07282016Thu
Last update: Thu, 28 Jul 2016 01pm

Business & Finance - Banking & Finance

Monte dei Paschi working on 5bn euro cash call MILAN: Banca Monte dei Paschi di Siena is working on a five billion euro ($5.5 billion) capital increase as part of plans to fix its balance sheet, a source said on Tuesday. Italy's No 3 lender is seeking to pull together a banking consortium to guarantee the cash call by Friday, the source with knowledge of the matter said. The bank is waiting for the European Central Bank to give its blessing to the proposal for a capital increase and other measures designed to boost its capital base, the source added. Monte dei Paschi declined to comment. The troubled lender, which has one of the heaviest bad loan burdens in Italy, is widely expected to be found short of capital under an adverse scenario when results of the latest Europe-wide banking check-up are released on Friday night. Copyright Reuters, 2016


Business & Finance - Banking & Finance

World Bank raises 2016 oil price forecast on supply outages, robust demand NEW YORK: The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter. Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil prices rebound from 12-year lows hit early in the year. However, since peaking at about $51 a barrel early in June, a growing ...

Business & Finance - Banking & Finance

Fed seen holding rates steady as inflation watch continues SAN FRANCISCO: The US Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December, as policymakers hold out for more evidence of a pickup in inflation. Central to the debate at the Fed's July 26-27 policy meeting will be how to reconcile upbeat US economic data, highlighted by strong job gains in June, with a global growth slowdown and other headwinds threatening the inflation trajectory. For ...

Business & Finance - Industries & Sectors

US telecom giants transmit new signal on prices NEW YORK: The signals from US wireless companies are becoming clearer. Verizon on Tuesday followed AT&T with news of mobile revenue shrinking again in a slowing market.Both operators, along with smaller Sprint, are now heralding an end to rate discounts and smartphone subsidies.A fresh focus on the bottom line may cheer investors, but also attract the attention of regulators. Sprint, which wooed more than 1 million customers with promotions including cutting their wireless bills in ...

Business & Finance - Industries & Sectors

Telecom Italia slightly raises FY guidance after H1 beat MILAN: Telecom Italia on Tuesday nudged up its guidance for domestic core earnings this year after reporting better-than-expected first-half results, helped by stronger performance from its mobile operations. Italy's biggest phone group, controlled by French media group Vivendi, said it expects low single digit growth in domestic earnings before interest, tax, depreciation and amortisation (EBITDA) in 2016 on an organic basis. The company earlier guided to "at least stable" domestic EBITDA this year. First-half EBITDA ...

Business & Finance - Industries & Sectors

VW gets preliminary approval for US diesel settlement SAN FRANCISCO: A federal judge in California granted preliminary approval on Tuesday to a $14.7 billion settlement over Volkswagen's emissions cheating scandal.At the close of a hearing in San Francisco, US District Judge Charles Breyer praised the "enormous effort" made by both sides.The development signaled that the German automaker was more than likely to put one episode within the scandal behind it definitively later this year."There's been an enormous effort to achieve a series of ...

Business & Finance - Banking & Finance

Nigeria hikes rates to lift naira, fight inflation ABUJA: The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate to 14 percent from 12 percent in move to stabilise the country's currency, the naira, and tame soaring inflation. CBN governor Godwin Emefiele told reporters the monetary policy committee which meets every two months "voted to increase the MPR (interest rate) by 200 basic points from 12 percent to 14 percent." MPR is the benchmark rate at which the CBN lends ...