Italy Financial News

(ANSA) - Rome, February 8 - Italy's organic market is booming, according to a new report released on Monday, as the European Union announced its own initiative to promote the sector.

The 16th edition of the Biobank report, which looks at organic farming in Italy, found the sector was thriving, bucking trends in conventional agriculture, which have been hit hard by the economic downturn.

(ANSA) - Turin, February 8 - Fiat chief Sergio Marchionne on Monday gave Mexican President Felipe Calderon a tour of the Toluca plant in Mexico chosen to produce an Americanized version of the Fiat 500 city car starting in December, a Fiat statement said here.

The former Chrysler factory, which employs 2,000, was selected because of its position between the North American market, where Fiat has been absent since 1983, and Latin America where the Italian automaker is well established and is one of the leading marques.

(ANSA) - Rome, February 8 - Opposition to nuclear power in Italy is based on prejudice, unjustified fear and suspicion, according to the head of the Italian electricity utility ENEL.

"Nuclear power is cleaner, safer and more socially responsible. It is part of the solution to move towards greater independence and is friendly to the environment," ENEL's chief executive officer Fulvio Conti said at a roundtable discussion here.

(ANSA) - Rome, February 8 - The government has received "eight to ten" offers to take over the Sicilian plant where Fiat intends to end automobile production at the end of next year, Industry Minister Claudio Scajola said on Monday.

These offers, he added, will be examined on March 5 when government, Fiat and union representatives resume talks on the future of Termini Imerese, near Palermo.

According to the minister, a key point in evaluating the offers will be whether they ensure employment levels in the economically depressed area.

(ANSA) - Rome, February 5 - Italy's powerful industrial employers association Confindustria has renewed it support for Fiat's decision to close its loss-making plant in Sicily, a move criticised by unions and some members of the government.

Fiat is meeting Friday at the industry ministry with union and government representatives on the company's restructuring plans, which as well as from closing Termini Imerese include downsizing personnel at a plant near Naples while boosting overall domestic production.

(ANSA) - Rome, February 5 - Italy's year-on-year inflation rate rose to 1.3% in January, from 1% in December, with a 0.1% increase in the consumer price index for the month, national statistics bureau Istat.

Although Italy's inflation rate in 2009 was the lowest in 50 years, dropping to zero last July, it has been constantly on the rise since then, doubling in November over the previous month, a trend which economists say indicated a recovery for Italy's sagging economy.

(ANSA) - Rome, February 5 - The Organization for Economic Cooperation and Development (OECD) said on Friday that Italy's economy in December remained 'in expansion' for the fourth month in a row.

The OECD said its composite leading indicators (CLIs) for the 30-nation area in December were up 0.9 points over November and 10.1 points over December 2008.

The monthly increase for Italy was 0.8 points, while over December 2008 the CLIs climbed 14.7 points, the second highest jump after Germany's variation of 14.9 points.

(ANSA) - Rome, February 5 - Italy's inflation rate rose from 1% in December to 1.3% in January according to preliminary estimates released by Istat Friday.

At 0.8% through 2009, the inflation rate was the lowest in 50 years but is expected to inch up as the economy starts to expand.

(ANSA) - Rome, February 5 - Fiat will do all it can to help ease the social impact of the closure of its Termini Imerese plant in Sicily, institutional affairs chief Ernesto Auci told a meeting at the industry ministry Friday.

Auci stressed that there were two years to find "the best industrial alternatives" for the Termini plant and its ancillaries after it shuts next year, sources said.

(ANSA) - Rome, February 5 - Fiat doesn't want government incentives in exchange for keeping loss-making Italian plants going, managers said as they went into a meeting at the industry ministry Friday.

"We're not asking for anything, we've said it every which way," said Fiat's head of institutional affairs, Ernesto Auci.

The government has offered the extension of car trade-in incentives this year to keep Termini Imerese near Palermo open and reduce cuts at Fiat's four other plants but Fiat has refused, demanding instead a broader industrial policy.

(ANSA) - Rome, February 5 - Fiat doesn't want government incentives in exchange for keeping loss-making plants Italian plants going, managers said as they went into a meeting at the industry ministry Friday.

"We're not asking for anything, we've said it every which way," said Fiat's head of institutional affairs, Ernesto Auci.

The government has offered the extension of car trade-in incentives this year to keep Termini Imerese near Palermo open and reduce cuts at Fiat's four other plants but Fiat has refused, demanding instead a broader industrial policy.

(ANSA) - Rome, February 4 - Rents in Italy have more than doubled in less than 20 years while household incomes have risen by some 18%, according to a report presented to parliament on Thursday.

The report, drawn up by the Bologna-based Nomisma economic research group, said that between 1991 and 2009 rents leapt by an average of 105% compared to household incomes which rose by around 18%.

The study also found that households who rent pay 27.8% of their available income, an increase of 121% over 1991.

(ANSA) - Rome, February 4 - Premier Silvio Berlusconi denied on Thursday that a takeover of Italy's former telephone monopoly by a Spanish rival hadn't crossed his desk, but said in the event it did, "this is a free market economy".

"We haven't had any word about a proposal regarding Telecom Italia, but if that should change, everyone should bear in mind that this is a market economy and we are a liberal government," he said.

(ANSA) - Rome, February 4 - The Italian government appears to have cranked up its pressure on Fiat with Premier Silvio Berlusconi on Thursday claiming the Italian automaker did not want green incentives this year to help boost sales.

"We were examining the possibility of renewing the incentives but it would appear that Fiat is not interested in having them", he told the press.

(ANSA) - Rome, February 3 - Fiat's Sicilian plant at Termini Imerese must have a future, with or without the Italian car giant, Italian Industry Minister Claudio Scajola said Wednesday.

"We must preserve the jobs and we have to save the Termini Imerese plant," Scajola said.

The minister acknowledged that Fiat was entitled to restructure its plants but added "we believe (Termini Imerese) can still have a use for Fiat".