ROME, July 25 (Reuters) – Italy and the Vatican are about to
reach a deal allowing for the first time regular exchange of
financial information between the two states to combat money
laundering, several sources with direct knowledge of the
situation told Reuters.
The Vatican is pushing to reform its bank, the Institute for
Works of Religion (IOR), whose reputation has been tarnished by
three decades of scandals. Such a pact would mark a first
significant step towards normalising banking relations with
ROME, July 15 (Reuters) – Prosecutors allege two former top
executives at the Vatican bank repeatedly broke Italian laws on
money laundering by failing to give sufficient information when
ordering multi-million-euro bank transfers, according to
judicial documents seen by Reuters.
While the prosecutors stopped short of accusing two men who
were until recently the top officials at the Vatican bank of
money laundering, they said confusion over the handling of IOR
accounts had created the conditions where it could take place.
MILAN, June 21 (Reuters) – Mediobanca, under
pressure to improve returns for shareholders, plans to sell
almost all of its stakes in major companies, ending half a
century of influence at the heart of Italian business to focus
The bank’s Chief Executive Alberto Nagel said on Friday
Mediobanca aimed to cut 2 billion euros of equity holdings
through sales and writedowns to concentrate on its core banking
operations, a move that will push the bank in the red this year.
MILAN (Reuters) – An Italian court is expected to rule on Wednesday on whether legendary fashion duo Domenico Dolce and Stefano Gabbana should be sent to prison for allegedly hiding hundreds of millions of euros from the tax authorities.
The case, one of the few prominent tax disputes to go to court in Italy, dates back to 2004, when the pair sold their brand to Luxembourg-based holding company Gado to allegedly avoid declaring taxes on royalties of about 1 billion euros ($1.3 billion).
MILAN, June 17 (Reuters) – Saipem’s share price
fell by as much as 25 percent on Monday, after Europe’s biggest
oil industry services group gave its second major profit warning
in less than six months due to problems with contracts in
Algeria, Mexico and Canada.
Saipem, 43-percent-owned by Italian oil company Eni
, said after markets closed on Friday that it now
expected to make a net loss of 300 million to 350 million euros
this year instead of a profit of 450 million euros.
MILAN, June 16 (Reuters) – Italy’s best-known investment
bank Mediobanca will announce on Friday it is ready to
gradually exit all of its strategic holdings except life insurer
Generali, a source with direct knowledge of the
The Milan-based bank, which owns stakes in some Italy’s
biggest companies, will present a new business plan to focus on
its banking business and break with years of meddling in Italy’s
top corporate developments.