— Breaking News

  1. Italy

    Vivendi to examine Elliott comments with 'open mind' -3-

    Elliott wants agreed solution with Italy authorities (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - Financial sources told Il Sole 24 Ore Radiocor that Elliott wants an agreed solution with the Italian authorities regarding the future of Telecom Italia's unit Sparkle, that operates a network of undersea telecommunications cables, and the spin-off of Telecom Italia's fixed line network. A24-Web (RADIOCOR) 16-03-18 13:29:16 (0333) 5 NNNN

  2. Italy

    Eni sees production up avg 3.5%/yr in 2018-2021

  3. Italy

    Salini not interested in Astaldi, Condotte

    No plans to buy an Italian firm (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - The Italian public works group Salini Impregilo said that it is not interested in buying its troubled peers Astaldi or Condotte. When asked in an interview with the daily Corriere della Sera if Salini Impregilo was interesed in the two companies, chief executive Pietro Salini said "no, we aren't interested in Italian companies." Salini added that the group is focusing on the Australian, Middle Eastern and US markets. He reiterated plans to achieve 30% of revenues in the US by 2019. The segments the company is most interested in are water works and sustainable transport, such as high-speed railways and urban underground railways, he added. A24-Web (RADIOCOR) 16-03-18 11:43:52 (0233) 5 NNNN

  4. Italy

    Eurozone Q4 hourly labor costs up 1.5% yr/yr

  5. Italy

    Eurozone Feb CPI up 0.2% mth/mth, up 1.1% yr/yr

    Revised from up 1.2% yr/yr (Il Sole 24 Ore Radiocor Plus) - Brussels, 16 Mar - Consumer prices in the eurozone in February rose a monthly 0.2% and increased an annual 1.1%, according to data released by Eurostat, the statistical office of the European Union that noted that the year on year figure had been revised from up 1.2% in the flash reading at the end of February. In the 28 countries of the EU, CPI rose a monthly 0.1% and an annual 1.3%. The lowest annual rates were registered in Cyprus (-0.4%), Greece (0.4%), Denmark and Italy (both 0.5%). The highest annual rates were recorded in Romania (3.8%), Estonia and Lithuania (both 3.2%). Compared with January, annual inflation fell in eighteen member states, remained stable in two and rose in seven. The highest contribution to the annual euro area inflation rate came from services (+0.57 percentage point), followed by food, alcohol & tobacco and energy (+0.21 pp each), and non-energy industrial goods (+0.14 pp). A24-Sch (RADIOCOR) 16-03-18 11:18:07 (0225) 5 NNNN

  6. Italy

    Italy Feb CPI unchanged mth/mth, up 0.5% yr/yr -2-

  7. Italy

    Italy Feb CPI unchanged mth/mth, up 0.5% yr/yr

    Annual Feb inflation rate revised down vs preliminary data (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - Consumer prices in Italy in February were unchanged compared to the previous month and up 0.5% on the year earlier, according to data from statistics bureau Istat. The year-on-year figure was revised downwards from preliminary indication, which had shown 0.6% annual growth. A24-Hob (RADIOCOR) 16-03-18 10:23:20 (0159) 5 NNNN

  8. Italy

    Newspaper headline round-up

  9. Italy

    Italy 10-yr govt bond spread vs Bund falls to 1.32 pct pts

    Yield inches down to 1.89% (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - The differential between yields on 10-year Italian government bonds and their German counterparts narrowed to 1.32 percentage points in early trade from 1.33 points at the close Thursday. The yield on the benchmark Italian bonds inched down to 1.89% from 1.90%. A24-Hob (RADIOCOR) 16-03-18 09:50:03 (0146) 5 NNNN

  10. Italy

    Elliott has over 5% stake in Telecom Italia -3-

    Points to investor concerns on strategy, governance (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - In the letter, Elliott highlighted Telecom Italia's "profound and persistent share price underperformance", something it believes reflects investors' concerns about both the strategic direction and growing governance issues at the company. In terms of strategic failures, the fund pointed to an obsolete capital structure, which currently gives Vivendi disproportionate voting rights compared to its monetary investment due to the existence of non-voting savings shares. It noted that Vivendi blocked a conversion of these shares in late 2015 despite declaring that it was in favour of a conversion. In the more than two years since then, it has failed to propose a new share conversion plan, Elliott said. Elliott also pointed to limited progress on structural transformations, noting that it believes a separate listing or partial sale of network company NetCo following its separation would maximize value and could reduce debt, driving return for all shareholders. But the company remains committed to owning NetCo outright, Elliott said. "We would encourage the new board to examine: separating and selling part of NetCo, yet maintaining a stake; disposing or selling part of Sparkle; using proceeds to reduce leverage at TIM; reintroducing a dividend," Elliott said. The fund also listed a long list of corporate governance failings and conflicts of interest on the part of Vivendi, including the Telecom Italia board initially treating a planned joint venture with Vivendi subsidiary Canal Plus as a related party transaction with "minor relevance", thus avoiding the requirement to get an independent assessment of the deal before stock market regulator Consob required the company to reclassify it as "major relevance". Vivendi also broke Italy's Gasparri law by building both a controlling stake in Telecom Italia and a large stake in Italian broadcaster Mediaset, which Elliott said "has further impaired Vivendi's relationship with the Italian regulator and other Italian bodies". A24-Hob (RADIOCOR) 16-03-18 09:42:37 (0142) 5 NNNN

  11. Italy

    Economic calendar for March 16

  12. Italy

    Retelit 2017 net 11.4 mln eur vs 2.8 mln

    Approves 2018-2022 plan, sees 2022 revenue above 100 mln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Retelit, a major Italian provider of telecoms data and infrastructure services, reported 2017 net profit of 11.4 million euros, up from 2.8 million the previous year. Full year revenues increased 32% to 65.4 million euros. Core earnings (EBITDA) rose 85% to 26.9 million euros. The board proposed an ordinary dividend of 0.020 euros per share, corresponding to a pay-out of around 35%. The company approved the 2018-2022 industrial plan, which forecast revenues of 99-104 million euros in 2022 and EBITDA of 48-51 million. In 2018, the company said it expects revenues of between 67-71 million euros, with EBITDA of between 24-28 million. A24-Cia (RADIOCOR) 15-03-18 20:53:20 (0838) 5 NNNN

  13. Italy

    Bialetti 2017 revenues 178.6 mln eur, up 1.2%

  14. Italy

    Valsoia FY net 6.9 mln eur, down 21.3%

    FY revenue 111.9 mln eur, down 2.5% (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Italian health food producer Valsoia said that its full year net profit fell 21.3% to 6.9 million euros as sales dropped 2.5% to 111.9 million. EBITDA was down 16.3% to 11.8 million euros. Valsoia had a net cash pile of 15.1 million euros at the end of 2017 against 18.4 million a year earlier due to an acquisition. The company maintained its full year dividend unchanged at 0.33 euros per share. A24-Web (RADIOCOR) 15-03-18 20:44:43 (0832) 5 NNNN

  15. Italy

    Elica FY net profit 1.4 mln eur vs 5.5 mln loss

  16. Italy

    ASTM sees 2018 revenue up 25-30%, EBITDA up 5-7%

    SIAS revenue seen up 5-8%, EBITDA up 4-6% (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - The Italian motorway company ASTM said it expects revenue to rise 25-30% this year from the 1.43 billion euros posted in 2017, while EBITDA is seen rising 5-7% from the 719 million seen last year. Fellow motorway company SIAS, which like ASTM is owned by the Gavio group, anticipates revenue will rise 5-8% above the 1.01 billion euros seen in 2017, while EBITDA is seen rising 4-6% over the 708.3 million seen last year. A24-Hob (RADIOCOR) 15-03-18 20:04:31 (0736) 5 NNNN

  17. Italy

    Eni Nooros gas field output hits 32 mln cubic meters/day

  18. Italy

    Europe shares end higher rebounding from trade war fears -2-

    Generali rises, Telecom Italia lower (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Insurers rose following the release of encouraging updates from Munich Re and Generali. German reinsurer Munich Re rallied in Frankfurt after it said it now expects its 2018 net profit to reach 2.1-2.5 billion euros, higher than the initial guidance of 2.0-2.4 billion euros and that it would buy back another 1 billion euros worth of share before the annual general meeting in 2019. In Milan dealings, Italian insurer Generali gained 2.51% at 15.70 euros after it said its full year 2017 operating profit came in at a record level of 4.895 billion euros, up 2.3% thanks to the positive performance of the life segment and the investments, asset & wealth management business as well as the cost reduction reached two years ahead of schedule. Also in Milan trade, shares in Telecom Italia closed 2.83% higher at 0.81 euros after the group said that activist fund Elliott has asked to add to the agenda of its annual general meeting the revocation of six board members and their replacement by six others. Shares in French lender Societe Generale closed flat in Paris the day after it announced that deputy chief executive Didier Valet was leaving the company due to a divergence of approaches. A24-Cia (RADIOCOR) 15-03-18 18:29:40 (0626) 5 NNNN

  19. Italy

    Europe shares end higher rebounding from trade war fears

  20. Italy

    Euro zone benchmark 10-year sovereign bond yields