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UniCredit builds stake in Generali, further complicating fight for Italian financial sector

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UniCredit builds stake in Generali, further complicating fight for Italian financial sector

The government is keen to ensure that Generali, which last month agreed to combine its asset management business with that of France-based Natixis, keeps its appetite for Italian sovereign debt at a time when Rome needs to borrow nearly €1 billion a day. The Trieste-based conglomerate is the government’s largest private-sector creditor.

Rome had initially pushed for an alliance between Banco BPM, a Milan-based lender, and Banca Monte dei Paschi di Siena (MPS), which the government is still in the process of privatizing after years of restructuring. That intention was frustrated last year when UniCredit made a formal offer for all of BPM. UniCredit said on Sunday that it remains committed to that deal, and to developing its relationship with Germany’s Commerzbank.

Rome is now throwing its support behind a bid by MPS for Mediobanca, a Milan-based merchant bank that has historically catered to some of the country’s biggest business empires. Mediobanca is also Generali’s biggest shareholder, with a 13.1 percent stake. Italian media have reported that the Del Vecchio and Caltagirone families, which hold just under 10 percent and 7 percent of Generali, respectively, want to increase their influence at the Trieste-based insurer.

A person familiar with the matter said that while the purchase of a stake by UniCredit was not an explicit attempt to exert leverage in the billionaires’ tussle over Generali, it will have an “interesting” effect at a coming board meeting. The same person noted that UniCredit had started snapping up Generali shares before MPS’s move on Mediobanca.

People familiar with the matter told POLITICO that UniCredit had built its stake via derivatives, gaining economic exposure to Generali without crossing a threshold for mandatory disclosure. UniCredit declined to comment to POLITICO on that.

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Geoffrey Smith contributed reporting.

Finance

From food to financing, Alaska Native organizations feel the shutdown’s pinch

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From food to financing, Alaska Native organizations feel the shutdown’s pinch

WASHINGTON — The government shutdown is creating a lot of uncertainty and disruption for Alaska Native communities, and for tribal organizations that administer federal programs.

These include SNAP, for food assistance, and the Low Income Home Energy Assistance Program, which subsidizes energy bills.

Ben Mallott, president of the Alaska Federation of Natives, said the prospect that both of those programs would run out of money, just as winter begins, puts some Alaskans in a life-threatening bind.

“Without LIHEAP, without SNAP, our communities, our tribal citizens will have to decide between fuel and food,” he testified to the Senate Indian Affairs Committee Wednesday.

During the pandemic, the Federal Subsistence Board allowed emergency hunting to improve food security. Now, with the government shutdown, Mallott said the Subsistence Board can’t even meet to consider it.

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Since the second Trump administration began, advocates for Native American and Alaska Native people have stressed that programs that help them aren’t D.E.I. initiatives but the result of promises, treaties and laws. Now, between the administration’s cuts to government services and the shutdown, they say the government is dodging its responsibilities.

Hearing witnesses said tribal Head Start programs will run low on money if the shutdown extends into November, and that many agency experts tribes normally turn to have lost their jobs.

Pete Upton testified about the Trump administration’s plan to abolish a fund at the Treasury Department called the Community Development Financial Institutions Fund. Upton runs the Native CDFI Network, whose Alaska members include the Cook Inlet Lending Center. He said tribal communities are often in banking deserts.

“Native CDFIs are typically the only financial institutions serving these communities, providing access to capital, credit and financial education where no alternative exists,” he said.

Early in the shutdown, the Treasury Department fired the entire staff of the CDFI Fund. With no one at the federal office to certify the CDFIs, Upton said it’s hard for the community finance organizations to attract private-sector and philanthropic investment.

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Certification is “a stamp for investors to say that ‘you are investable,’” Upton said. With it, “we bring in private capital at a rate of eight to one.”

Sen. Lisa Murkowski, chair of the Indian Affairs Committee, said tribes face enormous uncertainty as the stalemate in Congress nears the one-month mark.

“We can’t figure out the path forward right now on our spending bills, although I am a little bit more optimistic on that today,” she said.

She didn’t elaborate but said earlier this week that senators are engaged in productive talks.

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Stamford rep blasts Board of Finance for delaying creation of new police officer positions

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Stamford rep blasts Board of Finance for delaying creation of new police officer positions

Police cruisers parked in the Stamford Police Department parking lot photographed on August 7, 2024.

Arnold Gold/Hearst Connecticut Media

STAMFORD — A member of the Stamford Board of Representatives said he was “disgusted” by the city’s Board of Finance’s decision to delay a potential increase in budgeted officers for the city’s police department. 

“I’m angry,” said Sean Boeger, D-15, during the Board of Representatives’ Fiscal Committee meeting Monday. 

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Boeger is also a sergeant in the Stamford Police Department. The increase, which was on the committee’s agenda, would have created 13 more officer positions in the department. A grant would help pay for six of the 13 new positions.

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It would’ve brought the total number of officers in the patrol division from 217 to 230, resulting in a 300-person force when all other ranks are considered. In the early 2000s, the department had 314 budgeted sworn officers, according to Chief of Police Timothy Shaw.

Lou DeRubeis, Stamford’s director of public safety, health and welfare, said the proposed increase was the first “in quite a number of years.” 

The Board of Finance, however, during its Oct. 9 meeting, voted to hold the increase and asked the police department to provide more information, such as where the officers would be used and the total cost of hiring them outside of wages, such as health insurance and overtime. 

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Boeger said during Monday’s fiscal committee meeting that he believed there were four officers assigned to traffic enforcement because “patrol demand is so high.” He said the department should be able to double the number of officers for traffic enforcement, which he said was “the top gripe of our citizenry.”

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He also said the department was “lucky if we could cover the high schools when it’s busy.” 

“If we want to be responsible and we want to have the nice things that a nice city like Stamford should have…we have to do something about this,” Boeger said. 

Boeger said the department had opened up testing for new positions and that the department can’t send people to police academies, whether the city’s own or others, until the new positions are approved.

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“We’re gambling with open positions based on academy availability,” Boeger said. 

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Amiel Goldberg, D-13, said he wanted members of the committee to reach out to the Board of Finance to “let them know how deeply disappointed and frustrated our committee is.”

There had been an attempt to add the 13 police officer positions during the most recent budget process, but the Board of Finance cut the funding for those jobs. 

At that time, members of the board said to come back with the request once the department filled out the rest of their 287 budgeted officer positions. The department will reach that goal by December, Bridget Fox, chief of staff of the mayor’s office, said during the Oct. 9 meeting. 

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Shaw, in an interview before the fiscal committee meeting, said getting more people for the department would mean less people have to work overtime and because of that, less people would burn out and leave the force. Half the budgeted overtime, he said, is for the patrol division. 

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During the Oct. 9 meeting, the chief said the 13-person increase could result in a $500,000 reduction in overtime costs. 

Laura Burwick, a member of the Board of Finance, said during the Oct. 9 meeting the request of $743,941 for the new positions was “a huge additional expense to the budget” and that she wanted to “see a little bit of the analysis that went into this.”

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Geoff Alswanger, a member of the finance board, said during that meeting that there have been “many sessions” where the board had “angst at the management” of the city’s pension funds and that the board “can’t ignore that as part of this equation.” 

Boeger, however, during Monday’s meeting, said the department “has no power or control over that.” 

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Brian Bradford has been appointed SVP, Hospitality Finance at TPG Hotels & Resorts

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Brian Bradford has been appointed SVP, Hospitality Finance at TPG Hotels & Resorts

TPG Hotels & Resorts, one of the nation’s premier hospitality management firms, announced today that Brian Bradford has joined the company as Senior Vice President, Hospitality Finance. In this role, Bradford will have direct oversight and accountability for the accounting and finance function across the company’s portfolios and be based out of the national operations headquarters in McKinney, Texas.

Bradford joins TPG Hotels & Resorts from Remington Hospitality, where he served as Senior Vice President of Corporate Accounting, overseeing the accounting and treasury functions for a portfolio of more than 120 hotels. During his tenure, Bradford successfully restructured accounting operations, streamlined processes, and reduced the monthly close cycle by nine days. With extensive experience in financial management, reporting, and technical accounting across multiple industries, he brings to TPG a proven track record of driving operational efficiencies and implementing robust financial systems for large, complex organizations.

Bradford began his career in public accounting with CohnReznick LLP and has since held senior finance and accounting leadership positions with several large organizations including, CIG Logistics, Daseke, and Americold Realty Trust. He holds both a Master of Accounting and Bachelor of Science in Accounting from North Carolina State University. TPG Hotels & Resorts

TPG Hotels
McKinney, Texas
United States

Finance & AccountingMcKinneyTexasUnited States
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