Introduction This GT Alert highlights significant energy sector developments in Latin America from September and October 2024. A. Argentina The Argentine Wholesale Electricity Market Administration Company (CAMMESA) opened a new Renewable Energy Term Market (MATER) call to award up to 880 MW in transmission capacity, depending on the projects submitted. This third-quarter call offers less capacity than in previous rounds, especially in areas with better wind and solar resources. Key points: 209 MW will have full dispatch priority. Up to 881 MW will use the Referential “A” mechanism, with up to 8% curtailment. Capacity distribution will depend on project technology and location. For instance, the Misiones, NEA, and Litoral regions will receive most of the available capacity. B. Brazil Brazil has recently strengthened its commitment to transition to cleaner, more sustainable energy sources. Aiming to diversify its energy matrix, reduce dependence on fossil fuels, and meet its climate goals, the country has promoted solar, wind, biomass, green hydrogen and nuclear energy initiatives. Brazil has also implemented new policies and projects seeking to ensure long-term energy security and emissions reduction. Key developments from September and October 2024 include: C. Chile The modification to Chile’s Public Transport Subsidy Law aims to accelerate electric truck adoption across the country, closing the gap between Santiago and other regions. Óscar Moreno, in charge of electromobility at Chile’s Regional Public Transport Division, explained how the new regulation facilitates collaboration with regional governments and provides a framework for financing and operating electromobility projects. Key Changes: In summary, the Subsidy Law modifications have the potential transform the electromobility landscape in Chile, allowing a faster expansion of electric trucks in the regions, with a regulatory framework that enhances financing, management, and operational flexibility. Chile’s Minister of Energy Diego Pardow presented changes to the bill extending electricity subsidies to 4.7 million users. The modifications address energy sector concerns, particularly regarding the Small Means of Distributed Generation (PMGD), energy generation plants with a maximum total capacity of 9 MW, impact. Key points include: The amendments seek to balance the electricity subsidy with energy sector financial stability. D. Colombia The FES 2024 focused on Colombia's energy transition to more sustainable sources, emphasizing the country's environmental commitments. Key agreements include: 1. Accelerating the Energy Transition – Emissions reduction : Increase the share of non-conventional renewable energies (solar, wind, geothermal, and hydro) in Colombia's energy matrix. – Diversifying the energy matrix : Reduce fossil fuel dependence by integrating energy storage technologies and smart grids to optimize distribution. 2. Renewable Energy Infrastructure Development – Investment incentives : Create incentives to encourage energy infrastructure investment in areas with high renewable potential, such as Guajira for wind energy and other solar areas. – Strengthening transmission infrastructure : Modernize and expand the electricity transmission infrastructure to ensure renewable energy efficiently reaches consumption centers. 3. Developing Sustainable Energy Projects in Rural Areas – Access to energy in non-interconnected regions : Prioritize rural electrification using renewable technologies such as solar panels and small hydroelectric plants. – Energy autonomy : Promote decentralized energy generation models for rural community energy autonomy. 4. Decarbonization and Climate Change Commitments – Carbon neutrality goal : Achieve carbon neutrality in the energy sector by 2050, in line with the Paris Agreement. – Promote energy efficiency : Implement policies that seek to improve energy efficiency in various sectors and promote using cleaner technologies. 5. Strengthening Regulation and the Regulatory Framework – Regulatory reforms : Review and update energy regulations to encourage clean energy investment and promote competition in the market. – Tax and financial incentives : Create tax incentives and financing mechanisms for companies that invest in renewable energies and clean technologies. 6. Research, Innovation, and Technological Development – Innovation incentives : Promote investment in researching and developing clean technologies, such as renewable energies, energy storage, and smart grids. – Public-private collaboration : Encourage public-private collaboration to develop new energy technologies and create innovation centers. 7. Energy Justice and Equity – Universal access : Ensure that all Colombians have access to clean, reliable, and affordable energy. – Fair and regulated tariffs : Implement policies to avoid tariff mismatches and protect vulnerable users, especially in rural areas, from disproportionate tariff increases. E. Guatemala Empresa Eléctrica de Guatemala S.A. (EEGSA), part of the EPM Group, has enhanced its 1-24 EEGSA Open Tender to cover its short-term energy needs. The tender includes two blocks: Block B (107 MW for the seasonal period 2025-2026) and Block C (155 MW for a five-year contract starting in 2025 or 2026). Objectives and Key Changes: EEGSA seeks to increase the competitiveness of the auctions, which were held on Nov. 20 and 27, 2024. Process improvements include greater flexibility for bidders, allowing for power variation throughout the supply years and the possibility of starting supply in 2025 or 2026. The range of permitted technologies expanded to include hydroelectric, biomass, coal, bunker and petroleum coke, with the aim of attracting more generators and diversifying energy sources. Specific Improvements: Power flexibility: Bidders will be able to adjust the power they deliver over time. Block C modality expansion: Two new modalities were introduced in Block C to facilitate more generating plant participation. Technological diversification: The bidding process was opened to more technologies to increases competitiveness and offer more options to cover the country's energy needs. Strategic Objectives: Guarantee competitive and stable tariffs, seeking a sustainable energy matrix that aligns with the energy transition. The company emphasizes that, thanks to these efforts, it has achieved tariffs 30% lower than those of the first tender, despite the impacts of climatic phenomena and the Russia-Ukraine war. The process also included a period for receiving clarifications and possible adjustments until early November, seeking to ensure transparency and a competitive process. The tender responds to the need to meet energy demand with a focus on sustainability and diversifying energy sources. The Guatemalan Renewable Energy Association (AGER) identified 3,700 MW of potential renewable capacity for incorporation between 2024 and 2040. To achieve this, AGER recommends improving transmission infrastructure, simplifying administrative procedures, and fostering institutional cooperation and government support. Long-term tenders have been key to the success of the country's energy transition, allowing new renewable plant construction and reducing electricity tariffs. AGER proposes prioritizing renewable sources in tenders, separating them by technology, and allowing operating plants to accelerate clean energy incorporation. In addition, they suggest including storage systems to improve the electricity system’s flexibility and efficiency. With these measures, Guatemala could strengthen its regional leadership in renewable energies. F. Honduras In October 2024, the International Monetary Fund (IMF) visited Honduras to evaluate its energy sector, focusing on tariff schedules and the 1500 MW tender. The Regulatory Energy Commission (CRE) noted that they are in the final phase of approving the distribution tariffs and advancing transmission tariffs regulation, with a provisional tariff expected December 2024. The IMF expresses concern over delays of the 1500 MW tender, which will be carried out under the Build-Operate-Transfer (BOT) model, in which investors finance plant construction for 15 years before transferring them to the Empresa Nacional de Energía Eléctrica (ENEE). However, ENEE's financial problems and uncertainty about investment recovery remain key challenges. The IMF also highlighted progress in reducing ENEE’s electricity losses, but stressed the need to continue structural reforms, such as reducing ENEE's payment arrears through bonds and improving government coordination. In the long term, the goal is to attract investment to expand generation capacity and ensure adequate energy supply. The IMF agreed with the Honduran authorities to move forward with these reforms, but the economic policies necessary to complete the financing agreement must be approved by the IMF Executive Board in the coming weeks. G. Mexico On Sept. 10, 2024, Mexico's Energy Regulatory Commission (CRE) published Agreement A/108/2024 in the Official Gazette of the Federation, establishing the General Administrative Provisions on Electromobility (DACGME). The provisions aim to regulate the connection of charging infrastructure for electric and hybrid electric vehicles to the National Electric System (SEN). The DACGME address important issues such as (i) the technical and administrative requirements that end users must comply with to connect their charging infrastructure to the SEN, (ii) the minimum information that end users and suppliers must provide to the Electromobility Platform, as well as (iii) the procedures to ensure continuity, reliability, and security in the electricity supply. On Oct. 31, 2024, Mexican President Claudia Sheinbaum Pardo published a decree amending the fifth paragraph of Article 25, the sixth and seventh paragraphs of Article 27 and the fourth paragraph of Article 28 of Mexico’s Consitution (CPEUM) in the Official Gazette of the Federation (DOF), regarding strategic areas and companies. The most relevant aspects of the reform include: (i) Article 25 (ii) Article 27 (iii) Article 28 (iv) Transitory Articles On Sept. 30, 2024, the CRE's Governing Body held an extraordinary session to approve the Agreement by which the General Administrative Provisions were issued for the Integration of Electric Energy Storage Systems to the National Electric System (DACG). The DACGs establish the modalities and general conditions under which the integration of Electric Energy Storage Systems (ESS) to the National Electric System (SEN) will be carried out in an orderly and economically viable manner, and have three specific objectives: (i) to establish the general conditions applicable to the ESS, as well as to define the modalities for integrating the ESS to the SEN; (ii) to establish the general requirements to be met by the interested parties in integrating the ESS and to participate in any of its modalities; and (iii) to establish the interconnection/connection procedure to be observed by those interested in integrating the ESS. For more information, see our October 2024 GT Alert . H. Panama On Oct. 2, 2024, Panama's National Assembly approved in first debate a bill that seeks to promote green hydrogen as an energy source in the country. The law assigns the National Energy Secretariat (SNE) the responsibility of regulating and developing strategies for producing, transporting, and using green hydrogen, excluding La Autoridad Nacional de los Servicios Públicos (ASEP) from the permitting process to simplify procedures and attract investment. Panama has ambitious goals, such as producing 500,000 tons of green hydrogen by 2030 and 2 million tons by 2040. The law also declares of national interest the production and industrialization of green hydrogen and offers incentives to companies that invest in this sector. The next step will be for the bill to pass to second and third debate in the National Assembly, and then the Executive Branch will have 150 days to regulate the law and put it into practice. This initiative is part of Panama's energy transition strategy and seeks to position it as a leader in the development of clean energy in the region. I. Puerto Rico Puerto Rico has issued a new Request for Proposals (RFP Tranche 4) to procure 500 MW of renewable generation capacity and 250 MW of energy storage (with four or six-hour duration options) on a long-term basis. This process is part of a broader effort under the Integrated Resource Plan (IRP), which seeks to procure a total of 3,750 MW of renewable energy and 1,500 MW of storage. The solicitation is aimed at shovel-ready projects, i.e., those ready to begin construction. Key features of the RFP: Acquisition objectives: – 500 MW of renewable energy. – 250 MW of energy storage with a duration of four to six hours (1,000+ MWh). Maximum price: – Renewable energy: $125/MWh. – Four-hour storage: $25,000/MW-month. – Six-hour storage: $33,750/MW-month. Evaluation process: – Proposals will be evaluated primarily on price. – Cheaper projects that meet the requirements will be favored. – The evaluation process will be more streamlined compared to Tranche 3. Comparison with Tranche 3: Tranche 3 (cancelled): sought 1,000 MW of renewable energy and 500 MW of storage while Tranche 4 seeks 500 MW of renewable energy and 250 MW of storage, with the possibility of acquiring more depending on market response. In Tranche 3, no maximum price was set; in Tranche 4, a price limit has been set, as explained above. Deadlines and participation: Deadline for submission of proposals: Nov. 25, 2024. Eligible projects: Shovel-ready projects will be prioritized, meaning that they must have already secured permits and financing. This new procurement process is designed to secure competitively priced renewable energy and storage projects, with a focus on construction-ready projects and a more streamlined evaluation than in previous solicitations. J. Dominican Republic The National Energy Commission (CNE) has issued Resolution CNE-AD-0005-2024, which modifies the previous CNE-AD-0004-2023, and establishes new conditions for renewable energy projects with storage. The main objective is to integrate battery storage systems (BESS) in renewable energy projects to guarantee the National Interconnected Electric System (SENI)’s stability. Key points: Projects over 20 MWac must have a storage system equivalent to 50% of its capacity, with a four-hour minimum duration. Projects larger than 200 MWac require prior CNE technical evaluations to ensure feasibility and positive impact on the SENI. The CNE may reject projects from related companies that attempt to use the same energy injection point in order to avoid excessive generation concentration. This resolution seeks to strengthen energy storage infrastructure, promote sustainability, reduce dependence on fossil fuels, and position the Dominican Republic as a leader in the regional energy transition. Read in Spanish/Leer en Español.
(CNN) — Senior Biden White House aides, administration officials and prominent defense attorneys in Washington, DC, are discussing potential preemptive pardons or legal aid for people who might be targeted for prosecution by President-elect Donald Trump after he retakes power, multiple sources told CNN. Reports of these conversations have captured the attention of Trump’s legal advisers, who, according to a source familiar with their strategy, believe President Joe Biden would be setting a new precedent in terms of the scope of pardons that they could take advantage of, down the line, to help their own allies. Biden’s senior aides inside the White House have been deliberating for weeks about the possibility of issuing preemptive pardons, according to the sources familiar with the discussions. The move, which would cover people who haven’t ever been formally accused of any crimes, would be an extraordinary step and shows the grave concerns many Democrats have that Trump will prosecute a range of figures that he considers to be his enemies. Trump has publicly called for the jailing of people like Republican former Rep. Liz Cheney, who served as vice chair of the House select committee that investigated the January 6, 2021, US Capitol attack, as well as special counsel Jack Smith , who brought federal criminal cases against Trump. One former senior White House official said aides inside the White House and across various federal agencies are intensely worried about the possibility that the incoming Trump administration will prosecute anyone deemed as having antagonized the president-elect. Additionally, several prominent white-collar lawyers across Washington have fielded calls in recent weeks from government officials, including investigators from Smith’s office, who are concerned they could be targeted by the incoming Trump administration. Biden and his top aides view Trump’s public threats – particularly against current and former government officials – as unprecedented, and some believe that it would be reckless and irresponsible for Biden to leave office without granting preemptive pardons. “You have got (an incoming) president that has basically said he’s going to go after all these people,” a source familiar with the discussions told CNN. “Why not do it?” A White House spokesperson declined to comment. According to Politico, which first reported on the internal debate, the discussions are being led by White House counsel Ed Siskel and other senior aides to the president, including chief of staff Jeff Zients . The former White House official who spoke to CNN, who is intimately familiar with the workings of the White House counsel’s office, said it would be typical for Siskel and his team to first put together a detailed memo to be presented to Biden. In that situation, that memo would include a list of individuals that Biden might consider pardoning preemptively, the context about any prior legal precedent, and a discussion of the wide range of potential ramifications if the president does move forward with these pardons. The calls among worried government officials and top white-collar defense lawyers in DC, appear, at this point, to be precautionary. One private attorney told CNN that they’re “feeling out what they should do if something happens” once Trump takes over. A spokesman for Smith’s special counsel office declined to comment on whether he would seek a preemptive pardon. CNN previously reported that Smith intends to step down before Trump takes office, instead of being fired, as the president-elect has pledged to do . As Democrats brace for the political and legal scrutiny that could come from the new president, his administration, and the GOP-run Congress , one significant concern for many current and former administration officials is the possibility of mounting legal bills. Multiple sources said there have been discussions about setting up legal funds to help support those who would not be able to afford thousands of dollars in lawyers’ fees. Some of the private practice bar have discussed if influential white-collar practices could work together to help career Justice Department workers – and others who are exiting the federal workforce – to possibly provide them low-cost or pro-bono representation. And at least one progressive group is working on assembling resources – such as lawyers, security experts and communications professionals – who could help government officials placed under investigation during the Trump years, some of the people familiar with the discussions said. A source familiar with Trump legal strategy says his team believes Biden’s pardon of his son Hunter has set a new precedent for presidents to issue expansive pardons to their children – and this could be something Trump chooses to do before he leaves office. The Hunter Biden pardon was notable for not only forgiving the crimes in his tax and gun indictments, but also for protecting him from being charged with any offense he “may have committed or taken part in” between January 2014 and December 2024. There’s also the president’s brother James Biden, who hasn’t faced charges but whose overseas business dealings attracted intense scrutiny from congressional Republicans. Several GOP-run House committees urged the Justice Department to prosecute James Biden in connection with lying to Congress. (He denies all wrongdoing and declined to comment for this story.) If Biden goes even further and grants preemptive pardons to an expansive list of individuals, Trump’s team believes that move would also create a new precedent and give Trump political cover to do the same for his allies, according to the source. CNN reported in 2021 that before Trump left office during his first term, he considered – but did not grant – preemptive pardons for family members , political allies, his personal attorneys, and even for himself , including in the wake of the January 6 insurrection. Attorneys across the political spectrum have raised concerns about blanket pardons to protect against future investigations or prosecution. “It’s just such a different use of the pardon power,” said Neil Eggleston, former White House counsel to President Barack Obama. “You would create the beginning of a tit for tat where, when any administration is over, you just pardon everybody.” Presidential pardons protect against federal Justice Department prosecutions, but do not shield individuals from state-level criminal cases or congressional investigations. While Trump has publicly said he wants his Justice Department to go after his perceived adversaries, the system has built-in checks against abuses of power, such as judges that can throw out charges, grand juries that can refuse to indict, juries that can return “not guilty” verdicts, and other safeguards to protect against purely vindictive prosecutions. Some prominent former Justice Department officials have said they wouldn’t want a preemptive pardon from Biden, because it might imply they’re conceding there was wrongdoing during their work for the federal government, according to a source familiar with their thinking. Trump has a well-documented history of pushing – both publicly and privately – for investigations and prosecutions of his political opponents, almost always based on unproven, baseless and conspiracy-tinged allegations about their supposed activities. Many of his recent threats targeted prosecutors who charged him with crimes: Smith, Manhattan District Attorney Alvin Bragg and Fulton County District Attorney Fani Willis. He has publicly called for investigations into prominent lawmakers: Cheney and the rest of the January 6 committee members (who he said “should go to jail”), former House Speaker Nancy Pelosi (for her supposed “ties to Russia”), Senator-elect Adam Schiff (for his role in the Trump-Ukraine impeachment saga) and a host of other Democratic lawmakers. Still, members of Congress have immunity from the Constitution’s “speech or debate clause” that offers such broad protections for their legislative work that even members of the defunct January 6 committee would be unlikely to take seriously any legal threats. Trump also has said Vice President Kamala Harris “should be ... prosecuted” for letting undocumented immigrants into the country. After the election, Trump called for probes of Iowa pollster Ann Selzer (for “election fraud,” by releasing a poll with Harris ahead), and into stock traders who spread “illegal rumors” about his investment in Truth Social. During his first term, some of Trump’s calls for probes were apparently heeded, leading to investigations into 2016 Democratic nominee Hillary Clinton , former FBI director James Comey , and former FBI deputy director Andy McCabe , now a CNN contributor. None of them were ever charged with crimes. Some of Trump’s longtime foes who worked on the Russia probe around the 2016 election may not have much legal exposure now because their government service ended so long ago and statutes of limitations may have lapsed. There are plenty of other figures that, despite Trump’s calls, weren’t investigated during his first term, but could be scrutinized when he returns to power: former President Barack Obama (for “treason”), former Secretary of State John Kerry (for his contacts with Iran), and even MSNBC host Joe Scarborough (based on a conspiracy theory that he was possibly able to “get away with murder” after one of his interns died in 2001). Attorneys who might defend top targets have their own fears, too. Representing Trump administration and political officials had largely gone out of fashion for large DC defense firms in recent years, with few willing to take on clients, especially after January 6. The view at Washington’s elite firms – which tend to lean liberal – may be shifting back toward getting involved, but it’s still not clear how much pushback the next Trump presidency may receive from the capital’s powerful law firms, several prominent attorneys told CNN this week. “There could well be a fear now by law firm leaders that if we take on those cases, could we ourselves be targeted?”one white-collar lawyer who regularly represents high-profile political figures told CNN on Thursday. Some liberal-leaning and criminal justice reform groups are pushing Biden to focus his final clemency efforts less on family members, political allies or Trump’s potential targets – and instead to help incarcerated Americans whom they believe deserve relief. One group, FWD.us , is airing TV ads in the Washington, DC, market, pressing Biden to “give people a second chance,” by granting clemency to Americans with “outdated” prison sentences that they argue would be shorter under today’s laws and policies. They’ve pointed to Obama’s record-setting commutations as a model. He reduced the punishments of more than 1,300 convicts, including 500 people serving life sentences. “The thousands of people serving disproportionately long and racially disparate sentences in federal prison have been waiting for relief long before the politics of this particular moment,” Zoë Towns, executive director of FWD.us , said in an email. “It is our hope that whatever comes next includes a robust clemency effort focused on them.” CNN’s Curt Devine contributed to this report. The-CNN-Wire TM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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Australia's inflation battle risks further rate risesEmerging tight end Noah Gray gives Mahomes and the Chiefs another option in passing gameAnalysts say that UniCredit could sweeten its spurned all-stock proposal to acquire Italian domestic peer Banco BPM by tacking on a cash component. UniCredit is "more exposed to changes in interest rates due to its relatively limited presence in asset management and bancassurance," Scope Ratings' Alessandro Boratti said. Takeover targets Commerzbank and Banco BPM could both hedge this exposure. Orcel may need to decide between going big abroad or staying home, with analysts pointing to high integration costs and an extensive toll on management time if UniCredit attempts to absorb both of the banks it courts. Divided between two takeover courtships, UniCredit 's Andrea Orcel still has room to sweeten his bid for Italy's Banco BPM , analysts say, while political turmoil stalls a deal with Germany's Commerzbank . > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Once a key architect in the controversial 2007 takeover and later break-up of Dutch bank ABN Amro, Orcel revisited his ambitions for cross-border consolidation with the September announcement of a surprise stake build in Commerzbank. Until recently, the latter had been the subject of speculation as a potential merger partner for Germany's largest lender, Deutsche Bank. Amid resistance from the German government — and turbulence in Chancellor Olaf Scholz's ruling coalition — UniCredit also last month turned its eye to Banco BPM, with a 10 billion-euro ($10.5 billion) offer that the Italian peer said was delivered on "unusual terms" and does not reflect its profitability and growth potential. Along the way, Orcel drew frowns from the Italian administration, with Economy Minister Giancarlo Giorgetti warning that "the safest way to lose a war is engaging on two fronts," according to Italian newswire Ansa . Analysts say that the spurned UniCredit — whose CET1 ratio, reflecting the bank's financial strength and resilience, stood above 16% in the first three quarters of this year — can still improve its domestic bid. "There is scope for increasing the [Banco BPM] offer," Johann Scholtz, senior equity analyst and Morningstar, told CNBC. Money Report India's central bank revises down economic growth forecast for 2025, keeps interest rate steady SpaceX faces opposition to Starlink expansion from Ukrainian group concerned about Musk ties to Russia However, he warned of "limited" room to do so. "Think more than 10% [increase], you are probably going to dilute shareholder earnings." UniCredit's starting proposal was for an all-stock deal that would merge two of Italy's largest lenders, but offered just 6.657 euros for each share. Both Scholtz and Filippo Alloatti, senior credit analyst at Federated Hermes, said that UniCredit could sweeten the proposition by tacking on a cash component. "Remember, that's the second attempt from Orcel to buy [Banco] BPM ... I don't think there'll be a third attempt. I think that either they close [the deal] now, or probably he walks. So I believe a cash component could be on the table," Alloatti told CNBC. Orcel last month labeled Banco BPM as a "historical target" — stoking the flames of media reports that UniCredit had previously sought a domestic union back in 2022. The Italian stage was primed for M&A activity early last month, after Banco BPM acquired a 5% holding in Monte dei Paschi — the world's oldest lender and another former takeover target of UniCredit, until talks collapsed in 2021 — when Rome sought to reduce its stake in the bailed-out bank. Critically, Scholtz noted, UniCredit's offer "puts [Banco] BPM into a difficult position," triggering a passivity rule that impedes it from any action that might hinder the bid without shareholder approval — and could stifle Banco BPM's own early-November ambitions to acquire control of fund manager Anima Holding, which also owns a 4% stake in Monte dei Paschi . A consolidation offensive could be UniCredit's best defense in an environment of easing interest rates. "Multi-year long restructuring, balance sheet de-risking and materially improved loss absorption capacity" propelled UniCredit to a BBB+ long-term debt rating from Fitch Ratings in October, above that of Italy's own sovereign bonds . But the lender must now contend with an environment of loosening monetary policy, where it is "more exposed to changes in interest rates due to its relatively limited presence in asset management and bancassurance," Alessandro Boratti, analyst at Scope Ratings, wrote last month . Both takeover prospects hedge some of that exposure. A Commerzbank union in Germany, where UniCredit operates through its HypoVereinsbank division, could create synergies in capital markets, advisors, payments and trade finance activity, JPMorgan analysts signaled in a November note. They added that such a union would produce a "limited" advantage in funding, as the two banks' spreads already trade closely. Closer to home, Scholtz notes, Banco BPM offers complementary strength in asset management. Alloatti said that absorbing a domestic peer is also one of the Italian lender's only remaining options to take a leading role on the home stage. "There really isn't much they can buy in Italy to bridge the gap with [Italy's largest bank] Intesa . Probably Banco BPM ... that's why they looked at it in the past," Alloatti said. "Banco BPM is the only bank they could potentially buy to get somewhat closer to Intesa." Intesa Sanpaolo is currently Italy's largest bank by total assets. Approaching Banco BPM, KBW Analyst Hugo Cruz told CNBC in emailed comments, also has the "added value" of signaling to German shareholders that UniCredit has other M&A options available to it. He nevertheless stressed that the domestic acquisition bid is likely "mainly a reaction to the acceleration of the consolidation process in the Italian banking system," triggered by Banco BPM's acquisition of its Monte dei Paschi interest. Orcel may need to decide between going big abroad or staying home, with analysts pointing to high integration costs and an extensive toll on management time if UniCredit attempts to absorb both of its takeover targets. Ultimately, KBW's Cruz said, the Italian lender — which notched its 15 th consecutive quarter of growth this fall and has seen a roughly 61% hike in its share price in the year to date — can choose to stand alone. "I don't think Mr. Orcel has to do a bank acquisition. He already stated that any acquisition will need to add value compared to [UniCredit]'s standalone strategy, and if no acquisition the bank will continue with the same strategy which already included a high level of capital distribution for shareholders and which targeted the usage of excess capital by end of 2027," he said, noting that the Italian lender abstained from bids previously "because it was still under restructuring and did not have the acquisition currency." "We would hope that they would have the discipline to walk away from both deals" if they do not generate return to shareholders, Morningstar's Scholtz added. 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It's no secret that the Boston Red Sox are in pursuit of multiple starting pitchers this offseason, both in free agency and on the trade market. One starting pitcher trade target has drawn more attention from teams than any other, and that is Garret Crochet of the Chicago White Sox. Crochet's market has been the source of speculation for some time, with some MLB insiders saying the White Sox's asking price continues to rise. With the Red Sox holding four top prospects that the front office and fans have little-to-no interest in trading away, what would a trade for Crochet look like? "Based on what the White Sox are saying, I think a package of (Triston) Casas, (Wilyer) Abreu and Connor Wong probably gets close to landing Crochet," wrote Jim Bowden of The Athletic. "The Red Sox could then replace Abreu with prospect Roman Anthony in right field, replace Connor Wong with Kyle Teal at catcher, move (Rafael) Devers to first base and sign either Alex Bergman or Wily Adames in free agency." Casas was formerly ranked as the Red Sox's No. 1 prospect, first debuting in September 2022. Since then, the 24-year-old has slashed .250/.357/.473 with an OPS of .830 (125 OPS+) in 222 games. Parting ways with Casas would be a polarizing decision as the first baseman has quickly become a fan favorite for his outspoken personality, his unique approach to the game, and his poise and power at the plate. The White Sox have reportedly set the asking price for any potential Crochet trade high, but if the Red Sox are not willing to part ways with one of their four coveted prospects, it could mean a very tough decision on the future of a homegrown slugger under team control until 2029. More MLB: Red Sox Reportedly Eye Signing Not One, But Two Premier Free Agent AcesArticle content Every year, my family says they aren’t going to do a big Christmas celebration. It’s just my Mom, sister, and I – single adults with no children. Inevitably though, when faced with the prospect of forgoing a turkey dinner and an elaborate tree with gifts underneath it, someone says, “But what about the cat?” Our cat, Matilda, is a seventeen-year-old black shorthair who loves Christmas. Although it might be easier to skip the holiday altogether and jet off somewhere warm and sunny instead, we collectively agree that we wouldn’t want to give up watching Matilda enjoy her very own stocking (filled with catnip, naturally) and joyfully roll around in a pile of wrapping paper on Christmas morning. Seeing our cat enjoy the holiday season has become a yearly highlight. I’m not alone in this sentiment. According to new research by Woofz by nove8, a puppy and dog training app, 51% of respondents admit they prioritize buying gifts for their pets over their partners. However, this phenomenon doesn’t just apply to romantic partners. Notably, 1 in 6 pet parents also admit to spending more on their dog’s presents than on gifts for family and friends. While I could say I’m surprised, I’m not. In a world where everything feels uncertain and most dating app messages begin with “hey” and end in ghosting, many of my single and childless friends pour their love and affection into their pets. I consulted with Annie-Mae Levy, a professional dog trainer at Woofz to learn more about this shift. When asked why people prioritize their pets during the holiday season and beyond, she says it all comes down to the fact that pets give without taking. “While we live in the era of situationships and mixed signals, there’s no second-guessing when it comes to your pup’s affection. They won’t hold grudges or roll their eyes when you leave dishes in the sink,” says Levy. And unlike humans, they don’t play games (unless it’s fetch). “So that level of support makes them a reliable and stable source of love. No wonder people want to return the favor with a treat or a new toy!” she says. While I can’t speak for my married and partnered friends with pets, caring for Matilda involves a lot less drama than attempting to navigate the (very shallow) dating pool in my 40s. Levy agrees. “Relationships with humans can be a rollercoaster, especially nowadays, but dogs are the emotional comfort food of life. They’re always happy to see you, even if you’ve been gone for five minutes.” In this sense, pets are reliable. Over the past few years, I’ve experienced big life shifts, including the loss of my father and grandma. Not everyone I’ve dated or (even been friends with) has been able to sit with me in my grief. While Matilda is more mercurial than a golden retriever – a true diva in her own right – she always knows when I’m having a bad day. This is part of the appeal of pets, says Levy. “They will always protect and comfort you if you’re upset and you don’t have to say anything.” So, it makes sense that we want to give them gifts to reward them for their unwavering loyalty. Besides, buying a gift for a partner is hard. For many of us, the anxiety of shopping for a meaningful other is enough to make us break out in full-body hives (Does this “beer of the month” subscription sufficiently demonstrate my undying love? What about these socks?) Pets on the other hand are easy. As long as my gift includes catnip, Matilda won’t judge. Levy says the same is true with dogs, “They’ll love a squeaky toy or a new bone or even a carton box from the present like it’s the best thing ever, and that genuine enthusiasm is contagious.” While it’s easy to brush aside humans this time of year and focus entirely on your furry friends, let their disposition be an inspiration. “Unlike humans, dogs aren’t materialistic at all, they don’t measure love by gifts or grand gestures,” says Levy. Instead, she says, “What they truly treasure is your time and attention.” I’d argue that many humans feel that way too. While tending to your pet, show the people around you that you love them. If they don’t appreciate or reciprocate your efforts, your pet will be waiting on the couch, ready to snuggle.
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