Silvia's Feed
Nov 28, 2011

Monte Paschi foundation renegotiating debt

ROME/MILAN, Nov 28 (Reuters) – The foundation which
controls Banca Monte dei Paschi di Siena is
renegotiating with creditors the terms of 1.1 billion euros of
loans, backed by Monte Paschi shares, as it seeks to keep
control of Italy’s third biggest lender.

The foundation, which owns 48.4 percent of the Tuscany-based
bank (MPS) and which was forced to take out the loans to
underwrite two capital increases since 2008, said on Monday
talks with the banks were at an advanced stage.

Nov 28, 2011

Italy’s Northern League sees opportunity in Monti’s woes

MELEGNANO, Italy, Nov 28 (Reuters) – On a cold and
foggy Sunday morning, a battle for the hearts and minds of
Italian voters is quietly under way in the medieval square of
this town on the outskirts of Milan.

“Bye Bye Silvio!” reads a giant billboard put up by the
leftist SEL party, whose leader has reluctantly thrown his
weight behind Mario Monti’s emergency government, tasked with
rescuing Italy from financial disaster.

Nov 24, 2011

Insight: Switzerland looks good to Italians

MILAN/LUGANO (Reuters) – Marco, a 31-year-old from southern Italy, has never set foot in neighboring Switzerland. Now he’s thinking of moving his family’s cheese-making business there.

Growing fear about the impact of the eurozone crisis in Italy is making Switzerland — traditional banking safe haven for the world’s wealthy — increasingly attractive to ordinary men and women nervous about the impact of austerity measures and even the possible collapse of the eurozone.

Nov 24, 2011

Switzerland looks good to Italians

MILAN/LUGANO, Nov 23 (Reuters) – Marco, a 31-year-old
from southern Italy, has never set foot in neighbouring
Switzerland. Now he’s thinking of moving his family’s
cheese-making business there.

Growing fear about the impact of the eurozone crisis in
Italy is making Switzerland — traditional banking safe haven
for the world’s wealthy — increasingly attractive to ordinary
men and women nervous about the impact of austerity measures and
even the possible collapse of the eurozone.

Nov 23, 2011

Pressure mounts on Finmeccanica chairman to quit

MILAN, Nov 23 (Reuters) – Pressure mounted on
Finmeccanica Chairman Pier Francesco Guarguaglini to quit on
Wednesday over a corruption probe that has engulfed Italy’s
defence conglomerate and exposed a growing rift in the company’s
top ranks.

The defence group, controlled by Italy’s Treasury, is
involved in a long-running probe centering on accusations of
false invoices and slush funds that were allegedly used to bribe
politicians.

Nov 16, 2011

UniCredit seeks wider ECB funding for Italian banks

MILAN/FRANKFURT (Reuters) – The head of UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) has urged the European Central Bank to increase access to ECB borrowing for Italian banks, a source close to the bank said, highlighting funding concerns among the country’s lenders.

The bank’s CEO Federico Ghizzoni and other European top bankers met ECB officials in Frankfurt but declined to comment on the content of the talks.

Nov 16, 2011

UniCredit seeks wider ECB funding for Italian banks-source

MILAN, Nov 16 (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research) will ask
the European Central Bank at a meeting on Wednesday to increase
access to ECB borrowing for Italian banks, a source close to the
bank said, highlighting funding concerns among the country’s
lenders.

Italian banks have increased their reliance on the ECB for
cheaper funding since the summer as the euro zone’s third
biggest economy was sucked ever deeper into the region’s debt
crisis and its lenders faced sharply higher refinancing costs.

Nov 14, 2011

Lossmaking UniCredit seeks $10.3bn, cuts 5,200 jobs

MILAN (Reuters) – Italian bank UniCredit plans to raise 7.5 billion euros ($10.3 billion) via a rights issue early next year to repair its balance sheet after suffering a third quarter net loss of 10.6 billion euros.

The bank also scrapped its dividend payment for 2011 and said it would cut 5,200 jobs in Italy to get back on track. Unicredit said on Monday its third-quarter net loss was due to 9.6 billion euros of goodwill writedowns.

Nov 14, 2011

Lossmaking UniCredit seeks $10.3 billion, cuts 5,200 jobs

MILAN (Reuters) – Italian bank UniCredit (CRDI.MI: Quote, Profile, Research) plans to raise 7.5 billion euros (6.4 billion pounds) via a rights issue early next year to repair its balance sheet after suffering a third quarter net loss of 10.6 billion euros.

The bank also scrapped its dividend payment for 2011 and said it would cut 5,200 jobs in Italy to get back on track. Unicredit said on Monday its third-quarter net loss was due to 9.6 billion euros of goodwill writedowns.

Nov 14, 2011

UniCredit to cut 5,000 jobs in dire quarter

MILAN (Reuters) – Profits at Italian bank UniCredit have all but evaporated and capital has shrunk to dangerous levels, results due on Monday will show as the bank prepares a $10 billion rights issue and 5,000 job cuts to get back on track.

In what will be Europe’s biggest bank capital raising for over a year and Italy’s biggest of the current crisis, the lender is set to ask for 7.5 billion euros ($10.3 billion) from shareholders and retrench to its core operations as it releases a dire set of third quarter results.