WHITE SMOKE FOR PERFUME: MPS WILL BE A MODEL BANK
THE APPLE DIVIDEND IS COMING. FESTIVE MARKETS IN ASIA
The choice was more tormented than expected but, after five hours of meeting and the "tear" of the president Gabriello Mancini who decided not to vote, MPS Foundation chose the name to run for president of the third largest Italian bank: Alessandro Profumo, Genoese by birth, new citizen of Staggia Senese, a hamlet of Poggibonsi, to comply with the institute's statute. Together with Profumo, the Foundation will indicate the name of Fabrizio Viola, current general manager, as managing director, a position vacant so far. Even the three other directors chosen by the Foundation are new names for the board: Marco Turchi, so far auditor auditor of Banca Mps, Paola Demartini, Tania Groppi and Angelo Dringoli. The latter two teach at the University of Siena, Demartini at Roma Tre.
A reversal that has torn apart the various souls of the Sienese Democratic Party: around the name of Profumo there was broad consensus, but the former CEO of Unicredit risked being sucked into the discontent of the former Margherita area, of which Gabriello Mancini is an exponent, who together with the governor of the Tuscany region Enrico Rossi, insisted on the alternative candidacy of Divo Gronchi. A tactical choice to solicit the reconfirmation of Alfredo Monaci, president of Biverbanca, brother of the president of the Region, on the board of directors.
Now, having overcome the rocks of local politics, Profumo can get ready for the new adventure that will begin after the shareholders' meeting on 27 April. The intentions are combative: the objective is to set up a new laboratory bank model for the credit system.
Great wait for the press conference that Tim Cook, CEO of Apple, and Chief Financial Officer Peter Oppenheimer they will be held today in Cupertino when it will be 15 pm in Italy. The meeting, announced over the weekend, should be the occasion for a historic announcement: the distribution of the first dividend in Apple's history, the leading company by capitalization which has cash on hand for 97.8 billion dollars. The decision would be due to pressure from some large shareholders, starting with pension funds. According to forecasts, Apple could pay a quarterly coupon of 2 dollars.
The expectation of an Apple dividend boosted futures on the S&P on Asian stock exchanges, which opened the week up: Tokyo +0,10% is at its highest since March 11, 2011, the date of the tsunami. The Korean and Hong Kong lists also rose +0,17%. On the contrary, the prices of safe-haven assets are falling back, starting with the American T-bonds.
The financial week opens with a big bang: the global colossus of shipping systems is born, Antitrust permitting. In fact, the American Ups concluded the purchase of the Dutch competitor Tnt Express on Sunday evening for 5 billion euros. The operation, anticipated by the Financial Times, will be officially communicated in the morning.
ONLINE BTPs TAKE OFF THIS MORNING
The first offers will arrive after 9. At that time, in fact, savers will start clicking online on the Isin code communicated by the Treasury (IT 0004806888) which allows you to purchase 4-year Btp Italia bonds, semi-annual coupon, indexed to Italian inflation ex tobacco. The minimum guaranteed rate will be 2,25%, the definitive one will be communicated only at the end of the last day of subscription, i.e. Thursday 22. Lots of new features, starting from the formula chosen for indexation (inflation in Italy, not in the EU ), the open amount of the operation (all the required securities will be assigned) designed for the household portfolio. Finally, the possibility of subscribing to securities electronically, skipping bank commissions (but traditional purchases, bank and postal services, will be permitted). On the bond market, in Friday's session the yield on the ten-year BTP remained stable at 4,83%, but the spread with the Bund fell to 279 basis points (-8 points) because the yield on the Bund rose by 9 basis points at 2,05%.
The International Swaps and Derivatives Association (ISDA) will hold the first auction on Greece's Credit Default Swaps (CDS) today in New York, pending the first delivery of the new Athens bonds after the agreement with creditors.
It is announced a day of fire for Fonsai. Today the shareholders' meeting of the company will have to give the go-ahead in Turin for the 1,1 billion capital increase necessary to adjust the ratios. But in the meeting with the shareholders, both the past and the future of the company until now controlled by the Ligresti family will be questioned. The trial of the deeds and misdeeds that led the company to solicit a second, very onerous capital increase in less than a year will be introduced by the complaint presented by the activist fund Amber and will come alive with a voluminous report by the mayors on the subject.
The hottest topic, however, concerns the questions (twelve in all) that the Palladio-Sator couple, with 8% of the share capital, intend to ask about the future integration with Unipol and Premafin. As a preliminary matter, Palladio and Sator will ask the directors of Fonsai if the capital increase should be considered as independent from the subsequent merger. If this were the case, it is their thesis, other solutions could be examined starting from the project proposed by Roberto Meneguzzo and Matteo Arpe. Other questions concern the impairment test of Premafin and the industrial plan. In addition to other issues related to the alleged lack of transparency of the operation. In short, a warm and by no means brief assembly is looming.
After the “perfect” encounter with Mario Monti, who asked for "respect" for the Lingotto, because, according to the prime minister, "one cannot think that a company should be subject to constant investigative scrutiny on industrial policy carried out by people who don't even have the expertise on this front", Sergio Marchionne he is planning another meeting with the political world today in Turin. The delegation from Michigan arrives at the Lingotto, led by the new Republican governor Rick Snyder. The team includes representatives from the Detroit area and Auburn Mills, home to Chrysler headquarters. It is easy to predict that the headquarters of the future Fiat-Chrysler group will also be among the topics of the conversation.
It certainly stands out among the hot topics of the week Impregile it Friday up 4% over 3 euros. In an interview, Pietro Salini, who supplemented his stake with new purchases, explained his strategy for achieving integration between Impregilo and his company; Beniamino Gavio prepares for the confrontation in the meeting.
The week ended in Milan with an increase of 3,6% which brought the performance since the beginning of the year to +13%. The FtseMib index finished the last session up by 0,5%, returning above 17.000 (17.081) for the first time since last August 3rd. London rose by 0,4%, Paris +0,4%, Frankfurt +0,1%.
The best performance of the eighth at the FTSEMib was by Pirelli, which gained 15%. The market appreciated the balance sheet data and the new 2012 estimates of the Bicocca group. Increases in the order of 10% for Autogrill (+10%) and Buzzi Unicem (+9,5%). On the other hand, Campari was significantly down, leaving 7,83% on the ground
A driving the rise of stock markets in Europe were insurance companies, with Axa up 1,9%, Allianz +1,6%. Generali gained 3,3% followed at a distance by Unipol +0,7%. Among the bankers, Intesa was rewarded by a flurry of promotions from major international brokers. Yesterday the stock was up 4%.
