MILAN Italian banking shares rallied on Monday after a deal to wind down two ailing regional lenders allowed Rome to draw a line under its biggest banking headache, with taxpayers rather than the financial industry shouldering the bulk of the losses.
LONDON European shares rose on Monday as banks rallied after Italy reached a deal to wind up two failed regional banks and Nestle climbed to a new record after an activist investor urged changes at the consumer bellwether.
ROME Italy's centre-right parties hammered their centre-left rivals in mayoral elections, official results showed on Monday, putting pressure on the ruling Democratic Party (PD) ahead of a national vote due in less than a year.
BERLIN Germany made clear on Monday it did not approve of the Italian government's decision to begin winding down two failed banks and urged the European Commission, which approved the deal, to enforce rules requiring state aid to be limited to a minimum.
MILAN Italy's Open Fiber is close to sealing a deal with utility Acea to use its infrastructure in Rome to roll out ultrafast broadband in the capital, two sources close to the matter said on Monday.
ROME Losses for the Italian state will be limited in a deal unveiled on Sunday to liquidate two ailing regional lenders, a senior Bank of Italy official said, adding the state may even eventually make a profit from it.
TRIPOLI When Libya's coastguard received the first of a long-awaited batch of patrol boats from Italy last month, two of the four vessels still had mechanical problems and one broke down on the way to Tripoli.
MILAN/ROME Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros (£14.9 billion) and will leave the lenders' good assets in the hands of the nation's biggest retail bank, Intesa Sanpaolo.
ROME Italy's centre-right parties were the big winners in mayoral elections on Sunday, partial results showed, in a vote likely to put pressure on the centre-left government ahead of national elections due in less than a year.
MOSCOW/WASHINGTON Russia denounced a U.S. warning to the Syrian leadership that it will pay a heavy price for any chemical weapons attack, and dismissed White House assertions that a strike was being prepared as "unacceptable". | Video