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☆ Sale of Italy's MPS should help create several big banks, says Meloni
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi (MPS), of which the government owns 64% following a 2017 bailout, is seen playing a pivotal role in the consolidation expected among Italy's mid-sized lenders. After failing to clinch a sale of MPS to UniCredit (CRDI.MI) in 2021, the government is expected to seek another bank interested in buying its stake in the Tuscan lender. The government has just decided to renew Luigi Lovaglio's mandate as MPS chief executive for another term. We confirmed Lovaglio at the helm of Monte dei Paschi, the CEO successfully led the last capital increase, and now we must work to bring Monte back to the private market," Meloni said. "The government will not intervene, it is alert to check that there are no situations that jeopardise the national interest," Meloni told the newspaper.

☆ Italian investor in UniCredit, Banco BPM sees 'strategic value' in deal
▼ + stars: | 2023-04-19 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

Italy's No.2 bank UniCredit was preparing an offer for number three Banco BPM in 2022, before the Ukraine conflict forced CEO Andrea Orcel to focus on its Russia exposure. Orcel had looked to move on Banco BPM soon after becoming UniCredit CEO two years ago, but instead entered talks with the government over a possible Monte dei Paschi (BMPS.MI) acquisition that eventually fell through. Fondazione CRT holds 1.9% of UniCredit and 1.8% of Banco BPM. Twenty years later that gap is still there so the strategic value of the deal remains". Born from the merger of BPM with Verona-based Banco Popolare, Banco BPM controls 12% of Lombardy's banking market, twice UniCredit's market share.

☆ China smartphone sales rise to more than 70% of Russian market
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/3] A girl uses her smartphone on the street in Moscow, Russia August 1, 2022. REUTERS/Evgenia NovozheninaApril 17 (Reuters) - Chinese smartphones made up more than 70% of the Russian market in the first quarter of 2023, consumer electronics retailer M.Video-Eldorado (MVID.MM) said, up from around 50% last year. "Demand for brands from China in quantity terms increased by 42% relative to last year, and their total share was over 70%," M.Video added in a statement on Monday. The Kremlin has also moved to allow Russian companies to ship in some products, including smartphones, without the license holder's permission in so-called parallel imports. Last year, M.Video and mobile operator MTS (MTSS.MM) began selling discounted and used smartphones, offering Russian consumers cheaper alternatives as Western sanctions contributed to economic contraction and falling wages.

☆ UAE cancels licence for Russia's sanctioned MTS bank
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 31 (Reuters) - The United Arab Emirates' central bank on Friday said it will cancel the licence it granted last year to Russia's MTS bank, which was placed under British and U.S. sanctions in February. Operations at the bank's UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under central bank supervision. "This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank," the UAE central bank's statement said. U.S. officials have visited the UAE to discuss with regulators including the central bank the importance of clamping down on sanctions evasion. MTS Bank, a fintech unit of Russia's largest mobile operator Mobile TeleSystems (MTSS.MM), was part of a broader sanctions package against 200 entities and individuals announced in February on the first anniversary of Russia's invasion of Ukraine.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Monte dei Paschi investor CariFirenze doesn't plan to sell stake
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

FLORENCE, Italy, March 3 (Reuters) - A local banking foundation that invested in Monte dei Paschi's (BMPS.MI) new share issue last year said on Friday it had no plans to sell the stake it built under efforts to make the lender part of a larger banking group. Speaking to Reuters on the sidelines of an event, the chairman of banking foundation CariFirenze, Luigi Salvadori, said the Monte dei Paschi (MPS) stake was not a purely financial investment but a strategic one "because we believe there is a need for another large banking group." CariFirenze was one of several banking foundations - traditionally investors in Italian lenders - that responded to an appeal by the Italian Treasury to back the make or break share sale. "We also liked CEO Luigi Lovaglio's plan," Salvadori said. Reporting by Silvia Ognibene, Wriring by Valentina Za; editing by Gianluca Semeraro and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ US unit of Spain's ACS to build EV battery plant for Panasonic in Kansas
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

MADRID, March 2 (Reuters) - A joint venture between the U.S. unit of Spanish engineering group ACS (ACS.MC) and Philadelphia-based Yates Construction has won a contract to build an electric vehicle (EV) battery plant in Kansas as part of a $4 billion investment by Japan's Panasonic (6752.T) group, the companies said on Wednesday. The EV battery factory in the city of De Soto is expected to start operating by the end of March 2025 and will reach approximately 30 gigawatts-hour of annual production capacity, according to a statement by ACS' Turner Construction. "The battery manufacturing facility is a critical part of Panasonic's investment in the United States to expand EV battery production capacity," the company said. In addition to the assembly facility, the project will include construction of a central utility plant and support buildings, it added. Reporting by David Latona; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Russian internet speeds drop on hardware shortage, research finds
▼ + stars: | 2023-03-01 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

The country's largest telecoms operators, including MTS (MTSS.MM) and Megafon disputed the research, saying they had noted increased speeds in February, both in Moscow and beyond. It also said a fall in mobile internet traffic in Moscow had contributed to a rise in speeds there. MTS said it had noted increased traffic and mobile internet speeds in the regions, recording no decrease. "MTS is constantly working to expand network capacity, and telecoms operators and regulators are engaged in dialogue aimed at removing administrative barriers and stimulating the industry's development," it said. Rival Megafon said the median mobile internet speed on its network in regions excluding Moscow was 14% higher in February year-on-year, and up 18.5% in the capital.

BARCELONA, Feb 28 (Reuters) - Spanish pharmaceutical company Grifols' (GRLS.MC) shares fell around 10% in afternoon trading after its 2023 outlook disappointed analysts, who were looking for a better recovery in margins. Grifols reported on Tuesday that net profit rose 10% to 208 million euros ($220.19 million). Total revenues rose 23% to 6 billion euros ($6.38 billion), with over half generated in the United States and Canada. JPMorgan said the progress on EBITDA margin recovery in 2023 may be a little slower than the market had hoped. Grifols announced earlier this month it would lay off 8.5% of its workforce seeking annual savings of around 400 million euros.

☆ AXA’s fling with Monte Paschi ends on high note
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.

☆ Italy's Treasury sees AXA stake sale as way to simplify MPS governance - source
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French Insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane MaheMILAN, Feb 28 (Reuters) - Italy's Treasury does not regard negatively a decision by French insurer AXA (AXAF.PA) to sell its 8% stake in Monte dei Paschi (BMPS.MI) because it boosts free float and simplifies the state-owned bank's governance structure, a person close to the matter said. The Treasury owns 64% of Monte dei Paschi following a 2017 bailout and must eventually exit the Tuscan lender. AXA on Monday sold virtually all of the stake it had acquired late last year when it bought into a 2.5 billion euro rights issue at Monte dei Paschi, becoming its second biggest investor after the government. A source told Reuters on Monday the stake was bought by several institutional investors.

☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

☆ Italy's MPS to rejoin Milan's blue-chip index from March 20 - sources
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 27 (Reuters) - Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) is set to rejoin the FTSE MIB blue-chip index on the Milan stock exchange after six years of absence, two market sources told Reuters on Monday. MPS is currently in the FTSE MID Cap index and left the blue-chip index in March 2017. At 1536 GMT, its stock was up by more than 3.6%, outperforming Italy's bank sub-index (.FTITLMS3010). One trader said MPS' stock has benefited from very high liquidity following November's 2.5-billion-euro new share issue, making it eligible for blue-chip status. At the same time, Italian cement maker Buzzi Unicem (BZU.MI) is "very likely" to be downgraded from the blue-chip to the FTSE MID Cap index, the trader said.

☆ Italian private equity fund FSI fund raised Anima stake to 9%
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 21 (Reuters) - Italian private equity fund Fondo Strategico Italiano (FSI) held 9% of Anima Holding as of Feb. 17, a regulatory filing showed on Tuesday, after beefing up an initial holding of just over 7% it built last week. Offering a premium of just 7.5% over the latest closing price, FSI reached only slightly more than its minimum target in the reverse ABB transaction. The filing showed FSI had then bought a further 1.7% stake on the market. Led by former Merrill Lynch banker Maurizio Tamagnini, FSI has not disclosed the reasons behind its investment in Anima. ($1 = 0.9376 euros)Reporting by Valentina Za, editing by Alvise Armellini and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

However, two sources briefed on the matter told Reuters that the cap did not apply to MPS, based on the Treasury's interpretation of the rule. The salary cap compares with Lovaglio's current pay of 466,000 euros a year with no variable compensation, which is already well below peers. The MPS rescue deal Italy agreed in 2017 with European Union authorities cost taxpayers 5.4 billion euros. In November he worked with Rome to pull off a make-or-break 2.5 billion euro new share issue that saw Italy pump another 1.6 billion euros into MPS. MPS already enforces EU-mandated caps to its top executives' pay, which cannot total more than 10 times the average employee salary.

If they start to reverse, then you'll see things reversing for next year, but we have to wait and see," he said. Slashing prices also reflects stiffening competition in some markets as companies struggle with waning consumer demand and households tighten budgets. Kraftliner prices, up 60 euros per tonne in the first half, have since fallen by 120 euros a tonne. Europe's gas rollercoasterWAGES AND BORROWING COSTSSome companies won't make cuts though, as they protect margins or face higher wages and borrowing costs. "It does signal a retreat in operating margins for firms like Smurfit, hence the negative reaction in the share price this morning," he said.

☆ European shares hit nine-month high on upbeat cues from Fed's Powell
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - European shares hit a more-than-nine-month high on Wednesday as investors drew positive cues from Federal Reserve Chair Jerome Powell's remarks overnight, while Linde's and Akzo Nobel's upbeat forecasts led material and chemical stocks higher. The pan-European STOXX 600 (.STOXX) was up 0.6% at 0818 GMT, hitting its strongest level since April 2022. German gas giant Linde and Dutch paints maker Akzo Nobel (AKZO.AS) jumped 2.4% and 6.5%, respectively, after giving higher 2023 earnings forecasts. Finnish refiner Neste (NESTE.HE) jumped 11% and was the top performer on the STOXX 600 on the back of a comparable fourth-quarter core operating results beat. Norwegian energy firm Equinor (EQNR.OL) gained 6.1% following a record $74.9 billion adjusted operating profit for 2022.

☆ Afghan women prosecutors once seen as symbols of democracy find asylum in Spain
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +4 min

[1/5] Afghan prosecutor S.M., who left her 4 years old daughter with her grandmother in Afghanistan while escaping to Peshawar, looks down in Islamabad, Pakistan, September 22, 2022. "Most Afghan women and girls that remain in Afghanistan don't have the right to study, to have a social life or even go to a beauty salon," Sharar said. due to fears over her safety and who specialised in gender violence and violence against children said, "I was the only female prosecutor in the province... The United Nations High Commissioner for Refugees (UNHCR) said it was not in a position to comment on specific cases. "The Government of Pakistan has not agreed to recognise newly arriving Afghans as refugees," UNHCR said in a statement.

☆ Italy set to appoint veteran economist Barbieri as new Treasury head
▼ + stars: | 2023-01-19 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

SummarySummary Companies Barbieri to replace Rivera, who failed to win over MeloniPrevious Treasury chiefs include former PM DraghiBureaucrats in Italy get substantial say in policy-makingROME, Jan 19 (Reuters) - Italy's government is set to appoint veteran economist Riccardo Barbieri as director general of the Treasury, replacing Alessandro Rivera in the influential position, the economy ministry said on Thursday. The move marks a victory for newly installed Prime Minister Giorgia Meloni, who was looking to remove Rivera and put her stamp on key positions. "A cosmopolitan former banker and chief economist, Barbieri is one of the Treasury senior officials who liaises more frequently with Brussels," said Francesco Galietti, head of political risk consultancy Policy Sonar. MPS is 64%-owned by the Treasury following a 2017 bailout that cost taxpayers 5.4 billion euros ($5.8 billion). Rivera spent much of his career within the economy ministry, specialised in the handling of banking and financial crises.

☆ UniCredit CEO says 'we'll see' when asked about Monte dei Paschi -CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi is 64% owned by the Italian state, which needs to eventually cut its stake to meet re-privatisation commitments given to the European Union at the time of the bailout. "I think Monte dei Paschi has taken a different direction in their strategy. And they've raised their capital, they're rationalising the bank, they're restructuring the bank," Orcel said in an interview with CNBC. So they need to do that, and then we'll see," he said when asked about a Reuters report that UniCredit was still seen as a potential buyer for Monte dei Paschi, alongside Banco BPM (BAMI.MI). Monte dei Paschi raised 2.5 billion euros in capital in December, despite rocky markets, to finance thousands of voluntary staff exits and cut costs.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

By acquiring MPS, UniCredit could have bridged in part the gap with domestic champion Intesa Sanpaolo (ISP.MI), which overtook it as Italy's top lender in 2020 by buying smaller peer UBI. Such a deal would have further widened the distance between the top two banks and Banco BPM (BAMI.MI), which ranks third with roughly one-fifth of their assets. Sources with knowledge of the matter have told Reuters Banco BPM together with UniCredit remain potential buyers for MPS. On Thursday, Banco BPM CEO Giuseppe Castagna was quoted as saying MPS was "too big a mouthful" for his bank to swallow. Bankers say an MPS deal could help Banco BPM loosen the grip of Credit Agricole (CAGR.PA), the French bank which this year became the single biggest investor in Banco BPM.

☆ Italy's goal is several big banking groups as it works to exit MPS - PM
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 29 (Reuters) - Italy will work to exit the capital of bailed-out lender Monte dei Paschi di Siena (BMPS.MI) with a view to creating a banking landscape with several large groups, Prime Minister Giorgia Meloni said on Thursday. Meloni said Monte dei Paschi had been "very badly handled" by previous governments leading to taxpayers spending billions of euros to prop up the Tuscan lender, whose restructuring however "appears rather solid." Italy owns 64% of Monte dei Paschi following a 2017 bailout that cost taxpayers 5.4 billion euros. Rome pumped another 1.6 billion euros into the bank as part of a 2.5 billion euro recapitalisation completed in November. In an interview on Thursday Banco BPM CEO Giuseppe Castagna said Monte dei Paschi was "too big a mouthful" for his bank to swallow.

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