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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.

Dec 29, 2013

Italy’s Chinese garment workshops boom as workers suffer

PRATO, Italy, Dec 29 (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.

Dec 28, 2013

Monte Paschi shareholders approve cash call delay

SIENA, Italy (Reuters) – Troubled lender Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) was forced to delay a vital 3 billion euro ($4.1 billion) share sale to raise capital until mid-2014 because of shareholder opposition, plunging its turnaround plan into uncertainty.

The world’s oldest bank had to take 4.1 billion euros in state aid earlier this year after being hammered by the euro zone debt crisis and loss-making derivatives trades.

Dec 28, 2013

Monte Paschi top investor set to force cash call delay

SIENA, Italy, Dec 28 (Reuters) – The top investor in Banca
Monte dei Paschi di Siena looked set to force a delay
in a 3-billion-euro ($4 billion) capital increase the Italian
lender needs to carry out to reimburse state aid and avert
nationalisation.

The management of the world’s oldest bank, led by Chairman
Alessandro Profumo and CEO Fabrizio Viola, wants to launch the
rights issue as early as January and has asked shareholders to
approve it this week.

Dec 27, 2013

Tension rises ahead of Monte Paschi meeting on cash call

SIENA, Italy (Reuters) – Tensions at troubled Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) grew on Friday with sources saying Chairman Alessandro Profumo may quit if the Italian bank’s top investor slaps him on the face by delaying a vital 3 billion euro (£2.49 billion) capital hike.

The world’s oldest bank was forced to accept 4.1 billion euros of state aid earlier this year after being hammered by the euro zone debt crisis and loss-making derivatives trades.

Dec 27, 2013

Monte Paschi reconvenes vote on cash call on Saturday

SIENA, Italy (Reuters) – Troubled Italian lender Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) was forced to push back to Saturday a shareholder meeting set to decide on a vital capital increase because not enough investors showed up on Friday.

Chairman Alessandro Profumo said only 49.3 percent of shareholders turned up to attend the meeting on Friday, below the 50 percent plus one quorum needed for it to go ahead. On Saturday, the quorum will be lowered to one third of shareholders.

Dec 26, 2013

Monte Paschi’s top investor set to force delay in cash call

SIENA, Italy (Reuters) – The top investor in Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) looked set to push back to mid-2014 a 3-billion-euro ($4 billion) capital increase the Italian lender needs to carry out to reimburse state aid and avert nationalization.

The bank’s management, led by Chairman Alessandro Profumo and CEO Fabrizio Viola, would like to launch the rights issue as early as January and has asked shareholders to approve it on Friday.

Dec 18, 2013

Monte Paschi foundation chief won’t backtrack on cash call delay

MILAN/ROME, Dec 18 (Reuters) – The head of the top investor
in troubled Italian lender Monte dei Paschi di Siena
insisted a 3 billion euro ($4.1 billion) rights issue must be
delayed until at least May, rejecting accusations that she
risked forcing the bank’s nationalisation.

The cash call, which the bank’s management wants to launch
in January, is part of a restructuring demanded by the European
Commission for approving a 4.1 billion euro state bailout Monte
dei Paschi received earlier this year.