Silvia's Feed
Jan 14, 2013

Italy’s Berlusconi fails to have sex trial suspended

MILAN (Reuters) – Judges in Milan rejected a request by former Italian prime minister Silvio Berlusconi on Monday to halt his sex trial until after a national election next month, but allowed the key witness to avoid giving testimony in open court.

The three judges dismissed his lawyers’ argument that his commitments as head of the centre-right coalition in the February 24-25 election meant he would not have time to attend the trial.

Jan 14, 2013

Berlusconi lawyers request suspension of sex trial as “Ruby” appears

MILAN (Reuters) – The young nightclub dancer at the centre of Silvio Berlusconi’s sex trial arrived in court to testify on Monday but the former Italian premier’s lawyer asked for the case to be suspended until after elections next month.

Karima El Mahroug, 20, and better known by her stage name “Ruby the Heartstealer”, fought her way through a jostling scrum of photographers as she arrived at the court in central Milan where Berlusconi is on trial on charges of paying for sex with a minor.

Jan 7, 2013

Italy’s Monte Paschi up on hopes of reducing state aid

MILAN, Jan 7 (Reuters) – Shares in Italy’s Banca Monte dei
Paschi di Siena rose sharply for a second day on
Monday, with a recovery in the domestic bond market expected to
reduce the lender’s need for state aid.

Analysts said that sentiment in the overall banking sector
was helped by a regulatory decision to ease new liquidity rules,
but that Monte dei Paschi was benefiting in particular from the
fall in Italian government bond yields.

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.