MILAN (Reuters) – Judges in a Milan court retired to consider their verdict on Monday in a trial in which former Italian prime minister Silvio Berlusconi is accused of paying for sex with a minor and abusing the powers of his office to cover it up.
The verdict, which could undermine the fragile coalition government if it goes against Berlusconi, closes a two-year trial that has mesmerized Italy with its accounts of the alleged “bunga bunga” sex parties at the billionaire’s private villa outside Milan while he was premier in 2010.
ROME/MILAN (Reuters) – Some Italian banks face probable difficulties and shareholders must be ready to dilute their stakes and encourage mergers, the country’s central bank governor said on Friday.
Bank of Italy Governor Ignazio Visco said in a keynote speech that Italy’s banks had been weakened by the euro zone’s sovereign debt crisis and ensuing recession and some are now “at risk of being in difficulty.”
MILAN (Reuters) – Italian prosecutors on Monday called for a six-year jail sentence and a lifetime ban on holding public office for former Prime Minister Silvio Berlusconi, charged with abuse of office and paying for sex with a minor.
The 76-year-old billionaire media tycoon and center-right senator is accused of paying for sex with Karima El Mahroug, better known by her stage name ‘Ruby the Heartstealer’, when she was under 18, during the now notorious “bunga bunga” parties at his villa at Arcore near Milan in 2010.
MILAN, May 10 (Reuters) – UniCredit on Friday
reported a bigger than expected net profit in the first quarter
thanks to lower bad debt provisions, a sign there might be light
at the end of the tunnel soon for Italy’s biggest bank by
UniCredit’s net profit came in at 449 million euros ($587.97
million), down 51 percent from a year ago. But this easily beat
an analyst consensus forecast of 156 million and first quarter
profits in 2012 had been boosted by a one-off gain.
ROME/SIENA, April 29 (Reuters) – There was no evidence that
Nomura made wrongful or disproportionate gains from its
contentious “Alexandria” derivative deal with Italian bank Monte
dei Paschi, an Italian judge said in rejecting an
assets seizure order against the Japanese bank.
The “Alexandria” deal is one of three trades at the heart of
a criminal probe at Banca Monte dei Paschi di Siena, which
booked losses of 730 million euros in 2012 after saying details
of the complex derivatives deals had only just come to light.
ROME/SIENA (Reuters) – There was no evidence that Nomura (8604.T: Quote, Profile, Research, Stock Buzz) made wrongful or disproportionate gains from its contentious “Alexandria” derivative deal with Italian bank Monte dei Paschi MPSS.MI, an Italian judge said in rejecting an assets seizure order against the Japanese bank.
The “Alexandria” deal is one of three trades at the heart of a criminal probe at Banca Monte dei Paschi di Siena, which booked losses of 730 million euros in 2012 after saying details of the complex derivatives deals had only just come to light.
SIENA/MILAN (Reuters) – Italian prosecutors took steps in Germany and Britain on Wednesday to carry out the seizure of up to 1.95 billion euros ($2.6 billion) of assets from Japan’s Nomura (8604.T: Quote, Profile, Research, Stock Buzz), which they say is needed to halt further losses from Italy’s Monte dei Paschi bank.
Prosecutors in Italy accuse Japan’s largest broker of colluding with former managers of Monte dei Paschi, the world’s oldest bank, to set up huge hidden bets on Italian government bonds that helped drive the Italian bank close to collapse.
MILAN, March 28 (Reuters) – Italy’s Banca Monte dei Paschi
di Siena reported a wider-than-expected yearly net
loss as it booked higher bad debt provisions and losses on
derivatives trades which are at the centre of a fraud
Its 2012 loss of 3.2 billion euros ($4.1 billion) compares
with an average estimate for a loss of 2.5 billion in a Reuters
poll of eight banks and brokerages and follows a 4.7 billion
loss in 2011.
MILAN/MADRID, March 28 (Reuters) – Small companies
struggling to repay loans in Italy and Spain signal bigger
problems on the horizon for the euro zone after the dust has
settled on Cyprus’s last-ditch bailout this week.
Defaults by small and medium-sized enterprises (SMEs), easily
the biggest employers in Spain and Italy, are rising at a
worrying clip, spelling trouble for the banks and two countries
at the heart of Europe’s debt crisis.
MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.
According to the average estimate in the poll of eight analysts, the bank will report a second year of big losses when it releases results for 2012 on Thursday, following a 4.7 billion euro loss in 2011.