DIRS.INFO The most relevant business & tech news

CDP has teamed up with Australian infrastructure fund Macquarie (MQG.AX) to bid for Italy's most important telecommunications infrastructure, for which U.S. investment firm KKR (KKR.N) has already presented an offer. One of the people familiar with the matter said that CDP board members were set to meet at 3 p.m. (1400 GMT) to approve the offer. In recent weeks, sources have told Reuters that CDP-Macquarie and KKR have both set an 18-billion-euro ($19 billion) enterprise value for TIM's grid. CDP's offer would also involve TIM's smaller fibre-optic network rival Open Fiber, which is owned by CDP and Macquarie and would be folded into TIM's grid down the road. Under Italian rules, Rome has the power to block unwanted interest for assets of strategic importance such as TIM's grid.

CDP has teamed up with Australian infrastructure fund Macquarie (MQG.AX) in the offer for Italy's most important telecommunications infrastructure, which would compete with one submitted by U.S. investment firm KKR (KKR.N). In recent weeks, sources have told Reuters that CDP and Macquarie were ready to value TIM's grid at around 18 billion euros ($19 billion), including some 6 billion euros of debt. An offer from CDP and Macquarie leaves several scenarios open, two government officials said, without elaborating. Besides owning 10% of TIM, CDP controls fibre optic rival Open Fiber. Meloni's predecessors, Mario Draghi and Giuseppe Conte, have both backed plans to combine TIM's and Open Fiber's grids.

☆ European telecoms sector faces 'perfect storm', Telecom Italia CEO says
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Telecom firms in Europe are facing unsustainable market trends linked to shrinking retail prices, booming data consumption and "unprecedented" investment needed to upgrade networks, the head of Telecom Italia (TIM) (TLIT.MI) said on Tuesday. "We are facing a perfect storm", Pietro Labriola said at the Mobile World Congress (MWC) in Barcelona, citing also slowing economic growth and rising interest rates. The executive called on institutions and regulators for urgent intervention to make Big Tech firms help fund broadband and 5G roll-out and to favour market consolidation. In response to growing challenges, in Labriola's view, telecom firms need to separate infrastructure operations from services, each focusing on their specific market. Reporting by Elvira Pollina; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Meloni's administration wants to secure public control of TIM's grid, but there is no common ground within the government on how to achieve this. KKR, which has already invested 1.8 billion euros ($1.9 billion)on TIM's grid, has now bid for a controlling stake in a unit comprising the entire TIM's domestic fixed access network and submarine cable business Sparkle. Ceding control of TIM's grid is a main plank of TIM Chief Executive Pietro Labriola's efforts to cut the former phone monopoly's 25 billion euro net debt and revamp its struggling domestic business. TIM's confirmed its board would meet on Friday to discuss KKR's offer and "take appropriate decisions". CDP's potential offer has been hampered in part by regulatory concerns given it is the main investor in TIM's fibre-optic rival Open Fiber, people familiar with the matter said.

☆ Louis Vuitton Pressured to Pull Ads With Joan Mitchell Paintings
▼ + stars: | 2023-02-21 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Louis Vuitton has long cultivated art-world connections to generate cultural cache for its products. PARIS—The Joan Mitchell Foundation has sent Louis Vuitton a letter demanding it pull advertisements for its handbags featuring paintings by the late American artist, saying the ad campaign was shot without the foundation’s permission. The cease-and-desist letter—which was sent Tuesday by the foundation’s lawyers to Louis Vuitton CEO Pietro Beccari and reviewed by The Wall Street Journal—alleges that Louis Vuitton illegally reproduced and used at least three works by artist Joan Mitchell for the promotion of its commercial goods.

☆ A new era of telecoms M&A is coming, says Telecom Italia's CEO
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA new era of telecoms M&A is coming, says Telecom Italia's CEOPietro Labriola, CEO of Telecom Italia, speaks to CNBC about the Italian telecommunications company's results.

PARIS, Feb 14 (Reuters) - LVMH (LVMH.PA) top label Louis Vuitton said on Tuesday it has hired Pharrell Williams to head artistic direction of its menswear designs, tapping a popular figure from the music industry to fill the high-profile position left vacant since the passing of star designer Virgil Abloh over a year ago. "Louis Vuitton is delighted to welcome @Pharrell as its new Men’s Creative Director", Louis Vuitton said in a tweet, confirming earlier reports from the Wall Street Journal and the French daily Le Figaro. loadingWilliams' first collection for the label will be shown in June during Men's Fashion Week in Paris, the brand added. Williams rose to fame in the music business as a producer and singer with hits including "Happy" and "Blurred Lines." "Happy," written for the animated movie "Despicable Me 2," earned Williams one of his two Oscar nominations.

☆ Improving Italian business cushions TIM's profit decline
▼ + stars: | 2023-02-14 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

Italy's biggest phone group said earnings before interest, tax, depreciation and amortisation (EBITDA) including lease costs fell 10.6% to 5 billion euros in the 12 months to Dec. 31. That compares with a "low-teens" decrease targeted by TIM and was in line with an average analyst forecast of 4.988 billion euros, according to a company-provided consensus. Total group service revenue rose by 1.3% to 14.6 billion euros, exceeding analysts expectations for a rise of 0.6% and the company's target for a 'low single digit decrease'. Net financial debt stood at 25.4 billion euros as of Dec. 31, up by 3.2 billion euros from the year before. TIM is expected later on Tuesday to issue an update of its business plan for 2023-2025, including new financial targets.

☆ Pharrell Williams was just named the new creative director of Louis Vuitton's menswear division
▼ + stars: | 2023-02-14 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Louis Vuitton tapped musician and entrepreneur Pharrell Williams as its next "Men's Creative Director." On Tuesday, he added "Men's Creative Director" of Louis Vuitton to that list, according to an announcement on LVMH's site. When Louis Vuitton named Virgil Abloh its artistic director for menswear in 2018, he became the first black American to lead a European luxury fashion house. "I am glad to welcome Pharrell back home, after our collaborations in 2004 and 2008 for Louis Vuitton, as our new Men's Creative Director. Analysts say that at $20 billion, Louis Vuitton is the biggest luxury brand in the world, according to The Wall Street Journal.

CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TIM) asset. Two sources familiar with the matter told Reuters KKR's approach valued the venture at about 20 billion euros ($21.4 billion). Prime Minister Giorgia Meloni repeatedly said her government wants to secure public control of TIM's network. But there is no common ground yet within her administration on how to reach such a goal and it was no clear whether a CDP bid would receive the blessing of the Treasury. Economy Minister Giancarlo Giorgetti believes Rome has "multiple options" to put TIM's network under strategic government control, a separate source said, without elaborating.

☆ Rosalia performs in Louis Vuitton catwalk show at Paris Fashion Week
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

[1/7] Singer Rosalia performs during Louis Vuitton Menswear ready-to-wear Fall/Winter 2023-2024 collection show as part of Men's Fashion Week in Paris, France, January 19, 2023. REUTERS/Sarah MeyssonnierPARIS, Jan 19 (Reuters) - Louis Vuitton switched up the traditional fashion runway format with a performance from Spanish singer Rosalia taking centre stage at the label's menswear show in Paris on Thursday. Rosalia opened the live event for the LVMH-owned (LVMH.PA) fashion house, emerging from a darkened set wrapped in a puffy white jacket and loose jogging pants, sunglasses wrapped around her face. Models filed past, wearing long jackets with crisp lapels, clutching shiny bags, their looks topped off with curved bucket hats and baseball caps. The world's largest fashion label last week named Pietro Beccari CEO, replacing industry veteran Michael Burke.

☆ Italian film legend Gina Lollobrigida dies at age 95
▼ + stars: | 2023-01-16 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

ROME (AP) — Italian film legend Gina Lollobrigida, who achieved international stardom during the 1950s and was dubbed “the most beautiful woman in the world” after the title of one of her movies, died in Rome on Monday, her agent said. Lollobrigida also was an accomplished sculptor, painter and photographer, and eventually essentially dropped film for the other arts. Lollobrigida was born on July 4, 1927 in Subiaco, a picturesque hill town near Rome, where her father was a furniture maker. Lollobrigida began her career in beauty contests, posing for the covers of magazines and making brief appearances in minor films. On her website, Lollobrigida recalled how her family lost its house during the bombings of World War II and went to live in Rome.

☆ LVMH Shuffles Leadership at Louis Vuitton, Dior
▼ + stars: | 2023-01-11 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

LVMH said Pietro Beccari, who currently head’s Christian Dior, will lead Louis Vuitton from next month. PARIS— LVMH Moët Hennessy Louis Vuitton SE Wednesday announced a major reshuffle of its top executives, elevating Pietro Beccari to lead Louis Vuitton and tapping Delphine Arnault , daughter of Chief Executive Bernard Arnault , to run Christian Dior . The changes, effective Feb. 1, involve the luxury giant’s two largest brands and some of its best-known managers. Both Louis Vuitton and Dior have been on a tear, most recently riding a postpandemic boom in luxury spending that so far has shown little sign of easing.

☆ LVMH's Arnault tightens family grip as daughter becomes Dior CEO
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The world's largest luxury group also replaced long-time Louis Vuitton CEO Michael Burke with Pietro Beccari, head of Dior since 2018. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. Burke will continue to work with Bernard Arnault, the company said in a statement. The move follows the recent appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the family holding company, replacing veteran executive Sidney Toledano. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 28, is CEO of TAG Heuer - both LVMH brands.

☆ LVMH could pick Pietro Beccari as new Louis Vuitton CEO - paper
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: 1 min

ROME/PARIS, Jan 11 (Reuters) - The world's largest luxury group LVMH (LVMH.PA) could pick Pietro Beccari as new CEO of Louis Vuitton, the flagship brand of the French group, according to a media report on Wednesday. Italian Repubblica daily reported that Beccari, who took over as chairman and CEO of Dior Couture in 2018, could replace Michael Burke after LVMH will release its 2022 results. Officials at LVMH could not be immediately reached for comment. Reporting by Francesca Piscioneri in Rome and Geert de Clercq in Paris, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ LVMH names new Louis Vuitton CEO, puts Arnault daughter in charge of Dior
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. [1/2] Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, and Delphine Arnault, Executive Vice President of Louis Vuitton, leave after the Spring/Summer 2020 collection show for fashion house Louis Vuitton during Men's Fashion Week in Paris, France, June 20, 2019. Alexandre Arnault, 30, is in charge of products and communication at Tiffany, while Frederic Arnault, 28, is CEO of another group brand, TAG Heuer. The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton's watches division.

SummarySummary Companies Government met TIM's key shareholders CDP, Vivendi on ThursdayWants to spin off Sparkle, put it under state controlSparkle manages fibre cables that stretch over 500,000 kmROME, Dec 15 (Reuters) - Italy's government wants to bring Telecom Italia's (TLIT.MI) (TIM) submarine cable unit Sparkle into state hands, three sources close to the matter told Reuters. The plan emerged after the government on Thursday started talks with leading TIM investors Vivendi (VIV.PA) and state lender Cassa Depositi e Prestiti (CDP) to identify "the best market-friendly options" for the phone group. Prime Minister Giorgia Meloni's administration aims to secure control of TIM's landline grid, an asset deemed of strategic importance, to create a wholesale-only broadband player. But the sources added that Rome also wants a spin-off of Sparkle, given the sensitivity of the data it carries, in order to put the unit into state hands. The sources said there would at least be three more government-sponsored meetings with TIM's stakeholders, with one scheduled for Dec. 20.

Such a plan met heavy reservations within Giorgia Meloni's new right-wing administration, which decided to put CDP's bid on hold on Monday night, two government officials told Reuters. TIM, which has been under pressure for years due to a hyper-competitive domestic market, had no immediate comment. Economy Minister Giancarlo Giorgetti this month said Butti's plans required extensive discussions within the government, which had "several options" to secure control of TIM's network. Butti, who has openly criticised CDP's plans for TIM, has called on the Treasury-owned lender to take over TIM in full to then sell its service operations, including its Brazil-listed unit. TIM is expected to hold a board meeting on Wednesday to discuss the appointment of a director to replace Renault boss Luca de Meo.

But key officials in Giorgia Meloni's right-wing government have expressed strong reservations about CDP's plans for TIM, making a non-binding bid from the state lender for the network unlikely, three sources told Reuters. Top government officials are expected to meet later on Monday to discuss plans for TIM, among other issues. Marking a break with the past, Meloni on Friday entrusted the government's broadband strategy to Cabinet Undersecretary Alessio Butti, who has openly criticised CDP's plans for TIM. Economy Minister Giancarlo Giorgetti last week reiterated that the government wants to win control of TIM's network which is deemed of strategic interest, adding such a goal can be reached in "several ways". Giorgetti also warned that Butti's plans for TIM needs to be extensively discussed within the government.

Cabinet undersecretary Alessio Butti will now be in charge of the strategy, according to a decree on Friday seen by Reuters. Butti has been critical of the previous government's plan to cut TIM's 25 billion euro ($26 billion) debt pile by selling its landline grid. The sale is a key plank of CEO Pietro Labriola's strategy to break up and revamp the battered company. The multi-billion euro offer would be part of a broader project to merge TIM's network with smaller rival Open Fiber, which is controlled by CDP. Earlier this month Giorgetti warned that Butti's plans for TIM needs to be extensively discussed within the government.

☆ Vatican says China violated pact on bishops, wants explanation
▼ + stars: | 2022-11-26 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

REUTERS/Aly SongVATICAN CITY, Nov 26 (Reuters) - The Vatican on Saturday accused Chinese authorities of violating a bilateral pact on the appointment of bishops by installing one in a diocese not recognised by the Holy See. A statement said the Vatican learned with "surprise and regret" that the bishop of another district had been installed as auxiliary, or assistant, bishop in Jiangxi. The unauthorized installation appeared to be one of the most serious violations of a 2018 agreement between the Vatican and Beijing on the appointment of bishops. The Vatican was expecting an explanation from Chinese authorities and was hoping that the "similar episodes are not repeated," the statement said. The Vatican statement came a day after a Hong Kong court found Zen and five others guilty of failing to register a now-disbanded fund for pro-democracy protesters.

☆ Italy govt officials to discuss plans for Telecom Italia on Tuesday
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

ROME, Nov 22 (Reuters) - Government officials will discuss plans for Telecom Italia (TIM) (TLIT.MI) later on Tuesday, Italy's economy minister said, responding to a question about the former phone monopoly's landline grid. Giorgetti was asked whether the new right-wing government backed Italian state lender CDP's plans to submit an offer for TIM's landline grid by the end of the month. CDP's multi-billion euro preliminary offer for TIM's landline grid is part of a plan to combine it with its broadband unit Open Fiber. The long awaited offer is expected to value TIM's landline grid and submarine cable unit Sparkle at between 15 and 18 billion euros including some 12 billion euros in debt, sources have previously said. Negotiations have been complicated by divergences on valuation, with TIM's top investor, French media conglomerate Vivendi (VIV.PA) demanding 31 billion euros to back a sale.

[1/5] Gingerbread themed decorations presented as part of ‘The Fabulous World of Dior’ installation hang from the facade of the Harrods store in London, Britain, November 10, 2022. REUTERS/Henry NichollsLONDON, Nov 10 (Reuters) - French fashion label Christian Dior kicked off the holiday shopping season in London on Thursday, unveiling a Christmas spectacle at Harrods – with tennis star Emma Raducanu presiding over the event. The LVMH-owned (LVMH.PA) brand outlined the London department store's façade with lights, emblazoning the entrance with an enormous star and filling the windows with sugar sculptures and merchandise. The elaborate holiday set up comes as the luxury sector grows strongly, with wealthy locals and deep-pocketed tourists splashing out on designer fashion despite soaring prices. Reporting by Hanna Rantala and Mimosa Spencer, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ Telecom Italia CEO sticks to turnaround plan as govt weighs alternatives
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Unveiled in July, TIM Chief Executive Pietro Labriola's plan is mostly based on a potential multi-billion euro sale of its fixed network infrastructure to state lender CDP. Alessio Butti, responsible for telecoms policies in Meloni's Brothers of Italy party, has criticized TIM's plan to sell its landline grid. Sponsored by the previous government of Prime Minister Mario Draghi, the single network project is now being reviewed by the centre-right government that took office last month. Newly-appointed cabinet undersecretary Butti on Saturday said he would start talks with state lender CDP, TIM and other stakeholders over his plan, reigniting speculation of a government-sponsored takeover. Under the Minerva project, TIM would retain the network while hiving off its services operations and its Brazil-listed unit.

☆ Vatican confirms renewal of contested accord with China on bishops' appointments
▼ + stars: | 2022-10-22 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

VATICAN CITY, Oct 22 (Reuters) - The Vatican on Saturday said that it and China had renewed a secret and contested agreement on the appointment of Roman Catholic bishops in the communist country. The deal was a bid to ease a longstanding divide across mainland China between an underground flock loyal to the pope and a state-backed official church. The Vatican-China deal centres on cooperation over the appointment of bishops, giving the pope the final and decisive say. They also point to increasing restrictions on religious freedoms in China for Christians and other minorities. Last month, the Vatican tried to arrange a meeting between Xi, 69, and the pope, 85, while both leaders were in Kazakhstan, but China declined.

Search resuls for: "Pietro"

25 mentions found