Business
Ferrari chair John Elkann to do community service over tax case
The chair of Ferrari and Stellantis has agreed to do one year of community service and jointly pay millions of euros to settle a dispute over inheritance tax in Italy.
John Elkann and his siblings Lapo and Ginerva will pay €183m (£159m) to Italian tax authorities, Italian prosecutors said, according to multiple media reports.
Mr Elkann’s lawyer said the agreement did not include an admission of liability from the Ferrari chair and his siblings.
He said the prosecutors’ decisions were an opportunity to bring “this painful affair to a swift and definitive close”.
Mr Elkann, a member of one of the most powerful families in Italy, is the grandson of Gianni Agnelli, the former boss of Fiat.
The tax dispute relates to the estate of Mr Elkann’s grandmother, Marella Caracciolo, who died in 2019.
Mr Elkann will need to suggest where he could do his community service, which Reuters reported could include helping at a centre for the elderly or a centre helping people with drug addiction.
Paolo Siniscalchi, the Elkanns’ attorney, said in a statement to the BBC: “John Elkann’s request for probation must be viewed in this context and does not entail, just as the settlement with the tax authorities does not, any admission of responsibility.
“If this request is granted, the proceedings against him will be suspended, and upon the successful completion of the probationary period, will conclude with a ruling extinguishing all the charges for which John Elkann is currently under investigation.
“This outcome would mirror that of his siblings Ginevra and Lapo, for whom dismissal of charges has been requested.”
Prosecutors had alleged the Elkann siblings failed to declare roughly €1bn in assets and €248.5m in income, on the basis their grandmother was a Swiss resident.
Prosecutors on Monday accepted the agreement to pay millions, and have asked the judge to drop a criminal case against Mr Elkann’s brother and sister, which was dismissed.
The case stems from a wider dispute between the Elkann siblings and their mother, Margherita Agnelli over the estate of Gianni Agnelli. A civil case is ongoing.
Mr Agnelli died more than 20 years ago after building Fiat up from a small car manufacturer into a major conglomerate.
Ms Agnelli, who inherited €1.2bn euros, has been fighting to overturn agreements she signed in 2004 after her father’s death in an attempt to ensure that money goes to her five children from a second marriage and not to her three eldest.
Ms Agnelli’s lawyers said in a statement that they welcomed the outcome of these tax and criminal proceedings.
Mr Elkann is the oldest of Ms Agnelli’s children. He has been chair of Stellantis since 2021, and became chair of Ferrari in 2018, according to Stellantis.
He first joined Fiat’s board in 1997 and was previously the company’s chair.
Mitchum has apologised to customers following reports of rashes, bumps and burning linked to the use of some of its roll-on deodorants.
TikTok users posted videos claiming they had experienced redness and irritation after using the brand’s 48-hour roll-on anti-perspirant and deodorant.
Mitchum UK confirmed that the problem was linked to a change in the manufacturing process affecting one of the raw materials used.
It said a select batch of the roll-ons sold in the UK, Ireland and South Africa was manufactured by the updated method, and the company had now reverted to the original process.
A Mitchum UK spokeswoman said: “We are aware of reports from some customers regarding reactions to select batches of Mitchum 48-hour 100ml roll-on anti-perspirant and deodorant sold in the UK, Ireland and South Africa.
“No other products in our portfolio are impacted.
“Consumer wellbeing is always our priority, and we are truly sorry some of our customers have experienced temporary irritation. This is not the experience they expect from us.
“We take this kind of feedback extremely seriously and have worked hard to investigate the cause.
“We want to reassure there has been no change to the formula of our products, but we have identified a change in the manufacturing process affecting one of our raw materials. This has impacted how the roll-on interacts with the skin of some users.
“We can confirm this issue has now been resolved and we are working to remove the small amount of product remaining on shelf. In addition, we have reverted to the original manufacturing process to ensure no other batches are affected.”
Customers experiencing issues have been urged to contact Mitchum UK’s customer care team.
Max Verstappen of Red Bull Racing competes during the British Grand Prix, the 12th round of the Formula 1 World Championship, at Silverstone Circuit in Northampton, United Kingdom, on July 06, 2025.
Rasid Necati Aslim | Anadolu | Getty Images
Carlyle is set to announce a new partnership with Formula 1 team Oracle Red Bull Racing as private markets firms aim to ramp up their exposure to the high-net worth and retail investor cohorts, CNBC has learned.
The agreement will plaster Carlyle’s branding on Red Bull’s RB21 challenger, drivers’ team kits, the pit wall and the garage, the two companies said Tuesday. Financial terms of the deal were not disclosed.
“Our industry is undergoing an extraordinary transformation, fueled by greater access to private markets and growing interest from a new generation of investors,” Carlyle CEO Harvey Schwartz said in a statement. “We’re excited to partner with one of the most illustrious brands in global sport to engage new audiences and create long-term value together.”
F1 teams have been raking in sponsorship dollars as the league soars in popularity. Last year, the teams generated a combined $2 billion in sponsorship revenue, according to a recent report by SponsorUnited. That surpassed every league except for the NFL, according to the report. And F1 generated the highest average sponsorship deal size at $6 million last year, which was about eight times the average for the NFL.
The private markets industry has been inking partnerships — particularly with certain sport franchises — in order to bring more brand awareness to firms as the industry evolves toward funding from individual retail investors. Other firms, such as Apollo and Blue Owl, have pursued sponsorship deals within professional golf and tennis.
Wealth has been one of the fastest-growing areas within Carlyle, raising more than $60 billion since inception and nearly doubling the segment assets under management in two years. In the release, Carlyle said it’s Red Bull’s exclusive partner in the investment management industry and that their alliance is the first between an F1 team and a “major global private markets firm.”
“As an iconic firm in global finance, Carlyle brings a long-term perspective with an expansive network, and we look forward to building a powerful partnership on and off the track,” Laurent Mekies, Oracle Red Bull racing CEO and team principal, said in the release
The SponsorUnited report said the technology sector drove the most F1 team sponsorship revenue, contributing $543 million. Financial services came in second, with $379 million, the report showed. AIX Investment Group recently sponsored driver Pierre Gasly for the 2025 season, featuring its logo on the side panel of his helmet.
The upward momentum at the Pakistan Stock Exchange (PSX) continued on Tuesday, with the benchmark KSE-100 index climbing to fresh record levels amid strong investor interest and positive market sentiment.
On the second trading day of the week, the index rose by 399 points to reach 156,486 before further gains pushed it up by 533 points to a new all-time high of 156,621 during intra-day trading.
The surge followed Monday’s rally, when the index closed at 154,969 after adding 691 points.
Momentum carried through the session, lifting the benchmark by 1,274 and then 1,692 points to end the day at 155,969 its highest close at the time.
Market analysts said improved investor confidence and favourable business trends were driving the consistent rally.
The index had already crossed the 154,000-point mark at the end of last week, a level now surpassed by successive record gains this week.
Yesterday, Prime Minister Shehbaz Sharif expressed profound satisfaction over the PSX’s performance.
In a statement, the premier lauded the efforts of his economic team, emphasising that the landmark performance reflects the business community’s growing confidence in the government’s reform-driven economic policies.
“The PSX’s record performance showcases the resilience of our economy and the trust of investors in our forward-looking policies,” the PM remarked.
KTrade Securities wrote in its market wrap that the bourse continued the bullish momentum as the KSE-100 climbed 1,810 points to close at a new all-time high of 156,087.
Arif Habib Limited (AHL) Head of Research Sana Tawfik told that multiple factors were driving the bullish sentiment.
First of all, investor enthusiasm grew following news that the government was actively working to resolve the longstanding circular debt issue in the energy sector, a key challenge afflicting Pakistan’s economy.
JS Global analyst Mubashir Anis Naviwala commented that strong investor interest was seen in investment banking, power generation, exploration & production (E&P) and cement sectors.
Overall trading volumes increased to 1.13 billion shares compared to 1.08 billion in the previous session. Traded value stood at Rs62.3 billion.
Shares of 482 companies were traded. Of these, 229 stocks closed higher, 228 fell and 25 remained unchanged.
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