Italian Banks’ costs climb on contagion worry
MILAN: Italian banks are paying the price of the nation's debt, the second-highest in the euro zone, as the crisis threatening the region's currency erodes their perceived creditworthiness and drives up borrowing costs. The cost of insuring the debt of UniCredit SpA, Italy's biggest bank, posted the largest monthly jump in November since February 2009, according to data provider CMA. UniCredit's credit default swaps this week implied a junk rating to the company's bonds for the first time, data from Moody's Investors Service's capital markets research group show. Swaps on Intesa Sanpaolo SpA, the No. 2 bank, posted a record monthly increase.
Prime Minister Silvio Berlusconi faces a confidence vote on Dec. 14, adding to investor concern that Italy may struggle to finance its 1.76 trillion euros of debt should his government fall. -PB News
ISLAMABAD: Federal Minister for Industries and Production Mir Hazar Khan Bijarani presiding over a briefing/presentation on Sindh Engineering Limited. -App