DETROIT/MILAN, Oct 3 (Reuters) – When contract talks between
Chrysler Group LLC and the United Auto Workers union opened in
late July, expectations were high for a swift deal.
Representatives of both sides even wore matching maroon jackets
in a show of unity for the cameras.

But by September, when negotiators had moved behind closed
doors at Chrysler’s headquarters north of Detroit, the talks
bumped into issues of economics and ego. The lack of progress
forced a contract extension into the middle of October,
prolonging the uncertainty for 26,000 Chrysler workers.

DETROIT/MILAN (Reuters) – When contract talks between Chrysler Group LLC and the United Auto Workers union opened in late July, expectations were high for a swift deal. Representatives of both sides even wore matching maroon jackets in a show of unity for the cameras.

But by September, when negotiators had moved behind closed doors at Chrysler’s headquarters north of Detroit, the talks bumped into issues of economics and ego. The lack of progress forced a contract extension into the middle of October, prolonging the uncertainty for 26,000 Chrysler workers.

MILAN (Reuters) – Ever since he joined UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) in April as head of Europe, Middle East and Africa, Sergio Ermotti has been touted as a CEO-in-waiting, ready to take over the reins at the Swiss bank whenever its German chief Oswald Gruebel decides to step down.

That moment looks set to come sooner rather than later now that Gruebel, 67, is facing calls to resign over a rogue trading scandal that cost the bank $2.3 billion.

MILAN, Sept 21 (Reuters) – Italy’s Mediobanca
posted an 8 percent fall in net profit in the fiscal year to
end-June due to 313 million euros of writedowns that included a
46 percent cut on the value of its Greek bond holdings.

The Milan-based boutique investment bank, a powerhouse at
the heart of Italian capitalism through a web of
cross-shareholdings, took a 109 million euro charge on its
exposure to Greek bonds and a 120 million euro one on its stake
in Telco, the holding that controls Telecom Italia .

MILAN, Sept 21 (Reuters) – Moody’s cut Fiat’s
credit rating on Wednesday to reflect its closer ties with U.S.
automaker Chrysler and the increased risk of a loss of market
share in Europe and greater competition in Brazil.

Moody’s, which had put Fiat on review for a possible
downgrade in April, cut its rating one notch to Ba2 from Ba1,
with a negative outlook.

MILAN, Sep 20 (Reuters) – UniCredit Chief Executive Federico
Ghizzoni said on Tuesday Italy’s biggest bank by assets was
still considering all options to boost its capital and was open
to any new investor as it seeks to bolster its financial
strength amid market turmoil.

Ghizzoni also said the bank’s liquidity position was “fairly
good” and dismissed reports of internal discontent with his
performance at the helm since taking over from Alessandro
Profumo a year ago.

FRANKFURT (Reuters) – The euro single-currency system could be derailed unless European leaders resolve the debt crisis, a situation that has already prompted Fiat SpA (FIA.MI: Quote, Profile, Research, Stock Buzz) and its affiliate Chrysler Group LLC to examine the timing of vehicle introductions, Fiat’s CEO said on Tuesday.

“We are reviewing volumes and the timing of new products to see when it is really necessary to launch them,” Fiat and Chrysler Group LLC Chief Executive Sergio Marchionne said on Tuesday. When asked whether the company was primarily looking at launches in Europe, he said: “No, I’m talking globally.”

FRANKFURT (Reuters) – Car industry executives from around the globe urged Europe’s politicians to take bolder steps to solve the bloc’s two-year-old debt crisis, warning its single currency could be derailed without more decisive action.

The euro was under pressure again on Tuesday with debt markets increasingly pricing in a Greek sovereign debt default and the U.S. government voicing its alarm at Europe’s inability to get a grip on the crisis.

FRANKFURT, Sept 13 (Reuters) – Car industry executives from
around the globe urged Europe’s politicians to take bolder steps
to solve the bloc’s two-year-old debt crisis, warning its single
currency could be derailed without more decisive action.

The euro was under pressure again on Tuesday with debt
markets increasingly pricing in a Greek sovereign debt default
and the U.S. government voicing its alarm at Europe’s inability
to get a grip on the crisis.

FRANKFURT (Reuters) – Fiat and Chrysler chief executive Sergio Marchionne said the euro single currency system could be derailed unless European leaders resolved the debt crisis.

Marchionne said markets were showing little confidence in Europe’s ability to draw a line under the crisis, which has spread to his homeland Italy after engulfing Greece, Ireland, Portugal and Spain.