VENICE (Reuters) – The credits are about to roll on this year’s Venice film festival, and the world’s oldest cinema showcase pits Hollywood’s finest against up-and-coming American talent and movies by directors from South Korea, France and beyond.
The 11-day stretch of screenings, parties and interviews on the Lido waterfront ends on Saturday with the awards ceremony where the Golden Lion for best picture is handed out.
MILAN, Aug 3 (Reuters) – Intesa Sanpaolo, Italy’s
biggest retail bank, reported a sharp rise in provisions for
risky loans in the second quarter and falling net profit as the
Italian economy plunged deeper into recession.
The lender set aside 2.1 billion euros ($2.55 billion) in
the first half of 2012, up 37 percent from the first half of
2011, as risky loans rose by 20 percent.
SIENA, Italy, June 27 (Reuters) – Banca Monte dei Paschi di
Siena laid out a painful restructuring plan on
Wednesday, a day after the world’s oldest bank was forced to
take state aid, and said it would be looking to new investors in
seeking to raise up to 1 billion euros ($1.25 billion)in new
equity capital over the next five years.
Monte dei Paschi is the first Italian bank to have to resort
to state aid since 2010 as the euro zone crisis deepens, with
the bank hit hard by its 25 billion-euro exposure to Italian
government bonds, which is proportionally higher than that of
its domestic peers.
MILAN/LONDON, June 26 (Reuters) – A fund backed by Russian
billionaire Mikhail Fridman’s Alfa Group has bought 5 percent in
UniCredit, making it the second-largest shareholder in
Italy’s biggest bank.
The stake, bought by London-based Pamplona Capital
Management, is worth about 750 million euros ($935.33 million)
at current market prices and is one of the largest investments
by a foreign operator in a listed Italian group this year.
SIENA, Italy (Reuters) – Italy offered up to 2 billion euros on Tuesday to plug a capital gap in the bank Monte dei Paschi di Siena, the second time in three years the cash-strapped state has had to bail out the world’s oldest bank.
The bank, founded in 1472 as a charity to lend to the poor of Tuscany, expanded rapidly in the last few decades, becoming Italy’s third largest lender with a vast branch network. It’s second bailout would leave it dependent on nearly 4 billion euros in expensive state aid.
MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena is racing against time to win regulatory approval to sell least 1 billion euros ($1.25 billion) of bonds to the government to plug a capital shortfall by the end of June.
Sources close to the situation told Reuters at the weekend that the world’s oldest bank was in close talks with the Treasury and the Bank of Italy for a capital fix that would make it the first Italian bank to resort to state aid since 2010, when the euro zone crisis deepened.
ROME/MILAN (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) is in talks with the Treasury and the Bank of Italy about issuing at least 1 billion euros (806.8 million pounds) of government-backed bonds to plug a capital shortfall, two sources close to the matter said on Saturday.
If the Treasury and the Bank of Italy give the go-ahead, Italy’s third biggest lender would become the country’s first bank to resort to state help as the euro zone debt crisis deepens.
MILAN/ROME, June 23 (Reuters) – Italy’s third-biggest
lender, Banca Monte dei Paschi di Siena, has postponed
by a day to June 26 a board meeting set to approve its new
business plan as it races against time to plug a capital
shortfall by end June.
Citing “organisational reasons”, Monte dei Paschi said in a
statement the plan would now be presented to analysts on June
27. It is the second time that the board meeting and the
presentation, which had initially been due for mid-June, have
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).
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.