World's oldest surviving bank reports heavy lossAugust 7, 2014 - 22:51 AMT PanARMENIAN.Net - The world's oldest surviving bank, Monte dei Paschi di Siena (MPS), has reported a bigger-than-expected loss, according to BBC News. The Italian bank, which has been in business since 1472, reported a second quarter loss of 179mln euros, three times the loss analysts had been expecting. It was the bank's ninth consecutive quarterly loss. MPS, which was bailed out by the state last year, blamed the rising costs of bad loans. The bank has been through some turbulent years since buying rival bank, Antonveneta for more than 10bn euros at the height of the financial boom in 2007. That deal stretched the finances of MPS and the subsequent global financial crisis almost caused the bank to collapse. The Italian government had to step in and bailout the firm. In June, MPS raised 5bn euros on the stock market which it used to pay back state aid and boost its financial situation. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |