BRUSSELS, Oct 17- The commissioner for the EU budget, Guenther Oettinger, on Wednesday denied a media report saying the EU Commission had already decided to reject Italy's draft budget for next year. "I did not say there is a Commission decision on Italy," he wrote on Twitter after German magazine Der Spiegel published an interview with him on its website.
*Oettinger says Italy budget doesn't meet EU guidelines- Spiegel. *Italy announces bond buyback, reopening of five bonds. European Commissioner Guenther Oettinger said Italy's draft budget for 2019 was not in line with European Union guidelines, according to German magazine Der Spiegel, reviving concerns about a clash between the EU and Rome over the Italian...
EU Budget Commissioner Oettinger dismisses an earlier report suggesting the decision has already been taken.
*Plant near Venice already recycling disposable diapers. MILAN/ LONDON, Oct 17- A joint venture between Procter& Gamble and Italian healthcare group Angelini is working to create a sustainable recycling loop that would allow dirty diapers to be turned into plastic bottle caps and viscose clothing. Fater, a Pescara, Italy- based business that became a joint...
LONDON, Oct 17- Italy may have to act to contain a surge in its borrowing costs sooner than comments from the ruling coalition government suggest. But lawmakers' comments suggest the issue remains a contentious point as Italy draws up its spending plans, given Deputy Prime Minister Matteo Salvini's controversial vow to expand the budget deficit whatever the "...
*Italy announces bond buy-back, reopening of five bonds. Italy announced the bond buyback, combined with a reopening of several long-dated bonds, in a bond exchange deal due later this week. Italy's 10- year government bond yield was up 3 basis points to a session high of 3.48 percent, pushing the gap over Germany Bund yields above 300 basis points..
A parade of strong fundamental news helps the stock market forget the albatross of technical indicators that had been dragging things down.
*Italy/ Germany yield spread tightens to 296 bps. Italian Prime Minister Giuseppe Conte said on Tuesday he was proud of the budget, adding that austerity is no longer a path Italy can follow. Tria said he was confident he could explain to the European Commission that Italy needed to raise spending to offset a slowing economy and described the 2.4 percent deficit...
*Deiss says fate of Detroit car industry a salutary warning. FRANKFURT, Oct 16- German carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform their businesses to meet new regulations and adapt supply chains, Volkswagen's chief executive said on Tuesday. "If you look at the former bastions of the auto...
The spending plans proposed by Italy's coalition government are just what the country needs to grow, an economic advisor for the Lega party told CNBC.
ROME, Oct 16- European Union sanctions against Russia are damaging Italian businesses, Prime Minister Giuseppe Conte said on Tuesday, underscoring growing unhappiness in Rome over the long-running curbs on Moscow. EU leaders imposed sanctions in 2014 to penalise Russia for annexing Crimea from Ukraine and backing rebels fighting government troops in the...
ROME, Oct 16- European Union sanctions against Russia are damaging Italian businesses, Prime Minister Giuseppe Conte said on Tuesday, underscoring growing unhappiness in Rome over the long-running curbs on Moscow. EU leaders imposed sanctions in 2014 to penalize Russia for annexing Crimea from Ukraine and backing rebels fighting government troops in the...
*Deiss says fate of Detroit car industry a salutory warning. "If you look at the former bastions of the auto industry like Detroit, Oxford- Cowley or Turin, you understand what happens to cities when once powerful corporations and leading industries falter," CEO Herbert Diess told an auto suppliers conference in Wolfsburg, VW's manufacturing base.
FRANKFURT, Oct 16- Germany's carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen Chief Executive Herbert Diess said on Tuesday. "From today's point of view the chances are perhaps 50-50 that the German auto industry will still belong...
The Italian cabinet on Monday signed off on an expansionary 2019 budget, boosting welfare spending, cutting the retirement age and hiking the deficit to set up a showdown with authorities in Brussels over compliance with EU rules.
*PM Conte says it will be "change of gear" for Italy. ROME, Oct 15- Italy's cabinet was due to meet later on Monday but the approval of the 2019 budget, which envisages a jump in the deficit that has upset financial markets and drawn criticism from the European Commission, slipped to Tuesday. That is comfortably below the EU's 3 percent ceiling, but up sharply from a...
ROME, Oct 15- The approval of Italy's 2019 budget will slip by one day to Tuesday, Deputy Prime Minister Matteo Salvini said on Monday. The cabinet was initially due to approve the measure, which envisages a jump in the country's deficit, on Monday, but government sources said there were tensions between the ruling coalition parties over plans for a partial tax...
BRUSSELS, Oct 15- A row between the eurosceptic Italian government and the European Union over Italy's 2019 budget could escalate in the coming days if the EU Commission decided to trigger a procedure to reject the Italian budgetary plans. The unprecedented move would formally begin a long legal dispute that is likely to increase market pressure on Italy...
*FTSE 100 down 0.1 pct; midcaps down 0.7 percent. *Banks, housebuilders lead FTSE 100 losers. The FTSE 100 was down 0.1 percent by 0813 GMT, while the domestically focused midcap index fell 0.7 percent, further hit by warnings from ConvaTec and Superdry.
*PM Conte says it will be "change of gear" for Italy. That is comfortably below the EU's 3 percent ceiling, but up sharply from a targeted 1.8 percent this year, flouting EU rules which call on highly-debt countries like Italy to narrow the deficit steadily towards a balanced budget. The Commission says the budget will push up Italy's public debt which already...
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