Silvia's Feed
Mar 15, 2012

Intesa books big writedowns, to cut targets

MILAN, March 15 (Reuters) – Intesa Sanpaolo,
Italy’s biggest retail bank, posted a 10 billion euro loss in
the fourth quarter as it joined domestic rival UniCredit in
writing down billions of euros of goodwill to repair a balance
sheet damaged by the euro zone debt crisis.

The lender said in its results statement that it will have
to revise its business plan targets because of market turmoil
and amid expectations the Italian economy could shrink as much
as 2.2 percent this year.

Mar 14, 2012

Siena loses its grip on world’s oldest bank

SIENA, Italy, March 14 (Reuters) – Siena’s 55,000
residents say they fall into three categories: those who work
for Monte dei Paschi, those studying to work for it and those
who have retired from the world’s oldest bank.

But Banca Monte dei Paschi di Siena’s ties to the
town where it was founded in 1472 are under threat.

Mar 3, 2012

Italy shipwreck captain “was not wearing glasses”

GROSSETO, Italy (Reuters) – The captain of the wrecked Costa Concordia cruise liner was not wearing his glasses on the evening of the accident and asked his first officer to check the radar for him, the officer’s lawyer said on Saturday.

The giant cruise liner capsized off the Tuscan island of Giglio after hitting a rock on January 13, killing at least 25 people. Seven people are still unaccounted for.

Mar 3, 2012

Victims’ families want truth at Italy shipwreck hearing

GROSSETO, Italy, March 3 (Reuters) – Survivors and
relatives of victims of the Costa Concordia shipwreck clamoured
for truth at a pre-trial hearing in Italy on Saturday, with some
still waiting for identification of the remains of their loved
ones 1-1/2 months after the disaster.

The giant cruise liner capsized off the Tuscan island of
Giglio after hitting a rock on Jan. 13, killing at least 25
people. Seven people are still unaccounted for, and eight of the
bodies found have yet to be identified.

Feb 28, 2012

MPS top shareholder seeks to keep creditors at bay

MILAN, Feb 28 (Reuters) – The top shareholder in Banca
Monte dei Paschi di Siena is aiming for a quick sale
of around 8 percent of its holding, sources said on Tuesday, to
hold off creditors clamouring for repayment of debts by
mid-March.

The Monte dei Paschi banking foundation, which has 49
percent of the Tuscany-based bank, needs to sell a stake of
about 15 percent to clear most of the 1.1 billion euros of debt
it has accumulated to keep its grip on Italy’s no.3 lender.

Feb 24, 2012

Fiat may shut two Italian plants if U.S. plans fail

MILAN (Reuters) – Italian carmaker Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) may have to close two of its loss-making five domestic plants if plans to export to the growing U.S. market don’t materialize, its Chief Executive Sergio Marchionne said on Friday.

It was the first time that Marchionne, who is also head of Fiat-owned U.S. car group Chrysler, raised the prospect of shutting down more Italian plants after the closure of the Termini Imerese factory in Sicily last year.

Feb 18, 2012

Italy must rapidly implement, extend reforms: central bank

PARMA, Italy (Reuters) – Italy’s central bank governor urged the government on Saturday to rapidly implement planned reforms and take further steps to support the euro zone’s third-biggest economy, which he said would shrink by around 1.5 percent this year.

In a keynote speech in Parma, Bank of Italy chief Ignazio Visco said the country’s banking system was solid but high costs and recession meant lenders’ earnings prospects this year were “not favorable.”

Feb 17, 2012

Monte Paschi top shareholder races against time to find buyer

SIENA, Italy (Reuters) – The controlling shareholder in Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz), Italy’s third biggest lender, has until early April at best to find a buyer for some of its stake in the bank if it wants to sell at a premium, sources close to the matter said.

The cash-strapped banking foundation that holds 49 percent of Monte dei Paschi, the world’s oldest bank, said this week it would sell up to 15 percent in a move allowing it to cut debt while retaining a blocking minority to veto any hostile moves. [ID:nL5E8DE86R]

Feb 14, 2012

Monte dei Paschi top shareholder to sell up to 15 pct stake

MILAN, Feb 14 (Reuters) – MILAN, Feb 14 (Reuters) -
Banca Monte dei Paschi di Siena SpA’s core shareholder
will sell a stake of up to 15 percent in Italy’s No.3 lender, it
said on Tuesday, in a move that will allow it to cut debt but
still block any hostile bid.

Three sources familiar with the situation said the
cash-strapped Monte dei Paschi foundation, which has a 49
percent stake in the eponymous bank, including preference
shares, was in talks with domestic investors to quickly sell the
stake as it races to meet a deadline set by creditors to come up
with a debt-cutting plan.

Feb 14, 2012

Monte dei Paschi investor may sell up to 15 pct – sources

MILAN, Feb 14 (Reuters) – Banca Monte dei Paschi di
Siena SpA’s core shareholder is in talks with domestic
investors to quickly sell a stake of up to 15 percent in Italy’s
No.3 lender, a move that would allow it to cut its debt, but
still block any hostile bid, according to three sources close to
the situation.

Tuscany-based Monte dei Paschi, the world’s oldest bank, is
viewed as one of Italy’s weakest due to its thin capital base
and low profitability.