Silvia's Feed
Jul 17, 2013

Monte Paschi to scrap stake limit in bid to lure investors

MILAN, July 18 (Reuters) – Italy’s Monte dei Paschi
is set to change its ownership rules on Thursday,
seeking to lure new investors to pay back state aid and
potentially opening the way to a takeover of the world’s oldest
bank.

An extraordinary shareholder meeting is expected to vote in
favour of scrapping bylaws that say only Monte dei Paschi’s top
investor – a charitable foundation with links to local
politicians – can hold more than 4 percent of the lender.

Jun 26, 2013

Italy denies risk to public finances from debt derivative deals

MILAN, June 26 (Reuters) – Italy’s treasury denied on
Wednesday its use of derivatives as a hedge on its huge debt
pile posed any risk to public finances, following reports the
country faced billions of euros in potential losses from one set
of contracts.

The Financial Times and La Repubblica said the eight
contracts, restructured at the height of the euro zone crisis in
2012, could result in combined losses of around 8 billion euros
($10.5 billion) based on market prices on June 20.

Jun 24, 2013

Italy court finds Berlusconi guilty on sex charges

MILAN (Reuters) – A Milan court sentenced Italian former prime minister Silvio Berlusconi on Monday to seven years in prison after convicting him of paying for sex with a minor but he will not have to serve any jail time before he has exhausted appeals.

With two appeals possible, it could be years before a verdict is final and Berlusconi lawyers announced they would file an appeal against what his counsel Niccolo Ghedini called a “completely illogical” verdict.

Jun 24, 2013

Italy’s Berlusconi faces verdict in underage sex trial

MILAN (Reuters) – Judges in a Milan court retired to consider their verdict on Monday in a trial in which former Italian prime minister Silvio Berlusconi is accused of paying for sex with a minor and abusing the powers of his office to cover it up.

The verdict, which could undermine the fragile coalition government if it goes against Berlusconi, closes a two-year trial that has mesmerized Italy with its accounts of the alleged “bunga bunga” sex parties at the billionaire’s private villa outside Milan while he was premier in 2010.

May 31, 2013

Some Italian banks risk problems, central bank chief

ROME/MILAN (Reuters) – Some Italian banks face probable difficulties and shareholders must be ready to dilute their stakes and encourage mergers, the country’s central bank governor said on Friday.

Bank of Italy Governor Ignazio Visco said in a keynote speech that Italy’s banks had been weakened by the euro zone’s sovereign debt crisis and ensuing recession and some are now “at risk of being in difficulty.”

May 13, 2013

Prosecutor seeks 6-year jail term for Berlusconi in sex trial

MILAN (Reuters) – Italian prosecutors on Monday called for a six-year jail sentence and a lifetime ban on holding public office for former Prime Minister Silvio Berlusconi, charged with abuse of office and paying for sex with a minor.

The 76-year-old billionaire media tycoon and center-right senator is accused of paying for sex with Karima El Mahroug, better known by her stage name ‘Ruby the Heartstealer’, when she was under 18, during the now notorious “bunga bunga” parties at his villa at Arcore near Milan in 2010.

May 10, 2013

UniCredit profits boosted by fall in bad debt charges

MILAN, May 10 (Reuters) – UniCredit on Friday
reported a bigger than expected net profit in the first quarter
thanks to lower bad debt provisions, a sign there might be light
at the end of the tunnel soon for Italy’s biggest bank by
assets.

UniCredit’s net profit came in at 449 million euros ($587.97
million), down 51 percent from a year ago. But this easily beat
an analyst consensus forecast of 156 million and first quarter
profits in 2012 had been boosted by a one-off gain.

Apr 29, 2013

No proof Nomura made wrongful gains -Monte Paschi judge

ROME/SIENA, April 29 (Reuters) – There was no evidence that
Nomura made wrongful or disproportionate gains from its
contentious “Alexandria” derivative deal with Italian bank Monte
dei Paschi, an Italian judge said in rejecting an
assets seizure order against the Japanese bank.

The “Alexandria” deal is one of three trades at the heart of
a criminal probe at Banca Monte dei Paschi di Siena, which
booked losses of 730 million euros in 2012 after saying details
of the complex derivatives deals had only just come to light.

Apr 29, 2013

Monte Paschi judge says no proof of Nomura making wrongful gains

ROME/SIENA (Reuters) – There was no evidence that Nomura (8604.T: Quote, Profile, Research, Stock Buzz) made wrongful or disproportionate gains from its contentious “Alexandria” derivative deal with Italian bank Monte dei Paschi MPSS.MI, an Italian judge said in rejecting an assets seizure order against the Japanese bank.

The “Alexandria” deal is one of three trades at the heart of a criminal probe at Banca Monte dei Paschi di Siena, which booked losses of 730 million euros in 2012 after saying details of the complex derivatives deals had only just come to light.

Apr 17, 2013

Italy prosecutors pursue Nomura assets in Europe

SIENA/MILAN (Reuters) – Italian prosecutors took steps in Germany and Britain on Wednesday to carry out the seizure of up to 1.95 billion euros ($2.6 billion) of assets from Japan’s Nomura (8604.T: Quote, Profile, Research, Stock Buzz), which they say is needed to halt further losses from Italy’s Monte dei Paschi bank.

Prosecutors in Italy accuse Japan’s largest broker of colluding with former managers of Monte dei Paschi, the world’s oldest bank, to set up huge hidden bets on Italian government bonds that helped drive the Italian bank close to collapse.