Business

Business

Moody's maintains negative outlook for Italian banks

Moody's Investors Service has confirmed its negative outlook for Italy's banking system in view of possible repercussions from the current economic downturn.

Fiat auto spinoff on hold

Plans to spinoff Fiat Group Automobiles (FGA) have been put on hold indefinitely following the Italian group's failure to acquire German automaker Opel from General Motors, Fiat CEO Sergio Marchionne said on Wednesday.

GDP 'could drop by 5%', Draghi

Italy's GDP could drop by 5% by the end of the year, Bank of Italy Governor Mario Draghi said Thursday.

ABI denies big business getting most available credit

The Italian Banking Association (ABI) on Monday denied claims made at the weekend that most of the available credit in Italy was going to big business and major employers.

Industrial orders and turnover drop in April

Italy in April once again saw double-digit drops in industrial orders and turnover although domestic orders for automobiles rose 4.6% over April 2008, national statistics bureau Istat reported on Monday.

Italy's public debt hits new record

For the third month in a row, Italy's public debt rose to a new historic high in April, breaking the record it had only set the month before, the Bank of Italy said on Monday.

Fiat and Chrysler officially hook up

Italy's Fiat and Detroit No.3 Chrysler made their partnership official on Wednesday and created the foundation for what the Italian automaker hopes will become a global player.

US govt asks Supreme Court not to block Fiat-Chrysler deal

The administration of President Barack Obama has asked the United States Supreme Court not to block the sale of automaker Chrysler to Fiat, White House sources said on Monday.

Fiat 'still interested' in Opel

Fiat is still interested in German carmaker Opel even though a rival has been picked as the preferred bidder by parent company General Motors and the German government, Fiat CEO Sergio Marchionne said Friday.

EU confirms record 1st quarter drop in GDP

European Union statistics bureau Eurostat confirmed on Wednesday that GDP in the euro zone sank 2.5% in the first quarter of the year, over the last three months of 2008, with a 2.4% drop for Italy.