

“In the short-term, low prices will decrease supply by incentivizing reduced production,” said Paul Horsnell, an analyst at Standard Chartered Plc.

Emerging Winner

Amid the carnage, there may still be a winner. Saudi Arabia, OPEC kingpin and the main architect of the bruising price war, can pump crude from its vast fields at less than $10 a barrel. It also has access to plentiful storage around the world — from Egypt to Japan.

Riyadh is flooding the market with crude as it threatens to pump at record high levels, contributing to oil’s rout and forcing producers to consider an output agreement.

The kingdom is convening an emergency online gathering of the OPEC+ coalition on Monday. The meeting is open to producers worldwide, including the U.S. If America were to join coordinated production cuts, that would be an unprecedented move away from the country’s free-market ethics.

But there are no guarantees that a deal can be reached. And even if an expanded alliance is made and the currently discussed 10 million barrels a day of cuts are agreed, it would ultimately be insufficient in the face of such an enormous glut.

“The market is going to be shutting stuff down whether you like it or not,” said Jan Stuart, global energy economist at Cornerstone Macro LLC. “That horse has left the barn.”

— With assistance by Alix Steel, and Javier Blas

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The US just recorded the highest single-day death toll in the world

  • The US recorded 1,321 deaths of the coronavirus between Thursday and Friday, statistics site Worldometers reported.
  • This is the highest single-day death toll recorded by any country in the world.
  • New York, the worst-hit state in the country, also reported its highest single-day rise in deaths on Friday.
  • The previous record for the world's highest single-day death toll was held by Spain, which reported 950 COVID-19 deaths on Thursday.
  • Visit Business Insider's homepage for more stories.

The US recorded some 1,300 new coronavirus deaths between Thursday and Friday, the highest single-day death toll reported by any country in the world.

The US saw 1,321 new deaths on Friday, according to statistics site Worldometers, which took the recording at 12 a.m. GMT+0 Saturday, or 8 EDT Friday.

A total of 7,392 people have now died of COVID-19 in the US, Worldometers said.

Meanwhile, according to Johns Hopkins University — which tracks global cases using different sources, including Worldometers — there were 7,159 US deaths as of Saturday morning. The exact number may differ as both sites record data at different times.

Many of the new US deaths took place in New York, the worst-hit state in the country. It saw 562 new coronavirus deaths on Friday, its highest single-day rise in deaths, The Wall Street Journal reported.

COVID-19 spread globally

The record for the highest single-day death toll in the world was last held by Spain, which on Thursday reported 950 new deaths from COVID-19. Spain is the second-most infected country in Europe. Italy is the first.

Even at its peak, China — where the coronavirus broke out last December — officially reported 150 new deaths in a single day, on February 23.

Do you have a personal experience with the coronavirus you’d like to share? Or a tip on how your town or community is handling the pandemic? Please email [email protected] and tell us your story.

And get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.

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Trump’s Do-What-My-Experts-Say-Not-As-I-Do Pandemic Response Ready For More Golf

WASHINGTON ― Even as health experts were warning against large gatherings, President Donald Trump hosted a fundraising dinner for 900 and a birthday party in honor of his son’s girlfriend for 200 at his private Florida resort.

As mayors and governors began ordering nonessential businesses to shut down, Trump’s hotels and golf courses continued to solicit customers.

And as all Americans are advised to stay at least 6 feet away from one another, Trump appears ready to hit the golf course, forcing his staff to again work in close proximity to one another.

It would be the latest example of Trump’s do-what-my-experts-say-not-as-I-do response to the deadly coronavirus pandemic, which to this day has the president conducting daily press briefings on a crowded podium and casually touching co-participants as they pass.

“He has consistently failed to lead by example in this crisis and is continuing to do so,” said Jeremy Konyndyk, who worked on the 2014 Ebola response under then-President Barack Obama. “And that sends a bigger signal to his followers than anything he reads off a TelePrompTer.”

When Trump will resume playing golf is unclear. He has not played a round since March 8, during his last weekend trip to Mar-a-Lago, his Palm Beach, Florida, resort. But the Secret Service recently signed an expedited contract to rent 30 golf carts in Sterling, Virginia, where Trump owns a golf course.

Under the contract terms, taxpayers will spend $45,000 over the next six months. A Secret Service spokesman said the agency does not comment on activities pertaining to people it protects.

Traveling via presidential motorcade to Northern Virginia would force dozens of agents and other White House employees to work close to one another ― just as hundreds of them had to in support of Trump’s visit to Norfolk, Virginia, last weekend for a photo opportunity at the departure of a Navy hospital ship on its way to New York City. Secret Service agents; members of the White House advance team; staff from the White House medical unit, communications agency and military office; and more had to travel and work within 6 feet of each other, against guidelines from the Centers for Disease Control and Prevention, to support the day trip where Trump gave a 15-minute speech and then waved goodbye as tugboats pulled the 900-foot U.S.N.S. Comfort from her berth.

“Those people are all working in close proximity to one another,” said a former White House advance team member on condition of anonymity. “It’s a big operation.”

Trump’s last golf weekend in Florida coincided with two large functions that he hosted at Mar-a-Lago, his for-profit club. A 900-person campaign fundraising dinner on Friday, March 6, was followed the next night by a 200-guest birthday party for Kimberly Guilfoyle, the girlfriend of his eldest son and an adviser to his reelection campaign. Those events took place even though public health experts were already advising against large gatherings and urging elderly people to avoid contact with others entirely.

“Whether it’s a matter of national security, economic prosperity or public health, President Trump has consistently placed his own personal interests ahead of the national interest,” said Ned Price, a former CIA analyst and a National Security Council spokesman under Obama.

Neither the Trump campaign, which organized the fundraising dinner, nor the Trump Organization, which handled the birthday party, responded to HuffPost queries.

The Trump Organization, the profits of which flow entirely to a trust benefiting only Trump, appeared to continue collecting fees for buildings it manages and keeping its golf courses and hotels open to the extent possible under local closure orders.

According to a report by Spectrum News NY1, residents of a luxury apartment building in Manhattan were asked for April’s monthly fees early because of the coronavirus and warned that late payments would be subject to penalties.

And while many Trump resorts ― such as Doral near the Miami airport ― were ultimately forced to close, the golf club in Sterling for which the Secret Service rented the carts remains open. On Thursday morning, it posted a photo of a tee along the Potomac River with the message: “The perfect social distancing view and sport at @trumpgolfdc!”

While many public parks in Virginia have closed following Gov. Ralph Northam’s executive orders, private courses are not required to shut down, so long as groups do not gather in numbers exceeding 10 and clubhouses and restaurants on site are not open.

“He’s a hindrance to the effort,” said Juliette Kayyem, who helped handle the responses to the 2009 H1N1 flu outbreak and the British Petroleum oil spill in Obama’s Department of Homeland Security and now lectures on emergency management at Harvard College. “To be successful, we should stop hoping he changes and start figuring out fail-safe systems to protect ourselves and minimize harm.”

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Former CBS CEO Joseph Ianniello Earned $125M For 2019

Proxy season is upon us as ViacomCBS said Friday that former CBS CEO Joe Ianniello earned $125 million for 2019, according to its annual  filing with the SEC. He left the newly merged company in January.

The figure includes $84 million for changes in his employment agreements with the company last year.

ViacomCBS CEO Bob Bakish earned $8.4 million. That included a base salary of $230,769, a bonus of $3.1 million and stock awards totalling close to $5 million. His annual target compensation – which can change – going forward is about $31.5 million, including $3.1 million in base salary, a $12.4 million bonus and stock grants worth $16 million.

Ianiello’s base salary was $2.8 million plus stock awards for $37 million and that “other” compensation of $84 million. For 2018, he earned $27.4 million. He became acting CEO of CBS after Les Moonves left in September of 2018.

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As executive pay numbers for 2019 start to arrive, they will be hitting a very unusal time where chief executives and upper management have recently been foregoing or slashing salaries (Bob Iger and Bob Chapek at Walt Disney) in the midst of the coronavirus pandemic or donating them to charities (Brian Roberts of Comcast). The sudden, steep loss of revenue has resulting in companies laying off or furloughing thousands of workers.

The $84 million paid Ianiello was for additional payments to Ianniello, relating in part to a signing bonus in April of 2019, when he became CBS CEO (no longer acting) and a termination agreement included in his contract when it was amended again later last year. In December, he was named CEO of CBS Entertainment within the merged company with a contract that ran through March of 2021. But he left the next month as ViacomCBS hired George Cheeks for the job.

The proxy statement was filed ahead of the annual meeting of shareholders to be held in May, which ViacomCBS said may become a virtual event given uncertainties created by the coronavirus pandemic.

Proxies list the salaries of the top five highest paid executive officers of a company. ViacomCBS’ situation is more complicated since it only became a single entity in December so it listed two sets of executives.

For ViacomCBS other executive officers listed were CFO Christina Spade ($9.4 million), Richard Jones, EVP and general tax counsel ($3.2 million) and Nancy Phillips, EVP and chief people officer ($3.1 million).

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