All the day’s economic and financial news, including a TUC conference on insecure work and reaction to Italy’s €17bn taxpayer-funded bank deal
- Latest: TUC are discussing insecure work crisis
- Markets jump on bailout relief
- German MEP says taxpayers shouldn’t be paying
- Veneto Banca and Banca Popolare di Vicenza are being wound down
- Good assets are being sold to rival bank Intesa
- Almost 4,000 jobs may be lost, and 600 branches closed
- Full story: Italy to wind up two failing banks at potential cost of €17bn
The pound has nudged a one-week high, after UK prime minister Theresa May finally secured an agreement with Northern Ireland’s DUP party.
Sterling gained almost half a cent at one stage to $1.2759, the highest since 19 June, as the City welcomed a rare piece of political certainty.
Over in Milan, branches of Veneto Banca and Banca Popolare di Vicenza have opened as usual today.
And there are no signs of panic. That will please Italy’s finance minister, Pier Carlo Padoan, who pledged last night that it would be business as normal, following the sale of these ‘good’ assets to Intesa SaoPaolo.