MILAN (Reuters) – Italy’s Banca Popolare di Milano (PMII.MI: Quote, Profile, Research, Stock Buzz) priced its 800 million euros ($1.1 billion) capital increase at 0.30 euros per share, it said in a statement on Friday, sending its shares down sharply.
The mid-tier lender’s cash call, requested by the Bank of Italy, could be a litmus test of investor appetite for Italian banks at a time when several of them are readying cash calls to meet tougher European Union requirements.
MILAN, Oct 27 (Reuters) – Fiat-Chrysler’s
third-quarter trading profit was well above forecasts at 851
million euros, with U.S. automaker Chrysler contributing as much
as two-thirds of it and helping offset weak European sales.
However, the combined group’s net debt rose sharply to 5.8
billion euros ($8.2 billion), compared with an analyst consensus
forecast distributed by Fiat of 4.1 billion euros.
MILAN, Oct 27 (Reuters) – A strong showing by U.S. unit
Chrysler will likely offset weak European sales and drive Fiat’s
profit higher in the third quarter while raising
questions about CEO Sergio Marchionne’s strategy for the
lopsided auto group.
Consensus forecasts distributed by Fiat show a trading
profit for the quarter at 705 million euros ($980
million)compared with 525 million euros in the previous three
months, with Chrysler contributing 440 million — 62 percent of
MILAN, Oct 22 (Reuters) – Italian market watchdog Consob has
asked Fiat to clarify its business plan for its Italian
factories, a source close to Consob said on Saturday, adding to
union pressure on the carmaker to make good on investment
pledges in its domestic hub.
The request was made in a letter recently sent to Fiat, the
source said on Saturday, confirming a press report that Consob
had taken issue with a series of “contradictory announcements”
by CEO Sergio Marchionne over production plans in Italy.
MILAN, Oct 18 (Reuters) – The board of UniCredit
meets on Tuesday as Italy’s biggest bank by assets weighs
options to shore up its capital position ahead of an EU summit
that is expected to include a plan to recapitalise the region’s
Chief Operating Officer Paolo Fiorentino said on Monday the
board meeting would be routine but one source close to the
situation said there could be a “quick exchange of views” on the
bank’s upcoming business plan and likely capital increase.
MILAN (Reuters) – Shares in UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Italy’s biggest bank by assets, fell 12 percent on Thursday on investors’ concerns over the bank’s need for billions of euros to shore up its capital position.
UniCredit’s capital shortfall is estimated at over 12 billion euros ($16.4 billion), according to Reuters Breakingviews data, if it is to meet tough requirements from the European Banking Authority.
MILAN, Oct 8 (Reuters) – Italy’s radical metalworkers union
Fiom has called a one-day strike at Fiat plants
nationwide for Oct. 21, saying it feared the carmaker planned to
further wind down its operations in the country.
The strike was decided after Fiat earlier this week said it
was quitting employers’ group Confindustria in a row over labour
contracts, a move which Fiom says could be a precursor for a
gradual disengagement from Italy.
MILAN (Reuters) – Italian banks risk being caught in a vicious cycle and face a further loss of confidence if the euro zone debt crisis worsens, Fitch warned on Friday, as data showed Italian lenders increasing their reliance on the European Central Bank for funding.
Explaining its decision to downgrade Italy’s sovereign debt rating to A+ from AA-, Fitch said the increased cost of funding and worsening asset quality due to the weak economy would place further pressure on the banks’ already strained profitability.
MILAN, Oct 7 (Reuters) – Italian banks sharply increased
their reliance on funding from the European Central Bank in
September as a spreading debt crisis crippled interbank lending
across the euro zone, data showed on Friday.
The data, posted on the Bank of Italy’s website, showed that
funding from the ECB rose to 104.7 billion euros ($140 billion)
at the end of September from 85 billion euros the month before.
DETROIT/MILAN, Oct 3 (Reuters) – When contract talks between
Chrysler Group LLC and the United Auto Workers union opened in
late July, expectations were high for a swift deal.
Representatives of both sides even wore matching maroon jackets
in a show of unity for the cameras.
But by September, when negotiators had moved behind closed
doors at Chrysler’s headquarters north of Detroit, the talks
bumped into issues of economics and ego. The lack of progress
forced a contract extension into the middle of October,
prolonging the uncertainty for 26,000 Chrysler workers.