Monte dei Paschi di Siena http://www.globalpost.com/taxonomy/term/27305/all en UPDATE 4-Monte Paschi loses at least $293 mln on derivative trade-source http://www.globalpost.com/dispatch/news/thomson-reuters/130122/update-3-monte-paschi-loses-293-mln-derivative-trade-source <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Loss on derivative deal at least 220 mln euros-source</p> <p>* Newspaper says loss could be as much as 740 mln euros</p> <p>* Shares fall 5 percent</p> <p>* Former MPS chairman resigns as head of banking lobby (Adds head of Italian bank association resigning)</p> <p>By Stefano Bernabei and Silvia Aloisi</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130122/update-3-monte-paschi-loses-293-mln-derivative-trade-source" target="_blank">read more</a></p> Economic history EUR Investment Monte dei Paschi di Siena Thomson Reuters Tue, 22 Jan 2013 17:30:36 +0000 Thomson Reuters 5737863 at http://www.globalpost.com Derivatives scandal drags Monte Paschi into Italy election race http://www.globalpost.com/dispatch/news/thomson-reuters/130123/derivatives-scandal-drags-monte-paschi-italy-election-race <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Bank seen close to centre-left PD party, leading in polls</p> <p>* Rival politicians accuse PD of mismanagement, slam bailout</p> <p>By Silvia Aloisi</p> <p>MILAN, Jan 23 (Reuters) - A scandal over shady derivatives deals bleeding money at Banca Monte dei Paschi di Siena has thrust Italy's third-biggest lender into the country's election campaign and risks embarrassing the centre-left over its ties with the bank.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130123/derivatives-scandal-drags-monte-paschi-italy-election-race" target="_blank">read more</a></p> Bank Business Labor Law Monte dei Paschi di Siena Siena Technology Thomson Reuters Wed, 23 Jan 2013 16:15:04 +0000 Thomson Reuters 5738359 at http://www.globalpost.com UPDATE 1-Derivatives scandal drags Monte Paschi into Italy election race http://www.globalpost.com/dispatch/news/thomson-reuters/130123/update-1-derivatives-scandal-drags-monte-paschi-italy-election- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Bank seen close to centre-left PD party, leading in polls</p> <p>* Rival politicians accuse PD of mismanagement, slam bailout</p> <p>* 5-Star leader Grillo says bank should be nationalized (Adds Grillo, Viola comments)</p> <p>By Silvia Aloisi</p> <p>MILAN, Jan 23 (Reuters) - A scandal over shady derivatives deals bleeding money at Banca Monte dei Paschi di Siena has thrust Italy's third-biggest lender into the country's election campaign and risks embarrassing the centre-left over its ties with the bank.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130123/update-1-derivatives-scandal-drags-monte-paschi-italy-election-" target="_blank">read more</a></p> Business Italy Labor Law Monte dei Paschi di Siena Siena Thomson Reuters Wed, 23 Jan 2013 20:45:26 +0000 Thomson Reuters 5738509 at http://www.globalpost.com UPDATE 6-Italy's Monti steps into Monte Paschi scandal http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-4-italys-monti-steps-monte-paschi-scandal <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Monte Paschi derivative losses not regulatory oversight - Monti</p> <p>* Government ready to discuss issue in parliament - Monti</p> <p>* Monte Paschi says shocked by politicians exploiting crisis</p> <p>By Stephen Jewkes and Silvia Aloisi</p> <p>MILAN, Jan 24 (Reuters) - Italian Prime Minister Mario Monti weighed in on the scandal surrounding Banca Monte dei Paschi di Siena on Thursday, rejecting suggestions that the authorities had failed to spot large trading losses threatening the bank.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-4-italys-monti-steps-monte-paschi-scandal" target="_blank">read more</a></p> Banks Business Investment Monte dei Paschi di Siena Thomson Reuters Thu, 24 Jan 2013 19:15:03 +0000 Thomson Reuters 5738993 at http://www.globalpost.com Italy's Monti calls for investigation of Monte Paschi scandal http://www.globalpost.com/dispatch/news/thomson-reuters/130125/italys-monti-calls-investigation-monte-paschi-scandal <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Monti says problems confined to historic Tuscan lender</p> <p>* Bank of Italy rejects criticism of supervision</p> <p>* Management under pressure at angry shareholder assembly</p> <p>By Silvia Aloisi and Stefano Bernabei</p> <p>SIENA, Italy, Jan 25 (Reuters) - Italian Prime Minister Mario Monti called on Friday for an immediate investigation of a widening scandal at Monte dei Paschi di Siena over the historic bank's losses of nearly $1 billion in a series of complex derivatives deals.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/italys-monti-calls-investigation-monte-paschi-scandal" target="_blank">read more</a></p> Banks Business Investment Monte dei Paschi di Siena Thomson Reuters Fri, 25 Jan 2013 11:30:33 +0000 Thomson Reuters 5739293 at http://www.globalpost.com UPDATE 1-Bank of Italy knew about risky Monte Paschi trades-newspaper http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-bank-italy-knew-about-risky-monte-paschi-trades-newspa <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>ROME, Jan 25 (Reuters) - The Bank of Italy expressed concern as long ago as 2010 over derivative investments at Monte dei Paschi di Siena bank despite its denials it knew about the full risks, an Italian newspaper said on Friday citing an official document.</p> <p>Monte dei Paschi this week revealed derivatives trades that could cost it as much as 720 million euros. Two of the loss-making contracts were the so-called "Alexandria" trade with Japanese bank Nomura and the "Santorini" trade with Deutsche Bank.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-bank-italy-knew-about-risky-monte-paschi-trades-newspa" target="_blank">read more</a></p> Investment Monte dei Paschi di Siena Primary dealers Thomson Reuters Fri, 25 Jan 2013 11:45:03 +0000 Thomson Reuters 5739297 at http://www.globalpost.com UPDATE 2-Italy's Monte Paschi faces shareholder fury as scandal widens http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-italys-monte-paschi-faces-shareholder-fury-scandal-wid <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Shareholders blast "casino" management</p> <p>* PM Monti says problems confined to historic Tuscan lender</p> <p>* Bank of Italy rejects criticism of supervision</p> <p>* Management under pressure at angry shareholder assembly</p> <p>By Silvia Aloisi and Stefano Bernabei</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-italys-monte-paschi-faces-shareholder-fury-scandal-wid" target="_blank">read more</a></p> Banks Business Investment Labor Law Monte dei Paschi di Siena Monte Paschi Thomson Reuters Fri, 25 Jan 2013 15:30:31 +0000 Thomson Reuters 5739426 at http://www.globalpost.com UPDATE 4-Italy's Monte Paschi faces shareholder fury as scandal widens http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-3-italys-monte-paschi-faces-shareholder-fury-scandal-wid <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Shareholders blast "casino" management</p> <p>* PM Monti says problems confined to historic Tuscan lender</p> <p>* Bank of Italy rejects criticism of supervision</p> <p>* Management under pressure at angry shareholder assembly</p> <p>By Silvia Aloisi and Stefano Bernabei</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-3-italys-monte-paschi-faces-shareholder-fury-scandal-wid" target="_blank">read more</a></p> Antonveneta Business Entertainment Labor Law Monte dei Paschi di Siena Monte Paschi Politics Siena Thomson Reuters Fri, 25 Jan 2013 17:15:52 +0000 Thomson Reuters 5739505 at http://www.globalpost.com Bank of Italy board meets to assess Monte Paschi crisis http://www.globalpost.com/dispatch/news/thomson-reuters/130126/bank-italy-board-meets-assess-monte-paschi-crisis <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Central bank board to rule on request for state loans</p> <p>* Prosecutors reported to suspect fraud, corruption</p> <p>* Bank of Italy under pressure over role as supervisor</p> <p>By Gavin Jones</p> <p>ROME, Jan 26 (Reuters) - The four-member board of the Bank of Italy was meeting on Saturday to consider the position of scandal-hit bank Monte dei Paschi di Siena and decide whether to authorise its request for 3.9 billion euros ($5.3 billion) of state loans.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130126/bank-italy-board-meets-assess-monte-paschi-crisis" target="_blank">read more</a></p> Business Mario Draghi Monte dei Paschi di Siena Siena Thomson Reuters Sat, 26 Jan 2013 12:30:03 +0000 Thomson Reuters 5739794 at http://www.globalpost.com UPDATE 2-Italy central bank approves Monte Paschi bailout request http://www.globalpost.com/dispatch/news/thomson-reuters/130126/update-1-bank-italy-board-meets-assess-monte-paschi-crisis <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Central bank okay clears final hurdle to state loans</p> <p>* Prosecutors reported to suspect Monte Paschi fraud, bribes</p> <p>* Bank of Italy under pressure over role as supervisor</p> <p>By Gavin Jones and Silvia Aloisi</p> <p>ROME/MILAN, Jan 26 (Reuters) - Italy's central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($5.3 billion) of state loans, the latest step in the battle to revive the ailing bank.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130126/update-1-bank-italy-board-meets-assess-monte-paschi-crisis" target="_blank">read more</a></p> Antonveneta bank Banks Business Financial services Investment Monte dei Paschi di Siena Thomson Reuters Sat, 26 Jan 2013 16:45:37 +0000 Thomson Reuters 5739881 at http://www.globalpost.com Scandal-hit Monte Paschi seeks new investor to revive bank http://www.globalpost.com/dispatch/news/thomson-reuters/130127/scandal-hit-monte-paschi-seeks-new-investor-revive-bank <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>MILAN, Jan 27 (Reuters) - Italian bank Monte dei Paschi di Siena is seeking a financial investor to help revive the ailing lender and will remove a current cap on voting rights to help raise 1 billion euros ($1.3 billion), its chairman said.</p> <p>"I would like to have a long-term financial investor," Alessandro Profumo told Italian business daily Il Sole 24 Ore in an interview published on Sunday. "Nationality is not a problem. The important thing is that it believes in our project".</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130127/scandal-hit-monte-paschi-seeks-new-investor-revive-bank" target="_blank">read more</a></p> bank Banks Business Investment Monte dei Paschi di Siena Thomson Reuters Sun, 27 Jan 2013 13:31:31 +0000 Thomson Reuters 5740082 at http://www.globalpost.com UPDATE 3-Italy's Monte Paschi finds no evidence of takeover bribes http://www.globalpost.com/dispatch/news/thomson-reuters/130128/update-1-monti-repeats-backing-bank-italy-over-monte-paschi <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* CEO Viola criticises former management, vital document not revealed</p> <p>* Says no need of more state aid after 3.9 bln euro package</p> <p>* PM Monti repeats confidence in Bank of Italy</p> <p>By Silvia Aloisi and Lisa Jucca</p> <p>MILAN, Jan 28 (Reuters) - Italy's troubled Monte dei Paschi bank said on Monday it had no evidence of bribery in a 2007 takeover now under scrutiny over alleged corruption, but acknowledged accounting irregularities over derivatives deals under previous management.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130128/update-1-monti-repeats-backing-bank-italy-over-monte-paschi" target="_blank">read more</a></p> Antonveneta Banks Business Economy of Italy Entertainment Italy Monte dei Paschi di Siena Monte Paschi Thomson Reuters Mon, 28 Jan 2013 09:30:40 +0000 Thomson Reuters 5740381 at http://www.globalpost.com ECB's Draghi met Italy minister over Monte Paschi case http://www.globalpost.com/dispatch/news/thomson-reuters/130129/ecbs-draghi-met-italy-minister-over-monte-paschi-case <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Stefano Bernabei and James Mackenzie</p> <p>SIENA/ROME, Jan 29 (Reuters) - European Central Bank head Mario Draghi, head of Italy's central bank until 2011, met Economy Minister Vittorio Grilli to discuss the widening scandal at Monte dei Paschi bank a day before Grilli was due to address parliament on the issue on Tuesday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130129/ecbs-draghi-met-italy-minister-over-monte-paschi-case" target="_blank">read more</a></p> Antonveneta Banks Monte dei Paschi di Siena Thomson Reuters Tue, 29 Jan 2013 09:30:46 +0000 Thomson Reuters 5740908 at http://www.globalpost.com UPDATE 2-Monte Paschi ignored warnings over risk, documents show http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-1-italian-government-defends-bank-italy-over-monte-pasch <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Audit highlighted risk problems as early as 2009-documents</p> <p>* Finance department acted like bank-within-a bank-sources</p> <p>* Bank of Italy says raised concerns, imposed sanctions</p> <p>* Prosecutors look at bribe allegation linked to Antonveneta</p> <p>By Stefano Bernabei and Silvia Aloisi</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-1-italian-government-defends-bank-italy-over-monte-pasch" target="_blank">read more</a></p> Antonveneta Banks Economic history Italy Monte dei Paschi di Siena Thomson Reuters Tue, 29 Jan 2013 16:45:12 +0000 Thomson Reuters 5741075 at http://www.globalpost.com CORRECTED-Rome court summons Bank of Italy over Monte Paschi http://www.globalpost.com/dispatch/news/thomson-reuters/130131/rome-court-summons-bank-italy-over-monte-paschi <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Corrects day of statement in paragraph 2)</p> <p>By Antonella Cinelli</p> <p>ROME, Jan 31 (Reuters) - A court in Rome has summoned Bank of Italy officials for questioning on the state bailout of Monte dei Paschi, as scandal spread over the trading that plunged the world's oldest bank into trouble.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130131/rome-court-summons-bank-italy-over-monte-paschi" target="_blank">read more</a></p> Banks Business Financial services Monte dei Paschi di Siena Thomson Reuters Thu, 31 Jan 2013 17:46:09 +0000 Thomson Reuters 5741985 at http://www.globalpost.com