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Telecom Italia chief says no decision on Hutchison tie-up on Wednesday: paper

June 1, 2013 09:45
MILAN (Reuters) - The board of Telecom Italia <TLIT.MI> will not make a decision on a possible tie-up with Hutchison Whampoa <0013.HK> at its next meeting on Wednesday, the Italian group's chief said in a newspaper interview on Saturday. The group is focused on the planned spin-off of some of its network assets - valued at between 13 and 15 billion euros ($17-$19.4 billion) - into a separate company, which it approved on Thursday, Chairman Franco Bernabe said.

Fiat reassures Italy on jobs as Chrysler merger looms

May 31, 2013 09:30
By Jennifer Clark ROME (Reuters) - Fiat SpA <FIA.MI> chief Sergio Marchionne assured Italy's industry minister at their first face-to-face meeting on Friday that the country's largest employer will not cut jobs. Newly-appointed minister Flavio Zanonato had recently asked Fiat "to stay in Italy" after its planned merger with U.S. unit Chrysler next year, which Italian unions fear will herald a move of the group's headquarters to the United States.

Telecom Italia board to back network spinoff: sources

May 29, 2013 15:17
MILAN (Reuters) - Telecom Italia SpA's <TLIT.MI> board is expected to give an initial nod to a plan to spin off its domestic fixed-line access network on Thursday, three sources familiar with the situation said. "A go-ahead to a process that will lead to the separation of the fixed-line network into a new company is expected tomorrow," one source told Reuters.

Fiat Industrial denies major damage to Italian tax receipts if shifts tax home to Britain

The Canadian PressMay 22, 2013 15:18
MILAN - Fiat Industrial disputed as "absolutely false" reports Wednesday that Italy would lose 500 million euros ($646 million) in tax revenues if it moves its tax base to Britain after it completes a merger with its U.S.-based subsidiary CNH Global NV. But the maker of heavy trucks, farm and construction vehicles said in a statement that it believed that making Britain its fiscal base would put its shareholders on the same footing as those of major capital goods competitors.

Fiat to invest $7 billion in Brazil through 2016

Agence France-PresseMay 6, 2013 23:15
Italian carmaker Fiat is upping its stake in Brazil, pouring about $7 billion into local investments by 2016, according to a plan its CEO Sergio Marchionne handed President Dilma Rousseff on Monday. The company's plans expand -- dramatically so -- on an earlier outline that called for about $4 billion in investment between 2011-2014, state news agency Agencia Brasil reported. The outlays will fund building and expansions of factories in Brazil, the agency said.

Fiat Industrial cuts revenue forecast after Q1 profits falls 22 per cent

The Canadian PressApril 30, 2013 13:01
MILAN - Fiat Industrial, the Italian maker of heavy vehicles, on Tuesday reduced its full-year forecasts after reporting a 22 per cent drop in first-quarter profits due to weak sales of trucks and construction vehicles. Fiat Industrial SpA reported net profit in the quarter ending March 31 was 138 million euros ($181 million), down from a restated 177 million euros in 2012. Revenue was flat at 5.8 billion euros thanks to higher sales of farm equipment which helped offset declines in truck sales and construction vehicle revenues, which were down 27 per cent.

Big business, unions plead for Italy political deal

April 13, 2013 23:15
Big business and trade unions in Italy are pleading for a swift end to a political deadlock that may already have cost the economy 1% of gross domestic product. The main employers' lobby Confindustria and the powerful unions rarely see eye to eye. But the economic and political crisis are pushing them together more than ever before. A general election in Italy in February was narrowly won by the left but no party has been able to form an overall majority in parliament, stalling the creation of a government.

Ducati CEO in pole for Alitalia's top seat -reports

April 13, 2013 07:30
MILAN (Reuters) - Gabriele Del Torchio, chief executive of Italian motorcycle maker Ducati, is the front-runner to take on the driver's seat at loss-making airline Alitalia, Italian newspapers reported on Saturday. Alitalia's former chief executive Andrea Ragnetti quit after only a year in the job in February as the struggling airline company reported a net loss of $367 million in 2012.

Fiat "must continue to grow", says Chairman John Elkann

April 9, 2013 07:00
TURIN (Reuters) - Italian carmaker Fiat <FIA.MI> has expanded its geographical reach thanks to its acquisition of Chrysler but is still "too small" and "must continue to grow", Chairman John Elkann said on Tuesday. "We have been told many times that we have become too big, but these are things that only someone who has no idea of the size of the competition can say. We are too small," Elkann told shareholders at the company's annual meeting.

Emotional funeral for Italy economic suicide trio

April 6, 2013 13:15
Italy's parliament speaker was heckled at the funeral on Saturday of three people who committed suicide due to economic hardship as a local bishop issued a plea for politicians to act. A couple in their sixties without jobs and unable to pay their rent hanged themselves in Civitanova Marche, a crisis-hit town in central Italy. Learning the news, the woman's brother threw himself into the sea. "This is a state killing!" "Thieves!" "Shame!" some of the mourners cried out at officials as the three coffins were brought into church for the funeral, Italian media reported.
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