DIRS.INFO The most relevant business & tech news

☆ ECB sets capital requirements for Monte dei Paschi for 2023, removes dividend ban
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The entrance of the Monte dei Paschi bank headquarters is seen in Siena, central Italy, January 29, 2016. REUTERS/Max RossiMILAN, Dec 27 (Reuters) - The European Central Bank has set the minimum capital requirements for Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) for next year and also removed a ban on the distribution of dividends, the lender said in a statement on Tuesday. The ECB told Monte dei Paschi it must maintain a Common Equity Tier 1 ratio - a measure of financial strength - of at least 8.8%, the statement added. The lender raised 2.5 billion euros ($2.6 billion) in cash in November, braving stormy markets with a new share issue. After a failed re-privatisation attempt last year, Monte dei Paschi is working to improve its appeal for a potential buyer under new CEO Luigi Lovaglio so as to allow the state to cut its 64% stake in a merger deal with a stronger rival.

☆ Italy to cap Monte dei Paschi CEO's annual pay at 240,000 euros
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 21 (Reuters) - Italy is preparing to cap at 240,000 euros ($254,496) the yearly pay of top executives hired from 2023 in banks rescued by the state, a move that has bearings for the reappointment of Monte dei Paschi's (MPS) (BMPS.MI) chief executive. After failing to clinch a sale of Monte dei Paschi to UniCredit (CRDI.MI) last year, the Treasury in February hired veteran banker Luigi Lovaglio to lead the Siena-based lender. He runs for reappointment in April when Monte dei Paschi's current board expires. As a bailed out bank, Monte dei Paschi already applies curbs to executives' pay and Lovaglio's fixed pay amounts to 466,000 euros a year with no variable compensation. Under terms Italy agreed with European Union authorities, MPS executives cannot earn more than 10 times the average employee salary.

Nokia CEO Pekka Lundmark echoed that sentiment in a interview: "Our exit will be complete. "This will allow us to organise modern production of telecoms equipment in Russia," he said, without naming the operators or producers. Government programs to promote Russian equipment have helped telecoms operators become less reliant on Nokia and Ericsson over the past several years and Russian producers have increased their market share this year to 25.2% from 11.6% in 2021. Russian telecom operators stockpiled foreign-made parts in February and March ahead of sanctions, two of the industry sources said, but inventory will drop after Nokia and Ericsson pull the plug Dec. 31. Consolidation between Russian operators at the behest of the government might also allow them to share equipment and resources to make the networks last longer, industry sources added.

☆ Italy prosecutors seek trial for ex-MPS top execs in bad loan probe
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Both Profumo and Tononi in the past chaired Monte dei Paschi's board of directors. The prosecutors in the statement said they were not requesting a trial for Monte dei Paschi. Prosecutors have been looking into allegations of false accounting and market manipulation in relation to the classing of loans as impaired at Monte dei Paschi up to 2017. Lawyers for Profumo, Tononi and the other two people did not immediately reply to a request for comment from Reuters. A judge will decide on the request for trial at a hearing in the near future.

☆ As TikToks about Antarctic tourism go viral, some worry about the environmental costs
▼ + stars: | 2022-12-10 | by ( Morgan Sung | Morgan Sung Is A Trends Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

The Drake Passage is the body of water between the southernmost tip of Chile and Antarctica's northern peninsula. Travel company Oceanwide Expeditions describes the Drake Passage as a "lively little waterway" and the "gateway to the Antarctic." Many TikTok users expressed fascination with the Antarctic travel content, but were also perplexed with the sudden influx of videos about visiting the largely barren continent. In wake of the influx of travel content about Antarctica, some on TikTok have raised concerns over the environmental impact of Antarctic tourism. In a post responding to Ramos' video about the Drake Passage, TikTok creator jijis.m0m showed screenshots of articles about pollution in Antarctica.

☆ Factbox: FACTBOX European companies cut jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Evgenia NovozheninaDec 7 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * FINNAIR (FIA1S.HE): the Finnish airline will cut about 150 jobs, of which 90 are in its home country, as part of a plan to return to profitability. * MICHELIN (MICP.PA): the tyre maker plans to cut up to 1,600 jobs in France, fewer than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to safeguard production. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * H&M (HMb.ST): the Swedish fashion giant, which employs roughly 155,000 people, will cut some 1,500 jobs as part of a 2 billion crown ($189.5 million) savings drive.

☆ Factbox: European companies cuts jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

☆ Analysis: Investors face dilemma as capital increases fill IPO void
▼ + stars: | 2022-12-06 | by ( Pablo Mayo Cerqueiro | Oliver Hirt | ) www.reuters.com time to read: +4 min

"This is a test as to whether shareholders want to support a company they know well already," he said. In contrast with a drought of initial public offerings (IPO), EMEA companies have raised an overall 33.3 billion euros ($34.99 billion) through capital increases so far this year. Meanwhile, fund managers' cash holdings stand at a near 21-year peak, according to poll data from Bank of America. "However, the market could see more firms turn to shareholders for funding given the rising cost of debt and changing outlook," he added. ($1 = 0.9517 euros)Reporting by Pablo Mayo Cerqueiro and Oliver Hirt; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ UniCredit CEO Orcel has leverage in pay debate
▼ + stars: | 2022-12-06 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Under UniCredit’s remuneration policies, Orcel receives 2.5 million euros in salary, with the potential for twice that via an annual bonus. A regulatory cap prevents UniCredit from paying its CEO a bigger bonus, so the board may have to hike his fixed salary to pay him more. UniCredit Chairman Pier Carlo Padoan said Orcel has not asked for a pay rise. Follow @LJucca on TwitterloadingCONTEXT NEWSItalian lender UniCredit will review the pay package of its Chief Executive Andrea Orcel ahead of its 2023 general meeting. Orcel’s pay package envisages a fixed salary of 2.5 million euros a year and a bonus of up 5 million euros.

☆ UniCredit to assess CEO pay rise ahead of general meeting
▼ + stars: | 2022-12-03 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

"The board examined Orcel's pay package in light of the important performance reached in 2021 under his leadership," the report said. "Orcel separately indicated ... he prefers to keep his fixed pay unchanged and have his variable pay closely linked to performance goals," it added. "The board agrees ... and will reassess Orcel's pay ahead of the 2023 general shareholder meeting in light of results and progress made in 2021 and 2022," it concluded. Annual pay of up to 7.5 million euros makes Orcel one of Europe's best paid bank executives, analysts say. The Financial Times first reported UniCredit sought a pay hike for Orcel citing people familiar with the matter.

☆ UniCredit to reassess CEO pay ahead of general meeting
▼ + stars: | 2022-12-03 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

MILAN, Dec 3 (Reuters) - UniCredit (CRDI.MI) will reassess the remuneration of CEO Andrea Orcel ahead of its 2023 general meeting to see if the results achieved by Italy's second-biggest bank in 2021-2022 warrant an increase, a document on its website showed. "The board examined Orcel's pay package in light of the important performance reached in 2021 under his leadership," the report said. "Orcel separately indicated ... he prefers to keep his fixed pay unchanged and have his variable pay closely linked to performance goals," it added. "The board agrees ... and will reassess Orcel's pay ahead of the 2023 general shareholder meeting in light of results and progress made in 2021 and 2022," it concluded. The Financial Times first reported UniCredit sought a pay hike for Orcel citing people familiar with the matter.

[1/2] The logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland October 26, 2022. Credit Suisse declined to comment on the market moves. Credit Suisse rights for its 2.24 billion Swiss francs ($2.4 billion) share issue were down 8%, having reversed initial gains. Credit Suisse bonds also weakened, with additional tier 1 dollar bonds down over 4 cents and many sinking below the levels seen during a sell off in the bank's shares and bonds in early October, Tradeweb data showed. Battered by a series of scandals and mounting losses, Credit Suisse last month embarked on a turnaround plan.

☆ Atlantia set to be delisted as buyout bid reaches 90% threshold
▼ + stars: | 2022-11-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

MILAN, Nov 24 (Reuters) - A buyout offer launched by the Benetton family and U.S. investment fund Blackstone (BX.N) for Italy's Atlantia (ATL.MI) has reached the 90% threshold for the deal to proceed and trigger the company's delisting, the bidders said on Thursday. The bid initially failed to reach the threshold but was then reopened for another five days and closes on Friday. The bidders' vehicle named Schema Alfa said in a statement the planned delisting would happen "as soon as possible in the following weeks". The enterprise value of the deal was around 54 billion euros ($56.32 billion) based on Atlantia's debt level at the end of last year. Atlantia shares closed at 22.95 euros on Wednesday, just below the 23 euros per share Schema Alfa is offering to pay.

[1/5] Italian Prime Minister Giorgia Meloni speaks during a news conference to present her government's first budget in Rome, Italy, November 22, 2022. Meloni, a fiery conviction politician, has often spoken out against Italy's reliance on technocrats to solve its economic problems and lambasted alleged interference from "high international finance" and "Brussels bureaucrats". During the election campaign Meloni called in vain for her predecessor Mario Draghi to freeze the sale of a majority stake in ITA. PUSHBACKDeputy Economy and Finance Minister Maurizio Leo, an adviser to Meloni, had proposed splitting his ministry by hiving off the finance department responsible for tax matters. The head of the finance department, Fabrizia Lapecorella, has asked to move to another ministry, two sources said.

☆ Italy to press ahead with plans to sell ITA despite MSC snub
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

ROME, Nov 22 (Reuters) - Italy's government will press ahead with plans to sell a majority stake in airline ITA Airways, the successor to Alitalia, Economy Minister Giancarlo Giorgetti said on Tuesday, after shipping group MSC dropped its interest. "We are open to anybody who wants to participate in the privatisation," Giorgetti told a news conference, adding ITA Airways's data room is "always open." Shipping group MSC, which had partnered with German airline Lufthansa (LHAG.DE) earlier this year to bid for ITA, said on Monday it was no longer interested in the transaction. On the other hand, a Lufthansa spokesman said last week that the German carrier was still interested in buying into ITA. The Treasury plans to privatise ITA through a direct sale while retaining a minority, non-controlling stake in the initial stage.

☆ Brian Eno Reveals the Hidden Purpose of All Art
▼ + stars: | 2022-11-14 | by ( David Marchese | ) www.nytimes.com time to read: +19 min

I think I’m still answering it. I’m absolutely fascinated by this question, because I think I have an answer, and I don’t think it has ever been well answered. Since we’re talking about how things work: How do you want your new album to work for people? You have to take that on board as being one of the things that’s happening in culture and quite different from the story that we’re generally hearing. I don’t think many people take that as seriously as I do.

☆ Monte dei Paschi posts 388 mln euros loss hit by layoff costs
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 11 (Reuters) - State-owned Italian bank Monte dei Paschi di Siena (MPS) (BMPS.MI) on Friday reported a 388 million loss for the third quarter after booking charges to lay off staff through a costly voluntary scheme. MPS said the capital raising had lifted its core capital ratio to 14.7% at the end of September, up from 10.8% three months earlier. MPS booked 925 million euros in charges in the period to finance 4,000 staff cuts. Excluding the layoff charges the bank's net profit in the nine months stood at 565 million euros thanks to a 415 million euro tax boost. ($1 = 0.9786 euros)Reporting by Valentina Za, editing by Alvise Armellini & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Zimbabwe's new mineral royalty policy comes into force
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] A worker attends to machinery at a smelter plant at Anglo American Platinum's Unki mine in Shurugwi, Zimbabwe, May 16, 2019. The southern African country has struggled to capitalise on its significant mineral reserves and a resource boom due to policy uncertainty, a lack of ancillary industries to support mining, currency volatility and electricity shortages. The cash component of the royalties would be made up of 40% Zimbabwean dollars and 10% in foreign currency, according to the notice. Zimbabwe's royalty rates range between 5% for gold and platinum group metals and 10% for diamonds. The Zimbabwe Chamber of Mines, which represents major mining companies, has said it is not worried about the new royalty policy because it does not amount to an increase in existing royalty rates.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Monte dei Paschi says cash call 96.3% covered
▼ + stars: | 2022-11-03 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

Concerns about tapping markets against the backdrop of the Ukraine war, record inflation and an impending economic slump had risked derailing Monte dei Paschi's (MPS) seventh cash call in 14 years. European Union laws curbing state aid to banks capped the Italian taxpayers' contribution at 1.6 billion euros, reflecting Rome's 64% stake in MPS. Underwriters led by global coordinators Bank of America (BAC.N), Citigroup , Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI) will be left holding 93 million euros in shares, MPS said. Having committed up to 200 million euros towards the issue, AXA is expected to emerge as the Tuscan bank's second-biggest shareholder. ($1 = 1.0265 euro)($1 = 1.0259 euros)Reporting by Valentina Za; Editing by Jonathan Oatis and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Axa 9-month revenue up 2%, faces 400 mln euro hit from Hurricane Ian
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

The French insurer - Europe's second-biggest after Germany's Allianz - said its nine-month revenue rose 2% on a comparable basis to 78.4 billion euros from 76 billion in the year-earlier period. Property and casualty revenue was up 3% to 40.7 billion euros, while health revenue was up 14% to 13.1 billion. Axa said that Hurricane Ian, which devastated the coastlines of Florida in September, was expected to be one of the costliest hurricanes to hit the United States in recent years. More than 80 people died in Hurricane Ian, which is likely to be among the worst in U.S. history, President Joe Biden has said. Axa also confirmed it was taking part in a capital increase of Italian bank Monte dei Paschi di Siena (MPS) (BMPS.MI) for an amount that could reach 200 million euros.

☆ European shares jump as luxury stocks, miners rally amid Fed pivot hopes
▼ + stars: | 2022-11-01 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Luxury stocks lift euro zone blue-chipsMining, energy stocks rise on higher commodity pricesFed's two-day meeting to start later in the dayMonte dei Paschi up as cash call 93% coveredNov 1 (Reuters) - European shares jumped on Tuesday, boosted by miners and luxury stocks, amid rising hopes that the U.S. Federal Reserve would slow down the pace of its interest rate hikes next month. The pan-European STOXX 600 index (.STOXX) rose 1.2% by 0905 GMT, kicking off November on a solid footing and hovering at their highest in more than six weeks. The EURO STOXX 50 index (.STOXX50E) gained 1.2% after luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Hermes International (HRMS.PA) and Pernod Ricard (PERP.PA) jumped between 2.2% and 3.9%. Miners in Europe (.SXPP) leapt 3.0% while oil & gas stocks (.SXEP) added 1%, as prices of oil and industrial metals rose against declines in the dollar. ECB President Christine Lagarde said the central bank must keep raising interest rates to fight off inflation even if the probability of a euro zone recession has increased.

☆ Italy's Saras posts jump in Q3 core profits, announces CEO departure
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

Companies Saras SpA FollowOct 28 (Reuters) - Italian refiner Saras (SRS.MI) said on Friday its core earnings had jumped in the third quarter thanks to the increase in oil products' prices and crack margins as well as higher volumes, as it also revealed the departure of its current chief executive. The group reported comparable adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) of 296.4 million euros ($294.86 million) in the three months to September, up from 2.3 million in the same period of 2021. Saras said in a separate statement that the refiner and its CEO and General Manager Dario Scaffardi had mutually agreed to part ways, effective at the end of the month, appointing Matteo Codazzi as his successor. Reporting by Enrico Sciacovelli, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ Fondazione CRT agrees 5 mln euro investment in Monte dei Paschi cash call - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 27 (Reuters) - Italian banking foundation Fondazione CRT on Thursday approved a 5 million euro investment in the Monte dei Paschi di Siena's (BMPS.MI) new share issue, a foundation source said. The decision comes after fellow foundations Fondazione Cariplo and Fondazione SanPaolo this week answered an informal request by Italy’s Treasury to back Monte dei Paschi's capital raising efforts. Reporting by Andrea Mandala, writing by Valentina Za; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Sistema buys $256 mln stake in Melon Fashion Group after scrapped IPO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Oct 19 (Reuters) - Russian telecoms-to-healthcare conglomerate Sistema (AFKS.MM) agreed a $256-million deal for a stake in Melon Fashion Group on Wednesday, months after the retail outlet scrapped plans for an initial public offering (IPO) due to the conflict in Ukraine. It will secure around 193 million euros ($189 million) for its 36% stake, Eastnine said in a statement. Sistema President Tagir Sitdekov said Melon Fashion Group "is growing fast and demonstrating operational excellence", and said Sistema had the right experience to continue developing the company. The deal is expected to complete by the end of 2022, Sistema and Eastnine said in separate statements.

Search resuls for: "S.M"

25 mentions found