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Italy to pay up to US$19b to save two troubled banks

channelnewsasia.com

Italy to pay up to US$19b to save two troubled banks

- ROME: Italy will pay up to €17 billion (US$19 billion) to rescue two Venetian banks that are facing bankruptcy, the government said on Sunday (Jun 25). "The total resources mobilised could reach a maximum of 17 billion euros - but the immediate cost to the state is a little more than five billion," said Finance Minister Pier Carlo Padoan. After Brussels last week firmly placed the liquidation ball in Rome's court, Padoan's ministry said late Friday that the government would put up state cash to rescue the stricken Banca Popolare di Vicenza and Veneto Banca

Categories: Business | 
Places: Singapore |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 

Italy to pay up to 17 bln euros to save two troubled banks: govt

afp.com

Italy to pay up to 17 bln euros to save two troubled banks: govt

- Rome (AFP) - Italy will pay up to 17 billion euros ($19 billion) to rescue two Venetian banks that are facing bankruptcy, the government said Sunday. "The total resources mobilised could reach a maximum of 17 billion euros -- but the immediate cost to the state is a little more than five billion," said Finance Minister Pier Carlo Padoan. After Brussels last week firmly placed the liquidation ball in Rome's court, Padoan's ministry said late Friday that the government would put up state cash to rescue the stricken Banca Popolare di Vicenza and Veneto Banca

Categories: Politics & Government |  Business | 
Places: Europe |  S. Europe |  France |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 

Royal Bank of Scotland to move hundreds of jobs to India

bbc.co.uk

Royal Bank of Scotland to move hundreds of jobs to India

- Royal Bank of Scotland is cutting 443 UK jobs dealing with business loans as it shifts many of the roles to India. The state-owned bank said it was moving the jobs, which help to handle loans for small businesses, as part of an ongoing cost-cutting drive. But it added that UK-based staff would continue to do the work that involved customer contact

Categories: Business | 
Places: Asia |  S. Asia |  India |  Europe |  N.W. Europe |  United Kingdom |  Scotland | 

Free trade deals for 'poorest countries' to be maintained post-Brexit

bbc.co.uk

Free trade deals for 'poorest countries' to be maintained post-Brexit

- Free trade deals with developing countries will continue post-Brexit, the government has said. The UK will maintain an EU deal, which provides 48 countries with duty-free access to Britain for imports. It means British firms do not pay import tariffs on goods bought from countries such as Bangladesh and Haiti. International Trade Secretary Liam Fox said Brexit gave the country an opportunity "to step up our commitments to the rest of the world"

Categories: Business | 
Tags: Markets |  Trade |  Imports |  Free trade |  Trade deals | 
Places: Europe |  N.W. Europe |  United Kingdom |  England | 

Mark Zuckerberg's snub of White House could backfire as Europe goes after U.S. Internet giants

cnbc.com

Mark Zuckerberg's snub of White House could backfire as Europe goes after U.S. Internet giants

- Mark Zuckerberg had a choice to make this week. The Facebook CEO could either go to Washington to meet with President Donald Trump, along with nearly every other marquee CEO from the tech industry, or skip it and prepare for a Chicago rally for people who'd created social-support groups on Facebook. Zuckerberg, who loudly criticized Trump's decision to withdraw from the Paris climate accords in early June, chose the latter

Categories: Politics & Government |  Business | 
Places: Americas |  North America |  United States |  Europe | 

No companies blacklisted for public tenders yet, two cases still under review

independent.com.mt

No companies blacklisted for public tenders yet, two cases still under review

- The Commercial Sanction Tribunal has so far not blacklisted any companies for public tenders. The only two companies who have been earmarked for blacklisting are still under review. This is the fourth report being published by this board. The report combines the findings by the Department of Contracts, Public Contracts Review Board and the Commercial Sanction Tribunal. Anthony Cassar, Chairman of the Review Board explained that they had found a lot of pending contracts related to the education and health sectors

Categories: Business | 
Tags: Corporate |  Enterprises |  Tenders |  Contracts | 
Places: Europe |  S. Europe |  Malta | 

European Central Bank Moves to Wind Down Two Italian Banks

nytimes.com

European Central Bank Moves to Wind Down Two Italian Banks

- But deposits in the bank will be protected, as will investors in so-called senior bonds. The banks will continue to operate and depositors will not suffer any inconvenience, officials said. The action is likely to raise questions about Monte dei Paschi di Siena, an Italian bank that suffers from some of the same problems as the two banks that failed but is much larger

Categories: Business | 
Places: United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 

European Central Bank Orders Two Italian Lenders Closed

wsj.com

European Central Bank Orders Two Italian Lenders Closed

- Troubled Italian lenders Veneto Banca and Banca Popolare di Vicenza will be wound down after the European Central Bank decided Friday they are likely to fail.

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Places: United States |  Europe | 

Italy to start winding down Veneto banks Saturday after EU green-light

reuters.com

Italy to start winding down Veneto banks Saturday after EU green-light

- MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders' assets into "good" and "bad" banks

Categories: Business | 
Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto |  Nordovest |  Lombardia |  Milano | 

Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources

reuters.com

Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources

- Funds Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, the sources familiar with the situation said, using Deutsche Bank as their financial adviser. However the sources said the offer was not formally followed up on by Rome. The Italian government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo (ISP

Categories: Business | 
Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 

Lloyds Bank suffers online banking glitch leaving customers locked out of accounts

thesun.co.uk

Lloyds Bank suffers online banking glitch leaving customers locked out of accounts

- LLOYDS Bank customers have complained of being shut out of their online accounts for more than two hours, as the bank suffers a technical glitch. The bank has confirmed that its online site is down, although there is a workaround in place and its mobile and tablet apps are working as normal. Customers have taken to social media to ask the bank what’s going on, with one saying: “Your site has been down for nearly 2 hours now – what are your IT guys doing?” Another tweeted: “Lloyds Bank website goes down as I’m trying to pay 3 rather large builders for their work

Categories: Business | 
Places: Europe |  N.W. Europe |  United Kingdom | 

Natwest changes local trading name « Guernsey Press

guernseypress.com

Natwest changes local trading name « Guernsey Press

- NATWEST in Guernsey has changed its trading name to comply with the long-awaited ring-fencing legislation being brought into the banking sector by the UK government. NatWest, part of the RBS Group, will now be known as NatWest International across the Channel Islands, Isle of Man and Gibraltar. The bank said that there will be no change to services for the customer, but the name change will be seen over the next few months on the bank’s website, buildings and cash machines

Categories: Business | 
Places: Europe |  N.W. Europe |  Guernsey | 

World shares mixed as investors assess oil, China clampdown

siouxcityjournal.com

World shares mixed as investors assess oil, China clampdown

- HONG KONG (AP) — World stock markets were mixed on Friday as oil prices stabilized and investors assessed Beijing's moves to tighten up on some Chinese companies as well as the latest survey on eurozone economic growth. KEEPING SCORE: European shares fell in early trading. France's CAC 40 shed 0.3 percent to 5,266.34 and Germany's DAX lost 0.3 percent to 12,761

Categories: Business | 
Tags: Markets |  Stock Markets |  Finance |  Investments |  Investors |  Shares |  Financial Markets | 
Places: United States |  Asia |  E. Asia |  Hong Kong |  Europe | 

World shares mixed as investors assess oil, China clampdown

richmond.com

World shares mixed as investors assess oil, China clampdown

- HONG KONG (AP) — World stock markets were mixed on Friday as oil prices stabilized and investors assessed Beijing's moves to tighten up on some Chinese companies as well as the latest survey on eurozone economic growth. KEEPING SCORE: European shares fell in early trading. France's CAC 40 shed 0.3 percent to 5,266.34 and Germany's DAX lost 0.3 percent to 12,761

Categories: Business | 
Tags: Markets |  Stock Markets |  Finance |  Investments |  Investors |  Shares |  Financial Markets | 
Places: United States |  Asia |  E. Asia |  Hong Kong |  Europe | 

EU agrees to extend Russia economic sanctions

sg.yahoo.com

EU agrees to extend Russia economic sanctions

- EU leaders agreed Thursday to roll over damaging economic sanctions against Russia for another six months because Moscow has failed to meet its Ukraine ceasefire commitments, EU president Donald Tusk said. "Agreed. EU will extend economic sanctions against Russia for their lack of implementing the Minsk agreement," Tusk tweeted at an EU leaders summit in Brussels. The decision will be formalised in July and become effective on July 31, when the current measures are to expire

Categories: Business | 
Places: Singapore |  Europe |  E. Europe |  Russia | 

Is your bank sort code changing? Here’s why you might need to tell your employer

thesun.co.uk

Is your bank sort code changing? Here’s why you might need to tell your employer

- AROUND one million customers will have their sort code changed by 2019 under new rules. The changes mostly affect HSBC and Barlcays customers, and Santander, Lloyds Bank, Halifax and Bank of Scotland said its customers wouldn’t be affected. Banks have already written to, or will write to, the customers who will have their sort code changed, and customers are being reassured that they don’t have to do anything

Categories: Business | 
Places: Europe |  N.W. Europe |  United Kingdom | 

I&M Bank Ltd and DEG offer new service for German business

kassweekly.co.ke

I&M Bank Ltd and DEG offer new service for German business

- Nairobi: Banking solutions provider, I&M Bank has secured a crucial deal to provide strategic services to German private sector companies who have established their operations in the East Africa region or plan to penetrate into this market. Together with DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbH) (the German Development Finance Institution) and the Delegation of German Industry and Commerce I&M Bank will create a German Desk – Financial Support and Solutions providing specialist banking and financial advisory services for German businesses exporting to East Africa and/or, seeking to set up shop in the region

Categories: Business | 
Places: Kenya |  Sub-Saharan |  E. Africa |  Europe |  C. Europe |  Germany | 

Latest Stories

Home / Europe / Business

Business & Economics - Europe

  • CNN pulls story linking Trump ally to Russian bank executive
    CNN pulls story linking Trump ally to Russian bank executive

    , nydailynews.com

    CNN has retracted a bombshell story that linked a high-profile Trump ally to a Kremlin-connected bank. The network reported Thursday that the Senate Intelligence Committee was probing a supposed meeting between Trump campaign adviser Anthony Scaramucci and Kirill Dmitriev, chief of the Russian Direct Investment Fund. The incident reportedly occurred four days before last year’s election. CNN also reported the Russian fund was tied to Vnesheconombank, a state-run bank that’s been sanctioned by the U

     

    Categories: Business | 
    Places: United States |  Europe |  E. Europe |  Russia | 

Finance

Corporate

  • No companies blacklisted for public tenders yet, two cases still under review
    No companies blacklisted for public tenders yet, two cases still under review

    , independent.com.mt

    The Commercial Sanction Tribunal has so far not blacklisted any companies for public tenders. The only two companies who have been earmarked for blacklisting are still under review. This is the fourth report being published by this board. The report combines the findings by the Department of Contracts, Public Contracts Review Board and the Commercial Sanction Tribunal. Anthony Cassar, Chairman of the Review Board explained that they had found a lot of pending contracts related to the education and health sectors

     

    Categories: Business | 
    Tags: Corporate |  Enterprises |  Tenders |  Contracts | 
    Places: Europe |  S. Europe |  Malta | 

Markets

  • Free trade deals for 'poorest countries' to be maintained post-Brexit
    Free trade deals for 'poorest countries' to be maintained post-Brexit

    , bbc.co.uk

    Free trade deals with developing countries will continue post-Brexit, the government has said. The UK will maintain an EU deal, which provides 48 countries with duty-free access to Britain for imports. It means British firms do not pay import tariffs on goods bought from countries such as Bangladesh and Haiti. International Trade Secretary Liam Fox said Brexit gave the country an opportunity "to step up our commitments to the rest of the world"

     

    Categories: Business | 
    Tags: Markets |  Trade |  Imports |  Free trade |  Trade deals | 
    Places: Europe |  N.W. Europe |  United Kingdom |  England | 

Banking Institutions

  • Italy to pay up to US$19b to save two troubled banks
    Italy to pay up to US$19b to save two troubled banks

    , channelnewsasia.com

    ROME: Italy will pay up to €17 billion (US$19 billion) to rescue two Venetian banks that are facing bankruptcy, the government said on Sunday (Jun 25). "The total resources mobilised could reach a maximum of 17 billion euros - but the immediate cost to the state is a little more than five billion," said Finance Minister Pier Carlo Padoan. After Brussels last week firmly placed the liquidation ball in Rome's court, Padoan's ministry said late Friday that the government would put up state cash to rescue the stricken Banca Popolare di Vicenza and Veneto Banca

     

    Categories: Business | 
    Places: Singapore |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 

Economia

  • EU agrees to extend Russia economic sanctions
    EU agrees to extend Russia economic sanctions

    , sg.yahoo.com

    EU leaders agreed Thursday to roll over damaging economic sanctions against Russia for another six months because Moscow has failed to meet its Ukraine ceasefire commitments, EU president Donald Tusk said. "Agreed. EU will extend economic sanctions against Russia for their lack of implementing the Minsk agreement," Tusk tweeted at an EU leaders summit in Brussels. The decision will be formalised in July and become effective on July 31, when the current measures are to expire

     

    Categories: Business | 
    Places: Singapore |  Europe |  E. Europe |  Russia | 

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