Agnieszka's Feed
Dec 16, 2014

Low-cost carmakers outperform fragile European recovery

PARIS/MILAN (Reuters) – European car sales increased by just 1.2 percent last month, with budget brands led by Renault’s (RENA.PA: Quote, Profile, Research, Stock Buzz) Dacia faring better as nervous consumers shunned mid-range models in what remains a fragile recovery.

Sales advanced to 989,457 cars in November, a slowdown from the previous month’s 6.2 percent year-on-year gain, the Association of European Carmakers said on Tuesday. Registrations for the year so far were up 5.5 percent.

Dec 11, 2014

Fiat Chrysler says no plan to move Ferrari’s tax base outside Italy

MILAN (Reuters) – Fiat Chrysler Automobiles (FCA) (FCHA.MI: Quote, Profile, Research, Stock Buzz) (FCAU.N: Quote, Profile, Research, Stock Buzz) has denied a media report saying it was considering a move in the tax residence of its Ferrari luxury sportscar unit outside Italy.

“These rumors have no grounds,” FCA said in a statement. “There is no intention to move the tax residence of Ferrari SpA outside Italy, nor is there any project to delocalize its Italian operations, which will continue to be subject to Italian tax jurisdiction.”

Dec 7, 2014

Barenboim’s “Fidelio” wows La Scala opera buffs at season opener

MILAN, Dec 7 (Reuters) – Daniel Barenboim celebrated his
final season premiere as musical director of La Scala on Sunday
with a performance of “Fidelio”, Ludwig van Beethoven’s only
opera, winning a 13-minute ovation on the opening night of a new
modern-dress production.

The audience threw flowers onto the stage at the famous
Milan opera house at the end of the two-act work, which also
marks the first season opening for new artistic director
Alexander Pereira, who replaces Stephane Lissner.

Dec 5, 2014

Fiat Chrysler meets US investors after launching bond, share offers

MILAN (Reuters) – Fiat Chrysler Automobiles (FCA) (FCHA.MI: Quote, Profile, Research, Stock Buzz) (FCAU.N: Quote, Profile, Research, Stock Buzz) began meeting U.S. investors on Friday after launching a $2.5 billion convertible bond issue and a share sale to reduce its debt pile and fund an ambitious investment plan.

The newly created FCA, which moved its primary share listing to New York in October, wants to invest 48 billion euros ($59 billion) over five years to turn Jeep, Maserati and Alfa Romeo into global brands. The company hopes to take on Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) and BMW (BMWG.DE: Quote, Profile, Research, Stock Buzz) by strengthening its position in the fast-growing and high-margin market for premium cars.

Nov 5, 2014

Italy’s Enel launches Endesa share sale as debt target looms

MILAN, Nov 5 (Reuters) – Italy’s biggest utility Enel
could sell up to 22 percent of Endesa, a
stake worth about $4.4 billion, as it seeks to increase its
Spanish subsidiary’s free float and reduce its own debt.

The power generation businesses of European utility groups
have had to contend with low wholesale prices and weak demand
during the region’s persisting economic weakness, but Enel is
also under pressure to shrink a debt burden that stood at 43
billion euros ($53.7 billion) at the end of June.

Oct 29, 2014

Fiat Chrysler to spin off Ferrari, issue $2.5 bln convertible bond

MILAN, Oct 29 (Reuters) – Fiat Chrysler Automobiles (FCA)
said on Wednesday it will spin off its luxury sports
car maker Ferrari and list the shares as part of a bigger scheme
which includes a $2.5 billion convertible bond issue to help
fund its ambitious business plan.

The newly created FCA, which moved its primary share listing
to New York earlier this month, wants to invest 48 billion euros
($61 billion) over the next five years to turn Jeep, Maserati
and Alfa Romeo into global brands and rival Volkswagen
and BMW by strengthening its position in
the fast-growing and high-margin market for premium cars.

Oct 29, 2014

Fiat Chrysler to list Ferrari stake, issue $2.5 billion in bonds

MILAN (Reuters) – Fiat Chrysler Automobiles (FCA) (FCAU.N: Quote, Profile, Research, Stock Buzz) plans to list a 10 percent stake in luxury brand Ferrari and issue $2.5 billion in convertible bonds to help fund the parent company’s turnaround plan.

The newly-created FCA, which listed shares in New York earlier this month, wants to invest 48 billion euros ($61 billion) over the next five years in a bid to catch industry leaders such as Volkswagen and Toyota, and some analysts have questioned whether it can afford that much given tough markets.

Oct 28, 2014

Brazilian outlook clouds Fiat Chrysler’s growth plans

MILAN/SAO PAULO, Oct 28 (Reuters) – Fiat Chrysler
Automobiles hopes to raise vehicle sales in
Latin America by 44 percent over five years but a recent big
drop in volumes and weakening outlook in Brazil, the region’s
biggest economy, threaten to spoil its ambitions.

Two years ago Latin America still accounted for nearly a
third of FCA’s profits, helping to offset a slump in sales in
Europe.

Oct 24, 2014

Fiat Chrysler’s targets seen at risk as North America still pressured

MILAN/DETROIT (Reuters) – Fiat Chrysler Automobiles could find it tough to meet its 2014 profit guidance and may cut forecasts when it reports quarterly results next week as slowly recovering North America profit margins may fail to fully offset weakness in Europe and Latin America.

The group (FCAU.N: Quote, Profile, Research, Stock Buzz)(FCHA.MI: Quote, Profile, Research, Stock Buzz) expects to raise operating profit, excluding one-off items, by as much as 14 percent this year, but has been struggling to make up for a double-digit sales drop in Brazil and a fragile recovery in Europe.

Oct 23, 2014

Gulf airlines target Italy as transit point for expansion

DUBAI/MILAN, Oct 23 (Reuters) – Having shuttled millions of
travellers through their plush home bases, rival Gulf airlines
are now battling over an Italian market which they see as ripe
for expansion and key to driving traffic on to long-haul routes.

The tussle will add to the pressure on established European
carriers who are already losing out on short-haul routes to
upstart budget airlines.