Italy’s Monte dei Paschi di Siena (MI:BMPS) will report a first-half loss of more than 3 billion euros ($3.5 billion) as it sets aside more money for non-performing loans, German business daily Boersen-Zeitung reported on Tuesday, citing banking sources.
The Tuscan bank, the world’s oldest still in business, has for years been at the forefront of Italy’s slow-brewing banking crisis, burdened by bad loans and a mismanagement scandal.
Last month, Italy published a decree authorising a state recapitalisation of Monte dei Paschi di Siena, formally bringing the 8 billion euros rescue of Italy’s fourth-biggest bank into effect.
Monte dei Paschi, which is due to publish results on Aug. 11, was not immediately available for comment.
China’s exports and imports grew much less than expected in July, raising concerns over whether global demand is starting to cool even as major Western central banks consider scaling back years of massive stimulus support.
China and Europe have been driving an increasing share of global growth this year as political conflict stymies stimulus policies being pushed by U.S. President Donald Trump.
But while China’s overall trade continued to grow at a healthy clip in July, at 8.8 percent it was the slowest rate this year.
Some analysts chalked up the softer readings to seasonal or one-off factors, but others said weaker import growth could be the first tangible sign of a long-expected slowdown in the world’s second-largest economy after a surprisingly strong first half.
By Elias Glenn and Stella Qiu
German imports fell more sharply than exports in June, pushing the trade balance to a 10-month high, data showed on Tuesday.
The data are likely to increase criticism of conservative Chancellor Angela Merkel, who is expected to win a fourth term in an election next month, for not boosting investments enough as a way to increase imports and support other countries.
Seasonally adjusted exports dropped by 2.8 percent, the sharpest fall since August 2015 that ended five consecutive months of growth. Imports were down 4.5 percent, the biggest drop since January 2009, data from the Federal Statistics Office showed.
By Joseph Nasr
OPEC and non-OPEC officials were holding a second day of meetings in Abu Dhabi to discuss ways to boost compliance with their oil output-cutting pact, sources familiar with the talks said.
The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting production by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices.
In Abu Dhabi, a panel comprising Russia, Kuwait and Saudi Arabia, plus officials from OPEC’s Vienna headquarters, has met individually with officials from Iraq, the United Arab Emirates, Kazakhstan and Malaysia, one of the sources said.
A statement on the compliance-boosting effort is being drafted and will probably be issued after the meeting concludes on Tuesday, two sources said.
By Rania El Gamal and Alex Lawler