DIRS.INFO The most relevant business & tech news

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.

☆ Italy close to approve CDP, Macquarie bid for TIM's grid- Bloomberg News
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 4 (Reuters) - Italy is close to granting preliminary approval to a multibillion-euro offer by state lender CDP and Macquarie Group (MQG.AX) for Telecom Italia's (TLIT.MI) landline network, Bloomberg News reported on Saturday citing people familiar with the matter. Acceptance of the bid by CDP and Australia's Macquarie could be announced this month, the report said, adding that a final determination hasn't been made. The news comes after TIM said last month an offer for its network grid tabled by U.S fund KKR & Co Inc (KKR.N) "does not wholly reflect the value of the asset". 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. CDP and Telecom Italia did not immediately respond to a Reuters' request for comment.

☆ Leylah Fernandez urges athletes to become financially literate as soon as possible
▼ + stars: | 2023-03-03 | by ( Stefanie Kratter | ) www.cnbc.com time to read: +2 min

She's won two Women's Tennis Association titles and was a U.S. Open finalist in 2021. This week, Fernandez was in New York as Morgan Stanley and the WTA announced a new, multi-year global partnership. "Morgan Stanley's partnership with the WTA is a great step forward for women's sports in general. Morgan Stanley was drawn to Fernandez's leadership example. She also reflects our brand values, including giving back to the community, and valuing equity and inclusion," said Alice Milligan, Morgan Stanley's chief marketing officer.

☆ 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.

☆ Dutch warn against internet toll as EU looks to Big Tech to fund networks
▼ + stars: | 2023-02-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC), Telecom Italia (TLIT.MI) and other operators have long lobbied for a Big Tech contribution and have found an ally in Breton, a former chief executive at Orange. These companies account for more than half of data internet traffic, according to telecom operators. Adriaansens said the Dutch government had commissioned a study by economic consultancy Oxera which showed the drawbacks of such a tax. "I think that there is this concern that our infrastructure is not able to meet our expectations and our ambitions. According to Oxera's study, Europe's telecoms providers have not been burdened with higher network costs despite the strong growth in internet data traffic.

☆ EU industry chief Breton says not favouring Big Telecoms over Big Tech
▼ + stars: | 2023-02-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 27 (Reuters) - EU industry chief Thierry Breton on Monday defended a consultation on whether Big Tech should foot the bill for billions of euros of investments in Europe's telecoms infrastructure, saying it was not about putting Big Telecoms' interests above tech companies. Still, Breton took a swipe at the big U.S. tech companies with their large-scale data centres, their cloud-based radio access network (RAN) - the radio element of a cellular system - and their closed ecosystems. "And interoperability or openness are not currently a strong feature of their business model." "I see these two issues as currently holding back our collective potential compared to other continents," Breton said. Reporting by Foo Yun Chee; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

BARCELONA, Feb 26 (Reuters) - A clash between Big Tech and European Union telecoms firms over who will underwrite network infrastructure is set to dominate discussion at the world's largest telecoms conference this week. More than 80,000 people, including tech executives, innovators, and regulators, are set to descend on this year's Mobile World Congress (MWC) in Barcelona. EU industry chief Thierry Breton on Thursday launched a 12-week consultation on its "fair share" proposals, under which Big Tech platforms would bear more of the costs of the systems which give them access to consumers. By contrast, Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Telecom Italia (TLIT.MI) have been actively lobbying for Big Tech to pay the fees. "This discussion around 'fair share', or what we sometimes call the 'investment gap', is going to be a threshold question," said John Giusti, GSMA's chief regulatory officer.

☆ EU eyes Big Tech as it seeks feedback on who should pay network costs
▼ + stars: | 2023-02-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Big Tech in turn calls it an internet tax that will undermine EU network neutrality rules to treat all users equally. Tech and telecoms companies will be asked to respond to 60 questions. The Commission is likely to propose legislation after the consultation, which will need to be agreed with EU countries and EU lawmakers before it can become law. The questionnaire also asked whether the EU should create a continental or digital levy or fund. "Europeans already pay telecom operators for internet access, they should not have to pay telcos a second time through pricier streaming and cloud services," Christian Borggreen, CCIA Europe's senior vice president, said in a statement.

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.

☆ Telecom Italia says KKR has agreed to govt request to extend bid for grid
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid//File PhotoFeb 21 (Reuters) - Telecom Italia (TIM) (TLIT.MI) said on Tuesday U.S. fund KKR & Co Inc (KKR.N) has extended the non-binding offer for its prized landline grid by four weeks to March 24 following a government request. Earlier this month KKR, which already owns a minority stake in TIM's landline grid, submitted a non-binding bid for a controlling stake in a unit comprising TIM's domestic fixed network and submarine cable unit Sparkle. A day later, Italy expressed its intention to implement its goal of putting Telecom Italia's grid in state hands. TIM said its Board of Directors will meet on 24 February to discuss KKR's non-binding offer.

☆ Ukraine's Zelenskiy brushes off criticism from Italy's Berlusconi
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

KYIV, Feb 21 (Reuters) - Ukrainian President Volodymyr Zelenskiy brushed off criticism from Silvio Berlusconi on Tuesday, saying Italy's ex-prime minister had not had to live under daily bombardment and blackouts caused by Russian air strikes. Zelenskiy was asked at a news conference with Italy's Prime Minister Giorgia Meloni about remarks by Berlusconi this month saying he would not want to meet Zelenskiy, blaming him for Russia's war in Ukraine. Berlusconi, leader of the conservative Forza Italia party that is part of Italy's ruling coalition, is an old friend of Russian President Vladimir Putin. "Mr. Berlusconi, it seems to me, has never had his house bombarded with missiles every day. Russia launched a campaign of air strikes against Ukraine in October, striking critical infrastructure and causing regular blackouts and other power outages.

[1/2] Builders work at the construction site of an energy-saving building, making apartments more energy-efficient under the government's "superbonus" incentives, in Rome Italy, February 1, 2023. Banks have said there are more tax credits in circulation than they can deduct from their own tax bills. "We want to persuade the banks and other players to take all the stranded credits," Meloni said at the weekend, defending her decision to suddenly end further payments via tax credits. The move was triggered by an EU decision to include the tax credits in deficit calculations, potentially blowing budget plans dramatically off course. "If we had left the superbonus as it is, we would have had no money left in the budget for anything else," Meloni said.

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher ahead of a slew of economic data due later this week. Telecom Italia (TIM) (TLIT.MI) fell 2.7% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, inched down 0.1%. On the economic front, euro zone consumer confidence rose by 1.7 points in February from January, as expected, figures showed. Forvia, the European car parts maker born from Faurecia's (EPED.PA) takeover of Hella (HLE.DE), forecast stable 2023 sales, sending Faurecia nearly 2.3% higher.

☆ Telecom Italia shares fall in absence of CDP counter-bid for grid
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 20 (Reuters) - Telecom Italia (TIM) (TLIT.MI) shares dropped as much as 3% in early trade on Monday as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. Italian state lender CDP has yet to receive key government backing to submit an offer together with Australian fund Macquarie, sources familiar with the matter said, dampening speculation fuelled by media reports last week. Telecom Italia shares fell by 2.8% by 0818 GMT against a flat Italy's blue chips index (.FTMIB)CDP, which is TIM's second largest investor, and Macquarie (MQG.AX) are looking to finalise an offer before Friday when the TIM board is scheduled to discuss a response to an approach from U.S fund KKR (KKR.N) for a controlling stake for the same asset. Reporting by Elvira Pollina Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ European shares flat as Telecom Italia drags eurozone stocks
▼ + stars: | 2023-02-20 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) was flat after opening marginally higher. That also boosted oil prices, lifting European energy stocks (.SXEP) by 0.3%. The EURO STOXX index (.STOXXE), which houses major companies in the eurozone, dipped 0.1%. Telecom Italia (TIM)(TLIT.MI) shares dropped 3% as a government-sponsored offer rivalling KKR's bid for the former phone monopoly's prized grid failed to materialise over the weekend. The European autos and auto parts sector index (.SXAP) rose 0.6%.

☆ Italian PM Meloni to visit Kyiv on Monday to meet Zelenskiy
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 19 (Reuters) - Italian Prime Minister Giorgia Meloni will travel to Kyiv on Monday to meet Ukrainian President Volodymyr Zelenskiy, a political source said on Sunday. Meloni, who took office in October, had said she planned to visit Kyiv before the Feb. 24 anniversary of Russia's invasion of Ukraine last year. Despite friction on the issue within her rightist ruling coalition and divided public opinion, Meloni has been a firm supporter of Ukraine. Italy and France have recently finalised talks over delivery of an advanced air defence system to Kyiv in the spring. Reporting by Angelo Amante Writing by Gianluca Semeraro Editing by David Goodman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Italy's Berlusconi faces verdict in Bunga Bunga bribe case
▼ + stars: | 2023-02-15 | by ( Emilio Parodi | ) www.reuters.com time to read: +3 min

The scandal over the so-called Bunga Bunga parties contributed to Berlusconi's downfall as prime minister in 2011, marking the end of his fourth government. The case was split between three cities because of where the various witnesses lived. The Milan case is the biggest and most high-profile. Prosecutors in Italy's financial capital last May requested prison time for the former prime minister as well as the confiscation of four houses and millions of euros. Berlusconi, 86, has acknowledged giving money to various of his guests, but said it was offered spontaneously as compensation for the reputational damage they had suffered by being associated with his infamous Bunga Bunga parties.

☆ 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.

"This result consolidates the centre-right and strengthens the work of the government," Meloni wrote on Twitter. However, fears inside the coalition that support might crumble for Meloni's two main partners proved unfounded. The result offered no comfort to the centre-left camp, comprising the Democratic Party (PD), the 5-Star Movement and so-called Third Pole, which is riven by mutual loathing. Italy's electoral laws at both a national and regional level favour parties that combine forces meaning Meloni's opponents face years in the wilderness unless they learn to work together. Reporting by Crispian Balmer and Angelo Amante; Editing by Gavin Jones and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

MILAN, Feb 14 (Reuters) - Italy's government on Tuesday dropped legislation aimed at giving top flight soccer league Serie A the option of extending domestic broadcast deals beyond their scheduled expiry next year, documents seen by Reuters showed. That is only a half of the amount England's Premier League collects under its existing TV deals in its home market, according to UEFA data. Home to storied soccer clubs such as Juventus (JUVE.MI), AC Milan and Inter Milan, Serie A plans to seek bids for the rights to screen its matches in Italy for subsequent seasons. It was not immediately clear whether the measure would be included in any other bill at a later stage. ($1 = 0.9291 euros)Reporting by Elvira Pollina and Giuseppe Fonte, editing by Pritha Sarkar and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Berlusconi says he wouldn't seek meeting with Zelenskiy if PM
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +2 min

ROME, Feb 12 (Reuters) - Former Italian Prime Minister Silvio Berlusconi would not seek a meeting with Volodymir Zelenskiy if he were still head of government, because he blames the Ukrainian President for the war with Russia, he said on Sunday. Berlusconi said that if Zelenskiy had stopped attacking the two separatist republics of the Donbass the war would not have happened. "So I judge, very, very negatively, the behaviour of this gentleman", Berlusconi added. Berlusconi also urged the United States to put pressure on Zelenskiy and threaten to stop sending arms to Ukraine, while also promising a massive aid programme if it agreed to an immediate ceasefire. Reporting by Giselda Vagnoni; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's right poised to win regional vote after national triumph
▼ + stars: | 2023-02-09 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

Lazio, which is centred on the national capital Rome, and Lombardy, home to the financial capital Milan, account for just over a quarter of the national population and generate a third of the Italy's total gross domestic product (GDP). Although victory seems assured, the vote might yet destabilise the ruling coalition if Meloni's Brothers of Italy party continues to cannibalise its partners. "We can't be held hostage by Brothers of Italy," said Angelo Ciocca, a European parliamentarian with the League. "We need a strong League that does not let the autonomy bill end up in the Roman swamps," he told Reuters. Polls are open on both Sunday and Monday, with voting due to end at 1400 GMT on Monday.

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.

☆ Italy's TIM suffers internet connection problems
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 5 (Reuters) - Thousands of Telecom Italia (TLIT.MI) (TIM) customers across Italy complained of internet outages and glitches on Sunday which the company blamed on problems with an international link. Users from the northern city of Milan to the Sicilian capital Palermo reported problems, with the issue mainly focused on fixed-line internet services. Analyses are underway to resolve the problem," a TIM spokesperson said. There was no indication that the problems were caused by hackers, Italy's ANSA news agency reported. Reporting by Keith Weir and Elvira Pollina; Writing by Keith Weir; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "ITALIA"

25 mentions found