Ital­ian bank MPS seeks fresh cap­i­tal

China Daily (Hong Kong) - - BUSINESS -

The board of Ital­ian lender Monte dei Paschi di Siena is meet­ing as the bank searches for a way to re­pair a 5-bil­lion-euro ($5.3 bil­lion) hole in its fi­nances. If MPS can­not raise ad­di­tional cap­i­tal from pri­vate in­vestors in the com­ing days, it could need an Ital­ian tax­payer-funded bailout. The bank’s trou­bles are one of the ur­gent tasks con­fronting the new Ital­ian gov­ern­ment to be headed by pre­mierdes­ig­nate Paolo Gen­tiloni, Italy’s former for­eign min­is­ter who was named Sun­day to lead the coun­try. grew by 4 per­cent year on year in the third quar­ter of this year, ac­cord­ing to of­fi­cial fig­ures re­leased. The fig­ures from the Cen­tral Sta­tis­tics Of­fice showed that com­pared with a year ago, Ire­land’s GDP was 6.9 per­cent higher. This week, Ir­ish Prime Min­is­ter Enda Kenny said the Ir­ish econ­omy is ex­pected to grow at about 4 per­cent this year, well ahead of EU part­ners. The CSO said Ire­land’s gross na­tional prod­uct in­creased by 3.2 per­cent in the third quar­ter, adding that com­pared with a year ago, GNP was 10.2 per­cent higher than in the third quar­ter of 2015. The CSO fig­ures also showed that net ex­ports were 20.1 per­cent higher in the third quar­ter of 2016 com­pared with the cor­re­spond­ing quar­ter of 2015. en­vi­ron­men­tal taxes as part of a pack­age of fis­cal mea­sures to meet the Euro­pean Union’s bud­get deficit goals. The new en­vi­ron­men­tal taxes are part of the re­vised bud­getary plan Spain has sub­mit­ted to the Euro­pean Com­mis­sion. The plan says the new taxes will tar­get a re­duc­tion in green­house gases.

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