Trump says he doesn’t trust computers as he rings in 2017

President-elect Donald Trump says that “no computer is safe” when it comes to keeping information private, expressing new skepticism about the security of online communications his administration is likely to use for everything from day-to-day planning to international relations. Trump rarely uses email or computers despite his frequent tweeting. “You know, if you have something really important, write it out and have it delivered by courier, the old-fashioned way. Continue reading “Trump says he doesn’t trust computers as he rings in 2017”

Trump sends New Year wishes to all, even his ‘many enemies’

President-elect Donald Trump has an unusual New Year’s message for his Twitter followers. He is wishing a “Happy New Year to all, including to my many enemies and those who have fought me and lost so badly.” Trump adds, “they just don’t know what to do,” ending his message with the word, “Love!” The president-elect will be spending his New Year’s Eve at his private Mar-a-Lago club in Palm Beach, Florida. He’ll be throwing a private party that is expected to draw hundreds of guests, including action star Sylvester Stallone.

Russia-linked malware found on US electric company’s laptop

Malware code linked to Russian hackers and found on a Vermont electric utility’s computer is further evidence of “predatory” steps taken by that country against the U.S., a Vermont Democratic congressman said Saturday. The Burlington Electric Department confirmed Friday it had found on one of its laptops the malware code used in Grizzly Steppe, the name Homeland Security has applied to a Russian campaign linked to recent hacks. Continue reading “Russia-linked malware found on US electric company’s laptop”

N. Korea: Developing long-range missiles ‘in final stages’

North Korea’s development of banned long-range missiles is in “final stages,” the country’s leader Kim Jong Un was quoted as saying in his New Year’s message. Kim also threatened to boost his country’s military capability unless the U.S. ends war games with rival South Korea, according to Seoul’s Yonhap news agency, which monitored Kim’s address on Sunday. Continue reading “N. Korea: Developing long-range missiles ‘in final stages’”

Deutsche Bank chairman rules out pan-European merger

Deutsche Bank chairman Paul Achleitner has ruled out a pan-European merger or a state bailout in the wake of the lender’s mortgage settlement with the U.S. Department of Justice, Frankfurter Allgemeine Sonntagszeitung reported. Germany’s biggest lender last week announced a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. Continue reading “Deutsche Bank chairman rules out pan-European merger”

Apple to cut iPhone production in first quarter of 2017: report

Apple Inc will trim production of iPhones by about 10 percent in the January-March quarter of 2017, the Nikkei financial daily reported on Thursday, citing calculations based on data from suppliers. The company had slashed output by 30 percent in January-March this year due to accumulated inventory, the paper said. Apple’s shares were down 0.84 percent in midday trading, in line with the Nasdaq stock index. An Apple spokeswoman declined to comment on the report.

U.S. oil rig count recovers to end 2016 near year-ago levels -Baker Hughes

The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global oil glut crushed the market over two years. Drillers added two oil rigs in the week to Dec. 30, bringing the total count up to 525, the most since December 2015 and 11 shy of the 536 rigs seen at the end of 2015, energy services firm Baker Hughes Inc said on Friday. Continue reading “U.S. oil rig count recovers to end 2016 near year-ago levels -Baker Hughes”

Continental CEO says jobs will be lost in shift to electric cars

The shift to electric vehicles will cost jobs at German automotive supplier Continental, its chief executive told a newspaper, but he said many of those jobs would be offset by new positions related to electro-mobility. “Due to the low added value, production jobs will be lost,” German weekly paper Welt am Sonntag quoted Elmar Degenhart as saying in a summary of an article to be published on Sunday. Continue reading “Continental CEO says jobs will be lost in shift to electric cars”

Modi defends bank note move as Indians line up for cash

Prime Minister Narendra Modi on Friday defended his decision to withdraw high denomination bank notes from circulation, as a deadline to end severe cash shortages passed with Indians still queuing at banks to deposit savings and withdraw money. Modi abolished 500 and 1,000 rupee bills on Nov. 8, taking out 86 percent of cash in circulation, in a bid to fight corruption, end terror financing and turn India into a cashless society. Continue reading “Modi defends bank note move as Indians line up for cash”

U.S. gasoline demand falls in October for first time in nearly a year -EIA

U.S. gasoline demand fell year-over-year for the first time in 11 months in October, according to data released on Friday by the U.S. Energy Information Administration. Gasoline demand, which is still on pace for a record year, fell by 1.6 percent, or 150,000 barrels per day, to 9.095 million bpd in October, according to the EIA’s petroleum supply monthly report. The last year-over-year drop was in November 2015, EIA data shows. Continue reading “U.S. gasoline demand falls in October for first time in nearly a year -EIA”

Trump praises ‘very smart’ Putin for waiting to retaliate to US sanctions

Donald Trump threw more praise to Russian President Vladimir Putin on Friday, a day after the Obama administration announced sanctions on people and organizations it believes were involved in suspected Russian interference in the 2016 U.S. election. The president-elect applauded Putin for holding off on retaliating to the U.S. actions, which included sanctions on nine entities and individuals and the expulsion of 35 Russian diplomats. Continue reading “Trump praises ‘very smart’ Putin for waiting to retaliate to US sanctions”

OPEC oil output cuts: ‘It’s inevitable. Somebody’s going to cheat’

OPEC’s first oil output cuts since 2008 take effect next week, but analysts see little chance members of the producer group will stick to their quotas. “It’s inevitable. Somebody’s going to cheat,” ClearView Energy Partners managing director Kevin Book told CNBC’. “You get until Jan. 21 to believe your hoped-for outcomes and then you converge with reality. Historically OPEC always blows past its targets,” he said, referring to the date the cartel’s monitoring committee first meets. Continue reading “OPEC oil output cuts: ‘It’s inevitable. Somebody’s going to cheat’”

U.S. trade gap rises 5.5% in November

The trade deficit increased 5.5% in November to a seasonally adjusted annual $65.3 billion, the Commerce Department said Thursday. That was larger than the $62.5 billion gap forecast by economists surveyed by MarketWatch, and the fourth-highest reading since 2008. Exports rose 1.0% to $121.7 billion, while imports totaled $187.0 billion, up 1.2% from October. The report is an advance look at trade patterns. A more complete reading, which includes services, will be released in the coming weeks. Continue reading “U.S. trade gap rises 5.5% in November”

US refiners export record amounts of gasoline, diesel

The U.S. last week exported a record 8 million barrels of gasoline and nearly 10 million barrels of distillates, or diesel, according to weekly government data released on Thursday. U.S. refined product exports have been growing as refineries run at high levels and the U.S. has been oversupplied with gasoline and crude oil. Analysts said a big chunk of the exported fuel probably went to Mexico and destinations in South and Central America. Continue reading “US refiners export record amounts of gasoline, diesel”

U.S. crude oil stocks rise, while products draw down: EIA

U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. Crude inventories were up 614,000 barrels in the week to Dec. 23, compared with expectations for a decrease of 2.1 million barrels. Oil prices were little changed on the news after a bit of volatility immediately following the release. Continue reading “U.S. crude oil stocks rise, while products draw down: EIA”

Oil traders face ‘big punishment’ if OPEC doesn’t deliver output cuts

Speculators have been increasing their bets that oil prices will rise, setting up a punishing outcome if OPEC’s production cuts disappoint, Again Capital founding partner John Kilduff said Thursday. OPEC not only faces the challenge of getting its own members to deliver the promised cuts. It must also contend with potentially weaker demand in China and the threat of rebounding U.S. production, Kilduff said. Continue reading “Oil traders face ‘big punishment’ if OPEC doesn’t deliver output cuts”

Trade war would disrupt markets in China, US, expert says

Both U.S. and Chinese markets could be disrupted if President-elect Donald Trump starts a trade war with China, Bob Hormats, vice chairman of Kissinger Associates, told CNBC on Thursday. Hormats, former vice chairman of Goldman Sachs (International), said Trump could dangle threats in front of China or implement a tariff on imports, but, in any case, there are likely to be consequences. Continue reading “Trade war would disrupt markets in China, US, expert says”

Treasury yields extend decline after strong auction

U.S. government bonds extended gains Thursday, further pulling down yields after the final Treasury auction of the year was met with impressive demand. The yield on the benchmark 10-year Treasury note fell 3.3 basis points to 2.477%, while the 2-year yield fell 4.5 basis points—the largest one-day decline since Sept. 14—to 1.161%. The 30-year T-bond yield declined 0.6 basis point to 3.081%. Yields and debt prices move in opposite directions. Continue reading “Treasury yields extend decline after strong auction”

Trump says he’ll meet with intelligence community to discuss findings that led to Russia sanctions

Donald Trump again tried to shrug off concerns about alleged Russian interference in the 2016 U.S. election after the Barack Obama’s administration announced sanctions in response to suspected electoral meddling. The Obama administration issued an executive order Thursday authorizing sanctions on individuals and organizations it believes were involved in alleged Russian interference in the election. Continue reading “Trump says he’ll meet with intelligence community to discuss findings that led to Russia sanctions”

Trump vows U.S. will ‘Buy American,’ but the promise won’t be easy to keep

Donald Trump on Thursday said he will follow two simple rules as new president: Buy American and hire American. Easier said than done. Favoring American firms is actually nothing new. The U.S. government has long preferred domestic companies when awarding government contracts under the Buy American Act that’s been in place for 83 years. The law was passed in 1933 in the waning days of the Hoover administration as the Great Depression ravaged the country. Continue reading “Trump vows U.S. will ‘Buy American,’ but the promise won’t be easy to keep”

China’s growing debt burden is a crisis in the making

China’s debt this year reached more than 250 percent of GDP, much of it accumulated by state-owned enterprises given the task of borrowing to fund infrastructure projects to fuel demand. As China’s economy earlier this year threatened to miss the 2016 growth target of 6.5-7.0 percent, the government once again encouraged stimulus spending and more borrowing. Some economists argue other countries that accumulated debt as rapidly as China have ended up facing a financial crash soon afterwards. Continue reading “China’s growing debt burden is a crisis in the making”

Finland jails police chief Aarnio for drug-smuggling

A Finnish court has sentenced the former head of Helsinki’s anti-drugs police to 10 years in prison for drug-smuggling and other offences. Jari Aarnio was found to have helped a gang to import nearly 800kg (1,764lb) of hashish from the Netherlands and sell it in Finland in 2011-2012. Aarnio, 59, was found guilty of five drug crimes and 17 other offences. These included trying to frame an innocent man for being in charge of the drug ring. Continue reading “Finland jails police chief Aarnio for drug-smuggling”

Russian embassy in the UK tweeted a visual gag calling the Obama presidency a lame duck

A Kremlin spokesman told journalists in Moscow that President Vladimir Putin would consider retaliatory measures. Dmitry Peskov said the actions were “a manifestation of unpredictable and aggressive foreign policy”, and called them “ungrounded and not legal”. And the Russian embassy in the UK tweeted a visual gag calling the Obama presidency a lame duck. Continue reading “Russian embassy in the UK tweeted a visual gag calling the Obama presidency a lame duck”

US expels 35 Russian diplomats, closes two compounds

The United States on Thursday expelled 35 Russian diplomats and closed two Russian compounds in New York and Maryland in response to a campaign of harassment by Russia against American diplomats in Moscow. The State Department confirmed the news. The U.S. official, speaking on condition of anonymity, told Reuters the Russian diplomats would be given 72 hours to leave the United States. Access to the two compounds will be denied to all Russian officials as of noon on Friday, the official added. Continue reading “US expels 35 Russian diplomats, closes two compounds”

Goldman Sachs banking on two different Trump economies

It must be confusing to write about President-elect Donald Trump at Goldman Sachs these days. Just weeks after Goldman CEO Lloyd Blankfein’s face turned up in a campaign ad for Donald Trump that shamefully depicted three financial leaders as “villains” of a system “rigged” against the little guy (George Soros and Janet Yellen were the others), Chief Operating Officer Gary Cohn left Goldman to become the chief economic mind of a new administration devoted to cutting plutocrats’ taxes and little guys’ health insurance. Continue reading “Goldman Sachs banking on two different Trump economies”

Pay to rise for millions as 19 states increase minimum wage

It will be a happy New Year indeed for millions of the lowest-paid U.S. workers. Nineteen states, including New York and California, will ring in the year with an increase in the minimum wage Massachusetts and Washington state will have the highest new minimum wages in the country, at $11 per hour. California will raise its wage to $10.50 for businesses with 26 or more employees. Continue reading “Pay to rise for millions as 19 states increase minimum wage”

Norway’s central bank chief says chance of rate cut still greater than hike

Norway’s central bank expects to hold its key policy interest rate unchanged in the time to come, but still sees a greater chance of a cut than of an increase, Governor Oeystein Olsen told public broadcaster NRK on Wednesday. Norges Bank predicted on Dec. 15 rates would stay flat at a record low 0.5 percent, while maintaining an easing bias. “There’s still a somewhat higher probability of a rate cut than of an increase,” Olsen said. “Even negative rates are a possibility in case the Norwegian economy were to face large new disruptions,” he added.

Unease over Italian bank rescue plan bolsters safe-haven euro zone bonds

Top-rated German bond yields fell to multi-week lows on Wednesday as concerns about the strength of a rescue plan for Italian banks pushed investors to the safety of government debt. Germany’s two-year bond yield touched a fresh record low at minus 0.84 percent, five-year yields fell to their lowest in almost three months at minus 0.57 percent and 10-year Bund yields hit a seven-week low in thin trade.

Continue reading “Unease over Italian bank rescue plan bolsters safe-haven euro zone bonds”

Germany says Italy must stick to European rules on Monte Paschi

Germany’s finance ministry expressed concern on Wednesday about Italian plans to rescue the country’s third biggest lender Monte dei Paschi di Siena, saying Rome must stick to European rules. “The European Central Bank and European Commission must check and make sure that Italian authorities stick to the European rules,” a ministry spokesman told Reuters when asked about Monte dei Paschi. Continue reading “Germany says Italy must stick to European rules on Monte Paschi”

Egypt signs $220 mln of oil and gas deals

Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France’s Total, Britain’s BP, and Italian oil major ENI’s Egyptian subsidiary IEOC, the ministry said on Wednesday. The deals include drilling for six wells and a signing bonus of $9 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. Continue reading “Egypt signs $220 mln of oil and gas deals”

Oil prices fall on surprise build in U.S. crude stocks

U.S. oil prices fell on Thursday following a surprise build in the country’s crude stocks shown in data published by the American Petroleum Institute (API) late on Wednesday. U.S. benchmark West Texas intermediate (WTI) crude futures were down 39 cents or 0.72 percent to $53.67 at 0033 GMT after settling up 16 cents at $54.06 per barrel in the previous session. Brent crude oil futures had yet to trade after settling 13 cents higher at $56.22 in the previous session. Continue reading “Oil prices fall on surprise build in U.S. crude stocks”

Oil faces a dollar ‘double whammy’: Lower demand and higher odds of OPEC cheating

The U.S. dollar has been on a tear that threatens to derail the oil price rally and OPEC’s effort to balance an oversupplied crude market, the editor of The Schork Report warned on Wednesday. Dollar strength is being driven by forecasts for stronger economic growth and inflation in the United States than in other developed nations. Oil prices have so far risen along with the dollar following an agreement among producing nations to cut output. Continue reading “Oil faces a dollar ‘double whammy’: Lower demand and higher odds of OPEC cheating”

U.S. shale companies to boost spending as banks loosen purse strings

U.S. shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in two years. The credit increase is small, but with major oil producers worldwide aiming to hold down production in 2017, U.S.-based shale drillers are looking to boost market share to take advantage of higher prices, and greater availability of capital will make that easier. Continue reading “U.S. shale companies to boost spending as banks loosen purse strings”

Oil holds near annual peaks, awaiting OPEC cuts, supply data

Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since mid-2015, ahead of U.S. oil inventory figures and as the market awaits evidence of OPEC supply reductions in the new year. Oil prices have gained 25 percent since mid-November, helped by expectations for OPEC’s supply cut and solid U.S. economic figures that have also bolstered equity prices. Continue reading “Oil holds near annual peaks, awaiting OPEC cuts, supply data”

Writedown fears wipe $5 billion off Toshiba’s value as it weighs options

A looming writedown at Japanese conglomerate Toshiba Corp has wiped almost $5 billion off its value in two days and prompted a credit rating downgrade on Wednesday, as the company grapples to plug a potential multi-billion dollar hole. Toshiba said late on Tuesday that cost overruns at a U.S. nuclear business it bought from Chicago Bridge & Iron last year, CB&I Stone & Webster, meant it could face ‘several billion dollars’ in charges, acknowledging a bruising overpayment. Continue reading “Writedown fears wipe $5 billion off Toshiba’s value as it weighs options”

Pending homes sales fall 2.5 percent in November as Trump bump misses housing

Any expected Trump bump in home sales didn’t materialize in contracts for homes signed in November. Higher mortgage rates hit home sales, driving the National Association of Realtors Pending Home Sales Index down 2.5 percent in November from October, the NAR reported Wednesday. Analysts had forecast a 0.4 percent gain in the index, which is now 0.4 percent lower than a year ago and at its lowest level since January. Continue reading “Pending homes sales fall 2.5 percent in November as Trump bump misses housing”

Trump takes credit for Sprint plan to keep 5,000 jobs in the US

President-elect Donald Trump on Wednesday took credit for Sprint’s decision to keep 5,000 jobs in the United States, as well as OneWeb’s plan to add 3,000 jobs in the U.S. Trump said the deal “was done through” SoftBank CEO Masayoshi Son, a Japanese billionaire and technology investor. Earlier this month, Trump and Son announced in New York that SoftBank had agreed to invest $50 billion in the U.S. and aimed to create 50,000 jobs. Continue reading “Trump takes credit for Sprint plan to keep 5,000 jobs in the US”

Sprint, OneWeb say 8,000 jobs announced by Trump are part of SoftBank pledge

U.S. President-elect Donald Trump on Wednesday said telecommunications group Sprint Corp and a U.S. satellite company OneWeb will bring 8,000 jobs to the United States, and the companies said the positions were part of a previously disclosed pledge by Japan’s SoftBank Group Corp. SoftBank holds stakes in both companies and its chief, billionaire businessman Masayoshi Son, earlier in December said he would invest $50 billion in the United States and create 50,000 jobs. Continue reading “Sprint, OneWeb say 8,000 jobs announced by Trump are part of SoftBank pledge”

Trump tax reforms could depend on little-known ‘scoring’ panel

President-elect Donald Trump’s goal of overhauling the U.S. tax code in 2017 will depend partly on the work of an obscure congressional committee tasked with estimating how much future economic growth will result from tax cuts. Known as the Joint Committee on Taxation, or JCT, the nonpartisan panel assigns “dynamic scores” to major tax bills in Congress, based on economic models, to forecast a bill’s ultimate impact on the federal budget. Continue reading “Trump tax reforms could depend on little-known ‘scoring’ panel”

OCC submits rule to curb U.S. banks dealing in industrial metals

The Office of the Comptroller of the Currency (OCC) said on Wednesday it had submitted a rule to the Federal Register to prohibit U.S. national banks and federal savings associations from dealing or investing in industrial or commercial metals. The ruling, effective April 1, replaces a prior OCC determination that allowed national banks to trade in copper. It covers metal products such as copper cathodes and aluminum T-bars. Continue reading “OCC submits rule to curb U.S. banks dealing in industrial metals”

Bolton: Obama Administration’s Anti-Israel UN Decision ‘Reverses Fifty Years of American Policy’

Regarding the failure of the United States to veto the recent anti-Israel UN resolution, former United Nations Ambassador John Bolton told Breitbart News Daily SiriusXM host Raheem Kassam on Thursday, “The notion that this is simply consistent with prior U.S. policy, which is the Obama administration line, is flatly incorrect.” Bolton continued, “The failure to veto this Resolution 2334 reverses fifty years of American policy, ever since the 1967 war between Israel and the surrounding Arab states, which ended in the iconic Resolution 242, the so-called Land for Peace Resolution.”

China could derail OPEC’s effort to balance oil markets this year, says analyst

OPEC’s effort to balance an oversupplied oil market could have the unintended consequence of crimping crude demand from China, said Matt Smith, head of commodities research at shipment-tracking firm ClipperData. Falling demand from China, the world’s second largest oil consumer, would hurt OPEC’s current strategy. The Organization of the Petroleum Exporting Countries, along with nonmembers, is cutting production in a bid to reduce huge stockpiles of oil that have built up during more than two years of weak oil prices. Continue reading “China could derail OPEC’s effort to balance oil markets this year, says analyst”

Halliburton seizes on holiday weekend to sneak out two news releases

The term “news dump” refers to the release of information at a time when few are paying attention. It has long been employed by companies looking to avoid scrutiny, but Halliburton Co. may take it to a new level this holiday season. With Christmas and New Year’s happening on the weekends this year, the Friday afternoons ahead of those holidays offer an extra-special opportunity, and Halliburton is taking full advantage. Continue reading “Halliburton seizes on holiday weekend to sneak out two news releases”

North Korea ‘racing ahead’ on nuclear plan, defector says

Political uncertainty in the United States and in South Korea could give North Korean leader Kim Jong Un “an apt time” to develop nuclear weapons “at all costs by the end of 2017,” a high-profile North Korean diplomat who recently defected to South Korea said Tuesday. “Due to domestic political procedures, North Korea calculates that South Korea and the US will not be able to take physical or military actions to deter North Korea’s nuclear development,” Thae Yong-ho, formerly No. 2 at the North Korean Embassy in London, said in a news briefing, according to the Yonhap News Agency. Continue reading “North Korea ‘racing ahead’ on nuclear plan, defector says”

Lindsey Graham: Donald Trump disagrees with Senate consensus on Russia

Two of the Senate’s most prominent hardliners on Russia are framing the Washington consensus of Russian aggression as free from any disagreement whatsoever — except from President-elect Donald Trump. Republicans Lindsey Graham and John McCain, on a trip to Estonia, a Baltic nation threatened by a belligerent Russia, told CNN’s Jim Sciutto in an exclusive interview that the matter was settled and that Trump was simply wrong to question the bipartisan agreement. Continue reading “Lindsey Graham: Donald Trump disagrees with Senate consensus on Russia”

US Sold $40 Billion in Weapons in 2015, Topping Global Market

The United States again ranked first in global weapons sales last year, signing deals for about $40 billion, or half of all agreements in the worldwide arms bazaar, and far ahead of France, the No. 2 weapons dealer with $15 billion in sales, according to a new congressional study. Developing nations continued to be the largest buyers of arms in 2015, with Qatar signing deals for more than $17 billion in weapons last year, followed by Egypt, which agreed to buy almost $12 billion in arms, and Saudi Arabia, with over $8 billion in weapons purchases. Continue reading “US Sold $40 Billion in Weapons in 2015, Topping Global Market”

Report: Netanyahu ‘Recruiting’ Trump To Thwart Another Obama Anti-Israel UN Move

Prime Minister Benjamin Netanyahu on Sunday night reportedly attempted to reach out to President-elect Donald Trump and the U.S. Congress to block a potential last-minute bid by the Obama administration to have the UN Security Council approve parameters for a Palestinian state. After the anti-settlement resolution was passed on Friday, Netanyahu’s office said he was encouraged by the incoming U.S. administration and working with Trump to “to negate the harmful effects of this absurd resolution.” Continue reading “Report: Netanyahu ‘Recruiting’ Trump To Thwart Another Obama Anti-Israel UN Move”

Delta to cancel order for 18 Boeing 787 Dreamliner aircraft

Delta Air Lines Inc said that in agreement with Boeing Co it would cancel an order for 18 787 Dreamliner aircraft, which it assumed as a part of its merger with Northwest Airlines. The order is valued at more than $4 billion at current list prices. Delta, in its statement, did not disclose specific terms of the agreement. The airline, which acquired Northwest in 2008 for $2.6 billion in shares, said it would continue to take delivery of 737-900ER aircraft through 2019. Continue reading “Delta to cancel order for 18 Boeing 787 Dreamliner aircraft”

Italy set to pump around 6.5 billion euros into Monte Paschi rescue: sources

The Italian government is likely to put in around 6.5 billion euros ($6.8 billion) to rescue the country’s third biggest lender Monte dei Paschi di Siena more than initially expected, sources close to the matter said on Tuesday. The higher cost of the state rescue is due to the fact that the European Central Bank has revised the bank’s capital shortfall to 8.8 billion euros from a previous estimate of 5 billion euros. Continue reading “Italy set to pump around 6.5 billion euros into Monte Paschi rescue: sources”

Italy $20.9 billion fund sufficient for all banks under observation: Treasury source

Twenty billion euros earmarked by the Italian government would be enough to cover funding requirements at all the ailing banks currently under observation by the Treasury and the Bank of Italy, a Treasury source said on Tuesday. “The size of the fund has been set out to be fully sufficient to cover all funding needs that may emerge from the situations currently under observation,” the source said. Continue reading “Italy $20.9 billion fund sufficient for all banks under observation: Treasury source”