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Italy - Factors to watch on July 25
July 25, 2012 / 4:03 AM / 5 years ago

Italy - Factors to watch on July 25

The following factors could affect Italian markets on Wednesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

EURO ZONE CRISIS

Greece is unlikely to be able to pay what it owes and further debt restructuring is likely to be necessary, three EU officials said on Tuesday, a cost that would have to fall on the European Central Bank and euro zone governments.

Italian Prime Minister Mario Monti imposed a compulsory plan to restore financial stability to the cash-strapped Sicily region and overhaul its bloated public administration, a government statement said on Tuesday.

Italian cities risk having to write down around 580 million euros ($702.8 mln) in revenues they are unlikely to ever collect, an Italian daily reported on Tuesday citing calculations based on data from the statistics office.

Spain paid the second highest yield on short-term debt since the birth of the euro at an auction on Tuesday, and EU officials said Greece had little hope of meeting the terms of its bailout, casting fresh doubt on its future in the euro zone.

BANCA POPOLARE DI MILANO

Italy’s Banca Popolare di Milano is planning to cut 700 jobs and refocus on traditional local banking as the mid-tier lender strives to redress years of poor management.

Bank management will present the plan on Wednesday morning.

TELECOM ITALIA

The senior vice president for regulatory issues at TIM Brazil, controlled by Telecom Italia, heartened investors after he pledged the company would double investments on service quality to 451 million reais a year through 2014.

FONDIARIA SAI, UNIPOL

Italian private equity fund Palladio has sold its 5 percent stake in troubled insurer Fondiaria-SAI, two sources close to the situation said on Tuesday. A Palladio spokesman confirmed the report.

SNAM

Snam said on Tuesday it had completed the contracts for granting credit lines for 9 billion euros with a group of major banks.

COVERED BONDS

Fitch downgraded on Tuesday four and affirmed two Italian mortgage covered bonds programmes as a result of higher refinancing costs due to widening sovereign debt spreads.

GENERALI

Fitch Ratings kept on Tuesday Assicurazioni Generali and its core subsidiaries insurer financial strength ratings at ‘A-', with outlook negative. Fitch also affirmed Generali’s hybrid subordinated notes at ‘BBB-’ and senior notes at ‘BBB+'.

TERNA

The Italian power grid company said on Tuesday its core earnings in the first six months rose 10 percent on the same period last year, boosted by higher grid and dispatching fees.

It also said its dividend policy was sustainable going forward.

ACEA

The Italian Council of State upheld an appeal against plans to privatise utility company Acea, ruling that the Rome city administration had failed to respect the opposition’s right to be consulted in approving the sale. * The mayor of Rome Gianni Alemanno said in an interview in Il Messaggero the decision to sell a 21 percent stake in Acea was confirmed albeit delayed.

* LOTTOMATICA

Europe’s biggest listed betting company OPAP said on Wednesday it had picked G2, a unit of Lottomatica, as its IT provider for expanding into online betting, a business it sees as a key growth driver.

PRELIOS

The Italian loss-making real estate company postponed a board meeting on its results by about one month after receiving expressions of interest for some of its assets or possible industrial partnerships.

ITALY DEBT

The Italian Treasury said on Tuesday it will issue 8.5 billion euros of six-month bonds and up to 2.5 billion euros of zero-coupon bonds (CTZs) at its regular end-month auctions. [ID:nR1E8I900Y]

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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