January 21, 2019 / 5:00 AM / a month ago

Italy - Factors to watch on Jan. 21

MILANO, Jan 21 (Reuters) - The following factors could affect Italian markets on Monday.

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

For a complete list of diary events in Italy please click on .

POLITICS

The Italian economy will grow just 0.6 percent this year, the Bank of Italy said on Friday, slashing a projection of 1.0 percent made a month ago due to trade tensions and a weaker investment outlook.

The latest forecasts are bad news for the radical government which took office in June last year and is trying to boost the flagging economy without falling foul of European Union budget rules.

BPER

Italy is considering merging troubled banks Monte dei Paschi and Banca Carige with healthier rivals such as UBI Banca as it scrambles to avert a new banking crisis, sources familiar with the matter said.

UBI BANCA, BANCO BPM, BPER BANCA

The three banks fall into a second-tier group of European lenders which are required by the ECB to achieve a 50 percent coverage of their secured problem loans by the end of 2020 and a 100 percent coverage by the end of 2025, Il Sole 24 Ore reported on Saturday. For unsecured soured loans the coverage thresholds are 60 percent in 2020 and 100 percent in 2024.

INTESA SANPAOLO, UNICREDIT

Italy’s top two banks fall into a group of stronger European banks which the ECB wants to have a 60 percent coverage of all secured soured loans by the end of 2020 rising to 100 percent by the end of 2024. The coverage level demanded for unsecured problem loans is of 70 percent in 2020 and 100 percent in 2023.

(*) BANCA POPOLARE DI SONDRIO

The small lender could decide to shed some of its soured loans as the regulator’s pressure on banks to reduce their bad loans intensifies, Affari&Finanza / La Repubblica reported on Monday.

(*) ITALIAN BANKS

In an interview with La Verita on Monday, the head of the Italian senate’s finance committee Alberto Bagnai said that the pressure from the European Central Bank on banks to sell soured debt had a negative impact of around 30 billion euros on Italian lenders.

(*) LEONARDO

The defence group aims to reach a double-digit profitability for its helicopter business by 2020, L’Economia / Corriere della Sera reported on Monday

LUXOTTICA

The Italian eyewear maker said on Friday a mandatory exchange offer it launched after agreeing to merge with France’s Essilor had been 97.5 percent subscribed and would lead to a delisting of Luxottica shares from the Milan bourse.

CARIGE

Troubled Italian lender Banca Carige said on Friday it had asked the treasury to tap a state guarantee scheme to issue two bonds worth 2 billion euros in total.

TELECOM ITALIA

Responding to Vivendi, Telecom Italia’s spokesman said on Friday that FY results issued on Thursday were the outcome of a strategy plan put in place by former CEO Amos Genish who had been backed by Vivendi.

TIM said on Friday it had appointed Lorenzo Forina as chief revenue officer, a newly created role who reports directly to the CEO and is responsible for developing the company’s commercial strategy for both consumer and business clients.

Italian communications regulator AGCOM has given Telecom Italia (TIM) proposal to confer all of its network assets into a separate company fully controlled by the group the thumbs down, according to a document published on its website on Saturday.

ATLANTIA

Autostrade per l’Italia General Manager Roberto Tomasi is set to become the new chief executive of the motorway operator, replacing Giovanni Castellucci, parent company Atlantia said on Friday.

TREVI FINANZIARIA INDUSTRIALE

A group of around 30 creditor banks has given a final approval to a restructuring plan that will see them convert into equity 310 million euros of Trevi’s debt

OVS

AZ Fund Management held 10 percent in the Italian retailer as of Dec. 13, a filing by Italy’s market watchdog showed on Friday. AZ Fund Management does not intend to acquire control of Ovs, another filing showed, adding the investor did not have formal investment goals to achieve in the next six months regarding further acquisition or disposal in holdings of OVS.

CREDITO VALTELLINESE

Morgan Stanley cut its stake in Italy’s Credito Valtellinese to 0.44 percent as of Jan. 10 versus 6.2 percent previously, a filing by Italy’s market watchdog showed on Friday.

ANSALDO STS

Hitachi Rail said it had reached a 99.156 percent stake in Ansaldo STS.

(*) NOTORIOUS PICTURES

The company said on Monday it had signed an agreement for producing 10 web series with Ambi Distribution.

KI GROUP

Ordinary and extraordinary shareholders’ meetings (1400 GMT).

ALITALIA CAITLA.UL

Airlines Delta and AirFrance-KLM are in talks with Italy’s national railways Ferrovie dello Stato (FS) to take each a 15 percent stake in ailing carrier Alitalia CAITLA.UL, Italian newspapers La Stampa and Il Messaggero reported on Sunday.

The two newspapers also said that FS managers would meet Lufthansa representatives in Rome on Monday to discuss the purchasing of an up to 51 percent stake in Alitalia.

Low-cost airline easyJet offer for Alitalia is likely to have been put aside, according to the two papers.

Trade ex-dividend: ENEL of 0.14 euro per share as 2018 interim dividend; SNAM of 0.0905 euro per share as 2018 interim dividend.

DIARY

Rome, Chairman of the Senate’s Finance Committee Alberto Bagnai attends a book presentation.

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:............................... (Reporting By Viviana Venturi)

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