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 | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |