Banks drag FTSE down as UniCredit prices at discount January 4, 2012 CONCERNS over the Eurozone sent Britain’s top shares into reverse yesterday after the previous session’s sharp gains, as Italian lender UniCredit priced a rights issue at a huge discount, and a German bond auction failed to excite. The FTSE 100 fell 31.46 points, or 0.6 per cent, to 5,668.45, albeit in light volume, at 79 [...]
Bad bank debts hit €100bn and rising in Italy August 15, 2012 ITALIAN banks are struggling under the growing weight of non-performing loans as the economy continues to perform poorly, according to a report out today from Deloitte, and are increasingly looking to sell off the bad assets. The survey of senior managers found 70 per cent expect the volume of non-performing loans to rise this year, [...]
UniCredit is set for capital raise December 15, 2011 SHAREHOLDERS at Italian bank UniCredit yesterday overwhelmingly backed a highly dilutive €7.5bn (£7.3bn) capital increase to shore up its ravaged balance sheet. Italy’s most internationally exposed lender faces a €7.97bn capital shortfall – the second-biggest in Europe after Spain’s Santander — to meet tougher requirements set by the European Banking Authority to buttress the region’s [...]
UniCredit is set for capital raise December 15, 2011 SHAREHOLDERS at Italian bank UniCredit yesterday overwhelmingly backed a highly dilutive €7.5bn (£7.3bn) capital increase to shore up its ravaged balance sheet. Italy’s most internationally exposed lender faces a €7.97bn capital shortfall – the second-biggest in Europe after Spain’s Santander — to meet tougher requirements set by the European Banking Authority to buttress the region’s [...]
US boosted by strong jobs and trade data yet stocks decline August 9, 2012 THE NUMBER of Americans filing new claims for jobless benefits unexpectedly fell last week, offering hope that some of last month’s improvement in job growth could be sustained and give the economy a lift. Other data yesterday showed the deficit on the trade balance in June was the smallest in one and a half years [...]
Investors eye stimulus as GDP falls again in troubled Eurozone August 14, 2012 THE EUROZONE’S economy shrank in the second quarter, official data showed yesterday, although powerhouse Germany continued to grow at a slow pace. But markets actually rose on the poor figures as investors hoped the fall in output would pile more pressure on Eurozone leaders to stimulate the economy. The German DAX jumped 0.87 per cent [...]
Moody’s cuts Italian lenders July 16, 2012 RATINGS agency Moody’s downgraded eight Italian banks yesterday, due to worsened feelings about Italian government debt, following Italy’s sovereign downgrade on Friday. The UniCredit and Intesa Sanpaolo groups saw their members’ long-term ratings cut across the board, to Baa2 or Baa3. Smaller banks Instituto Servizi Mercato Agricolo Alimentare, GE Capital, Cassa Depositi e Prestiti, Credito [...]
Who’s switching jobs October 4, 2012 Alliance Trust Savings The consumer finance division of Alliance Trust has appointed Patrick Mill as its new managing director. Mill has over 20 years’ experience in financial services, and has previously worked as sales director at Prudential and managing director of financial services at Bradford and Bingley. Linklaters Charles Clark has been appointed global knowledge [...]
Italian police seize Barclays documents in rates probe July 31, 2012 Police have seized documents at the Milan offices Barclays as part of an Italian probe into possible manipulation of Euribor lending rates, judicial sources and consumer groups said today. The search took place last Friday and was ordered by prosecutors in the southern city of Trani, the sources said. Barclays has been fined over $450 [...]
FTSE loses 1.5pc with investors not holding breath over ECB’s summit September 4, 2012 BRITAIN’S top share index fell yesterday reflecting investor uncertainty over whether this week’s key European Central Bank (ECB) meeting will deliver the goods on a hoped for bond-buying scheme designed to ease the euro debt crisis. The FTSE 100 closed down 86.40 points, or 1.5 per cent, at 5,672.01, ending back below the 5,700 level [...]