Silvia's Feed
Jun 22, 2012

Monte dei Paschi shares rise on capital hopes

MILAN/ROME (Reuters) – Shares in Banca Monte dei Paschi di Siena (MPS) (BMPS.MI: Quote, Profile, Research, Stock Buzz) rose as much as 10 percent on Friday, with traders citing hopes that Italy’s third-biggest lender will not need to tap the market to bolster its financial strength.

Monte dei Paschi, which will update investors on its capital-strengthening plans next week, must plug a 3.3 billion euro ($4.2 billion) shortfall by June 30 to meet tougher capital rules set by the European Banking Authority (EBA).

Jun 22, 2012

Capital gap to overshadow MPS business plan

MILAN/ROME June 22 (Reuters) – Concerns over capital are set
to overshadow Banca Monte dei Paschi di Siena’s new business
plan next week, with Italy’s third-biggest lender expected to
announce a focus on its retail business and fewer loans to
offset deposit outflows.

MPS (BMPS.MI: Quote, Profile, Research), the world’s oldest lender, must plug a 3.3
billion euros ($4.2 billion) shortfall by June 30 to meet
tougher capital rules set by the European Banking Authority.

Jun 20, 2012

Libya eyes refund of Goldman, SocGen losses

MILAN (Reuters) – The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) to see whether it can claim compensation, the fund’s chairman said on Wednesday.

Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these investments and how they were managed.

Jun 8, 2012

Insight: Vatican bank-money, mystery and monsignors

VATICAN CITY (Reuters) – For a financial institution whose ATMs offer Latin as a language option, whose offices are below the pope’s windows and where tellers work under the gaze of crucifixes, one might assume the Vatican bank would have a dispensation from earthly travails.

But new judicial woes and internal upheavals at the bank, officially known as the Institute for Works of Religion (IOR), have raised new hurdles for the Vatican, just as it entered the final stretch of years of efforts to join the international club of financial righteousness.

Jun 8, 2012

INSIGHT:Vatican bank-money, mystery and monsignors

VATICAN CITY, June 8 (Reuters) – For a financial institution
whose ATMs offer Latin as a language option, whose offices are
below the pope’s windows and where tellers work under the gaze
of crucifixes, one might assume the Vatican bank would have a
dispensation from earthly travails.

But new judicial woes and internal upheavals at the bank,
officially known as the Institute for Works of Religion (IOR),
have raised new hurdles for the Vatican, just as it entered the
final stretch of years of efforts to join the international club
of financial righteousness.

Jun 6, 2012

Scandal-hit Vatican says restoring trust will take time

VATICAN CITY (Reuters) – It will take time to restore trust within the walls of the Vatican and ease the pain caused by a leaks scandal that led to the arrest of Pope Benedict’s butler, the pontiff’s spokesman said on Wednesday.

“Clearly to restore a climate of serenity and trust is a process, it is not something that can be solved in a few days,” said Father Federico Lombardi, the Vatican’s chief spokesman.

Jun 5, 2012

Vatican prosecutor interrogates papal butler

VATICAN CITY (Reuters) – A prosecutor began interrogating Pope Benedict’s butler on Tuesday to decide if he should stand trial in what would be one of the most sensational court cases ever in the Vatican.

Prosecutor Piero Antonio Bonnet questioned Paolo Gabriele in the presence of his two lawyers and Nicola Piccardi, another Vatican judicial official known as the “promoter of justice”.

Jun 4, 2012

Pope won’t be frightened by leaks scandal: deputy

ROME (Reuters) – Pope Benedict will not be frightened by a leaks scandal that has shaken the Vatican, his powerful right-hand man said on Monday in his first public comment on what he called “ferocious and targeted” attacks on the pontiff and the church.

Cardinal Tarcisio Bertone, the Vatican Secretary of State, or prime minister, is regarded as the chief target of the unprecedented campaign of leaking which led to the arrest of the pope’s butler on May 23.

Jun 1, 2012

Pope and top aide display unity amid scandal

MILAN (Reuters) – Pope Benedict and his deputy, Cardinal Tarcisio Bertone, regarded as the chief target of a campaign of leaks, appeared side by side on Friday at the start of a visit to Milan that is unlikely to provide much respite from the scandal.

In his speech, the pontiff made no reference to the scandal, which exploded last week when his butler was arrested for stealing his private documents. Many Vatican insiders believe the butler is merely a scapegoat in a poisonous power struggle between Bertone’s allies and enemies.

Jun 1, 2012

Heavy security for Milan visit by scandal-hit pope

MILAN (Reuters) – Some 15,000 policemen deployed in Milan on Friday to keep protesters at bay during a visit by Pope Benedict which is unlikely to provide much respite from the worst crisis of his papacy.

The pope, who has expressed sadness and pain over a scandal which exploded last week when his butler was arrested for stealing his private documents, will begin a three-day visit to Italy’s financial capital on Friday evening.