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LONDON (AP) — British cellphone company Vodafone confirmed Friday that it is selling its Italian business to Switzerland’s Swisscom for 8 billion euros ($8.7 billion) and will hand back half of the proceeds to its shareholders through the buyback of company shares. Swisscom, a telecoms operator, will pay in cash that it will finance through new debt. "Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders." Swisscom will pay annual initial charges of 350 million euros, which is expected to decrease over time. ”Its refreshed strategy also has seen it seek to merge its U.K. business with Three U.K. to create Britain’s biggest mobile phone network worth around 15 billion pounds ($19 billion).

Persons: Swisscom, Christoph Aeschlimann, Margherita Della Valle, “, ”, Sophie Lund, Yates, stockbrokers Hargreaves Lansdown Organizations: Vodafone, Fastweb, Vodafone Italia Locations: British, Italy, Hungary, Ghana, London, Zurich

☆ Roberto D’Aversa: Italian soccer club Lecce fires manager for alleged headbutt on opponent
▼ + stars: | 2024-03-11 | by ( Barbie Nadeau | Sammy Mncwabe | ) edition.cnn.com time to read: +1 min

CNN —Italian soccer club US Lecce has fired manager Roberto D’Aversa for allegedly headbutting a Verona player after their Serie A match on Sunday. Following Lecce’s 1-0 home defeat, videos circulating online show D’Aversa walking towards opposing player Thomas Henry and then appearing to strike him with his head. “After the events that occurred at the end of the Lecce – Verona match, U.S. Lecce announces that it has relieved coach D’Aversa of his duties,” the club said. D'Aversa and Verona's Thomas Henry (in white, No. CNN has contacted Serie A to ask if D’Aversa will be sanctioned by the league.

Persons: Roberto D’Aversa, headbutting, Thomas Henry, Henry, D’Aversa, “, Verona's Thomas Henry, Donato Fasano Organizations: CNN, US Lecce, Serie, Lecce, Monday, Lecce – Verona, Sky Italia Locations: Italian, Verona, U.S

☆ AC Milan: How this soccer team became a style success story
▼ + stars: | 2024-03-05 | by ( Daniel-Yaw Miller | ) edition.cnn.com time to read: +4 min

The Pleasures tie-up may have been a surprise to traditional soccer fans, but it was by no means an accident. AC Milan has pursued a number of partnerships — including tapping Off-White as its official “style and culture curator” — since its $1.2 billion acquisition by US investment firm RedBird Capital Partners in August 2022. AC Milan’s infiltration of fashion has gone further than any soccer team before, even France’s Paris Saint-Germain (PSG), which not so long ago was the favored sports collaborator of brands like Dior, Stüssy and Jordan. This gray varsity with Off White and AC Milan branding is sold out. Courtesy AC MilanUnlike PSG, AC Milan does not have the same kind of international stardom in its squad that automatically comes with cultural caché.

Persons: Kylie Jenner, Ib Kamara, ”, Germain, Stüssy, Lionel Messi, Neymar Jr, Kylian, Lauren Cochrane, “ It’s Organizations: The, Fashion, CNN, Milan, Napoli, Milanese, Los, Vogue Italia, RedBird Capital Partners, Saint, PSG, Dior, White, Milan AC Milan’s, Puma, Guardian Locations: Los Angeles, thoughtfully, Jordan, Italy

☆ Fashion icon Iris Apfel dies at 102
▼ + stars: | 2024-03-01 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +5 min

Apfel died on Friday at the age of 102, according to a post on her verified Instagram page. “I go at it full, I’m very passionate about what I do,” Apfel told CNN in an interview in 2018. Jemal Countess/WireImage/Getty Images“(Styling the White House) was a relatively easy job actually, because everything had to be as close as humanly possible to the way it was,” Apfel told the Guardian in 2015. The exhibition, “Rara Avis (Rare Bird),” was the first time the museum had paid tribute to a living woman who was not a fashion designer. Apfel front row at New York Fashion Week with model Karolina Kurkova in 2016.

Persons: Iris Apfel, Apfel, Stu Loeser, “, ” Apfel, Iris, Samuel, Carl Apfel, ”, Estée Lauder, Greta Garbo, Jemal, WireImage, Jackie Kennedy, Harold Koda, Koda, “ Rara, Karolina Kurkova, Michael Stewart, Kate Spade, Kloss, Joan Smalls, Chrissy Teigen, Bella, Gigi Hadid, … Organizations: CNN, New York Times, Guardian, New York’s Metropolitan Museum of Art, Met, “ Rara Avis, New York, MAC Cosmetics, Home Shopping, Vogue Italia, IMG Locations: Palm Beach , Florida, Queens , New York

☆ Paul Pogba says he will appeal doping ban after testing positive for banned substance
▼ + stars: | 2024-02-29 | by ( Ben Church | Thomas Schlachter | ) edition.cnn.com time to read: +1 min

CNN —Paul Pogba has been suspended from soccer for four years, it was announced Thursday, after testing positive for a banned substance in August 2023, according to Reuters. The Juventus star was provisionally suspended by Italy’s national anti-doping tribunal (NADO Italia) in September last year. Following the provisional ban, NADO Italia said that testosterone, which can be used to increase athletic endurance, was detected in the midfielder’s system after Juventus beat Udinese 3-0. “I am sad, shocked and heartbroken that everything I have built in my professional playing career has been taken away from me. CNN has reached out to Juventus and Pogba’s agency for comment.

Persons: CNN — Paul Pogba, NADO Italia, Pogba, “, ” Organizations: CNN, Reuters, Juventus, Italy’s, NADO, Udinese, Nazionale, “, Sport, ” NADO Italia, CNN Sport

The House Select Committee on the Chinese Communist Party sent a letter on Saturday to Elon Musk demanding that U.S. troops stationed in Taiwan get access to SpaceX's Starshield, a satellite communication network designed specifically for the military. The letter, obtained by CNBC and first reported by Forbes, claimed that by not making Starshield available to U.S. military forces in Taiwan, SpaceX could violate its Pentagon contract, which requires "global access" to Starshield technology. The letter requests that Musk provide the House committee with a briefing on its Taiwan operations by March 8. Taiwan has been governing itself independently of China since the island split from the mainland during the 1949 civil war. "I think I've got a pretty good understanding as an outsider of China," Musk said on the All-In Podcast.

Persons: Elon Musk, Tesla, Forbes, Mike Gallagher, Gallagher, Tsai Ing, Lai Ching, Musk, I've, Jaushieh Joseph Wu Organizations: Fratelli, Chinese Communist Party, Elon, CNBC, SpaceX, Pentagon, U.S ., Rep, CCP, Starshield, Russia, U.S, Tesla, Foreign Locations: Italy, Rome, Taiwan, China, American, Shanghai, Hawaii

☆ I never expected to meet my husband while working at a restaurant together post-college. It was surprisingly romantic.
▼ + stars: | 2024-02-23 | by ( Saba Khonsari | ) www.businessinsider.com time to read: +4 min

The last thing I expected after graduating from college and moving back home with my parents was to find my soulmate. I took a job waiting tables at a local Tex-Mex restaurant while I killed time applying to the Peace Corps. At my first mandatory all-staff meeting, the general manager commented how many people meet their future spouses working at that very restaurant. AdvertisementBen and I have now built a happy life togetherLess than two years after we started working together, we married. Our eldest took her first step before her aunt's rehearsal dinner —held at the same restaurant where Ben and I met.

Persons: Noble, Benjamin, he'd, margarita, Keanu Reeves, Ben Organizations: Service, Peace Corps, Barnes, Business, San, Ben, Corps Locations: Mex, San Juan, Luis, upsell, guacamole, expats, Europe

☆ Tesla board silent as investors await next steps after Elon Musk's $56 billion pay package revoked
▼ + stars: | 2024-02-13 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +7 min

Antonio Masiello | Getty ImagesTwo weeks after a Delaware court ruled that Tesla must rescind Elon Musk's $56 billion pay package, the company's board remains mum on what the decision means for shareholders or what's next for the mercurial CEO. CNBC sent requests for additional information to Tesla investor relations, Musk and some board members. "Given the high stakes involved, it is likely that Tesla will appeal the decision," Kastiel said in an email. In the absence of a successful appeal, "any new compensation arrangement with him will have to be assessed" in light of McCormick's decision, Kastiel said. Kastiel also said that the decision likely makes Musk and Tesla more vulnerable to other types of lawsuits.

Persons: Elon Musk, Antonio Masiello, Tesla, Chancellor Kathaleen McCormick, Musk, Richard Tornetta, Kimbal, Robyn Denholm, JB Straubel, Greg Varallo, Bernstein Litowitz Berger, Grossmann, Varallo, Kobi, Kastiel wasn't, Kastiel, Eric Talley, Talley, wasn't, He's, Walter Isaacson, CNBC's, you'll, Isaacson, Ann Lipton, Lipton, — Organizations: Tesla Inc, Fratelli, Getty, Elon Musk's, SEC, CNBC, Tel Aviv University, Washington University Law, Nasdaq, Columbia Law School, SpaceX, Tesla, Tulane Law Locations: Italy, Rome, Delaware, Texas, Tesla, Nevada, California

☆ David LaChapelle’s controversial hurricane high fashion, two decades on
▼ + stars: | 2024-02-08 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +5 min

CNN —Two decades ago, the photographer David LaChapelle staged apocalyptic scenes for the pages of “Vogue Italia” — images that proved so controversial that they nearly became his final editorial shoot. The Vogue Italia editorial was photographed before Hurricane Katrina, but published shortly after the natural disaster. “Some people thought that they (the photographs) were exploitive of Katrina,” LaChapelle said; among the glamorized ruins and designer shoes showcased, one image in particular featured models handing off sandbags. Now, though, “The House at the End of the World,” has become an important touchstone in LaChapelle’s portfolio. The end of the world will not be glamorous, but the urgency of his work has come to pass.

Persons: David LaChapelle, Heather Marks, she’s, Viktor, Rolf duvet, LaChapelle, —, ” LaChapelle, Hurricane, “, ”, Jesus, he’s, Travis Scott, “ It’s Organizations: CNN, Vogue, Universal Studios Locations: Florida, Gulf of Mexico, Florida’s, Louisiana, Gulf, Maui, New York

☆ Charles Coste: Oldest living French medalist gets another chance to shine at Paris 2024
▼ + stars: | 2024-02-07 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

Coste, who turns 100 on Thursday, won a track cycling Olympic gold in the team pursuit with Pierre Adam, Serge Blusson and Fernand Decanali. “It was a great honor to receive the medal from President Auriol, but the most valuable one is the Olympic medal,” Coste told Reuters. Coste, who was born in 1924 – the last time Paris hosted the Summer Olympics – needs a walker to move around, but his memory is fresh. Fernand Decanali, Pierre Adam, Serge Blusson and Charles Coste stand atop the podium at the 1948 Olympics. “There was no TV then, our only goal was to get the gold medal.

Persons: Charles Coste, Pierre Adam, Serge Blusson, Fernand Decanali, Fausto Coppi, Vincent Auriol, Auriol, ” Coste, Paris, ”, Coste, Legion d’Honneur, “, It’s Organizations: Reuters, Prix des Nations, de France, Giro, AFP, Getty, Legion, City, of Bois Locations: London, Paris, “, Coste, France, Colombes

☆ Tesla set to report fourth-quarter earnings after the bell
▼ + stars: | 2024-01-24 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla is set to report fourth-quarter earnings for 2023 after the bell Wednesday. Tesla shareholders submitted questions for executives to answer via the platform Say Technologies ahead of the earnings call. They're asking when Tesla plans to debut its "next-generation" vehicle, a more affordable EV referred to by fans as the Model 2. Gerber said on CNBC's "Last Call" with Brian Sullivan, that Musk was "blackmailing" Tesla shareholders, and that "the idea that he doesn't control Tesla is absurd." WATCH: Elon Musk is very much in charge of Tesla

Persons: Elon Musk, Tesla, Musk, Elon, Ross Gerber, who's, bristled, Gerber, Brian Sullivan Organizations: Tesla Inc, Fratelli, LSEG, Labor, General Motors, Ford, United Auto Workers, Tesla, Investors, Twitter Locations: Italy, Rome, U.S, Sweden, Scandinavia, Europe, Nevada, Tesla

☆ Jose Mourinho: AS Roma sacks 60-year-old Portuguese coach
▼ + stars: | 2024-01-16 | by ( John Sinnott | ) edition.cnn.com time to read: +1 min

CNN —AS Roma has announced that José Mourinho and his coaching staff have left the Serie A club with “immediate effect.”The 60-year-old Mourinho was appointed Roma coach in May 2021 and guided the Italian team to a Europa Conference League final win a year later. Last year, Roma and Mourinho also reached the Europa League final but lost on penalties to Sevilla. Beaten 3-1 by AC Milan on Sunday, Roma is ninth in the Serie A table. He has also won two Champions Leagues, a Europa League and a UEFA Cup. The role at Roma was the second time Mourinho had worked in Italy.

Persons: José Mourinho, Mourinho, ”, Dan, Ryan Friedkin, José, ” Mourinho Organizations: CNN — AS Roma, Serie, Roma, Europa Conference League, Europa League, Sevilla, AC Milan, Sunday, AS Roma, Manchester United, Inter Milan, Chelsea, Tottenham Hotspur, Porto, Roma’s Europa Conference, Leagues, UEFA, –, Coppa Italia, Champions League Locations: Real Madrid, Italy

☆ Video of crowd’s fascist salute in heart of Rome rattles Italy – but not its prime minister
▼ + stars: | 2024-01-13 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +7 min

The MSI party grew from the ashes of Benito Mussolini’s National Fascist Party after it was dismantled at the end of World War II when the dictator was deposed and killed. Gotor and Rocca laid a wreath at a monument to the fallen activists, but left before the fascist salute was carried out, their offices told CNN. Nor are fascist memorabilia or gestures like the fascist salute illegal, something that critics say must change. A witness who lives on the street where the commemoration took place told CNN that it happens every year, including with the fascist salute. Berizzi said that “in this moment neo-fascist groups feel protected by Meloni’s silence, her ambiguity.

Persons: Rome, Giorgia Meloni, Franco Bigonzetti, Francesco Ciavatta, Stefano Recchioni, “, ”, Benito Mussolini’s, Meloni, Francesco Rocca, Miguel Gotor, Gotor, Rocca, Elly Schlein, ” Schlein, Noemi Di Segna, Antonio Tajani –, Silvio Berlusconi –, Meloni wasn’t, ” Maria Calderone, ” Paolo Berizzi, Berizzi, Ewan MacPhee, ” MacPhee Organizations: Rome CNN, Italian, Acca, Italian Social Movement, MSI, Fascist Party, Democratic Party, CNN, ”, Union of Italian, Forza Italia, Facebook, La Repubblica, Italy’s, Operations, Social Democrats Locations: Rome, Italy, Lazio, “, Italian, Germany, Europe, Ukraine, Strasbourg

☆ EU clears up to 1.2 bln euros of aid for cloud computing
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

European flags fly outside the European Commission headquarters in Brussels, Belgium September 20, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBRUSSELS, Dec 5 (Reuters) - The European Commission approved on Tuesday up to 1.2 billion euros ($1.30 billion) of state aid for a European cloud computing project to try to boost the involvement of EU business in a field dominated by U.S. companies. Those countries will provide up to 1.2 billion euros in public funding, which in turn is expected to unlock 1.4 billion euros in private investments, the European Commission said. The European cloud technology project features 19 companies, including French companies Atos (ATOS.PA) and Orange (ORAN.PA), Deutsche Telekom (DTEGn.DE) and Germany's SAP (SAPG.DE), Telecom Italia (TLIT.MI) and Telefonica Espana (TEF.MC). The three biggest players in cloud computing are Amazon (AMZN.O), Microsoft (MSFT.O) and Google (GOOGL.O).

Persons: Yves Herman, Didier Reynders, Sudip Kar, Gupta, Piotr Lipinski, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, REUTERS, Rights, U.S, Infrastructure, Services, IPCEI CIS, Union, Deutsche Telekom, SAP, Telecom Italia, Telefonica Espana, Microsoft, Google, Thomson Locations: Brussels, Belgium, France, Germany, Hungary, Italy, Netherlands, Poland, Spain

☆ Francesco Camarda becomes youngest ever Serie A player aged 15
▼ + stars: | 2023-11-26 | by ( Issy Ronald | ) edition.cnn.com time to read: +1 min

CNN —Aged 15 years and 260 days old, Francesco Camarda pulled on the famous black and red striped jersey of AC Milan on Saturday, and made history as the youngest ever debutant in Serie A. The Rossoneri’s victory against Fiorentina stymied their recent drought of wins, and ensured they remained third in the league, five points behind leaders Inter Milan. I could be his grandfather,” Milan manager Stefano Pioli told Sky Sport Italia, according to ESPN. So far this season, Camarda had made nine appearances for AC Milan in the Campionato Primavera 1 TIM, Italy’s under-19 league, and scored one goal. After his history-making Serie A debut, Camarda’s teammates rushed to congratulate him, including France’s all time leading goalscorer Olivier Giroud who hailed his “rossonero little brother” on Instagram.

Persons: Francesco Camarda, Luka Jović, Wisdom Amey, “ Francesco, ” Milan, Stefano Pioli, Camarda, Camarda’s, Olivier Giroud, ” Organizations: CNN, Milan, Serie A, Luka, Fiorentina, Bologna, Sky Sport Italia, Inter Milan, ESPN, AC Milan, Primavera, Serie Locations: Instagram

☆ European mobile data traffic to triple by 2028 -GSMA
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

The GSMA, which brings together more than 1,000 mobile phone operators and businesses, said 5G subscribers were interested in adding high-bandwidth services and content to their mobile contracts, as demand for high-quality gaming, extended reality, and video content grows. Mobile data traffic per smartphone will increase in Western Europe to 56 gigabytes (GB) per month in 2028, compared with 20 GB last year. In Central and Eastern Europe, it will rise to 37 GB per month from 14 GB in 2022, the lobby group said in its annual mobile economy report. More than 460 million Europeans, or 85% of the population, were connected to mobile internet in 2022, according to the GSMA. ($1 = 0.9168 euros)Reporting Diana Mandiá, editing by Milla Nissi and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, GSMA, We're, Daniel Pataki, Diana Mandiá, Milla Nissi, Emelia Organizations: Soccer Football, FIFA, Qatar, REUTERS, Telecom Italia, Big Tech, Netflix, Microsoft, European Commission, Reuters, Thomson Locations: France, Argentina, Paris, Mobile, Western Europe, Central, Eastern Europe, Orange, Europe

ROME, Nov 21 (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies. State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said. The state lender invests savings made by Italians through the national post office network Poste Italiane.

Persons: Dario Scannapieco, Fincantieri, Giorgia, Scannapieco, Antonino Turicchi, Stefano Donnarumma, Mario Draghi, Elvira Pollina, Susan Fenton Organizations: Eni, ITA Airways, European Investment Bank, Telecom Italia's, Thomson Locations: Italy, State, Rome, EU, Milan

☆ Italy says migrant pact with Albania isn't comparable to UK-Rwanda plan
▼ + stars: | 2023-11-21 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

"This Protocol is not comparable to the agreement between the United Kingdom and Rwanda," Tajani said, rejecting comparisons between the Italian initiative and Britain's, which UK's top judges have declared unlawful. The protocol, seen by Reuters, says the camps will operate under Italian jurisdiction, and should open in spring 2024. Tajani told lawmakers Italy would bear all the costs, including building and policing the centres, and would pay 16.5 million euros ($18.00 million) for the initial expenses. Some 150,000 sea migrants have arrived in Italy so far this year, compared to around 94,000 in the same period in 2022. ($1 = 0.9168 euros)Reporting by Angelo Amante Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Giorgia Meloni, Antonio Tajani, Tajani, Meloni, Silvio Berlusconi, Angelo Amante, Alexandra Hudson Organizations: Reuters, Albanian, Forza Italia, Alexandra Hudson Our, Thomson Locations: Albania, Rwanda, Africa, Italy, Turkey, United Kingdom, Tajani

☆ More than 200 mobsters jailed in one of Italy’s biggest mafia trials
▼ + stars: | 2023-11-20 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +2 min

Rome CNN —An Italian court has sentenced more than 200 crime gang members to a total of 2,200 years in prison, following the country’s largest mafia trial in three decades. It took the court one hour and 40 minutes to hand down its rulings, Italian news outlet Ansa reported. Among those tried were 42 women – a record for a mafia trial – of whom 39 were convicted. The trial took place in a specially-built bunker in Lamezia Temre, southern Italy, amid safety concerns. Valeria Ferraro/APThe mobsters were affiliated with Italy’s notorious ’Nrangheta crime group and were convicted of mafia association, extortion, bribery and five murders.

Persons: Rome, Rome CNN —, –, ” “, Giancarlo Pittelli, Giorgio Naselli, Michele Marinaro, Gianluca Callipo, Luigi Incarnato, Pietro Giamborino, Valeria Ferraro, Scott, Scott W, Sieben Organizations: Rome CNN, onetime Forza Italia, CNN, Italy’s, United, Italian DIA, Mafia Locations: Lamezia Terme, Temre, Italy, United States, Italian, Calabria

☆ Blackstone, Macquarie deny ASPI sale report, pledge commitment
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo/File Photo Acquire Licensing RightsMILAN, Nov 17 (Reuters) - Blackstone and Macquarie on Friday dismissed as "completely false" an Italian newspaper report about possible ownership changes at Autostrade per l'Italia (ASPI), pledging their commitment as investors in the motorway operator. Following the 2022 deal, ASPI is controlled by state-lender CDP with funds Blackstone (BX.N) and Australia's Macquarie (MQG.AX). Under JPMorgan's plan ASTM would transfer its assets to ASPI whose shareholders would be CDP, Gavio group and Blackstone. In denying the report, Macquarie said it was committed to the "ongoing delivery of ASPI's multi-billion euro investment programme".

Persons: JP Morgan, Italy's, ASPI, Australia's Macquarie, Macquarie, Blackstone, Matteo Salvini, Elisa Anzolin, Giuseppe Fonte, Valentina Za Organizations: Blackstone Group, REUTERS, Blackstone, La Stampa, ASTM, Benetton, Shareholders, Reuters, Thomson Locations: New York City, U.S, Macquarie, Ardian, Milan, Rome

☆ TIM grid sale paves way for state-controlled network operator - minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo Acquire Licensing RightsROME, Nov 14 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) planned sale of its fixed-line network to U.S. fund KKR (KKR.N) boosts the prospects of creating a national grid operator under state control, Italy's industry minister said on Tuesday. "Prospectively, I think this [the deal] will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Minister Adolfo Urso said during an event in Rome. The 19-billion-euro deal ($20.4 billion) is backed by the administration of Prime Minister Giorgia Meloni, which authorised the Treasury to spend up to 2.2 billion euros to take a 20% stake in the network. ($1 = 0.9330 euros)Reporting by Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Yara, Adolfo Urso, Giorgia Meloni, Elvira Pollina, Federico Maccioni Organizations: REUTERS, Rights, Telecom, KKR, Treasury, Thomson Locations: Rome, Italy

☆ Telecom Italia CEO defends grid deal as top investor threatens legal challenge
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. CEO Pietro Labriola's comments follow criticism from top shareholder Vivendi (VIV.PA), which has threatened a legal challenge to the plan to sell the grid, saying it considered the decision to proceed without a shareholder vote as "unlawful". "It is not possible under the Italian law to transfer such competence to the shareholders," the CEO added. According to Vivendi, the sale required an extraordinary shareholder vote because it would change TIM's corporate purpose and therefore required a change to the company bylaws. Labriola said the deal is "no more than the strict execution of the delayering (business) plan" unanimously approved in 2022.

Persons: Dado Ruvic, Pietro Labriola's, Labriola, Agostino Nuzzolo, Elvira Pollina, Giulia Segreti, Jan Harvey Organizations: Telecom Italia, REUTERS, Rights, Telecom, KKR, Vivendi, TIM, Thomson Locations: Milan

☆ Telecom Italia core profit up 9% as grid share deal helps domestic sales
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

That is ahead of a 1.37 billion euro company-provided analyst consensus. Total domestic sales rose 2.2% in the quarter to 2.98 billion euros, also above forecasts. The company confirmed its 2023 financial targets, including a stabilisation of core earnings and service revenue in Italy. In the nine months, service revenue at TIM's domestic operations fell 1.3% to 7.9 billion euros. TIM's net financial debt stood at 26.3 billion euros as of Sept. 30, marginally up from the end of the previous quarter.

Persons: Stefano Rellandini, Giorgia, Pietro Labriola, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Italy's, KKR, TIM, Thomson Locations: Rozzano, Milan, Italy, TIM's

That has left Italian equities overall more cheaply valued than even battered UK shares (.dMIGB00000PUS), which are trading at a 33% discount to global peers. Goldman Sachs estimates that each 10 bps rise in sovereign spreads takes around 2% off Italian bank shares and 1.5% off the FTSE MIB index. Conflict in Ukraine and in the Middle East meanwhile threaten to spark a fresh surge in energy prices and weaken growth. UniCredit shares are up almost 80% this year and among the best performing euro zone banking shares. Fidelity International portfolio manager Alberto Chiandetti, said he was chasing opportunities in battered industrials and consumer sectors in the FTSE Italia Star index.

Persons: Claudia Greco, Chris Hiorns, Fitch, Goldman Sachs, Giuseppe Sersale, Andrea Scauri, Lemanik, Scauri, LSEG, Alberto Chiandetti, Joice Alves, Danilo Masoni, Dhara Ranasinghe, Toby Chopra Organizations: REUTERS, Companies, LONDON, Barclays, European Commission, FTSE Italia Star, Anthilia, Banco, Fidelity International, FTSE, Thomson Locations: Milan, Silicon, Italy, Companies Italy, MILAN, Germany, Ukraine, iShares, Europe, dei, London

☆ Stock Market Today: Futures Edge Up to Start the Week
▼ + stars: | 2023-11-06 | by ( ) www.wsj.com time to read: +1 min

Stock futures crept higher early Monday, with investors eyeing bond yields for signals on whether a recent rally in equities can continue. Friday’s weaker-than-expected jobs report propelled the S&P 500 up 0.9% and helped the index notch its best weekly performance in about a year. In recent market action:Index futures nudged higher. Contracts linked to the S&P 500, Nasdaq-100 and the Dow industrials inched up by about 0.1% to 0.2%. Treasury yields rose slightly.

Persons: Tesla, Stocks, Brent Organizations: Nasdaq, Dow, KKR, Telecom Italia's, Telecom Italia Locations: Asia, Milan, Saudi Arabia, Russia

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