Silvia's Feed
Aug 2, 2013

Intesa makes more bad loan provisions as profit falls

MILAN, Aug 2 (Reuters) – Net profit at Intesa Sanpaolo
, Italy’s biggest retail bank, fell more than expected
in the second quarter, tumbling 75 percent as it set aside more
money to cover souring loans in its recession-hit local market.

Bad loans have become one of the main troublespots for
Italian banks and the Bank of Italy said this week it had
intensified inspections of the loan books of eight lenders,
although a source close to the matter said none of Italy’s top
five banks were among those under extra scrutiny.

Aug 1, 2013

Generali says won’t sell BSI if price not right

MILAN/LONDON (Reuters) – Italian insurer Generali SpA (GASI.MI: Quote, Profile, Research, Stock Buzz) is still looking for buyers for its Swiss private banking business BSI, but won’t sell if the price isn’t right, company executives said on Thursday.

The sale of BSI, which has an estimated book value of 2.3 billion Swiss francs ($2.5 billion), is important for Generali as the proceeds would help it shore up its capital and cut debt.

Aug 1, 2013

Generali first-half net tops 1 billion on non-life growth

MILAN (Reuters) – Italian insurer Generali (GASI.MI: Quote, Profile, Research, Stock Buzz) reported a 28 percent rise in first-half net profit to 1.08 billion euros ($1.4 billion), thanks to a strong performance in its non-life business, it said on Thursday.

The result, which Generali called its best half-year performance in the past five years, was in line with the average forecast of 1.08 billion in a Reuters poll of five analysts.

Jul 31, 2013

JP Morgan under investigation in Monte Paschi probe: document

SIENA/MILAN (Reuters) – Italian prosecutors probing Monte dei Paschi’s 2007 acquisition of a smaller rival are investigating U.S. investment bank JP Morgan over an alleged crime committed by one of its employees, according to a prosecutors’ document.

The document, seen by Reuters, said the alleged crime was the obstruction of Italian regulators by an unknown JP Morgan employee relating to a 1 billion euro ($1.3 billion) hybrid financial instrument used to partly fund Monte dei Paschi’s purchase of Antonveneta.

Jul 18, 2013

Monte Paschi scraps stake limit to lure investors

SIENA, Italy, July 18 (Reuters) – Shareholders at
scandal-hit Italian lender Monte dei Paschi lifted
ownership restrictions on Thursday in a bid to lure new
investors and pay back state aid, potentially opening the way to
a takeover of the world’s oldest bank.

A heated extraordinary shareholder meeting voted in favour
of scrapping bylaws that said only Monte dei Paschi’s top
investor – a charitable foundation with links to local
politicians – could hold more than 4 percent of the lender.

Jul 17, 2013

Monte Paschi to scrap stake limit in bid to lure investors

MILAN, July 18 (Reuters) – Italy’s Monte dei Paschi
is set to change its ownership rules on Thursday,
seeking to lure new investors to pay back state aid and
potentially opening the way to a takeover of the world’s oldest

An extraordinary shareholder meeting is expected to vote in
favour of scrapping bylaws that say only Monte dei Paschi’s top
investor – a charitable foundation with links to local
politicians – can hold more than 4 percent of the lender.

Jun 26, 2013

Italy denies risk to public finances from debt derivative deals

MILAN, June 26 (Reuters) – Italy’s treasury denied on
Wednesday its use of derivatives as a hedge on its huge debt
pile posed any risk to public finances, following reports the
country faced billions of euros in potential losses from one set
of contracts.

The Financial Times and La Repubblica said the eight
contracts, restructured at the height of the euro zone crisis in
2012, could result in combined losses of around 8 billion euros
($10.5 billion) based on market prices on June 20.

Jun 24, 2013

Italy court finds Berlusconi guilty on sex charges

MILAN (Reuters) – A Milan court sentenced Italian former prime minister Silvio Berlusconi on Monday to seven years in prison after convicting him of paying for sex with a minor but he will not have to serve any jail time before he has exhausted appeals.

With two appeals possible, it could be years before a verdict is final and Berlusconi lawyers announced they would file an appeal against what his counsel Niccolo Ghedini called a “completely illogical” verdict.

Jun 24, 2013

Italy’s Berlusconi faces verdict in underage sex trial

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.

May 31, 2013

Some Italian banks risk problems, central bank chief

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.”