Silvia's Feed
Mar 11, 2014

UniCredit posts shock 2013 loss of 14 billion euros after writedowns

MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) posted a shock 14 billion-euro ($19 billion) loss for 2013 after huge writedowns on acquisitions and bad loans, as it moved to clean up its balance sheet ahead of a sector-wide health check by European regulators.

Italy’s biggest bank by assets said on Tuesday full-year provisions against losses from loans totaled 13.7 billion euros, with 9.3 billion euros in the fourth quarter alone.

Mar 6, 2014

Monte Paschi’s biggest investor denies stake sale

MILAN, March 6 (Reuters) – The biggest shareholder in Monte
dei Paschi di Siena on Thursday denied press reports
that it had sold a stake of at least 8 percent in Italy’s
third-largest bank.

Three Italian newspapers reported that the Monte dei Paschi
foundation, which owns 31.5 percent of the bank, had sold
between 8 and 12 percent on Wednesday, sending the shares
sharply higher for a second consecutive day.

Mar 5, 2014

Italian watchdog says Novartis, Roche colluded over eye drug

ZURICH/MILAN (Reuters) – Italy’s antitrust authorities said Swiss drugmakers Novartis and Roche colluded to try to stop cancer drug Avastin being used to treat a serious eye disease, and fined the companies 182.5 million euros ($251 million).

In a statement on Wednesday, Italy’s regulator accused the two Basel-based firms of striking an alliance to prevent distribution of Roche’s Avastin as a treatment for wet age-related macular degeneration (AMD) in favor of the more expensive drug Lucentis made by Novartis.

Feb 28, 2014

Italy’s Banco Popolare posts third straight loss on loan charges

MILAN, Feb 28 (Reuters) – Italy’s No. 4 lender Banco
Popolare booked 1.7 billion euros ($2.3 billion) of
charges to cover bad loans in 2013, setting the tone for the
country’s banks as they clean their books ahead of an industry
health check by European regulators.

The writedowns, of which 1 billion euros were taken in the
fourth quarter, led to a full-year net loss of 606 million euros
- the third straight annual loss for Banco Popolare – and come
ahead of results from other Italian banks next month.

Feb 20, 2014

Italian banks’ bad debt cleanup to expose bigger capital gap

MILAN, Feb 20 (Reuters) – A drive by Italian banks to come
clean on bad loans during a European bank health check may force
them to raise as much as 20 billion euros in capital, three
times more than that pencilled in so far, to shore up their
balance sheets.

The bad debts are a problem that Italian banks had swept
under the carpet because booking soured loans at market value
would open a big hole in their accounts.

Jan 28, 2014

Italy denies trying to accelerate Monte Paschi cash call

MILAN, Jan 28 (Reuters) – Italy’s economy ministry urged the
top shareholder in troubled Monte dei Paschi di Siena
to cut its stake and let other investors in, but denied a report
that it was trying to bring forward a 3-billion euro share sale
at the bank.

A report in La Stampa newspaper said on Tuesday Italian
authorities had asked the bank to carry out the cash call in
March rather than wait until May as decided by a shareholder
meeting.

Jan 14, 2014

Monte Paschi chairman, CEO stay on, prepare for mid-2014 share sale

SIENA/MILAN, Jan 14 (Reuters) – Monte dei Paschi di Siena’s
chairman and CEO will stay on in their jobs even
though they were forced to delay a vital $4 billion share sale
planned for this month, which is now not expected until
mid-2014.

Chairman Alessandro Profumo and Chief Executive Fabrizio
Viola had both threatened to resign last month after their
proposal to launch the share issue immediately was voted down by
the bank’s largest shareholder, the Fondazione Monte dei Paschi.

Jan 14, 2014

Monte Paschi chairman and CEO expected to stay on as board meets

MILAN, Jan 14 (Reuters) – Monte dei Paschi di Siena’s
chairman and CEO are not expected to go through with a
threat to quit on Tuesday when the bank’s board meets for the
first time since its largest shareholder forced the delay of a
vital share issue.

On the agenda is the future of Chairman Alessandro Profumo
and Chief Executive Fabrizio Viola, who had both threatened to
resign last month after their proposal for a share sale in
January was voted down.

Jan 12, 2014

Monte dei Paschi board meeting sets agenda for Italy’s banks

MILAN (Reuters) – Much is at stake when the board of bailed-out bank Monte dei Paschi di Siena meets next Tuesday, including possible management resignations, after a charitable foundation forced it to postpone a vital $4 billion rights issue planned for this month.

The clash between management and its biggest shareholder, the Fondazione Monte dei Paschi, highlights flaws in the ownership structure of many Italian lenders just as they prepare for the euro zone’s industry-wide health checks.

Dec 29, 2013

Insight: Italy’s Chinese garment workshops boom as workers suffer

PRATO, Italy (Reuters) – Shen Jianhe lost both her job and home when Italian police shut down her garment factory in the Tuscan city of Prato.

By day, the 38-year-old mother of four would sew trousers at one of the nearly 5,000 workshops run by Chinese immigrants in Prato, which largely turn out cheap clothing for fast-fashion companies in Italy and across Europe.