— Breaking News

  1. Italy

    Europe shares end higher ahead of Trump's tax plan -2-

    Dior rallies in Paris, UBI Banca tops Milan gains (Il Sole 24 Ore Radiocor Plus) - London, 25 Apr - In Paris, French luxury goods Christian Dior rallied 11.09% to 252.00 euros after LVMH (up 3.94%) and the Arnault family said they were launching a project to simplify the Dior corporate structure whereby Arnault will make a public offer in both stock and cash for the stake it does not already own while LVMH will buy Christian Dior Couture from Dior in a 6.5 billion euros deal. In Milan dealings, shares in Italian bank Ubi Banca closed up 2.81% at 4.03 euros at a one-year high, helped by the "buy" recommendation by UBS, which set a 12-month price target of 4,65 euros. The Swiss analysts cited the bank's improved asset quality. French media group Vivendi closed down 0.51% at 18.67 euros after CEO Arnaud de Puyfontaine said the media group want to recoup a "constructive and perennial relationship" with Italian broadcaster Mediaset (up 0.73% at 3.85 euros), in which Vivendi now owns 28.8%. Vivendi and Mediaset are now in the midst of litigation after Vivendi last year pulled out of a deal to acquire Mediaset's pay-TV unit Premium and built up its stake in Mediaset. In Milan dealings, shares in the Italian oil services group Saipem rallied 3.04% to 0.41 euros in the wake of a newspaper report that it could take part, with the Italian railway group Ferrovie dello Stato, in a bid to build a high-speed track between Moscow and Kazan in Russia. Swedish truck, bus and construction equipment maker Volvo Group jumped 7.62% to 144.00 Swedish crowns in Stockholm dealings after it beat profit forecasts. A24-Cia (RADIOCOR) 25-04-17 18:31:52 (0518) 5 NNNN

  2. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 25 Apr - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.38%; up 0.02 percentage points from previous close. France - yield 0.89%; up 0.03 percentage points from previous close. Belgium - yield 0.83%; up 0.03 percentage points from previous close. Italy - yield 2.26%; up 0.05 percentage points from previous close. Spain - yield 1.54%; up 0.03 percentage points from previous close. A24-Zap (RADIOCOR) 25-04-17 18:21:19 (0516) 5 NNNN

  3. Italy

    Italy's Padoan, PES members call for EU budget flexibility

    Focus on social rights (Il Sole 24 Ore Radiocor Plus) - Brussels, 25 Apr - Italian Economy Minister Pier Carlo Padoan and four other members of the Party of European Socialists (PES) called on the European Commission to increase efforts to strengthen "the European Pillar of Social Rights" and the future of Europe. "The EU must reinvent itself, or it faces the risk of disintegration," the senior PES representatives said in an open letter to European Commission President Jean-Claude Juncker. "There is an urgent need for a more social Europe, for a Europe of decent working conditions, for a Europe against inequalities, and for a Europe of strong social protection," the letter read. The document also calls for a full use of EU budget flexibility, as often requested by the Italian government. "The European Pillar of Social Rights needs the means to match its ambitions. This implies making full use of flexibility within the Stability and Growth Pact and putting an end to mere austerity," the letter said. The document was signed by Padoan, as Chair of the PES Ecofin Ministers Network, as well as by PES President Sergei Stanishev, Luxembourg Labor Minister Nicolas Schmit, the Vice President of the S&D Group in the European Parliament, Maria Joao Rodrigues from Portugal, and French European Parliament member Pervenches Beres. A24-Cia (RADIOCOR) 25-04-17 16:44:40 (0460) 5 NNNN

  4. Italy

    Alitalia convenes shareholders after rescue plan rejected

    Shareholders to deliberate of bankruptcy procedures (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Apr - The board of Italian carrier Alitalia convened a shareholders meeting for Thursday, April 27 to discuss the company's future after employees rejected the management's proposed rescue plan in a referendum yesterday. In a statement, Alitalia's board said it "regrets" yesterday's outcome and that it has decided to "initiate procedures foreseen by law and has convened a shareholders' meeting deliberate on them." The company, who is 49% owned by Etihad Airways, said that the approval of the April 14 agreement would have "unlocked a 2 billion euro capital increase, including more than 900 million in new financing, that would have been used to turn the company around." Now, the most likely outcome is for the government to appoint a commissioner to assess whether the company can be relaunched or has to be wound down. A24-Zap (RADIOCOR) 25-04-17 16:30:15 (0458) 5 NNNN

  5. Italy

    Vivendi wants to recoup relations with Mediaset -2-

    Invested over 5 bln eur in Italy (Il Sole 24 Ore Radiocor Plus) - Paris , 25 Apr - The Vivendi CEO added that the Italian market is essential to the company's strategy. "Italy is the bridgehead of our strategy in media and contents," de Puyfontaine told Vivendi shareholders. He noted that Vivendi had spent more than 5 billion euros in Italian investments. A24-Hob (RADIOCOR) 25-04-17 14:07:52 (0371) 5 NNNN

  6. Italy

    Vivendi wants to recoup constructive relations with Mediaset

    Reaffirms long-term commitment to Telecom Italia investment (Il Sole 24 Ore Radiocor Plus) - Paris , 25 Apr - Arnaud de Puyfontaine, chief executive of Vivendi, said the French media group want to recoup a "constructive and perennial relationship" with Italian broadcaster Mediaset, in which Vivendi now owns 28.8%. "Our alliance didn't start on the best basis," de Puyfontaine acknowledged during a Vivendi shareholders' meeting. Vivendi and Mediaset are now in the midst of litigation, after Vivendi last year pulled out of a deal to acquire Mediaset's pay TV unit Premium and built up its stake in Mediaset. De Puyfontaine also reiterated Vivendi's long-term commitment to its investment in Telecom Italia, in which it is the top investor with a 23.94% stake. Last week Vivendi had already expressed its long-term commitment to Telecom Italia in a statement, making no mention of Mediaset at the time. Italian communications regulator Agcom ruled recently that Vivendi had 12 months to reduce its stake in either broadcaster Mediaset or in telecommunications group Telecom Italia. A24-Hob (RADIOCOR) 25-04-17 14:07:26 (0366) 5 NNNN

  7. Italy

    Europe shares hold onto gains amid global rally -3-

    Saipem, Volvo jump (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Apr - In Milan dealings, shares in the Italian oil services group Saipem rallied 2.14% in the wake of a newspaper report that it could take part, with the Italian railway group Ferrovie dello Stato, in a bid to build a high speed track between Moscow and Kazan in Russia. The daily Il Sole 24 Ore said that consortium is interested in a 770 kilometre portion of the track representing an investment of 28 billion dollars. Bank Akros noted that Saipem is already working on a high speed track. It added that winning the deal would be "positive news, especially in the light of the lack of contracts in the oil and gas sector." Swedish truck, bus and construction equipment maker Volvo Group jumped 9.01% in Stockholm dealings after it beat profit forecasts. Volvo said its first quarter net sales increased by 8% to 77.4 billion crowns and were up 4% when adjusted for currency movements and acquired and divested units. Adjusted operating income amounted to 7.029 billion crowns from 4.469 billion a year ago, corresponding to an adjusted operating margin of 9.1% from 6.2%. A24-Ver (RADIOCOR) 25-04-17 13:42:28 (0342) 5 NNNN

  8. Italy

    Saipem shares higher on reported high speed public work bid

    Shares up over 2% (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Apr - Shares in the Italian oil services group Saipem rose sharply in the wake of a newspaper report that it could take part, with the Italian railway group Ferrovie dello Stato, in a bid to build a high speed track between Moscow and Kazan in Russia. At 0952 GMT, Saipem was up 2.24% at 0.4104 euros in Milan, where the FTSE MIB rose 0.15% to 20,715.03 points. The daily Il Sole 24 Ore said that consortium is interested in a 770 kilometre portion of the track representing an investment of 28 billion dollars. Bank Akros noted that Saipem is already working on a high speed track. It added that winning the deal would be "positive news, especially in the light of the lack of contracts in the oil and gas sector." A24-Web (RADIOCOR) 25-04-17 12:06:34 (0248) 5 NNNN

  9. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Apr - Newspaper headline round-up FINANCIAL TIMES UK tries to deter EU nationals over residency. Trump plans to slash corporation tax rate to 15%. US to impose new tariffs on Canadian lumber exports. Revived SEAT hopes to connect with younger buyers. Whole Foods woes whet rival's appetite for a deal. THE WALL STREET JOURNAL French vote fuels hopes for growth. How a Macron presidency could bring about ECB tapering. Trump orders plan to cut corporate tax rate to 15%. Aramco insiders question valuation. US to slap Canada's lumber producers with a 20% import tariff. Apple hires rocket scientists as it tries to catch up in driverless cars. LES ECHOS Macron seen winning by a large margin in 2nd round. Bernard Arnault sells Dior Couture to LVMH to boost control over group. Tesla wants to increase its lead in French recharging stations. IL SOLE 24 ORE Alitalia faces possible liquidation after staff rejects rescue deal. A huge sigh of relief over French presidential elections sends Milan stocks to highest level in 16 months. The new Barents NaturGass liquefied natural gas bunkering facility to run on Italian technology. CINCO DIAS Spanish banks have closed 6 branches a day since the beginning of the crisis. Bourses overcome their fears. What do analysts expect in the short run? Startups at Google's Madrid campus raise 37.5 mln eur in 2 yrs. HANDELSBLATT Fresenius buys US generic drug maker. High manager salaries and personnel costs cap SAP profits despite sales boost in the first quarter. RWE recorded the biggest loss of its history last year. Puma almost doubles its profits in the first quarter. Thyssen-Krupp council calls for help. A24-Web (RADIOCOR) 25-04-17 10:21:40 (0196) 5 NNNN

  10. Italy

    Italy 10-yr govt bond spread vs Bund dips to 1.83 pct pts

    Yield at 2.18% (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Apr - The differential between yields on 10-year Italian government bonds and their German counterparts fell to 1.83 percentage points from 1.85 percentage points at the close on Monday. The yield on benchmark Italian bonds also dipped to 2.18% from 2.19%. A24-Sch (RADIOCOR) 25-04-17 09:20:20 (0174) 5 NNNN

  11. Italy

    Credit Agricole in early talks to buy 3 Italian savings -2-

    Deal will not negatively affect Cariparma's finances (Il Sole 24 Ore Radiocor Plus) - Paris, 24 Apr - The deal would not adversely affect Cariparma's finances as "all three targets' bad debts would be deconsolidated prior to a possible sale, Credit Agricole said. The French lender however noted that the addition of the three savings banks to Cariparma would increase the size of its customer base by around 20% and help it "expand into attractive regions of Italy, without altering its geographical positioning." A24-Zap (RADIOCOR) 24-04-17 21:47:25 (0783) 5 NNNN

  12. Italy

    Credit Agricole in early talks to buy 3 Italian savings banks

    Considering acquisition of Cesena, Rimini, San Miniato banks (Il Sole 24 Ore Radiocor Plus) - Paris, 24 Apr - French lender Credit Agricole said that has begun preliminary discussions via Cre'dit Agricole Cariparma, its retail banking subsidiary in Italy, with the Bank of Italy and the Interbank Deposit Protection Fund (FITD) to buy the Cesena (Cassa di RisparmioAdi Cesena or Caricesena), Rimini (Cassa di Risparmio di Rimini or Carim) and San Miniato (Cassa di Risparmio di San Miniato or Carismi) savings banks. The French bank said that the acquisitions would fit with its strategic goals in the country, as stated in its medium-term "Ambition 2020" plan. A24-Zap (RADIOCOR) 24-04-17 21:45:45 (0762) 5 NNNN

  13. Italy

    Maire Tecnimont sells 40 mln eur bond in private placement

    To finance investments in new tech, geographical expansion (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Apr - Italian engineering company Maire Tecnimont said it is tapping the debt capital market for the first time, with a 40 million euro non-convertible bond reserved for institutional investors. Maire Tecnimont said it has entered into subscription agreements for the bonds with the pan-European fund and Fondo Sviluppo Export of the Amundi group. The company plans to use proceeds of the bonds mainly to finance and/or refinance its investment plan for new technologies and geographical expansion. Maire Tecnimont said the bonds are divided in two tranches of equal amounts and will have an all-in yearly pricing equal to 3.40 percentage points over the six-month Euribor, a six year maturity, and a bullet repayment on the maturity date. They shall be guaranteed by Tecnimont and, for one of the two tranches, also by a first demand guarantee in favour of bondholders to be issued by Italian credit management agency Sace. The bonds - which will have a nominal value of 100,000 euros each - are not expected to be listed nor admitted to trading on any market or multilateral trading platform, nor are they expected to be rated. The issue of the bonds, which is conditional upon the satisfaction of normal conditions for this type of transaction, is expected to occur by the end of April, and in any case within the first half of 2017. A24-Hob (RADIOCOR) 24-04-17 21:22:01 (0692) 5 NNNN

  14. Italy

    Europe shares end higher on France's Macron win hopes -2-

    Financial stocks rally (Il Sole 24 Ore Radiocor Plus) - London, 24 Apr - Banking shares led the gains in the region, with UniCredit climbing 13.20% to 15.44 euros in Milan, Credit Agricole rallying 10.86% in Paris and Commerzbank rising 9.41% in Frankfurt. Shares of Italian power utility Enel jumped 6.25% to 4.45 euros in Milan trade, receiving a boost after analysts at Credit Suisse raised their target price for the stock and reiterated an 'outperform' rating. Credit Suisse today lifted its target price on the stock to 5.7 euros from a previous 4.8 euros. "We believe the company is trading with an unjustified discount compared to competitors, even more so since it has better growth prospects, a good track record and a restructuring process underway," Credit Suisse analysts noted. A24-Cia (RADIOCOR) 24-04-17 18:35:34 (0508) 5 NNNN

  15. Italy

    Italy additional budget measures cleared by president

    Provides fiscal adjustment for 3.4 billion euros (Il Sole 24 Ore Radiocor Plus) - Rome, 24 Apr - Italy's government decree, which introduces additional budgetary measures for 3.4 billion euros, has been signed by President Sergio Mattarella after a delay due to the complexity of the decree. The measures were made necessary after the European Commission asked for extra fiscal adjustment measures worth 0.2% of GDP this year to meet EU fiscal targets and avoid a disciplinary procedure. The decree introduces spending cuts for more than 600 million euros, mostly affecting the ministries. A24-Cia (RADIOCOR) 24-04-17 16:07:27 (0440) 5 NNNN

  16. Italy

    Europe shares rally on French election results -2-

    Banks, miners, energy firms post strong gains (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Apr - An upbeat reading of the German Ifo business climate index for April, that unexpectedly rose to its highest level since April 2011, also helped boost sentiment. The index rose to 112.9 points from 112.4 points in March, according to data released by think tank Ifo. The reading was above economists' expectations of a reading steady on the previous month. In the region's stock market dealings, banking stocks rallied. Energy stocks were also broadly higher as they tracked a rebound in crude oil prices. Miners also rose. Shares of Italian power utility Enel jumped 5.39% in Milan trade, receiving a boost after analysts at Credit Suisse raised their target price for the stock and reiterated an 'outperform' rating. Credit Suisse today lifted its target price on the stock to 5.7 euros from a previous 4.8 euros. "We believe the company is trading with an unjustified discount compared to competitors, even more so since it has better growth prospects, a good track record and a restructuring process underway," Credit Suisse analysts noted. A24-Ver (RADIOCOR) 24-04-17 13:32:25 (0360) 5 NNNN

  17. Italy

    Enel shares gain as Credit Suisse raises target price

    Stock up 4.96% (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Apr - Shares of Italian power utility Enel were higher in Milan trade, receiving a boost after analysts at Credit Suisse raised their target price for the stock and reiterated an 'outperform' rating. At 1030 GMT, Enel shares were up 4.96% to 4.40 euros, outperforming the benchmark FTSE MIB, which was 3.99% higher at 20,529.94 points. Credit Suisse today lifted its target price on the stock to 5.7 euros from a previous 4.8 euros. "We believe the company is trading with an unjustified discount compared to competitors, even more so since it has better growth prospects, a good track record and a restructuring process underway," Credit Suisse analysts noted. A24-Hob (RADIOCOR) 24-04-17 12:35:38 (0318) 5 NNNN

  18. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Apr - Newspaper headline round-up FINANCIAL TIMES Macron and Le Pen to contest French run-off. Credit Suisse braced for shareholder revolt on pay. Italians probe Emirati for alleged insider trading in UniCredit. Jimmy Choo puts itself up for sale. THE WALL STREET JOURNAL French runoff heralds new political era. Euro hits five-month high. Macron, Le Pen outcome offers encouragement for EU. Americans increasingly dissatisfied with Trump. LafargeHolcim CEO to depart in wake of Syria controversy. LES ECHOS Macron frontrunner in second round against Le Pen. Melenchon becomes essential. Historic loss for Socialist candidate. Trump ready to launch steel trade war. IL SOLE 24 ORE Alitalia fate hangs by a thread on staff referendum verdict this evening. Italy gains three positions, reaching 13th place, in global attractiveness rankings for foreign investment. Project for a new vegetable leather from winemaking waste gets 300,000 eur grant. Car sharing, not Uber, is the real competition for Italian taxi drivers. Italy trade mission looks to relaunch exports to India. CINCO DIAS Markets relieved by French election results. France gives Europe oxygen with Macron victory. Naturhouse sees 30% of sales stemming from US. Abertis lifts Sanef stake to 100% HANDELSBLATT Macron against right-wing populists: a huge task for France. Brexit negotiations: closed front against London. Philips reports surprisingly strong jump in profits thanks to cost cuts. Syria affair costs Lafarge-Holcim's chief his job. IS informer to testify against German Islamists. A24-Web (RADIOCOR) 24-04-17 10:18:11 (0203) 5 NNNN

  19. Italy

    Italy 10-yr govt bond spread vs Bund falls to 1.86 pct pts

    Yield at 2.22% (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Apr - The differential between yields on 10-year Italian government bonds and their German counterparts fell 0.17 percentage points to 1.86 percentage points in early trade following the outcome of the first round of voting in France where Emmanuel Macron was ahead against far-right rival Marine Le Pen. The yield on benchmark Italian bonds also dropped, reaching 2.22% from 2.28% on Friday. A24-Sch (RADIOCOR) 24-04-17 09:24:00 (0181) 5 NNNN

  20. Italy

    YNAP CEO 'very satisfied' with Q1, confirms 17-20% growth aim

    2016 revenue up 17.7% (Il Sole 24 Ore Radiocor Plus) - Milan, 21 Apr - The chief executive of Italian luxury fashion e-commerce group Yoox Net-a-Porter (YNAP), Federico Marchetti, said he was "very satisfied" with the work carried out in the first quarter of 2017 and confirmed expectations of a 17-20% annual sales growth rate in coming years. Marchetti, who was speaking at YNAP's annual general meeting, noted that revenue rose 17.7% in 2016. A24-Hob (RADIOCOR) 21-04-17 21:00:15 (0802) 5 NNNN