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Monte dei Paschi launches €13bn takeover offer for Mediobanca

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Monte dei Paschi launches €13bn takeover offer for Mediobanca

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Monte dei Paschi di Siena has launched a €13.3bn takeover offer for larger rival Mediobanca in a move that would shake up Italy’s banking sector.

The offer, announced on Friday, values Milanese group Mediobanca’s shares at €15.99 each, a 5 per cent premium to their closing price on Thursday.

Tuscany’s MPS has a market capitalisation of about €9bn while Mediobanca’s equity is worth €12.7bn.

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The move by MPS comes at a crucial time in the Italian banking sector with a series of mergers and acquisitions under way that would reframe the country’s financial sector.

MPS said in a statement that it expected a tie-up to generate €700mn a year in pre-tax synergies. The deal “aims to deliver significant profitability levels and to maintain a solid capital position”, it added.

Under the terms of the offer, Mediobanca investors would receive 23 new shares in MPS for every 10 Mediobanca shares they hold.

The Italian government, which bailed out MPS in 2017, remains the bank’s largest shareholder but has reduced its stake over the past year as the shares more than doubled in value following a turnaround led by chief executive Luigi Lovaglio.

In the latest stake sale in November it sold shares to Delfin, the billionaire Del Vecchio family’s holding company, and Roman building tycoon Francesco Gaetano Caltagirone, whose son now sits on MPS’s board. Delfin has since tripled its stake to just under 10 per cent while Caltagirone holds 5 per cent.

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The Del Vecchios and Caltagirone are also the largest shareholders in Mediobanca, with combined stakes of close to 30 per cent, and have been at odds with its chief executive Alberto Nagel for years.

The Italian government had hoped to merge MPS with Banco BPM to create a domestic banking champion to compete with larger rivals Intesa Sanpaolo and UniCredit.

But those plans were thwarted after UniCredit, which is also pursuing a merger with German rival Commerzbank, launched a “hostile” takeover offer for Banco BPM in November, which BPM is attempting to fend off.

The upheaval also extends to the country’s insurance and asset management sectors. Banco BPM has launched a takeover offer of its own for local asset manager Anima.

Meanwhile insurer Generali, where Mediobanca is the largest shareholder, announced this week that it was joining forces with France’s Natixis to create a European asset management giant. The move was criticised by Rome which raised concerns over the possibility of Italian savings being managed abroad and the risk of capital flight from the country.

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Video: Runaway Emu Leads Sheriff’s Corporal on 45-Minute Chase

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Video: Runaway Emu Leads Sheriff’s Corporal on 45-Minute Chase

new video loaded: Runaway Emu Leads Sheriff’s Corporal on 45-Minute Chase

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Runaway Emu Leads Sheriff’s Corporal on 45-Minute Chase

An emu named Tina escaped from a farm in Florida last Friday. Body camera footage captured a sheriff’s office corporal chasing the large bird and eventually putting it in handcuffs.

I’ll be honest with you, I’ve never handcuffed an emu before, but they’ll fit around his legs and that’ll keep him from kicking. In you go. There you go. Oh, look — look who’s got you now. Don’t move, don’t move. Not yet, not yet, not yet. Don’t look at me that way — hey, hey, don’t bite me. Don’t even think about it. Don’t do it. Are you done resisting? I don’t want to have to charge you. Don’t talk back to me. Now you’re behaving, aren’t you? Secured.

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An emu named Tina escaped from a farm in Florida last Friday. Body camera footage captured a sheriff’s office corporal chasing the large bird and eventually putting it in handcuffs.

By Jorge Mitssunaga

January 15, 2026

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Trump threatened to invoke the Insurrection Act (again). What is it?

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Trump threatened to invoke the Insurrection Act (again). What is it?

Law enforcement officers stand amid tear gas at the scene of a shooting Wednesday in Minneapolis.

Adam Gray/AP


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Adam Gray/AP

President Trump on Thursday threatened to invoke the Insurrection Act to suppress protests in Minnesota, a week after an ICE agent fatally shot a 37-year-old Minneapolis woman. 

The shooting death of Renee Macklin Good sparked protests nationwide against ICE’s continued presence in Minnesota and across the country. 

Protesters were further incensed on Wednesday evening when ICE agents in Minneapolis shot a Venezuelan immigrant in the leg during an attempted arrest. 

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Writing on Truth Social, Trump said: “If the corrupt politicians of Minnesota don’t obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of I.C.E., who are only trying to do their job, I will institute the INSURRECTION ACT, which many Presidents have done before me, and quickly put an end to the travesty that is taking place in that once great State.”

The act is one way the president can send troops to states to restore law and order. But unlike in Trump’s National Guard deployments in 2025, the Insurrection Act would allow armed forces to carry out law enforcement functions, such as making arrests and conducting searches.

The law could open the door to significantly expanding the military’s role in quelling protests, protecting federal buildings and carrying out immigration enforcement, which some of Trump’s aides have suggested he do.

Since Thomas Jefferson signed it into law in 1807, the Insurrection Act has only been invoked about 30 times. The last instance was over three decades ago. During his second term, Trump has repeatedly brought up the idea of invoking the statute.

“If people were being killed and courts were holding us or governors or mayors were holding us up, sure I’d do that,” he told reporters back in early October.

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Trump has also erroneously claimed that nearly half of all U.S. presidents have invoked the law and that it was invoked 28 times by a single president, as he said during an interview with CBS’ 60 Minutes in late October.

In reality, only 17 out of 45 presidents — or 37% — utilized the law, according to the Brennan Center for Justice, a nonpartisan law and policy organization that in 2022 tracked all Insurrection Act invocations. The group also did not find a president who invoked the emergency powers more than six times, as Ulysses S. Grant did during the Reconstruction era.

The White House did not release a statement on the president’s threat.

Here’s what to know.

How would the Insurrection Act get used?

There are three ways that the president can invoke the Insurrection Act, according to the Brennan Center for Justice.

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The first is at the request of a state’s legislature or governor facing an “insurrection.” The law itself does not elaborate on what qualifies as an insurrection, but legal scholars generally understand the term as referring to a violent uprising of some kind.

In the second path, the president does not need a state’s consent to deploy troops when “unlawful obstructions, combinations, or assemblages, or rebellion” makes it “impracticable” to enforce federal laws.

The third path also does not require the affected state’s support. In this case, the president can send in the military to suppress an insurrection that “hinders the execution of the laws” or “opposes or obstructs the execution of the laws of the United States or impedes the course of justice under those laws.”

Before invoking the Insurrection Act, the president must first order the “insurgents” to disperse within a limited amount of time.

How would troop deployments differ under the Insurrection Act?

So far during Trump’s second term, National Guard troops have been called into Los Angeles, Chicago and Portland, Ore., under a statute known as Title 10, which places the force under federal control. The operations in Memphis and Washington, D.C., were authorized under Title 32, meaning they were under state command. (The situation in D.C is unique since the federal district is not a state and therefore does not have a governor.)

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Under these deployments, Guard forces are subject to the Posse Comitatus Act, which generally prohibits federal military personnel from acting as police on American streets. It’s rooted in one of the nation’s founding principles, which opposes military involvement in civilian affairs.

The Insurrection Act, however, is a key exception to the law.

The controversial emergency powers were last used during the 1992 Los Angeles riots after the acquittal of four police officers in the beating of Rodney King.

Former President George H.W. Bush invoked the law at the request of then-California Gov.  Pete Wilson, who was worried that local law enforcement could not quell the unrest alone.

But that deployment also showed the risks of using military personnel as law enforcement. In an infamous moment, LA police officers asked a group of Marines to “cover” them as they approached a house. The Marines interpreted their request as asking them to open fire, while the police officers actually wanted them to stay on guard.

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“The Marines then lay down suppressing fire. The police were completely aghast,” Mick Wagoner, a retired Marine Corps lieutenant colonel, told NPR earlier this year.

How much power does the Insurrection Act give the president?

Some of the Insurrection Act’s power comes from what’s not actually in it.

Terms like “insurrection,” “rebellion” and “impracticable” are loosely defined and give broad deference to the president, according to William Banks, professor emeritus of law at Syracuse University and an expert in national security and emergency powers.

“It’s incredibly open-ended and grants him a dramatic amount of discretion to federalize an incident,” he added.

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The law also does not mention time constraints on the troop deployments. Nor does it involve Congress in the process to maintain checks and balances, Banks added.

The Insurrection Act has also been rarely tested in the courts. Trump himself described the Insurrection Act as providing legal cover.

“Do you know that I could use that immediately and no judge can even challenge you on that. But I haven’t chosen to do it because I haven’t felt we need it,” he said during the October 60 Minutes interview.

Despite its broad language, legal experts argue that historical precedent matters when it comes to the Insurrection Act.

If Trump were to invoke the law to address crime or enforce immigration laws, it would represent a sharp departure from past uses and would likely face legal challenges, according to Laura A. Dickinson, a professor at The George Washington University Law School who focuses on national security.

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“ While it seems very broad on its face, it’s not a blank check,” she said.

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Trump says he’s been assured Tehran has stopped killing protesters as Iran reopens its airspace – live

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Trump says he’s been assured Tehran has stopped killing protesters as Iran reopens its airspace – live

Opening summary

Welcome to our continuing live coverage of the crisis in Iran.

Donald Trump says he has been assured that the killing of Iranian protesters has been halted, adding when asked about whether the threatened US military action was now off the table that he will “watch it and see”.

The president said at the White House that “very important sources on the other side” had now assured him that Iranian executions would not go ahead. “They’ve said the killing has stopped and the executions won’t take place,” Trump said. “There were supposed to be a lot of executions today and that the executions won’t take place – and we’re going to find out.”

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Earlier, Iranian foreign minister Abbas Araghchi told Fox News that executions executions were not taking place and there would be “no hanging today or tomorrow”. “I’m confident that there is no plan for hanging.”

The family of Erfan Soltani, the first Iranian protester sentenced to death since the current unrest began, has been told his execution has been postponed.

Here are some of the other latest developments:

  • Trump said Iranian opposition figure Reza Pahlavi “seems very nice” but expressed uncertainty about whether Pahlavi would be able to muster support within Iran to eventually take over. “I don’t know how he’d play within his own country,” Trump told Reuters in the Oval Office. “And we really aren’t up to that point yet. I don’t know whether or not his country would accept his leadership, and certainly if they would, that would be fine with me.”

  • Iran has reopened its airspace after a near-five-hour closure that forced airlines to cancel, reroute or delay some flights.

  • The United Nations security council is scheduled to meet on Thursday afternoon for “a briefing on the situation in Iran”, according to a spokesperson for the Somali presidency. The scheduling note said the briefing was requested by the US.

Iranian women wearing chadors walk near a mural depicting Iranian supreme leader Ayatollah Ali Khamenei (top left) in Tehran. Photograph: Abedin Taherkenareh/EPA
  • Some US and UK personnel have been evacuated as a precaution from sites in the Middle East. The British embassy in Tehran has also been temporarily closed.

  • Spain, Italy and Poland advised their citizens to leave Iran. It followed a call by the US urging its citizens to leave Iran, suggesting land routes to Turkey or Armenia.

  • Araghchi insisted the situation was “under control” and urged the US to engage in diplomacy. “Now there’s calm,” the Iranian foreign minister said. “We have everything under control, and let’s hope that wisdom prevails and we don’t end up in a situation of high tension that would be catastrophic for everyone.”

  • The death toll in Iran from the regime’s crackdown stands at 2,571 people, according to the US-based Human Rights Activists news agency. More than 18,100 have been arrested, it said.

  • Foreign ministers from the G7 group said they were “prepared to impose additional restrictive measures” on Iran over its handling of the protests, and the “deliberate use of violence, the killing of protesters, arbitrary detention and intimidation tactics”.

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Key events

AI-generated videos purportedly depicting protests in Iran have flooded the web, researchers say, as social media users push hyper-realistic deepfakes to fill an information void amid the country’s internet restrictions.

US disinformation watchdog NewsGuard said it identified seven AI-generated videos depicting the Iranian protests – created by both pro- and anti-government actors – that had collectively amassed about 3.5m views across online platforms.

Among them was a video shared on Elon Musk’s X showing women protesters smashing a vehicle belonging to the Basij, the Iranian paramilitary force deployed to suppress the protests, reports Agence France-Presse.

One X post featuring the AI clip – shared by what NewsGuard described as anti-regime users – garnered nearly 720,000 views.

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Anti-regime X and TikTok users in the US also posted AI videos depicting Iranian protesters symbolically renaming local streets after Donald Trump.

The AI creations highlight the growing prevalence of what experts call “hallucinated” visual content on social media during major news events, often overshadowing authentic images and videos.

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