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Enel, hitherto the world's biggest listed renewables developer, plans 35.8 billion euros ($39 billion) of gross capital expenditure in its plan to 2026, of which nearly 19 billion euros will help to modernise and make its networks more resilient. Shares in the state-controlled power group were down 0.4% at 1530 GMT paring a 1% initial loss on the Milan bourse and underperforming a nearly flat blue-chip index. Rising indebtedness was one of the reasons why the Italian government, which is the single biggest shareholder in Enel, decided to oust the group's previous CEO, Francesco Starace. New CEO Flavio Cattaneo pledged to spend only the cash generated by the business, without increasing the debt pile. The group will devote some 3 billion euros to actively manage its customer portfolio through bundled offers, which will include different commodities and services.

Persons: Antonio Parrinello, Enel, Francesco Starace, Flavio Cattaneo, Cattaneo, Stefano De Angelis, Starace, Francesca Landini, Giancarlo Navach, Keith Weir, Giulia Segreti, Elaine Hardcastle, Jonathan Oatis Organizations: REUTERS, Milan bourse, Thomson Locations: Catania, Italy, MILAN, Milan, Enel

Nov 7 (Reuters) - Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening for its farm machinery, predominantly in South America, sending its shares plummeting. A Milan-based trader told Reuters European funds were also selling the stock ahead of CNH's delisting from the Milan bourse. The Italian-American company lowered its net revenue forecast from industrial activities, which accounts for the majority of CNH's revenue, of between 3-6% this year, down from a previous forecast of 8-11%. CNH, which houses brands such as Case IH and New Holland, reported third-quarter net sales from industrial activities down 1% year on year at $5.33 billion. CNH, which also announced a new share buyback programme as part of plans to achieve single listing on the New York Stock Exchange, reported quarterly adjusted operating profit from industrial activities of $657 million, down from $670 million a year earlier.

Persons: Scott Wine, Alessandro Parodi, Giancarlo Navach, Bianca Flowers, Kirsten Donovan, David Goodman, David Evans Organizations: Reuters, Milan bourse, Deere, Co, Caterpillar Inc, IH, South, New York Stock Exchange, Thomson Locations: South America, Milan, New York, American, New Holland

☆ Nexi shares fail to open on bid report as CVC declines to comment
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Bloomberg reported on Tuesday that CVC was in the early stages of considering a possible bid for Nexi, Europe's largest payments company by volume of transactions. Nexi shares have lost 22% this year, adding to a 47% drop in 2022 and stoking speculation about potential takeover interest. By 0730 shares in Nexi were indicated up 16.7% at 6.72 euros a share, not far from a record low of 5.25 euros a share hit earlier this month. The presence of shareholder funds which will eventually need to liquidate their investment and the depressed share price have fuelled persistent speculation about Nexi's future. The government has powers to block any unwanted interest over a company such as Nexi, considered of strategic national interest.

Persons: Alessandro Garofalo, Friedman, Bain, Elisa Anzolin, Giancarlo Navach, Valentina Za, Cristina Carlevaro, Gavin Jones Organizations: REUTERS, CVC Capital Partners, Bloomberg, Nexi, Nets, Thomson Locations: Milan, Italy, Nexi

FILE PHOTO-Italy's Minister of Economy and Finance Giancarlo Giorgetti delivers a speech at the G7 High-Level Corporate Governance Roundtable in Niigata on May 11, 2023. "It may be that the tax is inappropriate, it can certainly be improved upon ... but I do not accept that it is considered an unfair tax," Giorgetti said at The European House - Ambrosetti economic forum. Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of their total assets. Forza Italia is also seeking an exemption for small banks and wants a guarantee the levy will not be extended beyond 2023. Giorgetti did not comment on his government ally's proposals on the bank tax.

Persons: Finance Giancarlo Giorgetti, KAZUHIRO, Giancarlo Giorgetti, Giorgetti, Antonio Tajani, Siena, Giselda Vagnoni, Giancarlo Navach, Hugh Lawson, David Evans Organizations: Economy, Finance, Bank, League, Forza Italia, Monte, Thomson Locations: Niigata, Italy, Cernobbio

Italian Economy Minister Giancarlo Giorgetti gestures during a confidence vote over the 2023 budget at the lower house of the parliament, in Rome, Italy December 23, 2022. "The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture," Giorgetti said, speaking at The European House-Ambrosetti economic forum. The total cost of the so-called Superbonus originally introduced in 2020 is approaching 100 billion euros ($107.73 billion), the source added. With interest rate hikes by the European Central Bank to curb inflation dampening economic activity, Rome's growth target of 1.5% next year is increasingly at risk, economists say. As Italy is preparing a difficult 2024 budget, Giorgetti reiterated the commitment to keeping the deficit on a downward trend, leaving little leeway for stimulus.

Persons: Giancarlo Giorgetti, Remo Casilli, Giorgetti, Giuseppe Fonte, Giancarlo Navach, Giselda Vagnoni, Susan Fenton Organizations: REUTERS, European Central Bank, European Union, Thomson Locations: Rome, Italy, CERNOBBIO, Cernobbio, Ukraine

[1/5] Firefighters work at the scene following a fire in a retirement home in Milan, Italy, July 7, 2023. REUTERS/Claudia GrecoMILAN, July 7 (Reuters) - An overnight fire in a retirement home in Milan killed six people and injured around 80, including three who are in a critical condition, Italian authorities said on Friday. Two residents burned to death in their room, while four others died from intoxication, Milan Mayor Giuseppe Sala said, speaking to reporters on the scene. Having said that, six dead is a very heavy death toll," Sala said, indicating that the facility housed 167 people. They evacuated about 80 people, including many in wheelchairs, while another 80 or so were taken to hospital, local firefighters' chief Nicola Miceli told RAI public television.

Persons: Claudia Greco MILAN, Giuseppe Sala, Sala, Firefighters, Luca Cari, Nicola Miceli, Lucia, Giselda Vagnoni, Keith Weir Organizations: REUTERS, Milan, Firefighters, RAI, Thomson Locations: Milan, Italy, Corvetto

☆ ECB's De Guindos warns of broad risks in financial sector
▼ + stars: | 2023-04-01 | by ( Giancarlo Navach | ) www.reuters.com time to read: 1 min

CERNOBBIO, Italy, April 1 (Reuters) - The European Central Bank (ECB) is monitoring current market tensions closely and will act to preserve price and financial stability in the euro area, ECB vice-president Luis de Guindos said in a speech on Saturday. "...In our view, vulnerabilities in the financial system prevail in the non-bank financial sector, which grew fast and increased its risk-taking during the low interest rate environment," De Guindos told the Ambrosetti business forum in northern Italy. Reporting by Giancarlo Navach Writing by Keith Weir, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Italian minister warns ECB of risk from higher interest rates
▼ + stars: | 2023-04-01 | by ( Federico Maccioni | ) www.reuters.com time to read: +1 min

CERNOBBIO, Italy, April 1 (Reuters) - The outlook for the Italian economy is improving but higher interest rates designed to curb inflation could pose a threat to growth, Italy's economy minister said on Saturday, sending a warning to the European Central Bank (ECB). "Fighting inflation with monetary policy is not enough, recession cannot be the price paid for fighting inflation," Giancarlo Giorgetti said. Giorgetti is from the League party which last month criticised the ECB for pushing ahead with its latest 50 basis point rate increase despite turmoil in the banking sector. He added it would be difficult for the European Union when it comes to reintroducing budget rules that remain suspended until the end of 2023. Reporting by Giancarlo Navach and Federico Maccioni, Writing by Keith Weir Editing by Emelia Sithole-Matarise and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Telecom Italia boosted by rival offer for landline grid
▼ + stars: | 2023-03-06 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

TIM is betting on a sale of its most prized asset to cut its 25 billion euros debt pile and fund an overhaul of the revenue-starved group. Both offers value TIM's grid, which is Italy's main piece of telecoms infrastructure, in the region of 18 billion euros ($19.2 billion), sources familiar with the matter said. "The news is positive for TIM as a second approach increases its bargaining power," broker Equita wrote in a research note. The shares were up around 3.5% at 0.32 euros at 0900 GMT, levels not seen since last April. Regulation issues remain a hurdle for the new bidders, as CDP and Macquarie own TIM'smaller rival Open Fiber.

☆ Italy's MPS to rejoin Milan's blue-chip index from March 20 - sources
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 27 (Reuters) - Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) is set to rejoin the FTSE MIB blue-chip index on the Milan stock exchange after six years of absence, two market sources told Reuters on Monday. MPS is currently in the FTSE MID Cap index and left the blue-chip index in March 2017. At 1536 GMT, its stock was up by more than 3.6%, outperforming Italy's bank sub-index (.FTITLMS3010). One trader said MPS' stock has benefited from very high liquidity following November's 2.5-billion-euro new share issue, making it eligible for blue-chip status. At the same time, Italian cement maker Buzzi Unicem (BZU.MI) is "very likely" to be downgraded from the blue-chip to the FTSE MID Cap index, the trader said.

☆ Saipem shares drop, group says cannot explain why
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 13 (Reuters) - Saipem (SPMI.MI) does not have any information explaining Monday's share movements, a spokesman for the Italian energy contractor said, after the stock closed down 5.7%. More than 10% of the share capital of the group was traded on the Milan stock exchange, according to Refinitiv data. In July a pool of lender bought Saipem's shares worth almost 600 million euros after a cash call fell short of the 2 billion euro target. BNP Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit were the joint global coordinators of the Saipem issue. Reporting by Francesca Landini and Giancarlo Navach, editing by Gianluca Semeraro and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Italy antitrust drops pricing probe into A2A and Hera, partially confirms for others
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 30 (Reuters) - Italy's antitrust authority on Friday said it had dropped its investigation into energy companies A2A (A2.MI) and Hera (HRA.MI) over suspected improper price-setting for gas and electricity. The agency also said its investigation into other utilities including Eni (ENI.MI) and Enel (ENEI.MI) would no longer cover price changes for contracts which had already expired or were due to expire. Eni, Enel as well as Edison (EDNn.MI), Acea (ACE.MI) and Engie (ENGIE.PA) remain under investigation for the alleged improper price-setting. The five energy companies were given five days to comply with an order to suspend all unilateral price changes they have introduced for open-ended contracts, with no clear or predetermined expiry date. Reporting by Alvise Armellini, additional reporting by Giancarlo Navach in Milan, editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Shares in UniCredit hit by report of friction with ECB
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 7 (Reuters) - Shares in UniCredit (CRDI.MI) fell on Monday after a report of tensions between Italy's only bank that regulators deem of global systemic relevance and European Central Bank supervisors. Shares in UniCredit fell 3.3% by 0835 GMT against a flattish sector (.FTITLMS3010), with a Milan-based trader saying the report by the Financial Times had triggered profit taking on the stock. Citing people familiar with the matter, the FT said UniCredit had clashed with the ECB over the bank's capital distribution plans and its failure to leave Russia. A spokesperson for UniCredit referred to comments the bank had made to the FT saying the ECB had provided ongoing "challenge and guidance" during the strategic overhaul by Chief Executive Andrea Orcel and that the regulator's "public support" was indicative of its trust in the bank. Reporting by Giancarlo Navach and Valentina Za Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Family's exit from Ferragamo is "out of the question", chairman says
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 12 (Reuters) - The Ferragamo family does not plan to exit the eponymous luxury company as it is committed to further developing the brand worldwide, Chairman Leonardo Ferragamo told Reuters on Wednesday. Rumours of a possible stake sale by the family, which holds a 64% stake in the luxury company (SFER.MI), have been recurring every now and then, but have always been denied. Ferragamo added he hoped the China market could soon return to normal. In the second quarter, the Italian luxury group saw a slight slowdown of its business in China due to COVID-19 restrictions, though overall group sales in the first half of the year were still better than expected. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Giancarlo Navach, writing by Gianluca Semeraro, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

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