— Breaking News

  1. Italy

    Italy govt ready to intervene in Veneto banks if necessary -PM

    Government committed to protect savers, deposit owners (Il Sole 24 Ore Radiocor Plus) - Brussels, 23 Jun - The Italian government is monitoring developments in the planned rescue of two Veneto-based banks and will take decisions if necessary, Prime Minister Paolo Gentiloni said. "We are following the situation, in continuous contact between the Economy ministry, Italian and European financial authorities," Gentiloni said at the end of a EU meeting in Brussels. "We will take decisions if there are decisions to take," he said when asked about whether the government is going to sign a decree-law to resolve the crisis of Veneto Banca and Popolare di Vicenza. "In any case, I totally confirm the guarantees for savers and deposit owners in the talks we are having," he said. A24-Cia (RADIOCOR) 23-06-17 15:30:06 (0322) 5 NNNN

  2. Italy

    Italy govt ready to intervene in Veneto banks if necessary -PM

    Government committed to protect savers, deposit owners (Il Sole 24 Ore Radiocor Plus) - Brussels, 23 Jun - The Italian government is monitoring developments in the planned rescue of two Veneto-based banks and will take decisions if necessary, Prime Minister Paolo Gentiloni said. "We are following the situation, in continuous contact between the Economy ministry, Italian and European financial authorities," Gentiloni said at the end of a EU meeting in Brussels. "We will take decisions if there are decisions to take," he said when asked about whether the government is going to sign a decree-law to resolve the crisis of Veneto Banca and Popolare di Vicenza. "In any case, I totally confirm the guarantees for savers and deposit owners in the talks we are having," he said. A24-Cia (RADIOCOR) 23-06-17 15:30:04 (0321) 5 NNNN

  3. Italy

    Wind Tre names Jeffrey Hedberg as new CEO

    Replaces Maximo Ibarra at head of Italian JV (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Wind Tre, the Italian mobile phone joint venture between Veon's Wind and CK Hutchison's 3 Italia, said it has appointed Jeffrey Hedberg as its new chief executive. Hedberg is succeeding Maximo Ibarra, who has led the new entity since its creation on January 1. In a joint statement, Veon and CK Hutchison said Hedberg has been appointed to lead the company through the next phase of integration and drive its ambition to become the most innovative converged player on the Italian market. Hedberg was previously CEO of Veon's Pakistan subsidiary Mobilink, prior to Mobilin's recent merger with Warid Telecom. Ibarra, formerly the CEO of Wind, is expected to leave the company to pursue new opportunities. A24-Hob (RADIOCOR) 23-06-17 14:07:56 (0273) 5 NNNN

  4. Italy

    Europe shares lower at mid-session; PMIs in focus -2-

    Oil & gas, consumer goods, healthcare, financial stocks weigh (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - In the region's stock market dealings, oil & gas shares dropped, extending a recent selloff. Consumer goods and healthcare stocks also were among the biggest decliners. Financials also weighed. Among oil majors, in London Royal Dutch Shell sagged 0.62% and BP slid 0.72%, while in Paris total dropped 0.85%, in Milan Eni dipped 0.81% and in Oslo Repsol fell 1.07%. Shares of independent Italian asset manager Aziumut were up 0.62% in Milan trade after Macquarie began coverage of the stock with an 'outperform' recommendation. Macquarie also set a 12-month target price of 19.9 euros for Azimut shares and evaluated their fair value at 20 euros. In a report, Macquarie said that Azimut's income earning asset growth is above that of other European independent asset managers, with high revenue and operating margins due to an attention to clients, product development and a high level of services. A24-Ver (RADIOCOR) 23-06-17 13:47:22 (0265) 5 NNNN

  5. Italy

    Yapi Kredi sells 132 mln eur NPL portfolio to asset managers

    Part of UniCredit strategy to cut nonperforming exposure (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Italian lender UniCredit said that Turkish bank Yapi Kredi, which it owns jointly with the Turkish conglomerate Koc Group, has sold a portfolio of nonperforming loans to a group of unnamed asset management companies. The NPL portfolio sold amounted to about 518 million Turkish lira, or approximately 132 million euros, and is part of UniCredit's ongoing strategy to reduce nonperforming exposure (NPE). However, UniCredit noted that the transaction would not affect its NPE ratio, as Yapi Kredi is accounted for by the equity method. Yapi Kredi is 81.8% owned by Koc Finansal Hizmetler, which is in turn is 50% owned by UniCredit and 50% by Koc. A24-Hob (RADIOCOR) 23-06-17 12:58:59 (0232) 5 NNNN

  6. Italy

    Azimut shares gain on Macquarie 'outperform'

    Macquarie sets 12-mth target price of 19.9 eur (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Shares of independent Italian asset manager Aziumut were higher in Milan trade, after Macquarie began coverage of the stock with an 'outperform' recommendation. At 1010 GMT, Azimut shares were up 0.68% to 17.86 euros, outperforming the benchmark FTSE MIB, which was down 0.67% to 20,790.61 points. Macquarie also set a 12-month target price of 19.9 euros for Azimut shares and evaluated their fair value at 20 euros. In a report, Macquarie said that Azimut's income earning asset growth is above that of other European independent asset managers, with high revenue and operating margins due to an attention to clients, product development and a high level of services. Macquarie analysts noted that Azimut's business reached 2.4 billion euros in the first five months of the year, just shy of the 2.5 billion target for the full year. First quarter operating profit amounted to 84 million euros, up about 25% on all quarters of 2016, paving the way for a possible upward revision in forecasts. A24-Hob (RADIOCOR) 23-06-17 12:26:20 (0207) 5 NNNN

  7. Italy

    Italy 2017 corporate bonds seen at 20-25 bln eur - Moody's

    Up from five yr low in 2016 of 18 bln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Favourable market conditions, the need for large repeat issuers to refinance and the marginally improving macroeconomic environment in Italy will help fuel a recovery in bond issuance from Italian non-financial corporates over the next 12 to 18 months, said Moody's Investors Service in a report. "Italian corporate bond issuance should recover to more normal levels of 20 billion-25 billion euros in 2017 and 2018 after hitting a five-year low of 18 billion in 2016 on the back of global macroeconomic gyrations," said Lorenzo Re, vice president, senior analyst at Moody's. Volumes in the first five months of 2017 jumped 88% to 13.7 billion euros from the same period a year earlier, but volume growth will probably slow in the second half of 2017 as there is a tougher comparison base for the second half, Moody's said. This is because issuance volumes rose in the second half of 2016 and there are unlikely to be the large issuances in the second half of the year that have so far driven volumes in 2017. A24-Sch (RADIOCOR) 23-06-17 11:50:56 (0194) 5 NNNN

  8. Italy

    Italy 2017 corporate bonds seen at 20-25 bln eur - Moody's -2-

    Large repeat issuers account for 68% of volumes from Jan-May (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Moody's noted that M&A could support increased issuance in 2018, with Atlantia's (Baa2 negative) 16.3 billion euro tender bid for Spain's Abertis, if completed, potentially boosting bond issuance next year. Bar this deal, Moody's expects volumes to hover around 2017 levels. Bond maturities totaling 18-19 billion euros in both 2018 and 2019 will support continued market activity around current levels but not a material surge in volumes. Large repeat issuers will continue to drive the market into 2018, Moody's said. Although the number of companies issuing bonds in January to May 2017 rose to 15 from 11 in the same period of 2016, a few large repeat issuers accounted for 68% of volumes. Sluggish issuance by Ba-rated companies will pick up as their maturities loom, the agency said. The high yield market had a very slow start to 2017 as a result of weak volumes from repeat issuers in the Ba category. However, Moody's expects these companies to return to the market because they face significant bond maturities from now until end-2018. A24-Sch (RADIOCOR) 23-06-17 11:49:00 (0191) 5 NNNN

  9. Italy

    Intesa presented only Veneto bank offer - Pop Vicenza chair

    Board meeting to be held by Tuesday (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Italian lender Intesa Sanpaolo's offer to take over Veneto region banks Banca Popolare di Vicenza and Veneto Banca is the only one that has been presented, confirmed Popolare Vicenza chairman Gianni Mion. "It seems to me that this is the case," Mion said on the sidelines of a presentation. Intesa has offered a symbolic price of 1 euro for the healthy assets of the two banks. According to Italian media reports, the Italian government as early as this weekend could approve a decree to place the lenders into administrative liquidation, clearing the path for a division of assets into a bad bank and a good bank to be purchased by Intesa. Mion declined to comment on the Intesa offer. "My plan was rejected," he said. Mion said the bank will be holding a board meeting sometime between today and Tuesday. Italian news reports have indicated the bank's current boards could be replaced by a panel of commissioners to oversee the administrative liquidation within days. A24-Hob (RADIOCOR) 23-06-17 10:42:57 (0167) 5 NNNN

  10. Italy

    Italy April adj industrial orders down 0.7% mth/mth

    Adj industrial sales down 0.5% mth/mth (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Seasonally adjusted industrial orders in Italy fell 0.7% in April compared to March, reflecting a 0.4% decline on the domestic market and a 1.0% fall on foreign markets, data from statistics office Istat showed. Unadjusted industrial orders were down 2.2% on the year earlier. Seasonally adjusted industrial sales fell 0.5% in April compared to March, Istat added, with domestic sales down 1.9%% and foreign ones up 2.2%. They were up a workday adjusted 4.0% on the year earlier but 2.5% lower than the year earlier on an unadjusted basis. A24-Hob (RADIOCOR) 23-06-17 10:28:50 (0160) 5 NNNN

  11. Italy

    Italy 10-yr govt bond spread vs Bund falls to 1.64 pct pts

    Yield at 1.90% (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - The differential between yields on 10-year Italian government bonds and their German counterparts narrowed to 1.64 percentage points in early trade from 1.66 points at the close Thursday. The yield on the benchmark Italian bonds slipped to 1.90% from 1.91%. A24-Hob (RADIOCOR) 23-06-17 09:48:38 (0134) 5 NNNN

  12. Italy

    Hera local govt shareholders sell 1.7% stake for 71.7 mln eur

    Sold in accelerated bookbuilding process at 2.79 eur/shr (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Jun - Italian utility Hera said public shareholders sold a roughly 1.7% stake via an accelerated bookbuilding process to qualified investors in Italy and institutional investors abroad, raising about 71.7 million euros from the disposal. Public shareholders - the municipalities of Castelfranco Emilia, Cervia, Cesena, Fiorano Modenese, Formigine, Maranello, Pianoro, Padua, Portomaggiore, San Mauro Pascoli, Sassuolo and Trieste along with Rimini Holding - sold a total 25,683,834 shares at a price of 2.79 euros each. The public shareholders, which have been joined together in a shareholding pact since June 2015, have committed to a 90-day lock-up on remaining Hera shares, in line with market norms. Mediobanca was the sole bookrunner for the placement while Equita served as financial adviser to the sellers. A24-Hob (RADIOCOR) 23-06-17 09:28:41 (0124) 5 NNNN

  13. Italy

    Economic calendar for June 23

    (Il Sole 24 Ore Radiocor Plus) - New York, 22 Jun - Economic calendar for Friday, June 23 00:30 JPY Manufacturing PMI (Jun) 53.4 53.1 05:00 SGD CPI (YoY) (May) 1.4% 0.4% 05:00 SGD Industrial Production (MoM) (May) -0.7% 0.1% 05:00 SGD Industrial Production (YoY) (May) 7.4% 6.7% 06:45 EUR French GDP (QoQ) 0.4% 0.4% 07:00 EUR French Manufacturing PMI (Jun) 54.0 53.8 07:00 EUR French Markit Composite PMI (Jun) 56.7 56.9 07:00 EUR French Services PMI (Jun) 57.0 57.2 07:30 EUR German Composite PMI (Jun) 57.3 57.4 07:30 EUR German Manufacturing PMI (Jun) 59.0 59.5 07:30 EUR German Services PMI (Jun) 55.5 55.4 08:00 EUR Italian Industrial New Orders (YoY) (Apr) 9.2% 08:00 EUR Italian Industrial New Orders (MoM) (Apr) -4.2% 08:00 EUR Italian Industrial Sales (MoM) (Apr) 0.50% 08:00 EUR Italian Industrial Sales (YoY) (Apr) 7.20% 08:00 EUR Manufacturing PMI (Jun) 56.8 57.0 08:00 EUR Markit Composite PMI (Jun) 56.6 56.8 08:00 EUR Services PMI (Jun) 56.2 56.3 11:30 INR Bank Loan Growth 5.1% 11:30 INR Deposit Growth 10.9% 11:30 INR FX Reserves, USD 381.16B 12:00 BRL Mid-Month CPI (YoY) (Jun) 3.48% 3.77% 12:00 BRL Mid-Month CPI (MoM) (Jun) 0.12% 0.24% 12:30 CAD Core CPI (YoY) (May) 1.1% 12:30 CAD Core CPI (MoM) (May) 0.0% 12:30 CAD CPI (MoM) (May) 0.2% 0.4% 12:30 CAD CPI (YoY) (May) 1.5% 1.6% 13:45 USD Manufacturing PMI (Jun) 53.0 52.7 13:45 USD Services PMI (Jun) 53.7 53.6 14:00 USD New Home Sales (May) 597K 569K 14:00 USD New Home Sales (MoM) (May) 5.4% -11.4% 14:30 USD ECRI Weekly Annualized (WoW) 3.7% 14:30 USD ECRI Weekly Index 144.0 15:15 USD FOMC Member Bullard Speaks 16:40 USD FOMC Member Mester Speaks 17:00 USD U.S. Baker Hughes Oil Rig Count 747 18:15 USD FOMC Member Powell Speaks 19:30 GBP CFTC GBP speculative net positions -39.4K 19:30 USD CFTC Copper speculative net positions 18.8K 19:30 USD CFTC Crude Oil speculative net positions 359.0K 19:30 USD CFTC Gold speculative net positions 190.3K 19:30 USD CFTC S&P 500 speculative net positions 57.8K 19:30 USD CFTC Silver speculative net positions 60.7K 19:30 CAD CFTC CAD speculative net positions -88.6K 19:30 CHF CFTC CHF speculative net positions -14.5K 19:30 AUD CFTC AUD speculative net positions -1.5K 19:30 JPY CFTC JPY speculative net positions -50.6K 19:30 NZD CFTC NZD speculative net positions 1.6K 19:30 RUB CFTC RUB speculative positions 6.4K 19:30 EUR CFTC EUR speculative net positions 79.1K A24-Zap (RADIOCOR) 22-06-17 22:31:22 (0878) 5 NNNN

  14. Italy

    Swiss May watch exports 1.7 bln francs, up 9.0% yr/yr -2-

    Exports to Hong Kong up 18.1%, to China up 34.4% (Il Sole 24 Ore Radiocor Plus) - Zurich , 22 Jun - FH noted that the negative trend for watches with an export price below 200 francs continued in May, leading to a decisive impact on overall volumes. However, other price segments - particularly that above 3,000 francs - grew strongly. Swiss watch exports to Hong Kong jumped an annual 18.1% in May while those to China soared 34.4%. Exports to Japan declined 3.2% while those to the US were 1.1% lower, confirming the negative trend seen there for more than a year. Growth was reported in all four leading markets in Europe, with exports to Italy up 26.7% those to the UK 12.9% higher, France saw a 9.5% increase and exports to Germany 3.7% higher. A24-Hob (RADIOCOR) 22-06-17 20:10:53 (0598) 5 NNNN

  15. Italy

    Eni inks upstream, renewable deals in Kazakhstan

    50% of Isatay subsoil use rights to be transferred to Eni (Il Sole 24 Ore Radiocor Plus) - Astana , 22 Jun - Italian oil and gas group Eni said it has signed a series of agreements in Kazakhstan covering both its upstream business and renewable energy. Today at the Foreign Investors' Council in Astana, Eni chief executive Claudio Descalzi signed an agreement with Sauat Mynbayev Kazakhstan's, his counterpart at JSC KazMunayGas (KMG), renewing the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, located in the Caspian Sea, for exploration and production of hydrocarbons. Eni said the block is estimated to have significant potential for hydrocarbon resources and will be operated by a joint operating company (JOC) formed by Eni and KMG. The JOC will begin working as soon as the transfer of 50% interest in the license is completed, subject to the approval of the transaction by the Republic of Kazakhstan. In addition, Eni and KMG subsidiary KazMunayGas EP, signed an agreement to further expand upstream technology co-operation and evaluate potential joint developments in new projects. The agreement also includes a technical and managerial training program for KMG EP staff. A24-Hob (RADIOCOR) 22-06-17 18:55:53 (0511) 5 NNNN

  16. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 22 Jun - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.25%; down 0.02 percentage points from previous close. France - yield 0.60%; down 0.01 percentage points from previous close. Belgium - yield 0.59%; down 0.00 percentage points from previous close. Italy - yield 1.91%; down 0.01 percentage points from previous close. Spain - yield 1.37%; down 0.01 percentage points from previous close. A24-Zap (RADIOCOR) 22-06-17 18:07:38 (0486) 5 NNNN

  17. Italy

    Veneto-based banks toward special administration - sources

    Pop Vicenza, Veneto Banca boards to meet in coming days (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Jun - The current boards of the two ailing Italian banks Banca Popolare di Vicenza and Veneto Banca are likely to hand over management of the regional banks to special administrators as part of a government-backed rescue plan, sources told Radiocor. Popolare di Vicenza's board meeting on Tuesday could be the last before new special administrators take over, sources told Radiocor. Special administrators are likely to be appointed in the coming days, the sources said. As for Veneto Banca, the first board meeting is scheduled for the first week of July but could be brought forward to early next week. The procedure, alternative to bank resolution, falls under national law. It has been approved by the Treasury on request from the Bank of Italy. The central bank appoints the administrators and a supervisory board. Italian bank Intesa Sanpaolo yesterday proposed to buy the healthy assets of the two regional banks. A24-Cia (RADIOCOR) 22-06-17 17:21:42 (0460) 5 NNNN

  18. Italy

    Leonardo, Hensoldt in 290 mln eur deal with UK Defence ministry

    To upgrade more than 350 UK air, land and sea platforms (Il Sole 24 Ore Radiocor Plus) - Rome, 22 Jun - Italian aerospace and defense company Leonardo said it has signed a contract with the UK Ministry of Defence worth in excess of 290 million euros. The contract will see Leonardo and Hensoldt working together as a'Team Skytale', upgrade the IFF (Identification Friend or Foe) technology on more than 350 of the UK's operational aircraft, naval vessels and ground-based air defence systems to the latest a'Mode-5' standard. IFF technology is central to all military operations as it acts as a modernday a'challenge and response' password system based on automated electronic signals. This ensures that forces can recognise friends, which when contacted will reply with the correct signal, and identify potentially hostile vehicles which will not. A24-Cia (RADIOCOR) 22-06-17 17:07:25 (0456) 5 NNNN

  19. Italy

    Italy 2017 dairy sales seen up 5%

    Growth seen accelerating after 1.6% rise in 2016 sales (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Jun - Italian dairy firms expect to post a 5% rise in sales this year, after the 1.2% increase seen in 2016, according to a survey carried out by REM Lab of Milan's Cattolica university for trade association Assolatte. Dairy companies with revenue beneath 50 million euros anticipate a 7.3% rise in sales. Foreign sales are expected to be a major driver of growth, with Italian dairy firms expecting on average to trace 16.1% of turnover to markets outside of Italy this year. A24-Hob (RADIOCOR) 22-06-17 16:16:40 (0419) 5 NNNN

  20. Italy

    Desports buys 30% Italy football club Parma, seeks control

    Raising stake to 60% in early July (Il Sole 24 Ore Radiocor Plus) - Parma, 22 Jun - Chinese group Desports has acquired 30% of Italian football club Parma, which has just been promoted to the second division, and plans to raise that stake to 60% shortly, said club vice president Marco Ferrari. Parma was once a stronghold of Italian football, winning two UEFA Cup championships in the 1990s. But it went bankrupt in 2015 and was thrown back into the fourth division, before sealing two straight division promotions in a row. In a press conference, Ferrari explained that club management had been seeking a foreign partner active in the sports business. Shanghai-listed Desports already owns the Granada football club and has a minority stake in the Minnesota Timberwolves NBA franchise. It recently acquired broadcast rights in China for the Champions League and Europa League in 2018-2021. Ferrari said Desports is expected to increase its stake in the Parma club to 60% at the beginning of July. Financial details of the transaction were not disclosed. A24-Hob (RADIOCOR) 22-06-17 14:29:58 (0347) 5 NNNN