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Faith turns to disbelief in Italy's banks
Until very recently, Domenico Bertini, a machinery technician nearing retirement, viewed his local bank in the picturesque Vicenza region of northern Italy as family. The 150-year-old Banca Popolare di Vicenza was a world away from the faceless bankers of Wall Street who brought the global financial system close to collapse almost a decade ago. What remained of their extraordinary faith in the bank has now turned to anger and disbelief, with grave implications for Italy's banking system, which is funded to a large extent by ordinary people via bonds and shares as well as deposits.
Ferrovial extends offer for Broadspectrum
Spanish predator Ferrovial has extended its $769 million takeover offer for Manus Island detention centre operator Broadspectrum and declared it unconditional after building a stake of 59 per cent of Broadspectrum shares. Ferrovial on Monday said its offer for the maintenance services and asset management firm had been automatically extended until May 13 because it had achieved acceptances of more than 50 per cent. Broadspectrum's board has recommended shareholders accept Ferrovial's offer of $1.50 in cash for each Broadspectrum share.
Aust market down around one per cent
The Australian share market is trading around one per cent lower at noon as a disappointing half-year earnings report from Westpac weighs on the financial sector. Among the major banks at 1200 AEST, Westpac ...
SA electrical firm in liquidation
An electrical contracting firm in Adelaide has gone into liquidation with the loss of 45 jobs. Administrators say VIP Electrical, which serviced the mining and manufacturing sectors, had critical cash-flow ...
$A unsettled ahead of RBA rates meeting
The Australian dollar is lower as tension builds ahead of the Reserve Bank's interest rates announcement. At 1200 AEST on Monday, the currency was trading at 76.11 US cents, down from 76.50 cents on Friday. ...
ACCI wants company tax cuts in next decade
Treasurer Scott Morrison's first budget on Tuesday is expected to include phased-in reductions to the company tax rate from 30 per cent. "We would like to see that glide path, if you like, over no more than the next decade," Australian Chamber of Commerce and Industry's new chief executive office James Paterson told reporters in Canberra on Monday. Separately, the monthly National Australia Bank survey showed that while business conditions and confidence eased slightly in April, they remain above average.
Virgin to cut capacity on flights
Virgin Australia says it will cut its capacity, with a focus on regional route cuts, blaming election uncertainty, weak consumer sentiment and the slowing mining sector. Virgin's underlying loss for the period was of $18.6 million. The capacity reduction will happen in the fourth quarter of FY16 with regional routes the focus of domestic reductions.
Vodafone offers prepaid mix and match
Vodafone is allowing customers to customise prepaid plans as it hunts for a larger chunk of the $3.8 billion prepaid market. The telco has introduced a range of options aimed at meeting differing customer preferences and needs. "We've set out to address one of the biggest pain points facing telco customers in Australia today, which is wasting good money on inclusions they don't use," Vodafone chief marketing officer Loo Fun Chee said.
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