Connect to share and comment

Italy proposes Descalzi as new Eni CEO in broad state firm shake-up

MILAN (Reuters) - Italy on Monday tried to breathe fresh air into state-backed companies, making a clean sweep of top management at firms such as oil major Eni and defense group Finmeccanica in a test of Prime Minister Matteo Renzi's pledge to break with old-style cronyism. The Italian Treasury, which holds core stakes in some of Italy's largest listed companies, proposed insider and exploration head Claudio Descalzi as Chief Executive for Eni <ENI.MI>, replacing Paolo Scaroni after three terms in office.

Telecom Italia inks content deal with 21st Century Fox unit

MILAN (Reuters) - Telecom Italia has signed a deal with Sky Italia to sell pay-TV content for the unit of Rupert Murdoch's Twenty-First Century Fox to its clients from 2015, the companies said on Thursday. The deal could make Telecom Italia's broadband offerings more attractive at a time when the phone group is carrying out costly network upgrades to boost Internet speeds and help it win customers in a recovering domestic market.

Italy's Renzi hails 'revolution' with public spending cuts

Italy's Prime Minister Matteo Renzi hailed a "systematic revolution under way in Italy" Tuesday as he unveiled the government's plan to ease pressure on impoverished families through cuts to public spending. Renzi, who came to power in February after ousting his predecessor in a coup, told journalists the cabinet's three-year economic programme would lower income taxes through a 4.5 billion euro reduction in public spending.

Italy should negotiate more budget flexibility: employers' lobby

ROME (Reuters) - Italy should be allowed to negotiate more budget flexibility in exchange for making structural reforms to its economy, the country's employers' lobby Confindustria said on Wednesday. "Negotiations need to be opened so that Italy, along with the other countries in the same situation that request it, are allowed the margins of flexibility that are in the Stability Pact in exchange for a robust series of structural reforms," Confindustria said in a statement.

Proxy adviser Glass Lewis backs Recchi as chairman of Telecom Italia

MILAN (Reuters) - Proxy advisor Glass Lewis has recommended that Telecom Italia investors vote in favor of Giuseppe Recchi as chairman of the board when shareholders meet on April 16, it said in a document seen by Reuters. Telecom Italia's largest investor Telco said earlier this month it had proposed Recchi as chairman of Italy's largest phone group. Recchi is a former executive at General Electric and is currently chairman of Italian state-owned oil group Eni.

Italian bank Intesa SanPaolo posts $7 billion Q4 loss on write-downs to clean up books

MILAN - Intesa SanPaolo has cleaned out its books with a 5.8 billion-euro ($7.95 billion) write-down on its investments as it joined other Italian banks in preparing for a rigorous Europe-wide stress test, while announcing a slate of asset sales under a plan to boost earnings and dividends. The write-down, which included 3.1 billion euros for non-performing loans, widened Intesa's fourth-quarter loss to 5.2 billion euros ($7 billion) from 83 million euros a year earlier.

Intesa Sanpaolo reports huge loss, boosts balance sheet

Italian bank Intesa Sanpaolo reported a net loss of 4.55 billion euros for 2013 on Friday, after huge asset writedowns to strengthen its balance sheet in readiness for stress tests. The bank, the second-biggest in Italy, turned in a net loss of 5.19 billion euros ($7.1 billion) in the last three months of the year. That was caused by a charge for writedowns of 5.797 billion euros. Excluding the effects of these asset depreciations, the outcome for the year was a profit of 1.218 billion euros, and for the last quarter a profit of 578 million euros.

Fiat CEO's pay drops to $5 million in 2013

MILAN (Reuters) - Italian automaker Fiat <FIA.MI> paid Chief Executive Sergio Marchionne 3.6 million euros ($5 million) in cash last year, including a bonus and incentives, down from 4.5 million euros in 2012, the group's compensation report showed. Under a separate stock incentive program, Marchionne was also granted the right to receive 2.3 million Fiat shares - worth around $25 million at current prices - but has yet to exercise that right, the company said. Marchionne already held 3 million Fiat shares at the end of 2013.

Fiat-Chrysler expects new plant to boost Brazil profitability

By Agnieszka Flak GENEVA (Reuters) - Fiat Chrysler Automobiles (FCA) <FIA.MI> expects a new plant in Brazil to boost its profitability in that market by 2017 after a cut to subsidies and currency effects hit profits there last year, Chief Executive Sergio Marchionne said on Tuesday.

Fiat-Chrysler to keep Alfa Romeo production in Italy: CEO

GENEVA (Reuters) - Fiat Chrysler <FIA.MI> will keep the production of its Alfa Romeo, Maserati and Ferrari car brands in Italy, Chief Executive Sergio Marchionne said on Tuesday. "It's not a nationalistic thing, but there are some things that belong to a place," Marchionne told journalists at the Geneva auto show, adding that at least in his time as CEO the sporty Alfa cars will be assembled in Italy. "Alfa Romeo belongs to Italy as Maserati and Ferrari do."
Syndicate content