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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |