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Italy - Factors to watch on January 14
January 14, 2014 / 5:00 AM / 4 years ago

Italy - Factors to watch on January 14

The following factors could affect Italian markets on Tuesday.

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

POLITICS

Italy’s top court published its reasons for rejecting aspects of the country’s electoral law on Monday in a document that will influence debate as the embattled government of Enrico Letta is pressured to draft a new system.

COMPANIES

MONTE PASCHI DI SIENA

The bank holds on Tuesday the first board meeting after its top shareholder forced a delay of a vital capital increase at a meeting at the end of December.

The top managers at Monte dei Paschi are not expected to go through with threats to resign at a board meeting on Tuesday despite being forced to delay a vital fundraising, investment bankers close to the matter said.

Union sources said on Monday after a meeting with Economy Minister Fabrizio Saccomanni that CEO Fabrizio Viola and Chairman Alessandro Profumo would stay on at the helm of Monte Paschi. Saccomanni was quoted as saying there would be “no radical or exasperated moves at Tuesday’s board meeting.”

The bank said on Monday its consumer credit unit, Consum.it, had sold a loan portfolio worth 551 million euros as part of a broader restructuring plan.

Top investor Fondazione Monte dei Paschi has started selling small packets of shares on the market, Corriere della Sera said without quoting sources.

FIAT

Sergio Marchionne has pledged to stay on as chief executive of Fiat-Chrysler for at least three years to see through the full merger of the Italian carmaker and its U.S. business, and a new strategy to turn around its loss-making operations in Europe.

* ENI

Italy’s Eni will follow other foreign energy companies and pull out of Polish shale gas exploration due to unclear regulation and difficult geology, local daily Puls Biznesu reported on Tuesday.

TELECOM ITALIA

Investor Findim said in a letter sent to the board of the telecoms group that TIM Brasil could be worth as much as 30 billion euros based on a independent study it commissioned, Il Sole 24 Ore reported citing the document.

BENI STABILI

The property group said it had authorised issuing a fixed-rate senior unsecured bond for up to 350 million euros to refinance existing debt and for general corporate purposes.

CELL THERAPEUTICS

The biopharmaceutical company said it expected to complete the first of two Phase 3 clinical trials of pacritinib in myelofibrosis and potential topline data later this year.

BANCA POPOLARE DI SPOLETO

The Italian small-sized lender, which has been put under special administration by the Bank of Italy, denied on Monday it had reached a deal to be bought by peer Banco di Desio e della Brianza.

RCS MEDIAGROUP

Private equity fund Clessidra will submit by end-January its offer to buy a 45 percent stake in radio stations holding Finelco put up for sale by the Italian publisher, Il Sole 24 Ore said.

BANCA CARIGE

Board meeting expected.

BANCA POPOLARE DI MILANO

Board meeting expected.

SALINI IMPREGILO

Spanish construction firm Sacyr’s dispute over work on the expansion of the Panama Canal will not have a significant impact on the company’s earnings and is not putting its solvency at risk, its chairman said on Monday. * ENERGY FIRMS

Italian Prime Minister Enrico Letta said on Monday he sees opportunities for Italian firms to invest in Mexico’s energy sector thanks to a government opening of the ailing, long-shuttered industry.

ARMANI

Giorgio Armani is studying the possibility of creating a foundation to protect the future of his fashion empire, the Italian designer and businessman said on Monday.

DIARY

Conference in Milan with European Central Bank Deputy President Vitor Constancio and Italian Economy Minister Fabrizio Saccomanni (1400 GMT).

ISTAT, December final inflation data (0900 GMT).

Bank of Italy releases November public finances data which include foreign holdings of Italian debt.

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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