MILAN, Sept 12 (Reuters) – British clearing house
LCH.Clearnet has dropped a guarantee on Italian government
bonds’ repo transactions, potentially hurting an important
funding channel for Italian banks while many still grapple with
The move increases the potential risk for investors settling
Italian government bond repos – short-term loans guaranteed by
Italian debt securities – through LCH, analysts said.
MILAN, Sept 10 (Reuters) – Mid-sized lender Carige
is emerging as the latest Italian banking problem after the Bank
of Italy said in a report the Genoa bank had engage in onerous
derivatives trades and raised objections to its accounting
methods and valuations.
Italy’s banking sector has been shaken earlier this year by
a derivatives scandal exploded at Banca Monte dei Paschi di
Siena, which is under investigation and faces
nationalisation if it fails to find investors for a vital 2.5
billion euro ($3.3 billion) capital hike.
CERNOBBIO, Italy (Reuters) – Italian Prime Minister Enrico Letta warned of the risk of fresh political turmoil on Sunday, a day before a Senate committee meets to decide whether to expel the country’s former leader Silvio Berlusconi from parliament.
As the two main partners in his fragile coalition prepare for a showdown over Berlusconi’s future, Letta told business leaders that economic recovery had been hampered for too long by Italy’s “permanent political chaos”.
MILAN (Reuters) – Italy has no plans to oppose foreign takeovers of domestic companies, its economy minister said on Saturday, as suitors size up Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) and Finmeccanica’s (SIFI.MI: Quote, Profile, Research, Stock Buzz) power engineering business.
The defense group is in talks to sell AnsaldoEnergia to South Korea’s Doosan Heavy Industries (034020.KS: Quote, Profile, Research, Stock Buzz) while Egyptian tycoon Naguib Sawiris expressed interest in Italy’s main telecoms operator ahead of a September 19 board meeting.
ROME (Reuters) – Italy, which three months ago got off the European Union’s blacklist of countries with excessive fiscal deficits, may be put straight back on it next year unless it can reverse a worrying trend in its public finances.
Enrico Letta’s government has been forced to respect the tax cutting promises of Silvio Berlusconi’s People of Freedom Party (PDL), a vital part of the ruling coalition, while a deeper than expected recession is also weighing on state accounts.
MILAN, May 3 (Reuters) – Telecom Italia has asked
state financing body CDP to buy a stake in its fixed-line
network, a source with knowledge of the deal said, in a move
that could smooth a tie-up between the Italian firm and Hong
Kong’s Hutchison Whampoa.
The source said Telecom Italia had sent CDP a draft proposal
suggesting it purchase a stake in a yet-to-be-created new
network company via the Fondo Strategico Italiano (FSI), a fund
controlled by the CDP.
MILAN (Reuters) – Italy has raised its debt issuance target for this year by nearly 10 percent and is hoping to tap demand from Asian investors to meet the goal, its head of debt management told Reuters on Tuesday.
In an interview, Maria Cannata said the treasury has lifted its gross funding target for 2013 to just over 450 billion euros ($589 billion) from a previous estimate of 415 billion euros.
MILAN, April 4 (Reuters) – Italy will hike its planned
target for government bond issuance in 2013 and 2014 to pay off
a portion of outstanding state debts to the private sector, a
senior treasury source told Reuters.
The caretaker government of Mario Monti said last month it
wanted to pay 20 billion euros ($26 billion) of state debts to
companies this year and the same amount in 2014 to provide vital
liquidity to cash-strapped companies fighting a deep recession.
MILAN (Reuters) – Italy could issue its first 30-year benchmark bond in more than three years in 2013 after successfully selling a new 15-year bond this week, the head of the Debt Management Office told Reuters on Wednesday.
Rome, which has 2 trillion euros of public debt to refinance, shied away from selling longer-dated paper during the worst of the euro zone debt crisis, which pushed yields on its bonds and its borrowing costs higher across the curve.
MILAN, Jan 16 (Reuters) – Italy could issue its first
30-year benchmark bond in more than three years in 2013 after
successfully selling a new 15-year bond this week, the head of
the Debt Management Office told Reuters on Wednesday.
Rome, which has 2 trillion euros of public debt to
refinance, shied away from selling longer-dated paper during the
worst of the euro zone debt crisis, which pushed yields on its
bonds and its borrowing costs higher across the curve.