|Bid||1.8804 x 0|
|Ask||1.8940 x 0|
|Day's Range||1.8402 - 1.8920|
|52 Week Range||1.8034 - 2.4700|
|Beta (3Y Monthly)||1.37|
|PE Ratio (TTM)||7.84|
|Earnings Date||Nov 5, 2019|
|Forward Dividend & Yield||0.20 (10.67%)|
|1y Target Est||2.58|
(Bloomberg) -- Prime Minister Giuseppe Conte signaled he won’t leave office without a fight as his deputy, Matteo Salvini, took steps toward bringing the government down and forcing snap elections. Italian bonds plunged on the prospect of political uncertainty and a new vote.With Salvini, head of the anti-immigrant League, pulling support from the administration and calling for a national ballot, Conte said late Thursday that he won’t let his opponent dictate the pace of events. His comments offered a glimmer of encouragement to those in Rome still hoping for an anti-Salvini coalition that could survive long enough to approve a budget for next year.Italian 10-year bond yields jumped 25 basis points higher -- the largest sell-off this year. Yields on safe havens, such as German bonds, fell as the cost to buy insurance on Italy’s debt rose.The benchmark FTSE MIB Index dropped 2.4% in Milan, with banks leading the declines.The biggest sell-off of Italian bonds this year underscores the concern investors have that the nation’s budget dispute with the euro area could once again bubble to the surface. That could escalate as soon as October when proposed draft budgets for 2020 are due at the European Commission, the European Union’s executive arm. The commission has to give an opinion by November.A so-called “guarantee” government comprised of non-political figures may be the only solution to resolve the crisis ahead of early elections, possibly in November, Corriere della Sera reported Friday, though the League chief is reportedly pushing for a vote on Oct. 13.Separately, daily la Repubblica reported that the end of October could be a likely range for elections, adding that Salvini is pressing for parliamentary debate next week, while Five Star prefers after the Aug. 15 national holiday.Salvini, who is also interior minister, is demanding lawmakers be given a chance to vote out the government as soon as next week as he seeks to capitalize on the relentless advance of his polling numbers over the past year. Salvini says he and his party have grown frustrated by the constant infighting with their coalition allies in the Five Star Movement.“He wants to go to elections to make the most of his party’s current support,” Conte said Thursday night. Nevertheless, “it’s not up to the interior minister to summon parliament, it’s not up to the interior minister to decide the timing of a political crisis when much more important actors are involved.”The League formally presented its no-confidence motion against Conte in the Senate on Friday, news agency Ansa reported.If Conte loses the ballot -- as is likely -- he will hand in his resignation to the president, who has the power to call new elections, but could also try to piece together an alternative governing coalition.Salvini called for “swift” elections, criticizing his partners in government and saying that the current coalition no longer holds a majority in parliament.“It’s pointless to go ahead with ‘no’s’ and quarrels like in the past few weeks, Italians need certainties and a government capable of acting,” Salvini said in a statement on Thursday night.Common GroundThe League and Five Star never had much common ground on policy issues, but the conflict came to a head on Wednesday after a split vote on a high-speed rail link to France. While the project has already been approved, Salvini said the split laid bare the divisions and compounded the “insults” of recent days. Under such conditions, it is “pointless” for the government to continue, he said.Deputy Prime Minister Luigi Di Maio of Five Star said he is ready for an election but urged lawmakers to first give final approval to a bill that would drastically reduce the numbers of seats in parliament. Luigi Zingaretti, leader of the opposition Democratic Party, said he, too, is ready for a new vote.Immigration CurbItaly’s parliament is currently in recess and it’s not clear when a vote can be held. Highlighting the complexity of the situation, on Monday Italy’s Senate renewed its confidence in Conte’s government when it passed a security law handing Salvini more powers to curb immigration.“I think Italy will schedule new elections between Oct. 15 and Oct. 30 and that’s good because it will remove all the uncertainty and the tensions of the last months,” Francesco Giavazzi, a professor of Economics at Milan’s Bocconi University, said in a phone interview. The outcome will be pretty clear, he added, as according to all polls “Salvini’s League will get about 40%.”(Updates with markets, charts)\--With assistance from Chiara Albanese, Daniele Lepido, Dan Liefgreen and John Ainger.To contact the reporter on this story: Alessandro Speciale in Rome at firstname.lastname@example.orgTo contact the editors responsible for this story: Paul Gordon at email@example.com, Jerrold Colten, Caroline AlexanderFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bank of Alexandria SAE and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Slovenian banks had a joint net profit of 268.3 million euros ($301.46 million)in the first five months of 2019 versus 230.5 million in the same period of last year, the Bank of Slovenia said in its monthly report on banks on Thursday. "The banking system is operating in favourable economic conditions but Slovenia's economic growth can slow down in the future due to increasing risks in international environment," the central bank said, referring mainly to global trade conflicts. Slovenia only narrowly avoided an international bailout for its banks in 2013.
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Slovenian banks made a combined net profit of 130.2 million euros ($145.63 million) in the first quarter of 2019, up from 128.8 million a year ago, the Bank of Slovenia said in a monthly report on Tuesday. Slovenia narrowly avoided an international bailout of its banks in 2013. The government fully or partially owns some of the biggest banks and controls about 30 percent of the banking sector.
European bank supervisors think Italy's long-struggling Banca Carige should be closed if it can't find a buyer, contrary to Rome's plan for a state rescue, four sources close to the matter said. Carige's case, the latest in a series of bank crises in an Italian economy still reeling from the last recession, is likely to once again pit Rome's anti-establishment government against the European Central Bank in Frankfurt after skirmishes on the euro. The sources said supervisors had no immediate plan to pull the plug on Carige and still hope the bank, which has been marred by years of maladministration and a stagnant economy in its domestic region of Liguria, can find an investor.
European voters will head to the polls later this month to choose new representatives to the European Parliament. The vote is being seen as a key test between Euroskeptic and pro-EU parties. The anti-establishment and partly nationalist coalition in charge of Italy have slowly normalized the way they do politics since coming to power, the CEO of Intesa Sanpaolo told CNBC Wednesday.
Italy's biggest retail bank, Intesa Sanpaolo, does not see any possible benefit from a merger with another European bank, Chief Executive Carlo Messina said on Tuesday. Messina made the comment to reporters when asked about last week's collapse of merger talks between Deutsche Bank and Commerzbank, a breakdown that has sparked talk that other banks could now be interested in Commerzbank.
A rescue plan for Italy's Carige by U.S. asset manager BlackRock would allow a fund financed by Italian lenders to take part in a cash call at the Genoa-based bank, the chief executive of Intesa Sanpaolo said on Tuesday. Carlo Messina said the BlackRock proposal was consistent with a restructuring plan drafted by Carige's temporary administrators which allowed the Italian banking fund to take a stake by converting debt into equity. Italian banks propped up Carige in November by buying a 320 million euro (£276 million) hybrid bond to beef up its total capital via the voluntary-contribution arm of a depositor guarantee fund.
European shares closed marginally higher on Monday led by gains for Banco Santander, as investors chose to focus on the positives of a weekend win for Prime Minister Pedro Sanchez's ruling socialists in Spain's third election in four years. Sanchez's pro-European PSOE won Sunday's election, but was short of a parliamentary majority, meaning it will need the help of regional parties, or the centre-right, to form a coalition government. Jitters around the result of the poll, added to weak euro zone economic sentiment data, had pushed markets lower in morning trade in Europe.