Agnieszka's Feed
Nov 27, 2013

Alitalia: a symbol of Italy’s stunted efforts at market economy

MILAN, Nov 27 (Reuters) – In 2008, Maurizio Prato, then
chairman of Alitalia, said only an “exorcist” could save the
Italian airline. Five years later, the near-bankrupt carrier is
still waiting for a miracle worker other than Italy’s ill-suited
political establishments.

By Thursday, Alitalia will learn how many shareholders have
subscribed to a 300 million euro ($407 million) capital increase
that is part of a wider government-led rescue plan.

Nov 27, 2013

Monte Paschi tries to win over local opposition to cash call

MILAN (Reuters) – Italian bank Monte dei Paschi di Siena would be nationalized without a capital injection and disappear from its base in Siena, bank executives said in an attempt to overcome local opposition to its planned rights issue.

The warning came as the European Commission gave a green light to the bank’s restructuring plan in Brussels on Wednesday, saying it would ensure a return to viability.

Nov 25, 2013

Chrysler won’t go ahead with IPO in 2013: Fiat

MILAN (Reuters) – The planned stock market listing of Fiat’s (FIA.MI: Quote, Profile, Research, Stock Buzz) U.S. unit Chrysler will not take place this year, the Italian carmaker said on Monday, prolonging the uncertainty over its chances of buying out the rest of the company.

The initial public offer, which Fiat CEO Sergio Marchionne had previously said could take place in 2013, was expected to shed light on the U.S. carmaker’s value and help settle a long-running spat between Fiat and a healthcare trust which owns 41.5 percent of Chrysler.

Nov 13, 2013

Alitalia expected to buy time on capital hike at board meeting

MILAN (Reuters) – Italian airline Alitalia is likely to extend the deadline for subscribing to a capital increase at Wednesday’s board meeting to give major shareholder Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) more time to sign up.

Italy’s flagship carrier is wrestling with financial losses and faces a battle with unions as well as being stuck in a months-long tussle with Air France-KLM over whether they want to keep their strategic and financial partnership alive.

Nov 12, 2013

Alitalia job cuts plan unlikely to win Air France rescue

MILAN/PARIS (Reuters) – Cash-strapped Italian airline Alitalia is planning the first mass firing since its 2008 privatisation to cut costs, but a source said it was unlikely to go far enough to persuade top shareholder Air France-KLM to rescue it in a cash call.

Alitalia’s Chief Executive Gabriele del Torchio, a turnaround specialist, is expected to unveil his plan at a board meeting scheduled for 1700 GMT on Wednesday. Several sources said it may include up to 2,000 lay-offs as well as salary cuts to make Alitalia more efficient and profitable.

Nov 12, 2013

Alitalia looks to cut jobs to lure investors

ROME/MILAN, Nov 12 (Reuters) – Cash-strapped Italian airline
Alitalia is planning the first mass firing since it was
privatised in 2008 to shrink costs and lure potential new
partners while top shareholder Air France-KLM refuses
to commit to a firm investment.

At a board meeting scheduled for 1700 GMT on Wednesday,
Chief Executive Gabriele del Torchio, a turnaround specialist,
is expected to unveil an aggressive industrial plan that may
include thousands of lay-offs and salary cuts to make Alitalia
more efficient and profitable.

Nov 11, 2013

Corn up for second session after USDA crop forecast

MILAN, Nov 11 (Reuters) – Chicago corn futures rose more
than 1 percent on Monday to their highest in nearly two weeks
after a lower-than-expected U.S. Department of Agriculture
(USDA) crop forecast for the United States.

Extending gains from the previous session, Chicago Board of
Trade December corn rose 0.76 percent to $4.30-1/4 a
bushel by 1203 GMT, below a session high of $4.32, the highest
level since Oct. 31. Corn closed up 1.5 percent on Friday.

Nov 4, 2013

U.S. corn falls for 4th session on prospects of big harvest

MILAN, Nov 4 (Reuters) – U.S. corn futures fell on Monday,
on course for a fourth straight session of declines and the
longest slide in more than three months, weighed by expectations
a report this week will confirm the United States is headed for
a bumper harvest.

Chicago Board of Trade December corn futures fell 0.06
percent to $4.27 a bushel by 1154 GMT, having slid 0.2 percent
on Friday when the grain hit a three-year low of $4.25-3/4.

Oct 30, 2013

Milan held despite first goal of season for Kaka

MILAN (Reuters) – Brazil playmaker Kaka scored his first goal, a delightful curling shot, since his return to AC Milan at the start of the season but his struggling team were held 1-1 at home by Lazio in Serie A on Wednesday.

Second-placed Napoli won 2-1 at Fiorentina who were furious after midfielder Juan Cuadrado was sent off after twice being booked for diving in the penalty area, with the second incident coming in stoppage time.

Oct 30, 2013

Soccer-Milan held despite first goal of season for Kaka

MILAN, Oct 30 (Reuters) – Brazil playmaker Kaka scored his first goal, a delightful curling shot, since his return to AC Milan at the start of the season but his struggling team were held 1-1 at home by Lazio in Serie A on Wednesday.

Second-placed Napoli won 2-1 at Fiorentina who were furious after midfielder Juan Cuadrado was sent off after twice being booked for diving in the penalty area, with the second incident coming in stoppage time.