MILAN (Reuters) – Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) pared losses, improved asset quality and stemmed outflows in the first quarter, the first signs of the Italian bank’s recovery from a high-profile derivatives scandal.
Italy’s third-largest bank by assets reported a net loss of 100 million euros ($130 million) on Wednesday, less than analysts were expecting and a substantial reduction on the 1.6 billion euro loss in the last quarter of 2012.
MILAN, May 15 (Reuters) – Banca Monte dei Paschi di Siena
contained its net loss to 100 million euros ($129.8
million) in the first quarter as it improved asset quality and
kept its direct funding broadly steady.
The results lifted the bank’s shares as analysts had
expected Monte dei Paschi to report a net loss of 156 million
euros, traders said referring to a consensus circulating on the
Clear blue sky today in #Milan
MILAN (Reuters) – Generali (GASI.MI: Quote, Profile, Research) chief Mario Greco’s turnaround plan started to bear fruit as the Italian insurer delivered higher-than-expected earnings and improved its capital base, fuelling a near 3 percent rise in its shares.
Greco, at the helm of Europe’s biggest life insurance player since August, has pushed through an extensive clean-up of Generali’s balance sheet and is seeking 4 billion euros (3.3 billion pounds) from the sale of non-core businesses to boost capital.
MILAN, May 10 (Reuters) – Insurer Generali
rebounded from a quarterly loss at end-2012 to deliver a higher
than expected net profit in the first three months of the year,
a sign the restructuring led by its CEO is bearing fruit.
Chief Executive Mario Greco, at the helm of Europe’s biggest
life insurer by premiums since August, has pushed through a
clean-up of Generali’s balance sheet and is selling non-core
businesses in a bid to strengthen the company’s capital base.
MILAN, May 9 (Reuters) – Italy’s Mediobanca was
dragged into the red in the quarter through March, hit by
losses deriving from its large stake in insurer Generali
and shrinking margins due to the deteriorating Italian
Yet Mediobanca, the first Italian bank to report quarterly
results, was able to further improve its capital ratios, among
the strongest in the domestic banking sector, and continued to
MILAN (Reuters) – Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) delayed a decision on whether to open formal merger talks with Hong Kong-based conglomerate Hutchison Whampoa (0013.HK: Quote, Profile, Research, Stock Buzz), buying more time to win over its divided shareholders.
Italy’s largest phone group by market share said last month that Hutchison was interested in becoming its biggest shareholder.
MILAN (Reuters) – Shares in Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) dropped nearly 3 percent after sources said the board will likely put off a decision on whether to start formal merger talks with Hutchison Whampoa (0013.HK: Quote, Profile, Research, Stock Buzz) at a meeting on Wednesday.
The stock had rallied 25 percent from near record lows since media reports last month of a possible tie-up between Italy’s biggest telecom operator and Hong Kong-based Hutchison.
MILAN (Reuters) – Investors welcomed on Monday the formation of a new government in Italy, piling into the country’s assets and brushing off a warning it might still need international aid to weather a deep economic crisis.
Sovereign borrowing costs fell to their lowest since October 2010 at a sale of 6 billion euros of five-year and 10-year bonds, and blue chip shares rose 1.6 percent – outperforming other European markets.