— Breaking News

  1. Italy

    UniCredit ups FY19 dividend payout to 30% vs 20%

    To cut gross NPE by further 4 bln eur by end 2019 (Il Sole 24 Ore Radiocor Plus) - Milan, 12 Dec - Italian lender UniCredit said that it will increase its full year 2019 dividend payout from 20% to 30% and that after that it will raise it further to 50% once the upcoming regulatory impacts are confirmed with a common equity tier 1 ratio above 12.5%. In an update to its Transform 2019 business plan, the lender also said that the total expected impact stemming from regulation, model changes, procyclicality and IFRS9 guidelines on the fully loaded CET1 ratio is confirmed at minus 1.5% over the plan period. Based on the strength of the group's capital ratio, together with the expected organic capital generation, UniCredit has decided to partially anticipate some of the new guidelines, mainly on Italian models, during Transform 2019. The expected impact is minus 0.9% between 2018 and 2019, and it is within the confirmed CET1 ratio target of above 12.5%. Based on managerial estimates and assuming capital generation in line with the 2019 target, the Group will be able to well absorb the estimated impacts of expected regulations post 2019. UniCredit also said it will reduce its gross nonperforming loan exposure (NPE) by a further 4 billion euros by the end of 2019 with the 2019 non core gross NPEs target going from 19.2 billion euros to 17.2 billion euros. The full rundown of the non core which will occur by end 2025 is entirely self-funded. The bank confirmed its overall RoTE target of above 9% and revenues target of 20.6 billion euros by the end of 2019. However, the revenue mix has changed, with fees expected to increase by 0.1 billion euros to 7.1 billion, thanks to higher assets under management (AuM) and strong transactional fees, offsetting a 0.1 billion euros reduction in net interest income (NII) to 11.0 billion by the end of 2019. This is due to a combination of interest rates expected to stay lower for longer and less dynamic loan growth, partially compensated by a lower cost of funding. The 2019 cost target of 10.6 billion euros is also confirmed, with full time equivalent (FTE) reductions and branch closures progressing ahead of plan. A24-Sch (RADIOCOR) 12-12-17 08:40:09 (0141) 5 NNNN

  2. Italy

    Economic calendar for December 12

    (Il Sole 24 Ore Radiocor Plus) - New York, 11 Dec - Economic calendar for Tuesday, December 12 00:30 AUD House Price Index (QoQ) (Q3) 0.6% 1.9% 00:30 AUD NAB Business Confidence (Nov) 8 00:30 AUD NAB Business Survey (Nov) 21 04:30 JPY Tertiary Industry Activity Index (MoM) 0.2% -0.2% 05:00 SGD Retail Sales (YoY) (Oct) -0.5% 05:00 SGD Retail Sales (MoM) (Oct) -4.2% 06:30 EUR French Non-Farm Payrolls (QoQ) (Q3) 0.2% 0.2% 09:30 GBP Core CPI (YoY) (Nov) 2.7% 2.7% 09:30 GBP Core PPI Output (MoM) (Nov) 0.2% 0.1% 09:30 GBP Core PPI Output (YoY) (Nov) 2.2% 2.1% 09:30 GBP Core RPI (MoM) (Nov) 0.1% 09:30 GBP Core RPI (YoY) (Nov) 4.2% 09:30 GBP CPI (YoY) (Nov) 3.0% 3.0% 09:30 GBP CPI (MoM) (Nov) 0.2% 0.1% 09:30 GBP House Price Index (YoY) 5.2% 5.4% 09:30 GBP PPI Input (MoM) (Nov) 1.5% 1.0% 09:30 GBP PPI Input (YoY) (Nov) 6.8% 4.6% 09:30 GBP PPI Output (MoM) (Nov) 0.2% 0.2% 09:30 GBP PPI Output (YoY) (Nov) 3.0% 2.8% 09:30 GBP RPI (YoY) (Nov) 4.1% 4.0% 09:30 GBP RPI (MoM) (Nov) 0.3% 0.1% 09:50 EUR Spanish 3-Month Letras Auction -0.465% 10:00 EUR German ZEW Current Conditions (Dec) 88.5 88.8 10:00 EUR German ZEW Economic Sentiment (Dec) 18.0 18.7 10:00 EUR ZEW Economic Sentiment 30.2 30.9 10:15 EUR Italian 12-Month BOT Auction -0.395% 10:35 EUR German 2-Year Schatz Auction -0.710% 11:00 USD NFIB Small Business Optimism (Nov) 104.6 103.8 11:00 ZAR Manufacturing Production (MoM) (Oct) 1.0% -0.8% 12:00 INR CPI (YoY) (Nov) 4.20% 3.58% 12:00 INR Cumulative Industrial Production (Oct) 2.50% 12:00 INR Industrial Production (YoY) (Oct) 3.0% 3.8% 12:00 INR Manufacturing Output (MoM) (Oct) 3.4% 13:00 RUB Trade Balance (Oct) 9.98B 10.22B 13:30 USD Core PPI (MoM) (Nov) 0.2% 0.4% 13:30 USD Core PPI (YoY) (Nov) 2.3% 2.4% 13:30 USD PPI (YoY) (Nov) 2.9% 2.8% 13:30 USD PPI (MoM) (Nov) 0.4% 0.4% 13:55 USD Redbook (MoM) -0.9% 13:55 USD Redbook (YoY) 3.0% 16:30 USD 4-Week Bill Auction 1.180% 18:00 USD 30-Year Bond Auction 2.801% 19:00 USD Federal Budget Balance (Nov) -134.0B -63.0B 19:00 EUR ECB President Draghi Speaks (Oct) 21:35 USD API Weekly Crude Oil Stock -5.481M 21:45 NZD FPI (MoM) (Nov) -1.1% 22:15 AUD RBA Governor Lowe Speaks 23:00 KRW Unemployment Rate (Nov) 3.6% 23:30 AUD Westpac Consumer Sentiment (Dec) -1.7% 23:50 JPY Core Machinery Orders (MoM) (Oct) 2.8% -8.1% 23:50 JPY Core Machinery Orders (YoY) (Oct) -2.8% -3.5% A24-Zap (RADIOCOR) 11-12-17 22:41:33 (0840) 5 NNNN

  3. Italy

    Italmatch buys Detrex

    Acquired for 27.00 usd/shr (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Italian chemical group Italmatch said it has acquired US specialty chemical group Detrex, in a deal that fits with its international expansion strategy. Last month, Italmatch said it was acquiring Detrex for 27.00 dollars per share. A24-Hob (RADIOCOR) 11-12-17 22:40:55 (0831) 5 NNNN

  4. Italy

    Azimut buys Australia's Henderson Maxwell in 7.5 mln eur deal

    Consideration in mix of cash, stock (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Italian asset manager Azimut said that its Australian subsidiary AZ Next Generation Advisory (AZ NGA) has signed a binding agreement to acquire the entire capital of Henderson Maxwell on a deal worth 11.6 million Australian dollars, or 7.5 million euros. The agreement includes a share swap of 49% of HM's equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the founding partners in cash over a period of two years. Sydney-based HM is a fully integrated financial planning and accounting services firm. Advice is provided on financial planning, aged care, superannuation and pensions, life insurance, estate planning, business advice and major life events. HM are responsible for approximately 170 million Australian dollars or 110 million euros of client funds and comprises a team of 12 including seven financial planners. The acquisition is not subject to the approval of the local authority. A24-Sch (RADIOCOR) 11-12-17 22:40:51 (0830) 5 NNNN

  5. Italy

    Europe shares end lower ahead of Fed, ECB meetings -2-

    Siemens, Steinhoff higher (Il Sole 24 Ore Radiocor Plus) - London, 11 Dec - German industrial group Siemens rallied 1.32% at 117.17 euros in Frankfurt dealings after Morgan Stanley raised its target price on the stock. Shares of the holding company Steinhoff International, the owner of the furniture chain Conforoma, soared 8.56% at 0.60 euros in Frankfurt, rebounding from a three-day drop after it announced last week an investigation into accounting irregularities. Shares in Italian aerospace and defense company Leonardo rose 0.10% at 10.00 euros in Milan, as BAE Systems, its partner along with Airbus in the Eurofighter Typhoon consortium, said it won a 5 billion pound order for the supply of 24 Typhoon fighter jets to the Qatar Emiri Air Force along with a support and training package. The contract is subject to financing conditions and receipt by the company of first payment, which are expected to be fulfilled no later than mid-2018, BAE said. Delivery is expected to commence in late 2022, it added. Shares of Italian civil engineering group Salini Impregilo shed 0.06% at 3.17 euros in Milan trade, after announcing it had been awarded four contracts worth a collective 490 million dollars in Abu Dhabi, Oman and the US. "Since the beginning of the year, with these new contracts, acquisitions have reached about 4.8 billion euros," said analysts at one brokerage. "The new orders confirm the strategy of the group to concentrate on countries that are more stable from a geopolitical point of view, and in particular the US." A24-Zap (RADIOCOR) 11-12-17 18:20:48 (0486) 5 NNNN

  6. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 11 Dec - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.29%; down 0.01 percentage points from previous close. France - yield 0.62%; down up 0.01 percentage points from previous close. Belgium - yield 0.49%; down 0.01 percentage points from previous close. Italy - yield 1.65%; up 0.01 percentage points from previous close. Spain - yield 1.41%; up 0.01 percentage points from previous close. A24-Zap (RADIOCOR) 11-12-17 17:22:07 (0443) 5 NNNN

  7. Italy

    Banca Ifis buys 2 NPL portfolios for 336 mln eur

    (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Italian lender Banca IFIS said it has reached an agreement to buy two nonperforming loan (NPL) portfolios for a total of 336 million euros. The first deal, drawn up with peer Intesa Sanpaolo, involves a portfolio of unsecured receivables from leasing contracts without guarantee, totalling 2,400 positions, for a nominal value of approximately 85 million euros. The second portfolio, bought by a Italian company described as "active in the NPL market", is made up of 21,000 positions for a nominal value of about 251 million euros, of which 75% banking loans, 15% consumer loans and the rest car loans. In light of the operations finalized, the NPL positions that Banca IFIS will have under its management at the end of 2017 will rise to 1.52 million. A24-Zap (RADIOCOR) 11-12-17 17:07:48 (0436) 5 NNNN

  8. Italy

    Leonardo wins 112 mln eur Italian helicopter deal

    Will supply 8 AW 139 helicopters (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - The Italian aerospace and defence group Leonardo said that it has won a 112 million euro contract to supply eight AW 139 helicopters to the Italian authorities. The company will supply two helicopters by June 2018 to the coast guard and deliver six helicopters to the tax police by 2020. A24-Web (RADIOCOR) 11-12-17 16:29:06 (0409) 5 NNNN

  9. Italy

    OECD growth momentum seen stable

    Growth seen gaining momentum in Germany, Italy (Il Sole 24 Ore Radiocor Plus) - Paris , 11 Dec - Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to stable growth momentum in the Organisation for Economic Co-operation and Development (OECD) area as a whole, the OECD said. The indicators for the US, Japan, Canada and the euro area as a whole, including France, also continue to anticipate stable growth momentum. In Germany and Italy, growth is expected to gain momentum. However, in the UK the outlook has continued to deteriorate, with stronger signals of easing growth, the OECD said. A24-Hob (RADIOCOR) 11-12-17 14:43:50 (0322) 5 NNNN

  10. Italy

    Essilor/Luxottica to seek new CEO after merger

    No set timeframe (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - The French lense maker Essilor and the Italian eyewear group Luxottica, which are due to merge, will look for a new chief executive to lead the combined group, said Hubert Sagnieres, chairman and chief executive of Essilor, In an interview with the daily Financial Times, Sagnieres said that the group "will hire a professional CEO". "We, on purpose, do not want to put [a time] in writing. We say that within two years, three years, five years, six months we will hire a CEO," said Sagnieres. A24-Web (RADIOCOR) 11-12-17 14:24:29 (0317) 5 NNNN

  11. Italy

    Europe shares trim gains -3-

    In Milan Leonardo, Salini Impregilo jump (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Shares in Italian aerospace and defense company Leonardo jumped 2.30% in Milan, leading the gains on the FTSE MIB index, as BAE Systems, its partner along with Airbus in the Eurofighter Typhoon consortium, said it won a 5 billion pound order for the supply of 24 Typhoon fighter jets to the Qatar Emiri Air Force along with a support and training package. The contract is subject to financing conditions and receipt by the company of first payment, which are expected to be fulfilled no later than mid-2018, BAE said. Delivery is expected to commence in late 2022, it added. Shares of Italian civil engineering group Salini Impregilo were up 2.15% in Milan trade, after announcing it had been awarded four contracts worth a collective 490 million dollars in Abu Dhabi, Oman and the US. "Since the beginning of the year, with these new contracts, acquisitions have reached about 4.8 billion euros," said analysts at one brokerage. "The new orders confirm the strategy of the group to concentrate on countries that are more stable from a geopolitical point of view, and in particular the US." A24-Ver (RADIOCOR) 11-12-17 14:05:22 (0310) 5 NNNN

  12. Italy

    Inter issues 5-yr 300 mln eur bond

    Will refinance debt (Il Sole 24 Ore Radiocor Plus) - MIlan, 11 Dec - The Italian football club FC Internazionale Milano said that it is issuing a five-year 300 million euro bond expiring in 2022. The proceeds will be used to refinance the club's debt. A24-Web (RADIOCOR) 11-12-17 13:25:41 (0287) 5 NNNN

  13. Italy

    Banca Generali Nov net investment inflow 520 mln eur

    Jan-Nov net investment inflow 6.2 bln eur, up 27% (Il Sole 24 Ore Radiocor Plus) - Milan , 11 Dec - Banca Generali, the banking unit of Italian insurer Generali, said its net investment inflow in November amounted to 520 million euros, up 23.8% on the year earlier but down from the 555 million seen in October. In the first 11 months of 2017, the net inflow stood at 6.2 billion euros, up 27% on the like, year-earlier period. Banca Generali said the net inflow in both November and the year to date was mainly due to inflows to asset management business, with a net inflow for this business of 498 million euros in November and 5.6 billion in the first 11 months of the year. A24-Hob (RADIOCOR) 11-12-17 12:53:49 (0262) 5 NNNN

  14. Italy

    Acsm-Agam shares higher on restructuring hopes

    Shares up nearly 2% (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Shares in the Italian utility Acsm-Agam were sharply higher ahead of decisions by local authorities that could lead to a restructuring of its activities. At 1124 GMT, Acsm-Agam rose 1.90% to 2.256 euros. If local authorities approve a streamlining of the Lombard utility, Acsm-Agam could incorporate three utilities -- Lario Reti, Aevv and Aspem -- covering Lecco, Valtellina and Valchiavenna and Varese. According to the daily Il Sole 24 Ore, the Milan-based utility A2A would have a 40% stake in the company and transfer some assets to Acsm-Agam, including some hydropower sites and stakes in Aevv and Aspem. A24-Web (RADIOCOR) 11-12-17 12:38:07 (0256) 5 NNNN

  15. Italy

    Salini Impregilo shares gain on new contracts

    Stock up 1.77% (Il Sole 24 Ore Radiocor Plus) - Milan , 11 Dec - Shares of Italian civil engineering group Salini Impregilo were higher in Milan trade, after announcing it had been awarded four contracts worth a collective 490 million dollars in Abu Dhabi, Oman and the US. At 1030 GMT, Salini Impregilo shares were up 1.77% to 3.224 euros while the benchmark FTSE MIB index was down 0.13% at 22,743.39 points. "Since the beginning of the year, with these new contracts, acquisitions have reached about 4.8 billion euros," said analysts at one brokerage. "The new orders confirm the strategy of the group to concentrate on countries that are more stable from a geopolitical point of view, and in particular the US." A24-Hob (RADIOCOR) 11-12-17 11:54:51 (0227) 5 NNNN

  16. Italy

    Saipem to present 2018-2021 business plan Feb-March

    To diversify into new businesses (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - The Italian oilfield services group Saipem is scheduled to present its 2018-2021 business plan in February-March, the daily Corriere della Sera reported. The plan is expected to indicate offshore wind turbines, concentrated solar, bioethanol and ecological fuels as new activities that the group will develop along side its core services to the oil and gas industry. Chief executive Stefano Cao noted that the group already has a "couple of offshore wind farm projects and we are developing others mainly in the North Sea and on the northern coast of France." Another business opportunity is the decommissioning of offshore oil platforms. On 1 November, Saipem signed a deal as main contractor with Repsol to remove a platform in Norway, the daily said. Saipem also created a joint management-trade union committee to study the possibility of bringing in-house some work currently outsourced. The committee will meet for the first time December 21. A24-Web (RADIOCOR) 11-12-17 11:18:55 (0213) 5 NNNN

  17. Italy

    Italy Oct private sector lending up 1% yr/yr - Bank of Italy

    Lending to households up 2.8% vs up 2.6% in Sept (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Private sector lending in Italy in October rose 1% year on year after increasing 0.7% in September, according to data released by the Bank of Italy. Lending to households rose 2.8% after increasing 2.6% in September while that to non-financial corporations fell 0.5% after dropping 0.7% the earlier month. Private sector deposits rose 4.9% after growing 6% in September while bond inflows fell 16.7%. A24-Sch (RADIOCOR) 11-12-17 11:07:30 (0209) 5 NNNN

  18. Italy

    Italy Oct retail sales value down 1.0% mth/mth -2-

    Retail sales fall 2.0% yr/yr at large-scale retailers (Il Sole 24 Ore Radiocor Plus) - Milan , 11 Dec - Compared to October 2016, retail sales fell 2.0% at large-scale retailers and 2.2% at smaller shops, Istat added. A24-Hob (RADIOCOR) 11-12-17 10:40:40 (0197) 5 NNNN

  19. Italy

    Italy Oct retail sales value down 1.0% mth/mth

    Retail sales value down 2.1% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan , 11 Dec - The value of Italian retail sales in October fell 1.0% on the previous month and was down 2.1% on the year earlier, according to data from statistics office Istat. Retail sales volumes in October fell 1.1% month on month and 2.9% on the year. The sale of food products fell 0.9% month on month in value terms in October and 1.5% in volume terms. Non-food product sales declined 1.0% in value and 0.8% in volumes. Year on year, food sales fell 1.7% in value and 3.8% in volumes while non-food sales declined 2.4% both in value and volume terms, Istat said. A24-Hob (RADIOCOR) 11-12-17 10:40:34 (0195) 5 NNNN

  20. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 11 Dec - Newspaper headline round-up FINANCIAL TIMES Wall Street lobbies against measure hitting high-tax states. US economic cheer points to series of Fed rate rises. China on logistics buying spree to rebuild Silk Road. Saudi Aramco executives see ride-sharing as threat. N Korea says US blockade would be a'war declaration'. THE WALL STREET JOURNAL Bitcoin futures rise in trading debut. Electric-vehicle bulls shake up metals markets. Qatar, Britain finalize deal for 24 jet fighters. Three arrested in attack on Swedish synagogue. US sets to launch 1 trln usd infrastructure revamp in January. LES ECHOS After buying Rafales, Qatar buys 24 UK fighter jets. Mobile phones banned in French schools from Sept 2018. Paris Montparnasse station hit by power outage. IL SOLE 24 ORE Christine Lagarde urges Italy to cut debt as economy grows. Fintech conquers 16% of Italians, third of millenials. F2i closes 3rd fund with Canada, Singapore. CINCO DIAS Companies can ask Catalan region damages for independence move. Experts warn that companies that left Catalonia will not return. Free trade with Mercosur threatens Spanish wine, pork. HANDELSBLATT New Bitcoin era has begun. Weapons sales up again worldwide. BMW sales spike in November. More and more temporary jobs in Germany. A24-Web (RADIOCOR) 11-12-17 10:27:34 (0182) 5 NNNN