Lisa Jucca is a Milan-based Breakingviews columnist and writes about Italy, EU-Asia issues and private banking. She joined in January 2017 from Reuters, where she was Asia Finance Editor. A long-term Reuters reporter and team leader, she was Italy’s Chief Financial Correspondent throughout the euro zone crisis and EMEA Wealth Management Correspondent during the fall of Swiss bank secrecy. Previously, she had grappled with bitter cross-border merger battles and witnessed the launch of the euro in Brussels and London. Her work on secretive Vatican-China talks has been commended by SOPA. She studied at the Catholic University of Milan and Cambridge University.
Private investors are shunning an issue of sovereign bonds reserved for them. Lacklustre interest in the “BTP Italia” undermines hopes that households will replace fleeing foreign buyers. It’s also a first sign of domestic discontent over Italy’s budget clash with the EU.
Choppy markets and nervous clients hit the Swiss private bank’s margin in October, putting a key target at risk. The group’s push into the more volatile Asian market didn’t help. The weak update flashes a red light to rival wealth managers, like Credit Suisse.
Luigi Gubitosi has replaced Amos Genish as head of the Italian telco. With backing from activist investor Elliott, he will try to engineer a complex network breakup and sell assets. But bitter opposition from 24 pct shareholder Vivendi will make the strategy hard to execute.