— Breaking News

  1. Italy

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

  2. Italy

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

    Entering new phase of industrial expansion - CEO (Il Sole 24 Ore Radiocor Plus) - London, 16 Mar - Italian oil and gas group Eni is entering a "new phase of industrial expansion", said chief executive Claudio Descalzi, as the company presented plans to increase production an average 3.5% year in the 2018-2021 period. Presenting its new industrial plan for the period to 2021 to investors in London, Eni said production was forecast to rise 4% this year. "Over the last years we have transformed Eni, making it strong operationally and financially. Now we are entering a new phase of industrial expansion and a strong growth in value, guided by a deep business integration and a continued focus on efficiency and financial discipline. "In a world that requires increasing decarbonisation, our low-cost resources, our commitment on a global scale for natural gas and our unique business model in renewables represent a competitive advantage," he said. A24-Hob (RADIOCOR) 16-03-18 12:52:09 (0302) 5 NNNN

  3. Italy

    Salini not interested in Astaldi, Condotte

  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-

    EU harmonised CPI down 0.5% mth/mth, up 0.5% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Mar - Harmonised for European Union purposes, consumer prices in Italy fell 0.5% month on month, due to winter clothing and shoe sales which are not accounted for in the headline Italian inflation figure. Year on year, EU harmonised CPI rose 0.5%, below a preliminary indication of 0.7% growth. A24-Hob (RADIOCOR) 16-03-18 10:23:27 (0160) 5 NNNN

  7. Italy

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

  8. Italy

    Newspaper headline round-up

  9. Italy

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

  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

    (Il Sole 24 Ore Radiocor Plus) - New York, 15 Mar - Economic calendar for Friday, March 16 00:30 AUD New Motor Vehicle Sales (MoM) 4.5% 00:30 SGD Non-Oil Exports (YoY) (Feb) 4.40% 13.00% 00:30 SGD Non-Oil Exports (MoM) (Feb) -0.30% -0.30% 01:00 SGD Trade Balance 5.140B 02:00 NZD RBNZ Offshore Holdings (Feb) 57.30% Tentative CNY FDI 0.30% 04:30 JPY Capacity Utilization (MoM) (Jan) -0.1% 2.8% 04:30 JPY Industrial Production (MoM) (Jan) -6.6% -6.6% 07:00 EUR German WPI (MoM) (Feb) 0.2% 0.9% 07:00 EUR German WPI (YoY) (Feb) 1.5% 2.0% 09:00 EUR Italian CPI (YoY) (Feb) 0.6% 0.6% 09:00 EUR Italian CPI (MoM) (Feb) 0.1% 0.1% 09:00 EUR Italian HICP (YoY) (Feb) 0.7% 0.7% 09:00 EUR Italian HICP (MoM) (Feb) -0.3% -0.3% 10:00 EUR Core CPI (YoY) (Feb) 1.0% 1.0% 10:00 EUR Core CPI (MoM) (Feb) 0.4% -1.7% 10:00 EUR CPI (MoM) (Feb) 0.2% -0.9% 10:00 EUR CPI (YoY) (Feb) 1.2% 1.2% 10:00 EUR CPI ex Tobacco (YoY) (Feb) 1.2% 10:00 EUR CPI ex Tobacco (MoM) (Feb) -0.9% 10:00 EUR Wages in euro zone (YoY) (Q4) 1.80% 1.60% 10:00 EUR Labor Cost Index (YoY) (Q4) 1.60% 11:30 INR Bank Loan Growth 10.7% 11:30 INR Deposit Growth 5.9% 11:30 INR FX Reserves, USD 420.76B Tentative BRL IBC-Br Economic Activity 1.41% 12:00 GBP BoE Quarterly Bulletin 12:30 USD Building Permits (MoM) (Feb) 5.9% 12:30 USD Building Permits (Feb) 1.320M 1.377M 12:30 USD Housing Starts (Feb) 1.290M 1.326M 12:30 USD Housing Starts (MoM) (Feb) 6.0% 9.7% 12:30 CAD Foreign Securities Purchases (Jan) -1.97B 12:30 CAD Foreign Securities Purchases by Canadians (Jan) 21.99B 12:30 CAD Manufacturing Sales (MoM) (Jan) -0.8% -0.3% 13:15 USD Capacity Utilization Rate (Feb) 77.7% 77.5% 13:15 USD Industrial Production (YoY) 3.7% 13:15 USD Industrial Production (MoM) (Feb) 0.3% -0.1% 13:15 USD Manufacturing Production (MoM) (Feb) 0.5% 0.1% 14:00 USD JOLTs Job Openings (Jan) 5.890M 5.811M 14:00 USD Michigan 5-Year Inflation Expectations (Mar) 2.50% 14:00 USD Michigan Consumer Expectations (Mar) 89.8 90.0 14:00 USD Michigan Consumer Sentiment (Mar) 99.3 99.7 14:00 USD Michigan Current Conditions (Mar) 114.5 114.9 14:00 USD Michigan Inflation Expectations (Mar) 2.7% 14:30 USD ECRI Weekly Annualized (WoW) 5.7% 14:30 USD ECRI Weekly Index 149.3 17:00 USD U.S. Baker Hughes Oil Rig Count 796 19:30 GBP CFTC GBP speculative net positions 5.3K 19:30 USD CFTC Copper speculative net positions 41.9K 19:30 USD CFTC Crude Oil speculative net positions 686.5K 19:30 USD CFTC Gold speculative net positions 183.8K 19:30 USD CFTC S&P 500 speculative net positions 128.9K 19:30 USD CFTC Silver speculative net positions 6.2K 19:30 CAD CFTC CAD speculative net positions 19.6K 19:30 CHF CFTC CHF speculative net positions -8.5K 19:30 AUD CFTC AUD speculative net positions 3.1K 19:30 JPY CFTC JPY speculative net positions -86.8K 19:30 NZD CFTC NZD speculative net positions 0.0K 19:30 RUB CFTC RUB speculative positions 17.9K 19:30 EUR CFTC EUR speculative net positions 133.0K A24-Zap (RADIOCOR) 15-03-18 21:32:34 (0844) 5 NNNN

  12. Italy

    Retelit 2017 net 11.4 mln eur vs 2.8 mln

  13. Italy

    Bialetti 2017 revenues 178.6 mln eur, up 1.2%

    Approves 2020 industrial plan (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Italian coffee machine maker Bialetti posted 2017 revenues of 178.6 million euros at a constant exchange rate, up 1.2% from the previous year. Revenues from the company's own stores, which generate 47% of total revenues, increased 19% to 83 million euros. The company also approved the new industrial plan through 2020, with a focus on the promotion and sale of higher-margin products, a larger presence in foreign markets, and a more efficient retail network. A24-Cia (RADIOCOR) 15-03-18 20:44:49 (0833) 5 NNNN

  14. Italy

    Valsoia FY net 6.9 mln eur, down 21.3%

  15. Italy

    Elica FY net profit 1.4 mln eur vs 5.5 mln loss

    FY revenue record 479.3 mln eur, up 9.1% (Il Sole 24 Ore Radiocor Plus) - Milan, 15 Mar - Italian range hood producer Elica said it swung to a net profit of 1.4 million euros in 2017 from a loss of 5.5 million the year earlier, as revenue rose a reported 9.1% on the year earlier and 10.2% on a like-for-like basis to a record 479.3 million. Adjusted EBITDA amounted to 36.8 million euros, up 13.8% on the year and making for an adjusted EBITDA margin of 7.7%. Adjusted EBIT climbed 19.2% to 16.3 million euros for a margin of 3.4%. Revenue in Asia rose 13.9%, led by a 42% rise in revenue in India, while revenue in the EMEA region and the Americas were up 10.7% and 5.5%, respectively. Net debt at end 2017 widened to 69.3 million euros at end 2017 from 60.8 million the year earlier. A24-Hob (RADIOCOR) 15-03-18 20:32:07 (0786) 5 NNNN

  16. Italy

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

  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

    FTSE 100 up 0.10%, DAX up 0.88%, CAC 40 up 0.65% (Il Sole 24 Ore Radiocor Plus) - London, 15 Mar - European share prices closed higher rebounding from recent losses, as investors mostly shrugged off concerns over the White House's trade policy. After imposing tariffs on steel and aluminum imports, US president Donald Trump is preparing new trade measures to reduce China's 100 billion dollar annual merchandise surplus with the US. Trump also nominated conservative commentator Lawrence Ludlow as chief economic adviser, replacing Gary Cohn. In the region's stock market dealings, most sectors were higher. Investors also digested some upbeat corporate earnings reports and kept an eye on political tensions after the UK decided to expel 23 Russian diplomats on accusations that Moscow tried to murder a former Russian spy and his daughter on British soil with a military-grade nerve agent. The leaders of the US, France, Germany and the UK agreed that Russia is likely responsible for the poisoning of former Russian double agent Sergei Skripal and his daughter with a military-grade nerve agent in Salisbury, calling it "a breach of international law." Among the European companies releasing updates were London-based international investment, savings, insurance, and banking group Old Mutual, UK construction, services and property group Kier, French oil and gas industry shipping service provider Bourbon, Italian insurer Generali, Swedish affordable fashion retailer H&M, German carrier Lufthansa and German reinsurer Munich Re. The London FTSE 100 closed up 0.10% at 7,139.76 points, the Frankfurt DAX gained 0.88% at 12,345.56 points, the Paris CAC 40 added 0.65% at 5,267.26 points, while in Milan the FTSE MIB jumped 1.16% at 22,713.47 points and in Madrid the IBEX 35 ended up 0.05% at 9,693.00 points. A24-Cia (RADIOCOR) 15-03-18 17:53:18 (0605) 5 NNNN

  20. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 15 Mar - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.58%; down 0.03 percentage points from previous close. France - yield 0.82%; down 0.03 percentage points from previous close. Belgium - yield 0.86%; down 0.03 percentage points from previous close. Italy - yield 1.89%; down 0.03 percentage points from previous close. Spain - yield 1.38%; down 0.03 percentage points from previous close. A24-Zap (RADIOCOR) 15-03-18 17:32:51 (0581) 5 NNNN