Francesca's Feed
Jun 26, 2014

Italian business lobby slashes growth forecast, urges action

ROME, June 26 (Reuters) – Italy’s employers’ association
Confindustria on Thursday slashed its growth forecast for this
year and urged Prime Minister Matteo Renzi to act quickly to
turn around the euro zone’s third-biggest economy.

Confindustria said the economy would expand 0.2 percent, a
half percentage point lower than its 0.7 percent December
forecast and far below the government’s 0.8 percent target.

Jun 15, 2014

Italy rides market momentum with wave of IPOs

MILAN, June 15 (Reuters) – UniCredit’s online bank
Fineco and state-owned shipmaker Fincantieri launch their
initial public offerings (IPO) on Monday, adding to the list of
Italian firms seeking to tap investors’ growing confidence in
Europe’s economic recovery.

The two IPOs are together worth up to 1.5 billion euros ($2
billion) before the possible exercise of over-allotment options
that could increase the sum raised.

May 15, 2014

Italy signs deal to save Electrolux sites, protect jobs

ROME, May 15 (Reuters) – Italian government signed an
agreement with Electrolux on Thursday to preserve the Swedish
white goods multinational’s four sites in northern Italy and
protect the 6,000-strong local workforce, in exchange for tax
breaks and union concessions.

Under pressure from cheaper manufacturing locations in
eastern Europe, Electrolux had planned steep benefit
and wage cuts for workers it employs in Italy and was set to
close a washing machine plant in the town of Porcia.

Apr 23, 2014

Italy’s Renzi wins confidence vote on temporary labor rule

ROME (Reuters) – Italian Prime Minister Matteo Renzi easily won a confidence vote on Wednesday over his plans to ease rules for companies that hire temporary workers, part of a broader plan to overhaul labor regulations.

The lower-house of parliament voted 344 to 184 to back Renzi, the 39-year-old former mayor of Florence who took power in February from party rival Enrico Letta.

Mar 9, 2014

A washing machine factory tests Italy’s industrial future

PORCIA, Italy, March 9 (Reuters) – The boxy white and grey
factory of this rainy northern town makes fewer than half the
washing machines it did when Italy joined the euro. It is one of
the many symbols of Southern Europe’s industrial decline.

Today, however, the Porcia plant is also a testing ground
for the region’s industrial future.

Feb 4, 2014

Electrolux says Italian factory could shut without state aid

ROME, Feb 4 (Reuters) – Electrolux’s biggest
plant in Italy could face closure unless a support plan is
agreed with the government, the head of the Swedish appliance
maker’s Italian business said on Tuesday.

Under pressure from cheaper manufacturing locations in
Eastern Europe, Electrolux is planning steep benefit and wage
cuts for 5,000 out of the 6,200 workers it employs in Italy.

Jan 30, 2014

Italian PM presses Electrolux to keep plants open

ROME, Jan 30 (Reuters) – Prime Minister Enrico Letta pledged
on Thursday to do everything possible to ensure Electrolux
maintained production in Italy following uncertainty
over the future of the Swedish appliance maker’s local plants.

Electrolux AB, facing growing cost pressure from cheaper
locations in eastern Europe, is planning steep cuts to wages and
benefits for its 5,700 workers in Italy and unions fear it may
also close a washing machine plant in Porcia, employing 1,200.

Jan 12, 2014

Insight: Italian home base hampers sofa king Natuzzi

SANTERAMO IN COLLE, Italy (Reuters) – From this hilltop town on the heel of Italy’s boot, Pasquale Natuzzi has built an eponymous furniture company that is one of the country’s most global brands. It sells sofa beds from Dallas to New Delhi and is one of a handful of Italian companies listed on the New York Stock Exchange.

Yet today, Natuzzi’s home base is dragging it down. Best known for its brand Divani & Divani, the company hasn’t made a profit in six years. In the first nine months of 2013, it lost 38.7 million euros, deepening year-on-year losses on a slight dip in sales to 328 million euros.

Jan 12, 2014

Italian home base hampers sofa king Natuzzi

SANTERAMO IN COLLE, Italy, Jan 12 (Reuters) – From this
hilltop town on the heel of Italy’s boot, Pasquale Natuzzi has
built an eponymous furniture company that is one of the
country’s most global brands. It sells sofa beds from Dallas to
New Delhi and is one of a handful of Italian companies listed on
the New York Stock Exchange.

Yet today, Natuzzi’s home base is dragging it down. Best
known for its brand Divani & Divani, the company hasn’t made a
profit in six years. In the first nine months of 2013, it lost
38.7 million euros, deepening year-on-year losses on a slight
dip in sales to 328 million euros.

Oct 24, 2013

Italy rule change could complicate T.Italia takeover

ROME, Oct 24 (Reuters) – Italy will introduce a lower
threshold for obligatory takeover bids, a government official
said on Thursday, a move that could complicate the takeover of
Telecom Italia by Telefonica.

Last month the Spanish phone group reached a deal allowing
it to gradually take over Telco, the investment vehicle for a
consortium of Italian financial companies and Telefonica, which
holds a 22.4 percent controlling stake in its Italian rival.