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☆ Italy's Meloni draws fire over food aid aimed at families with children
▼ + stars: | 2023-07-13 | by ( Federica Urso | ) www.reuters.com time to read: +2 min

"The government is there and is ready to do its part to help Italians in the best possible way", Meloni said in a message that presented the 500,000-euro scheme as relief against high inflation. However, the card is reserved for households with at least three members, preferably with children, in a move seen as favouring traditional families. Noting that the allowance amounts to about one euro per day for a year, she described it as a "zero impact" policy. "Being in need is no longer enough, now you need to be in need and also be a certain type of person considered deserving of help," he said. ($1 = 0.8946 euros)Reporting by Federica Urso Additional reporting by Alvise Armellini and Gavin Jones Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Giorgia, Meloni, Elly Schlein, Confcommercio, Marco Impagliazzo, Filippo Barbera, Federica Urso, Alvise Armellini, Gavin Jones, Mark Potter Organizations: Democratic Party, Catholic, Turin University, Thomson Locations: Italian, Rome

[1/4] Italian artist Michelangelo Pistoletto's 'Venus of the Rags' is displayed in Piazza Municipio before being destroyed in a fire, in Naples, Italy July 1, 2023. REUTERS/Ciro De LucaROME, July 12 (Reuters) - An open-air installation of "Venus of the Rags", one of the most famous works by Italian contemporary artist Michelangelo Pistoletto, was destroyed by an arson attack in Naples, Mayor Gaetano Manfredi said on Wednesday. The "Venus of the Rags", a symbol of the Arte Povera movement which counts Pistoletto among its leading members, shows the Roman goddess of love, beauty and fertility standing next to a pile of rags. The installation, first created in 1967, is meant to convey the juxtaposition between eternal beauty, represented by the goddess Venus, and modern society's social degradation and consumerism. Editing by Raissa Kasolowsky and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelangelo Pistoletto's, Ciro De Luca ROME, Michelangelo Pistoletto, Gaetano Manfredi, Manfredi, Venus, Adnkronos, Pistoletto, Raissa Kasolowsky Organizations: REUTERS, Arte, Thomson Locations: Italian, Piazza Municipio, Naples, Italy, Piazza del

☆ Ancient Greek altar unearthed at archaeological site in Sicily
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] An ancient Greek altar for family worship dating back at least 2,000 years is pictured after it was found in the Sicilian archaeological site of Segesta, Italy, June 29, 2023. Flavio Leone Sisilab CoopCulture Sicilia/Handout via REUTERSROME, June 30 (Reuters) - An ancient Greek altar for family worship dating back more than 2,000 years has been found in the archaeological site of Segesta on the Italian island of Sicily, local authorities said on Friday. It had been buried for centuries by a few centimetres of earth and vegetation in the area of the Southern Acropolis at the Segesta site, which is in the western part of the island. "The Segesta site never ceases to amaze us," said Sicily's regional culture minister Francesco Paolo Scarpinato. Segesta, renowned for its 5th-century-BC temple, was an ancient Greek city nestled between mountains.

Persons: Flavio Leone Sisilab CoopCulture, Francesco Paolo Scarpinato, Segesta, Federica Urso, Gavin Jones, Gareth Jones Organizations: REUTERS, Southern Acropolis, Thomson Locations: Segesta, Italy, Flavio Leone Sisilab CoopCulture Sicilia, Handout, REUTERS ROME, Sicily, , Southern

☆ Stolen 16th century Vasari letter returned to its Italian home
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A handwritten letter by Renaissance artist and historian Giorgio Vasari is returned to its owners during a ceremony at the Uffizi Galleries in Florence, Italy, June 29, 2023. Carabinieri/Handout via REUTERSROME, June 29 (Reuters) - A handwritten letter by Renaissance artist and historian Giorgio Vasari has been returned to its owners in Tuscany more than 20 years after it was stolen, Italian police said on Thursday. The letter was dated March 18, 1566 and is believed to be worth around 20,000 euros ($21,760). Vasari, who is regarded as the first art historian, was born in the central region of Tuscany, where he served the Italian banking family and political dynasty the Medici, in Florence. In the letter, Vasari disclosed the painter's fees as well as commenting on the progress of his works.

Persons: Giorgio Vasari, Vasari, Medici, Jan van der, Giovanni Stradano, Federica, Keith Weir Organizations: Uffizi, REUTERS, Thomson Locations: Florence, Italy, REUTERS ROME, Tuscany, Arezzo, London, Brussels, Belgian

☆ Italian police blame couple from England for Colosseum graffiti
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A general view of the Colosseum, in Rome, Italy May 30, 2023. REUTERS/Remo Casilli/File PhotoROME, June 29 (Reuters) - Italian police have identified a couple from England as the likely culprits after graffiti was scribbled on a wall at the Colosseum in Rome last week, prompting widespread anger. Italy's Carabinieri police said they had been helped to identify the couple by photographic evidence but did not name them. A police source said the man had been placed under formal investigation but the couple had left the country before the authorities could catch up with them. "This act was offensive to everyone around the world who appreciates the value of archaeology, monuments and history," said Italian Culture Minister Gennaro Sangiuliano.

Persons: Remo Casilli, Ivan, Hayley, Gennaro Sangiuliano, Emilio Parodi, Keith Weir, Conor Humphries Organizations: REUTERS, Thomson Locations: Rome, Italy, England, Italian

☆ Shocked by the speed of the Wagner revolt, Russia's neighbors want to beef up NATO's eastern flank
▼ + stars: | 2023-06-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Petras Malukas | Afp | Getty ImagesThe fallout of the Wagner Group's short-lived armed rebellion has raised the alarm among Europe's Baltic countries. Speaking alongside his counterparts from Latvia and Estonia on Tuesday, Lithuanian Foreign Minister Gabrielius Landsbergis said that the speed of the Wagner uprising underscored the strategic importance of strengthening NATO's eastern flank. Germany has offered to send around 4,000 troops to Lithuania on a permanent basis to bolster NATO's eastern flank. Russia's full-scale invasion of Ukraine in February last year had already fueled concerns about the regional security of the Baltic region. Regional security concernsLatvia Foreign Minister Edgars Rinkevics described the Wagner rebellion as an example of "one evil fighting another evil."

Persons: Griffin, Silvestras, Petras Malukas, Wagner, Vladimir Putin's, Yevgeny Prigozhin, Alexander Lukashenko, Prigozhin, Gabrielius Landsbergis, Landsbergis, Malukas, Catherine Colonna, Jens Stoltenberg, Russia's, Mario Bikarski, Federica Reccia, Edgars Rinkevics, Rinkevics, Wagner Group's, Vladimir Putin, Sergei Shoigu, Gavriil Grigorov Organizations: Afp, Getty, Belarusian, Lithuanian, NATO, French, European Union, Economist Intelligence Unit, CNBC, Latvia, AFP Locations: Lithuanian, Pabrade, Lithuania, Baltic, Moscow, Latvia, Estonia, Russia, Paris, Belarus, Estonian, Germany, Vilnius, Ukraine, Belarusian, Russian

☆ U.S. luxury sales increasingly coming from high-end shoppers, Bain & Co says
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

PARIS, June 23 (Reuters) - Luxury brands focused on wealthier consumers in the United States are performing better than those who appeal to aspirational shoppers on lower incomes who are deterred by the economic uncertainty, consultancy Bain & company said. For example, premium fashion retailer Hugo Boss last week raised its sales and profit targets for 2025 and said it continued to see strong growth in the U.S. and was expecting revenue to grow in the Asia-Pacific region. Lovato said that while there were "some questions marks" about China, and possibly a slowing of sales growth with the middle class, there was still appetite there. Luxury sales stood at 345 billion euros last year, according to Bain. Reporting by Mimosa Spencer and Elisa Anzolin; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Bain, Federica Levato, Hugo Boss, Lovato, Mimosa Spencer, Elisa Anzolin, Alison Williams Organizations: Bain, Reuters, People, Saks Fifth, REUTERS, Thomson Locations: United States, China, New York City, U.S, Asia, Pacific

☆ U.S. luxury sales increasingly coming from high-end shoppers - Bain
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

Persons: Bain, Federica Levato, Hugo Boss, Lovato, Mimosa Spencer, Elisa Anzolin, Alison Williams Organizations: Bain, Reuters, Thomson Locations: United States, China, U.S, Asia, Pacific

Sodexo, which is benefiting from the cost-of-living crisis as employers look for ways to support staff without hiking wages, announced in April a plan to spin off and list its voucher unit on the stock exchange in 2024, betting on the good performance of the business. Smaller French rival Edenred (EDEN.PA), which joined France's blue-chip index CAC 40 (.FCHI) on Monday, posted in April first-quarter operating revenue growth as employers used its meal tickets and fuel cards to help staff cope with inflation. Pluxee, which employs 5,000 in 31 countries, targets full-year organic revenue growth of close to 20% and an underlying operating profit margin of around 32%. Sodexo's voucher business reported a core profit of 162 million euros ($177 million) in the first half of 2023. Reporting by Federica Mileo and Diana Mandiá in Gdansk, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aurelien Sonet, Pluxee, Sonet, Edenred, Federica Mileo, Diana Mandiá, Louise Heavens Organizations: Thomson Locations: Gdansk

☆ Generali to buy Liberty Mutual's Spanish Unit in $2.5 billion all-cash deal
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Generali (GASI.MI) will buy out the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros ($2.51 billion), in a move aimed at strengthening its property and casualty segment, Italy's top insurer said on Thursday. "Generali is acquiring a profitable insurance business in three growing European markets with very attractive characteristics, that will create significant long-term value for all stakeholders," Chief Executive Philippe Donnet said in a statement. Generali said it expects the acquisition to bring a reduction of 9.7 percentage points on the group's regulatory solvency ratio. The all-cash deal would allow the Italian group to become one of the main players in the Spanish insurance market, as well as enter Ireland and Northern Ireland, Generali said. ($1 = 0.9179 euro)Reporting by Federica Urso in Rome and Shivani Tanna in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Philippe Donnet, Generali, Federica Urso, Jonathan Oatis Organizations: Liberty Mutual, Citigroup, Credit Suisse, Thomson Locations: Spanish, Ireland, Northern Ireland, Rome, Bengaluru

☆ Gender biases not improved over past decade, U.N. says
▼ + stars: | 2023-06-12 | by ( Federica Urso | ) www.reuters.com time to read: +2 min

[1/2] A demonstrator looks on during a rally to mark the International Women's Day in Buenos Aires, Argentina, March 8, 2023. In its latest report, the United Nations Development Programme tracked the issue through its Gender Social Norms Index, which uses data from the international research programme World Values Survey (WVS). The survey draws from data sets spanning 2010-2014 and 2017–2022 from countries and territories covering 85% of the global population. The latest analysis showed that almost nine out of 10 men and women hold fundamental biases against women and that the share of people with at least one bias has barely changed over the decade. "We need to change the gender biases, the social norms, but the ultimate goal is to change the power relations between women and men, between people," Aroa Santiago, gender specialist in inclusive economies at UNDP, told Reuters.

Persons: Cristina Sille, Heriberto Tapia, Aroa, Federica Urso, Simon Jessop, Matthew Lewis Organizations: REUTERS, United Nations, United Nations Development, UNDP, Reuters, Thomson Locations: Buenos Aires, Argentina, United States, Aroa Santiago, Rome

☆ Italy special forces board Turkish vessel after alert over unidentified passengers
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

ROME, June 10 (Reuters) - A Turkish cargo vessel that Italian special forces boarded after the crew detected a group of unidentified people on board is now sitting off the southern city of Naples, website MarineTraffic showed, while police continue to investigate the situation. "My congratulations to the guys of the San Marco battalion and the police, who completed a wonderful operation," he wrote. A Turkish transport ministry statement said on Friday the Galata Seaways roll-on-roll-off cargo vessel was sailing from the Turkish port of Yalova to Sete, France. The captain told Italian police he issued the alarm after he saw two of them carrying knives, Ansa reported. The crew locked themselves in the engine room and alerted maritime authorities in Turkey, who in turn contacted Italy and France.

Persons: MarineTraffic, Guido Crosetto, Crosetto, Ansa, Angelo Amante, Federica, Yesim, Nick Macfie, Hugh Lawson Organizations: Twitter, San Marco, Thomson Locations: Turkish, Naples, Yalova, Sete, France, Turkey, Italy

☆ Pope Francis doing well after first night in hospital, Vatican says
▼ + stars: | 2023-06-08 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

[1/2] A nun kisses the hand of Pope Francis during the weekly general audience on the day he is due to undergo abdominal surgery, in St. Peter's Square at the Vatican, June 7, 2023. REUTERS/Yara NardiROME, June 8 (Reuters) - Pope Francis was doing well on Thursday morning after his first night in hospital following abdominal surgery, the Vatican said. "The night went well," the Vatican said in a brief statement, adding that more information would be released later in the morning. Fancis underwent a laparotomy, or open abdominal surgery, and a mesh prosthesis was used to reconstruct the abdominal wall. It is the third hospital stay for Francis since cardinals chose the Argentinian in 2013 as the first Latin American pope.

Persons: Pope Francis, Yara, Francis, Sergio Alfieri, hopsital, Alfieri, Fancis, Federica Urso, Gianluca Semeraro, William Maclean Organizations: Vatican, REUTERS, Thomson Locations: St, ROME, Rome, Portugal, Fatima, Mongolia

☆ Italy welcomes baby to parliament for first time
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

ROME, June 7 (Reuters) - A baby took a seat in the Italian parliament for the first time ever on Wednesday, when lawmaker Gilda Sportiello breastfed her son Federico in the Chamber of Deputies, triggering a round of applause from fellow members. The event would be more commonplace in many countries, but was underlined by the acting lower-house speaker in traditionally male-dominated Italy. Best wishes to Federico for a long, free, and peaceful life," said Giorgio Mule as he chaired the parliamentary session. Giorgia Meloni took office in October as Italy's first woman prime minister, but around two-thirds of the country's lawmakers are men. While the event on Wednesday was a first for Italy, 13 years ago Licia Ronzulli, now a senator in the centre-right Forza Italia party, breastfed her daughter in the European Parliament in Strasbourg.

Persons: Gilda Sportiello breastfed, Federico, Giorgio Mule, Giorgia Meloni, Italy's, Licia, breastfed, Federica Urso, Gavin Jones, Bill Berkrot Organizations: Star, Forza Italia, Thomson Locations: Italy, Strasbourg

[1/2] A view shows the Ponte Vecchio bridge and the Arno River in Florence October 16, 2014. The Ponte Vecchio, or Old Bridge, crosses the River Arno at its narrowest point. REUTERS/Regis DuvignauROME, June 1 (Reuters) - Florence wants to ban residential properties in its historic centre from being used for short-term rentals by platforms such as Airbnb (ABNB.O) in order to free up more homes for local people in the Tuscan city. Nardella is a member of the centre-left Democratic Party (PD), which is part of the opposition at national level. Airbnb did not immediately comment on Nardella's initiative, but said in a statement that it wanted to see "clear and simple national rules" in Italy.

Persons: Regis Duvignau ROME, Dario Nardella, Federica Urso, Federico Maccioni, Keith Weir, Crispian Balmer Organizations: REUTERS, Democratic Party, Thomson Locations: Florence, Ponte, Tuscan, Nardella, Italy, Rome, Milan

☆ Air France-KLM posts Q1 revenue beat driven by strong summer bookings
▼ + stars: | 2023-05-05 | by ( Federica Mileo | ) www.reuters.com time to read: +2 min

[1/3] Logo of Air France KLM Group is pictured on the first Air France airliner's Airbus A350 during a ceremony at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse, France, September 27, 2019. REUTERS/Regis DuvignauMay 5 (Reuters) - Air France-KLM (AIRF.PA) on Friday reported better-than-expected first-quarter revenue and robust cash flow as it benefited from a global recovery in air travel and strong summer ticket sales. The carrier's revenue grew 42% year-on-year to 6.33 billion euros ($6.97 billion), just above the 6.30 billion euros expected on average by analysts polled by the company. Air France-KLM said it did not see an impact from the cost- of-living crisis, pointing to more than 1.5 billion euros in ticket sales over the first quarter and to a strong demand across its network. Air France-KLM said the impact from French air-control strikes had been limited and was in the millions of euros, which it quantified as smaller than the impact from previous strikes.

☆ Mother’s Day Gifts for a Cozy Night In—or Wild Night Out
▼ + stars: | 2023-04-30 | by ( Katharine K. Zarrella | Lizzy Wholley | ) www.wsj.com time to read: +1 min

Whether Mom likes peacefully luxuriating at home or hitting the hottest restaurants to see and be seen, these gifts will upgrade her evening. Most moms fall into one of those categories, so this Mother’s Day, give yours a night off and a present to suit her night-off tastes. If Mom’s heading out the door, we suggest dancing shoes, diamonds and other ways to elevate her evening and her outfit. Art and SoulHilma af Klint explored abstraction and spiritualism in her paintings. “Hilma af Klint: Tree of Knowledge,” $55, DavidZwirnerBooks.com

☆ Shiffrin ends season on a high with another record in giant slalom win
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

[1/5] Alpine Skiing - FIS Alpine Ski World Cup - Women's Giant Slalom - Soldeu, Andorra - March 19, 2023 Mikaela Shiffrin of the U.S celebrates with the globe trophy after winning the women's Slalom REUTERS/Albert GeaMarch 19 (Reuters) - Mikaela Shiffrin extended her record to 88 World Cup victories after dominating the season-ending giant slalom in Soldeu on Sunday to win her 14th event of the season. Victory also gave the American her 138th podium to break the women's record she shared with compatriot Lindsey Vonn after finishing third in Saturday's slalom. Sweden's Ingemar Stenmark holds the men's record for most podiums with 155. Shiffrin, who broke Stenmark's record of 87 wins earlier this month, had already won the slalom and giant slalom titles along with the overall crystal globe. Pre-race favourites, including last year's Olympic champion Sara Hector of Sweden, Italy's Federica Brignone and Saturday's slalom winner Petra Vlhova, did not finish their first run after crashing through gates.

☆ Pirelli sees scope for higher 2023 revenues after strong results
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Italian tyremaker Pirelli (PIRC.MI) said on Wednesday it expects revenues this year of some 6.6-6.8 billion euros, at least in line with the better-than-expected figure for 2022. Revenues at the group totalled 6.62 billion euros ($7.03 billion) in 2022, beating a target of about 6.5 billion euros which was set only in November as an upgrade on an earlier estimate. The supplier of luxury car brands like Ferrari and Porsche said its adjusted earnings before interest and taxes (EBIT) stood at 977.8 million euros in 2022, up from 815.8 million euros a year before. The result was driven by higher pricing and as measures put in place to weather rising costs offset the hit from raw material costs and other inflation. China's Sinochem Holdings Corp, the biggest investor in Pirelli, last week denied a report that it planned to sell its 37% stake in the company.

☆ Shiffrin wins first giant slalom gold at world championships
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

[1/4] Alpine Skiing - FIS Alpine Ski World Cup - Women's Giant Slalom - Meribel, France - February 16, 2023 Mikaela Shiffrin of the U.S. poses with the United States flag after winning the Women's Giant Slalom REUTERS/Leonhard FoegerFeb 16 (Reuters) - American favourite Mikaela Shiffrin claimed victory in the giant slalom in Meribel, France on Thursday to take her career world championships gold medal haul to seven. The 27-year-old Alpine skier bagged her first giant slalom gold at the world championships. She had previously won four slalom world titles, one in super-G and one in combined. Shiffrin has now struck gold at each of the last six world championships, with an overall tally of 13 medals at the event. Shiffrin could increase her tally on Saturday when she competes in the slalom.

☆ Bassino pips Shiffrin to win Super-G gold
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Italy's Marta Bassino edged out American Mikaela Shiffrin to win the women's Super-G gold at the World Ski Championships in Courchevel, France, on Wednesday, winning the title by 0.11 seconds. Bassino has six World Cup gold medals to her name in the giant slalom but had never topped the podium in any other World Cup event. However, she did win gold in the parallel giant slalom at the 2021 World Ski Championships. Bassino is the second Italian to win a gold medal at this year's championships after Federica Brignone won the women's combined event on Monday. Switzerland's Lara Gut-Behrami, the defending champion and one of the pre-race favourites with 18 Super-G World Cup victories, could only manage sixth placed.

☆ Airbus deliveries fell to 20 jets in January
▼ + stars: | 2023-02-07 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

PARIS, Feb 7 (Reuters) - Airbus (AIR.PA) deliveries fell to 20 airplanes in January compared to 30 in the same month last year, the company said on Tuesday, confirming an earlier Reuters report. Detailed Airbus data showed that the cancellation came from Viva Air Colombia, a subsidiary of Irelandia Aviation. Airbus eventually lowered then abandoned that goal in 2022 as supply chain and industrial pressures began to bite harder than expected. It made 663 industrial deliveries for the year or 661 after a Russia sanctions-related adjustment. Industry sources have said the shallower "hockey stick" recovery would allow Airbus' COVID-hobbled supply chain to reset and prepare a more reliable catch-up from mid-decade.

PARIS, Feb 7 (Reuters) - Airbus (AIR.PA) deliveries fell by a third to 20 airplanes in January compared to 30 in the same month last year, the company said on Tuesday, confirming an earlier Reuters report. Detailed Airbus data showed that the cancellation came from Viva Air Colombia, a subsidiary of Irelandia Aviation. Airbus eventually lowered then abandoned that goal in 2022 as supply chain and industrial pressures began to bite harder than expected. It made 663 industrial deliveries for the year or 661 after a Russia sanctions-related adjustment. Industry sources have said the shallower "hockey stick" recovery would allow Airbus' COVID-hobbled supply chain to reset and prepare a more reliable catch-up from mid-decade.

☆ Italy's Brignone wins women's combined gold, Shiffrin disqualified
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

[1/4] Alpine Skiing - FIS Alpine Ski World Cup - Women's Alpine Combined - Meribel, France - February 6, 2023 Italy's Federica Brignone celebrates on the podium with her team after winning the Women's Alpine Combined REUTERS/Leonhard FoegerMERIBEL, France, Feb 6 (Reuters) - Italy's Federica Brignone won the women's combined event at the World Ski Championships in Meribel, France on Monday after two solid races saw her finish 1.62 seconds ahead of Switzerland's Wendy Holdener. American Mikaela Shiffrin, the reigning world champion in combined, was sixth fastest in the speed event but was disqualified in the slalom after straddling a gate shortly before the finish line. Brignone completed the super-G in 1:10.28, 0.71 seconds quicker than Swiss Lara Gut-Behrami and Norway's Ragnhild Mowinckel who were joint second fastest, however the two speed specialists did not participate in the second leg. Instead it was Switzerland's Holdener who won the slalom part, a fourth of second ahead of Brignone, but the overall margin was too big to threaten the 32-year-old. Reporting by Tommy Lund in Gdansk; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ TomTom raises 2023 revenue outlook as automotive drives Q4 beat
▼ + stars: | 2023-02-03 | by ( Federica Mileo | ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Dutch navigation and digital mapping company TomTom (TOM2.AS) raised its 2023 revenue forecast on Friday, after posting better-than-expected fourth-quarter revenue driven by strong automotive performance. After being hit by the global chip shortage that has disrupted the automotive and electronics industries, TomTom is now starting to benefit from the recovery in global car production. The Amsterdam-based firm, whose customers include Volkswagen (VOWG_p.DE) and Microsoft (MSFT.O), forecast revenue for the current fiscal year in a range of 540 million euros to 580 million euros ($588.33 million-$631.91 million), with free cash flow of between 0% and +5% of the revenue. The group had previously guided for a revenue of 500-550 million euros, with 425-475 million euros generated from its core location technology business, and free cash flow at breakeven. The company posted revenue of 139 million euros for the quarter ended Dec.31, beating company-compiled analysts' average forecast of 120 million euros.

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