ALBA, Italy, Feb 18 (Reuters) – The home of Nutella bid
farewell on Wednesday to Michele Ferrero, who turned a pastry
shop into a confectionery empire and became a rare symbol of
global success despite Italy’s declining economic fortunes.
Ferrero, Italy’s richest man, died on Saturday aged 89 at
his home in Monaco, after months of illness. He was buried in
his home town of Alba in northern Italy, where he took over his
father’s shop in 1949 and dreamt up the chocolate-hazelnut
spread, Ferrero Rocher pralines, Kinder eggs and Tic Tac mints.
MILAN, Feb 14 (Reuters) – Michele Ferrero, Italy’s richest
man and the owner of a global chocolate and confectionery
empire, died on Saturday aged 89, the company said.
His death opens the question of succession and potential
tie-ups at the family-controlled Ferrero group, which has sales
of around 8 billion euros ($9 billion) and continued to grow
through Italy’s longest recession since World War Two.
MILAN, Feb 13 (Reuters) – Ferrari faces a battle to persuade
investors that it should be priced as a high-flying luxury goods
stock, given a carmaker’s margins and the heavy investment
required to make its prancing horse logo a big attraction on
other exclusive lines.
Few would question the business acumen of Sergio Marchionne,
redoubtable chief executive of Fiat Chrysler Automobiles
(FCA) , but his strategy for squeezing every
last drop of value from the listing of the group’s illustrious
Italian sports car brand has certainly raised a few eyebrows.
MILAN, Jan 29 (Reuters) – Tractor and trucks maker CNH
Industrial NV reported a drop in
fourth-quarter operating profit on Thursday as weaker demand for
agricultural machinery more than offset improved results in
Faced with falling grain prices, growers around the globe
are purchasing fewer tractors and harvesters, putting companies
like CNH Industrial under pressure. The group was also hurt by
lower demand for commercial vehicles in Latin America.
MILAN/DETROIT, Jan 28 (Reuters) – Fiat Chrysler Automobiles
expects to turn profits in all regions this
year, but faces pressure to rev up its North American profit
engine to fund an ambitious overhaul of its Alfa Romeo and
For the first time since 2007, the company turned a profit
in Europe in the fourth quarter. The company’s strategy of
retooling idled factories in Italy to export the Jeep Renegade
small sport utility and other vehicles to the United States is
getting a lift from the slump of the euro against the dollar.
MILAN, Jan 15 (Reuters) – Italian companies are beginning to
shed their reluctance to open their shareholder base to
outsiders, coaxed by new legislation that strengthens the voting
power of long-term investors.
Parliament passed the measure last year. It was aimed at
encouraging Italian small and medium firms to expand their
capital base amid a recession and credit crunch.
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.
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.”
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
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.
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.