Silvia's Feed
Dec 20, 2012

ECB criticizes Monte Paschi bailout terms

MILAN/FRANKFURT, Dec 20 (Reuters) – The terms of a state
bailout scheme for Banca Monte dei Paschi di Siena,
Italy’s third biggest lender, could pose more challenges to the
bank’s performance, the European Central Bank said.

The ECB, which will supervise euro zone’s lenders from March
2014, also said on Thursday it was told by the Italian
government too late into the process about the details of the
rescue.

Dec 19, 2012

UBS, Deutsche dealt new blow by Italy fraud verdict

MILAN (Reuters) – An Italian court on Wednesday found Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), Depfa Bank, JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) guilty of fraud for mis-selling derivatives to Milan that could set a precedent for hundreds of local governments to pursue.

The court ordered the seizure of just under 90 million euros from the lenders which were each fined 1 million euros ($1.3 million). Nine bank employees were handed suspended jail sentences of up to eight months.

Dec 19, 2012

Italy fraud trial verdict deals extra blow to UBS

MILAN, Dec 19 (Reuters) – An Italian court on Wednesday
found Deutsche Bank, Depfa Bank, JP Morgan
and UBS guilty of fraud for mis-selling derivatives to
Milan in a case that could set a precedent for hundreds of local
governments.

The court ordered the seizure of just under 90 million euros
from the lenders which were each fined 1 million euros ($1.3
million). Nine bank employees were handed suspended jail
sentences of up to eight months.

Dec 18, 2012

Italian court to rule in landmark derivatives case

MILAN (Reuters) – An Italian court is expected to rule on Wednesday on whether four foreign banks missold derivatives to the city of Milan in a case seen as a litmus test for hundreds of local governments facing big losses from complex financial contracts.

Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz), UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) and Depfa Bank have been charged with aggravated fraud and accused of making 100 million euros ($132 million) in illicit profits from the sale of an interest-rate swap on a bond issued by the city of Milan.

Dec 17, 2012

Monte Paschi bailout gets preliminary EU clearance

BRUSSELS, Dec 17 (Reuters) – The European Commission has
given its preliminary approval to a 3.9 billion euros ($5.1
billion) state bailout for Banca Monte dei Paschi di Siena
(BMPS.MI: Quote, Profile, Research), ending months of uncertainty for Italy’s
third-biggest lender.

The approval is conditional on the bank, which was forced
to request state aid to bolster its weak capital base,
presenting a restructuring plan within six months, the
commission said in a statement on Monday.

Dec 14, 2012

Italian bailout keeps state out of Monte Paschi for now

MILAN, Dec 14 (Reuters) – Italian lender Banca Monte dei
Paschi di Siena is likely to avoid nationalisation for
now, under the terms of a state bailout allowing it to take on
more debt, which is expected to win European approval in the
next few days.

Under the bailout, which a European Commission source said
earlier this week Brussels will approve “in a matter of days”,
Monte dei Paschi will issue 3.9 billion euros ($5.1 billion) of
bonds to the Italian treasury to bolster its weak capital base.

Dec 9, 2012

Political upheaval seen pushing Italy to center of euro crisis

MILAN (Reuters) – Prospects of a political crisis in Italy sooner than expected – after Prime Minister Mario Monti said he intends to resign early – are expected to drive up Rome’s borrowing costs and tensions in the euro zone after months of calm on the bond market.

Monti’s surprise announcement on Saturday that he intended to resign after the approval of next year’s budget raised the prospect of an election in February, weeks before the end of his term in April, and heightened the uncertainty over who will succeed him.

Dec 7, 2012

Flu forces La Scala to change opening gala cast

MILAN (Reuters) – Opera house La Scala was forced to change its cast for Richard Wagner’s “Lohengrin” hours before the opening gala on Friday after German soprano Anja Harteros and her understudy both fell ill with flu.

The theatre said Annette Dasch will sing the lead female role of Elsa after arriving in Milan overnight, rescuing the biggest night of the year in the world of opera. Dasch has performed the role at the Bayreuth opera festival.

Dec 6, 2012

La Scala courts controversy with Wagner gala opening

MILAN (Reuters) – Richard Wagner’s “Lohengrin” kicks off La Scala’s season on Friday with the renowned Milanese theatre under fire for choosing the German maestro over local hero Giuseppe Verdi on the biggest night of the year for the world of opera.

With opera lovers around the globe preparing to celebrate the 200th birthday of both composers, born a few months apart in 1813, La Scala has been accused of being unpatriotic at a time when Italy battles a recession some blame on austerity policies driven by Germany.

Dec 5, 2012

S&P cuts Monte Paschi to junk

MILAN, Dec 5 (Reuters) – Standard & Poor’s became the second
credit ratings agency to cut Italian bank Banca Monte dei Paschi
di Siena to ‘junk’ status on Wednesday, saying
planned state aid may not be enough to stop its capital and
funding position from worsening.

Monte dei Paschi, the world’s oldest and Italy’s third
biggest bank, was one of only four European lenders that failed
to meet tougher capital requirements set by the European Banking
Authority.