Report: International Tourism to U.S. Again Stronger Than Expected
NEW YORK (AP) – The U.S. Travel Association says more international visitors came to the U.S. than expected in May, again defying expectations of slow growth or a decline in reaction to President Trump’s travel ban and other issues. Despite the strong spring numbers, an overall slowdown is still projected for the year.
Italy to Nationalize Bank, Shed $32.5b in Bad Loans
MILAN (AP) – The Italian government is taking control of troubled bank Monte dei Paschi di Siena and will try to relaunch it in a plan that includes disposing of a massive 28.6 billion euros ($32.5 billion) in bad loans. In detailing the plan Wednesday, bank CEO Marco Morelli said the disposal of the bad loans was “the most relevant issue” in the European Commission’s approval this week of the rescue. The government will inject 5.4 billion euros into the bank, getting a 70-percent stake.