Italy Financial News

(ANSA) - Brussels, November 9 - The jackpot for Italy's popular Superenalotto game is once again the world biggest after someone won the Euro Millions pot at the end of last week.

Up for grabs in Tuesday's draw will be a clean 85.1 million euros, which is still far from the European record the SuperEnalotto pot set last August when it paid out a whopping 147.8 million euros.

The world's second-biggest pot is currently the one offered by the US PowerBall game, almost 64 million euros, followed by the American Mega Millions pot of 51.3 million euros.

(ANSA) - Rome, November 6 - Italians are pessimistic about the economy, but slightly less so than the year before, according to a new lifestyle study published Friday.

The study by national statistics bureau Istat showed that 50% of Italians felt worse about their economic situation in 2009, 5% less than in 2008.

Around 44% said their outlook had not changed at all, up from 39% last year.

(refiling with new photo).

(ANSA) - Rome, November 6 - Italy on Friday approved the last key start-up funds for a much-heralded bridge connecting Sicily to the Italian mainland.

Some 1.3 billion euros were earmarked for work on the bridge, a long-cherished project of Italian Premier Silvio Berlusconi, which is expected to start by the end of the year.

Defence Minister Ignazio La Russa, who is from Sicily, said "today is a particularly important day in Italian history".

"My grandfather spoke of a bridge like this as something that would bind Sicily and Calabria. He saw it as a sort of redemption for our island".

"Many years have gone by but the time has now come".

(ANSA) - Rome, November 6 - Italy on Friday approved the last key start-up funds for a much-heralded bridge connecting Sicily to the Italian mainland.

Some 1.3 billion euros were earmarked for work on the bridge, a long-cherished project of Italian Premier Silvio Berlusconi, which is expected to start by the end of the year.

Defence Minister Ignazio La Russa, who is from Sicily, said "today is a particularly important day in Italian history".

(ANSA) - Rome, November 6 - The Organization for Economic Cooperation and Development (OECD) said on Friday that Italy's economy in September showed the strongest signs of recovery in the 30-nation group for the second month in a row.

The OECD said its composite leading indicators (CLIs)for September was up 1.3 points over August and 3.4 points from September 2008, and while the monthly increase for Italy was also 1.3 points, it soared 10.8% for the year.

(ANSA) - Milan, November 5 - Fiat shares rose sharply on the Milan stock exchange Thursday, a day after it presented its ambitious five-year business plan for American carmaker Chrysler.

The stock actually opened 2.59% lower but after some 30 minutes of trading it was already up by 1.2% and two hours later was 2.5% higher, to then jump by 3.2% by noon.

Trading was also very high and at noon some 48 million shares had changed hands, compared to 64 million for the previous 30 days.

(ANSA) - Rome, November 4 - Over 450 people are expected to be on hand Wednesday for the presentation of Fiat's five-year business plan for American automaker Chrysler.

The plan will be illustrated by Fiat Chief Executive Officer Sergio Marchionne at Chrysler's headquarters in Detroit in what is expected to be a marathon six-hour presentation for analysts and the press.

Fiat acquired control of Chrysler earlier this year in exchange for its green technology and managerial and creative input, which included making Marchionne CEO of the American carmaker as well.

(ANSA) - Rome, November 4 - Year-on-year consumer spending rose for the fourth month in a row in September, although it dipped from the previous month, the national retailers association Confcommercio said on Wednesday.

Compared to September of last year, the group said, spending was up 0.2%, however it was also down 0.2% from August.

Consumer spending in August was up 0.1% for the month and 0.6% for the year.

(ANSA) - Brussels, November 3 - The European Union is more upbeat about the Italian economy and on Tuesday the European Commission issued a new forecast which predicted ''moderate growth'' next year and in 2011.

In its latest forecast, the EC said Italy's GDP this year would fall by 4.7%, to then rise by 0.7% in 2010 and 1.4% in 2011.

These figures were in line with the new ones for the euro zone where GDP is now expected to fall by 4% this year and then climb by 0.7% in 2010 and 1.5%.

(ANSA) - Rome, November 3 - Moody's Investors Service said on Tuesday that it was keeping its rating outlook for Italy at stable because it was convinced that the country could adjust to the challenges posed by the global economic downturn.

In a new report - entitled: Italy's Adjustment Capacity is Tested by Global Crisis, but Rating Outlook Remains Stable - the ratings agency observed that ''the deterioration expected in the government's debt metrics is considered within the scope of the country's adjustment capacity in the medium to long term''.

(ANSA) - Rome, November 2 - New car sales in Italy leapt 15.7% last month, over October 2008, the biggest jump so far this year and the fifth monthly rise in a row, sector sources said on Monday.

Year-on-year sales of cars in the Fiat group climbed 15.05% which allowed the Italian automaker to boost its market share to 32.548, from 31.52% in September.

Although this was lower than its share of 32.76% in October 2008, Fiat's market share for the first ten months of the year averaged out at 33.12%, up from 31.98% for the same period last year.

(ANSA) - Rome, November 2 - Green trade-in initiatives from the government helped boost sales of motorbikes over 50cc up by 6.1% last month, compared to October 2008, sector sources said on Monday.

Scooter sales were particularly strong, up by 11.8%, while motorcycle sales fell 9.1%.

Sales of 50c mopeds continued to slide, falling 12.3% over October 2008.

The strong scooter sales helped Vespa-maker Piaggio to boost its market share to 30% for the first ten months of the year, over the same period last year.

(ANSA) - Avellino, November 2 - A family near Naples has been caught falsely claiming invalidity benefits, police said Monday.

The five will be charged with benefit fraud dating back several years.

They have reportedly been getting government payments for various ailments plus cheques for carers who were never in fact needed.

The family of five are related to a clan in the Camorra, the Neapolitan crime syndicate.

(ANSA) - Rome, October 30 - Nearly seven out of ten wealthy families in Italy live in the country's industrial north, a recent study said Friday.

Published by the Italian Private Banking Association and consulting firm Prometeia, the report said 68% of households claiming financial assets of 500,000 euros or more were located in the north.

Lombardy, the region around Milan, led Italy for wealthy households claiming close to one third of the total.

(ANSA) - Rome, October 30 - Italy's new Win for Life lotto game has become a big hit in its first month but there have been so many winners that it risks not breaking even, sector sources said on Friday.

The game, run by the Sisal betting group which also offers the popular SuperEnalotto game, has a top prize which gives winners a 'life salary' of 4,000 euros a month for 20 years but it also pays cash for a number of other minor winnings.