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Nov 5, 2015

Generali optimistic for full-year profits

MILAN, Nov 5 (Reuters) – Italian insurer Generali
said on Thursday it was positive on prospects for its business
this year after third-quarter profits fell short of market
expectations due to the impact of volatile markets.

Europe’s third-largest insurer by market value said net
profit in the three months to September fell 18 percent to 420
million euros ($456.12 million), below an analyst poll of 535
million euros.

Oct 31, 2015

ECB will do what is needed to keep inflation target on track: Draghi

MILAN (Reuters) – The European Central Bank (ECB) is ready to do what it takes to keep its medium-term inflation target on course, its head Mario Draghi said in a newspaper interview published on Saturday.

Consumer prices in the 19-country euro zone slipped by 0.1 percent in September – far from the bank’s aim of just below 2 percent – prompting calls for the ECB to expand or extend its 60 billion euros a month of asset purchases.

Oct 29, 2015

Eni lifts production targets after falling to Q3 loss

MILAN, Oct 29 (Reuters) – Italy’s national oil company Eni
has reported it made a net loss in the third quarter
due mainly to sharply weaker oil prices but has raised its oil
and gas production targets for the full year,

The state-controlled major said on Thursday it made an
adjusted net loss of 257 million euros ($281 million) in the
quarter, which compared with an adjusted profit in the same
period last year of nearly 1.2 billion euros.

Oct 28, 2015

Saipem plans 3.5 bln euro rights issue as Eni steps back

LONDON/MILAN, Oct 28 (Reuters) – Italian oil contractor
Saipem is asking investors to pump in fresh capital
equivalent to its current market value to help it to weather the
oil service recession and plot a path to recovery as main
investor Eni takes a step back.

Saipem, which is 43 percent owned by Eni, said on
Wednesday that it would hold a 3.5 billion euro ($3.87
billion)rights issue in the first quarter of next year as part
of a new four-year turnaround plan aimed at ensuring the
company’s survival without its Eni safety net.

Oct 27, 2015

Enel looking to strengthen grip on green power unit

MILAN, Oct 27 (Reuters) – Italy’s biggest utility Enel
is looking at ways of strengthening its hold on Enel
Green Power in a move that could lead to a delisting
of the green energy company.

Enel, which owns 69 percent of Enel Green Power (EGP), said
in a statement on Tuesday it had started to examine the idea of
a “corporate integration” of EGP businesses, but did not provide
further details.

Oct 2, 2015

Saipem finalising bank pool for cash call and debt – sources

MILAN, Oct 2 (Reuters) – Italy’s Saipem is
finalising a banking consortium to put the troubled oil
contractor on a solid financial footing and run a cash call of
more than 3 billion euros ($3.4 billion) as it readies a
turnaround plan, people close to the deal said.

Two sources familiar with the matter said the consortium was
still being cobbled together. At the moment there are seven core
banks and a final decision is expected within two weeks, they

Sep 25, 2015

Eni’s winning gas streak leaves competition chafing

MILAN, Sept 25 (Reuters) – Eni’s giant Zohr gas
find in Egypt this month, a gamble taken under the noses of
competitors, marked the Italian major’s rapid rise to
preeminence in the hunt for big new fields.

Its risk-taking new leadership went ahead with what rivals
described as an opportunistic drilling plan, leaving peers BP
, BG, Royal Dutch Shell and Total
regretting they missed a golden opportunity.

Sep 24, 2015

Monte dei Paschi closes costly derivative trade with Nomura

MILAN/TOKYO, Sept 23 (Reuters) – Monte dei Paschi
reached a settlement with Japan’s Nomura Holdings to
close a loss-making derivative trade, end years of litigation
and remove a big financial burden to boost its chances of
finding a buyer.

Shares in the Tuscan bank jumped more than 8 percent on
Thursday as analysts said the agreement would have a positive
impact on the lender’s capital ratios and risk profile.

Sep 21, 2015

EDF’s Italian, Polish assets look like a hard sell

MILAN/WARSAW/PARIS (Reuters) – Italian gas-fired and Polish coal-fired power plants don’t sit easily in EDF’s low-carbon generation strategy but selling them might be hard and raise less than what the cash-strapped French utility needs.

EDF already needs to borrow money every year just to pay its dividend. The takeover of struggling Areva’s nuclear arm, a project to build nuclear plants in Britain and the need to upgrade its ageing French nuclear fleet will cost state-controlled EDF tens of billions of euros in coming years.

Sep 15, 2015

Eni plans to hold the keys for east Mediterranean gas exports

MILAN, Sept 15 (Reuters) – Braving all the political risks
of the region, Italy’s Eni aims to pull together its east
Mediterranean gas empire headed by a giant Egypt find, into a
major hub to supply Europe.

State-controlled Eni, the biggest foreign oil and
gas major in Africa, wants to use its deep ties with Egypt and
Libya to help create the export hub for liquefied natural gas.

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
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