Should the MPS deal involving BPM and Banca Generali go ahead, the largest shareholder in the new third banking group would be the French bank, with an estimated 15 per cent stake – a figure set to rise, just as it has always done both at home and in Italy. A long and instructive history

“Maintaining a significant steel production capacity is regarded by the government as an objective of national importance,” reads Meloni’s letter. But the steelworks affair reflects our country’s systemic inability to work towards finding strategic solutions to industrial problems

If necessary, the new Chairman of the Federal Reserve, Kevin Warsh, will raise interest rates. Whether the US President likes it or not

Mps launches two all-share takeover bids for Banco Bpm and Banca Generali: 34 billion, plus a special dividend of 4. This is in response to Intesa Sanpaolo’s public takeover bid. The decisive vote will take place on 29 October

The paradox of the banking game of Risk: the more politicians shape the landscape, the more they must rely on the market. MPS’s move regarding BPM and Banca Generali, the divisions at Chigi, the setbacks regarding the third political bloc, and the games still to be played

 Copenhagen (whose defence spending this year will reach 3.5 per cent of GDP) is incorporating Ukrainian weapons and technology into its national rearmament programme. It will now host part of Kyiv’s military production on its territory

“Switching domestic heating to the electricity grid would cost 10 billion a year. Meanwhile, in Italy, almost one in two boilers needs replacing: total wastage would be reduced by 15–20 per cent. And so would the demand for gas,” explains the president of the heating system manufacturers’ association. “This is a political issue and must be addressed”

The stock made its debut in Shanghai with a 629 per cent rise and is already worth 66 billion, despite the risk from the US. Beijing is banking on humanoids as a pillar of its industry, but factories and homes are still a long way from the promised revolution

Guiso (Professor of Economics at the Einaudi Institute for Economics and Finance): “It would be a problem if a slump were to weigh on households’ spending decisions. But if you invest for the long term – for example, whilst saving for retirement – those fluctuations will be recouped.”