MILAN, July 31 (Reuters) – Generali posted a 20.4
percent increase in operating profit in the second quarter
helped by a shift towards higher-margin insurance products and a
surprisingly strong performance in crisis-hit Italy.
The second quarter marked the end of an intense phase of
disposals, a centerpiece of CEO Mario Greco’s turnaround
strategy, that have helped Generali boost its capital base.
MILAN, July 8 (Reuters) – Italian banks are preparing to
sell between 10 billion euros and 16 billion euros of bad loans
over the next two years to free up capital to support new
lending to companies and households and to improve profits, a
survey by Deloitte showed.
This would represent up to 10 percent of a record 166
billion euros ($226.43 billion) of sour loans on the banks’
books built up as a result of Italy’s two-year recession, its
worst in 70 years.
MILAN/PARIS, July 4 (Reuters) – Late on May 23, Italian
financier Andrea Bonomi phoned executives at his country’s two
largest banks seeking more than 200 million euros ($273 million)
in loans to help him bid for French holiday resort company Club
For the 48-year-old businessman, taking over Club Med, a
storied brand struggling to improve profitability, would be the
biggest challenge since he revived the fortunes of motorcycle
maker Ducati in the mid-2000s.
MILAN, June 27 (Reuters) – Italy’s Banca Monte dei Paschi di
Siena said on Friday it had raised 4.99 billion euros
($6.81 billion) through the sale of new shares, boosting its
capital base and increasing the chances it could pass an EU
review of bank assets.
Monte dei Paschi, Italy’s No.3 bank by branches, is one of
15 Italian lenders targeted in a health check of euro zone
lenders by the European Central Bank before it takes over
supervision of the sector in November.
MILAN, June 22 (Reuters) – Italian luxury leather goods
maker Salvatore Ferragamo expects group results to
improve in the second half of 2014 from the first six months on
the back of strong demand in China and in global travel retail,
its chief executive said on Sunday.
Ferragamo, whose shoes were loved by Hollywood film stars
such as Marilyn Monroe and Audrey Hepburn, plans to add between
10 and 20 shops to its current network this year, four of them
in new large Chinese cities, Michele Norsa said.
MILAN, June 11 (Reuters) – Insurer Generali, one
of four key owners of Telecom Italia, decided on
Wednesday to exit ahead of time a seven-year shareholder
agreement to control the Italian phone company, making room for
future new investors.
Generali said in a statement it had exercised the right to
withdraw from the pact its 19.3 percent holding in Telco, an
investment vehicle that is Telecom Italia’s biggest investor
with a 22.4 percent stake.
MADRID/MILAN, May 28 (Reuters) – When Angel Gomez and Maria
Luisa Fernandez retired a decade ago, they imagined spending
their pensions largely on restaurant meals, holidays and toys
for the grandkids. Today, their retirement money helps to
support five families.
The Spanish couple, like other relatively prosperous
pensioners across southern Europe, are providing an informal
safety net which has helped many in the younger generation to
avoid widespread poverty despite record-high unemployment.