MILAN (Reuters) – An Italian court on Tuesday ordered former Prime Minister Silvio Berlusconi to serve a tax fraud sentence by doing community service and set travel restrictions that will limit his ability to campaign for next month’s European Parliament elections.
The Milan court ruled Berlusconi must spend at least four hours a week in a center for the elderly for one year.
MILAN, April 14 (Reuters) – Shares in Banca Popolare di
Milano fell sharply on Monday after its shareholders
unexpectedly rejected reforms designed to attract new investors
three weeks before the Italian cooperative bank launches a
The reform proposal, which would have given institutional
investors a greater say and limited the power of employee
shareholders and union representatives, fell short of a
two-thirds majority needed for approval at a shareholder meeting
MILAN, March 31 (Reuters) – The former controlling
shareholder in Monte dei Paschi di Siena has sold a
6.5 percent stake in Italy’s third-largest bank to two big Latin
American funds, another sign of foreign investors’ appetite for
News of the Monte Paschi foundation’s sale to Fintech
Advisory and BTG Pactual Europe follows purchases of shares in
several Italian lenders by BlackRock, the world’s
largest asset manager, and sent the bank’s shares up more than
11 percent on Monday.
MILAN, March 28 (Reuters) – Intesa Sanpaolo,
Italy’s biggest retail bank, posted a net loss of 4.55 billion
euros ($6.25 billion) on Friday, due to heavy writedowns on bad
loans and impairments on some units, but said it was now on
course to rebuild profits.
The loss would have been even bigger had the bank not booked
a pre-tax capital gain of 2.56 billion euros from the
revaluation of its stake in the Bank of Italy.
ROME/MILAN, March 19 (Reuters) – In just six months,
Antonella Mansi has cut the umbilical cord that for 500 years
united Monte dei Paschi di Siena to its medieval home
Mansi, a 39-year-old chemicals company executive, took the
helm of the Monte dei Paschi foundation – a powerful and
politically-connected charity that was long the bank’s
controlling shareholder – last year.
MILAN (Reuters) – The top investor in Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) halved its stake in Italy’s third biggest lender to 15 percent to pay off its debts ahead of a 3-billion euro ($4.2 billion) capital increase the bank needs to avert nationalization.
The Monte dei Paschi foundation, a not-for-profit entity which held just under a 30 percent stake in the bank, said in a statement issued at the request of the market watchdog that it had sold a 12 percent stake after the market close on Tuesday.
MILAN, March 12 (Reuters) – Italian banks are setting aside
billions of euros to cover for years of bad loans accumulated as
the economy soured, in a long-overdue balance sheet clean-up
that could preface better times for the euro zone’s
Italy’s largest bank by assets UniCredit and
troubled lender Monte dei Paschi di Siena this week
announced the write-downs – of 13.7 billion and 2.75 billion
euros respectively – as they prepare for an industry-wide health
check that European lenders are undergoing this year.
MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research) posted a shock 14 billion-euro (£11.66 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 totalled 13.7 billion euros, with 9.3 billion euros in the fourth quarter alone.
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.
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
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.