Italy approves bailout for the world's oldest bank

Italy's cabinet has approved a bailout for the world's oldest and the country's third-largest bank, Monte dei Paschi. The bank had requested a capital injection from the government after it failed to raise €5 billion (around ₹35.4 thousand crore) from private investors. The bailout is expected to hit retail investors, who collectively hold around €2 billion of the bank's bonds.