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Venice Says €125M Dexia, Banca Intensa Swaps Are Void
Law360, London (March 10, 2021, 6:13 PM GMT) Venice has told a London court that it didn t have the authority to enter into a €125 million ($149 million) debt restructuring deal, which was not approved by the municipality s council as required by Italian law, so the transactions are void.
Venice said in a March 1 High Court filing that the interest rate swap arrangements it entered into with Banca Intesa Sanpaolo SpA and Dexia Crediop SpA during the last financial crisis in 2007 had to be approved by Venice s council board. But the transactions, which it said were not suitable for it as a retail investor, were approved by.
Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Executive Chairman, said:
“2020 was a year of enormous challenge as countries, societies and businesses across the world grappled with the disruption caused by the COVID-19 pandemic. The impact on the steel industry was significant, but I am very proud of the resilience and enterprise shown by our people across the business which enabled ArcelorMittal to deliver a solid operating performance in times of adversity. We have fantastic teams across our operations.
Indeed, 2020 was a milestone year for the Company. Achieving our $7 billion net debt target marked the end of a long-term deleveraging program, and the start of a new phase which will allow the Company to focus on delivering sustainable shareholder returns as we continue to transform for the future. This process will be supported by changes we made to our portfolio, increasing the quality of its earnings potential, and by the investments we are making in high-growth projects
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Venice Finance Chief OK d Disputed Rate Swaps, Banks Say
Law360, London (January 29, 2021, 3:41 PM GMT) Two Italian lenders have stepped up demands that Venice should keep to the terms of a €125 million ($152 million) debt restructuring deal signed during the last financial crisis, telling a London court that the agreements did not need to be approved by the local government.
Banca Intesa Sanpaolo SpA and Dexia Crediop SpA rejected the Italian city s claim that the interest rate swap arrangements are void or entitled it to claw back damages because they were unsuitable to its needs.
The lenders argued in recent documents filed with the High Court that the city council did not need to approve.
2021-01-27 23:05:29 GMT2021-01-28 07:05:29(Beijing Time) Xinhua English
ROME, Jan. 27 (Xinhua) Amid political turmoil and uncertainty connected to the coronavirus pandemic, economists say predicting Italy s economic performance in the near- or medium-term amounts to a guessing game.
Earlier this month, Italy s Finance Ministry predicted the country s economy will grow by 6.0 percent compared to last year. That is more optimistic than other forecasts the research branch of Banca Intesa Sanpaolo in early January predicted 4.7-percent economic growth for the year, which is higher than the 3.0-percent estimate this week from the International Monetary Fund.
But according to most analysts, there is too much uncertainty to accurately predict how the economy will perform for the year as a whole.