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Italy to raise taxes on banks - govt sources
Reuters: [2008-05-16 14:34:00]
ROME, May 16 (Reuters) - Italy's new government will raise taxes on banks to help finance increased spending on law and order and fulfil its promises to cut or eliminate some taxes, government sources said on Friday.
Silvio Berlusconi's administration has promised that among its first measures it will scrap taxation of primary residences, reduce taxation of overtime wages and approve a package of measures to crack down on crime.
These steps will cost between 4-6 billion euros, two sources said. One source said the money would be found partly through "soft" tax hikes on banks.
Another said the intervention on banks would probably involve the regional corporate tax, IRAP.
There are no immediate plans to increase taxation of oil companies, as some media had reported, one source said.
((Rome newsroom; gavin.jones@reuters.com; Reuters messaging: gavin.jones.reuters.com@reuters.net; Phone: +39-06-8522-4232))
Keywords: ITALY BANKS/TAX
PRESS DIGEST - Canada - May 16
Reuters: [2008-05-16 14:11:00]
TORONTO, May 16 (Reuters) - The following are top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
THE GLOBE AND MAIL:
- Wiped off the map and waiting for help; Villages in China completely leveled, survivors are left to beg for the basics by roadsides
- Low vitamin D heightens breast-cancer mortality rate; Disease twice as likely to spread in women deficient in the nutrient, study finds
- Think tank's funding tied to getting good press; The Department of National Defence sets quotas for how many times a year a military think tank it subsidizes must appear in the news media
- Mother wins child brainwashing case; Boy can be sent to U.S. facility to undo father's bid to instill hatred
Report on Business Section:
- Mackenzie gas pipeline faces new setback; Governmental panel postpones release of environmental report till 2009
- The mind behind the ads; Alex Bogusky's next big advertising challenge is a multimedia sell job of Microsoft <MSFT.O>
- Slowdown fears easing? Then where's the growth
- CAW's Buzz Hargrove is all smiles after his final round of deals. But his successor faces a grim challenge, with an industry that could soon pack up and move on
NATIONAL POST:
- Vitamin D may fight breast cancer; Researchers caution against megadoses
- China sees seismic shift in censorship; Quake forces Beijing to drop media controls
- Model Canadians go from small town to center spread; Taylor Fuchs has been voted the world's most successful male model by Forbes Magazine, while Jayde Nicole was this week named Playboy's Playmate of the Year
- Keep National Football League out of Canada: B.C. Senator; plans legislation to protect the Canadian Football League
- Ontario to resume funding for sex-change operations
Financial Post Section:
- CAW settles with both Chrysler [CBS.UL] and GM <GM.N>
- Gazprom <GAZP.MM> in Quebec deal; Russian giant to ship LNG to conversion plant in first North American contract
- An ABCP legal conundrum; A decision on Canada's biggest restructuring could come as early as today, and it could set a nasty precedent for the civil justice system
Looking for more information from local sources? Factiva.com has 35 Canadian sources including Financial Post and The Globe and Mail. ((Reuters Toronto Newsroom, 416 941-8100, Fax 416 869-3436, toronto.newsroom@reuters.com))
Italian Stocks - Factors to watch on May 16
Reuters: [2008-05-16 08:06:00]
MILAN, May 16 (Reuters) - The following factors could affect
Italian markets on Friday.
Reuters has not verified the newspaper reports, and cannot
vouch for their accuracy. New items are marked with (*).
* FIAT <FIA.MI>
April new car sales in western Europe gained 9.5 percent,
thanks to a statistical quirk, while those for the Fiat brand
went up 7.9 percent, according to the latest figures from ACEA,
an industry body.
For a full story, double click on [nWEB5509].
BULGARI <BULG.MI>
Bulgari said net profit fell 4.6 percent in the first
quarter due to higher costs and a sales slowdown, but the
jeweller confirmed its outlook for the year as long as a tough
economic climate does not worsen.
For a full story, double click on [nL15833385].
PARMALAT <PLT.MI>
The U.S. trial began in the dairy company's case against
Citigroup <C.N>.
For a full story, double click on [nN15291317].
The company's shares fell sharply on Thursday on
disappointment over its first-quarter results.
UNICREDIT <CRDI.MI>
Turkish bank Yapi Kredi, which UniCredit controls with Koc
Holding <KCHOL.IS>, said it would launch a 920 million Turkish
lira ($736 million) capital increase.
For more, double click on [YKBNK.IS-LEN-RTRS]
INTESA SANPAOLO <ISP.MI>
The bank said on Thursday it had launched a 1 billion euros
subordinated Lower tier 2 eurobond targeted to international
markets.
For a story, double click on [nMAT008210].
* TELECOM ITALIA <TLIT.MI>
Bolivia said Telecom Italia had transferred some $90 million
to foreign accounts from its subsidiary Entel, recently
nationalized by the government.
Describing the transfer as a "reproachable" act, it said it
would affect negotiations over compensation with the Italian
telecommunications operator.
For a full story, double click on [nN15346368].
TERNA <TRN.MI>
Moody's downgraded Terna to "A1" and cut its long-term
unsecured issue and debt ratings to "AA3" from "A1"
For more details, double click on [nWNA0963].
ITALCEMENTI <ITAI.MI>
Moody's changed the outlook on Italcement's "BAA1" rating to
"negative".
For more details, double click on [nWNA0959].
CREDITO EMILIANO <EMBI.MI>
The bank said it wanted to raise up to 500 million euros in
a maximum five years through offering options and would seek
shareholders' approval.
BANCO POPOLARE <BAPO.MI>
The bank turned in a 9.1 percent fall in net profit to 260
million euros for the first quarter.
For a full story, double click on [nMAT008208].
GAS PLUS <GSP.MI>
Italy's fourth-biggest gas company said it had suspended gas
supply talks with Russia's Gazprom <GAZP.MM> but is still
evaluating a deal.
For a full story, double click on [nL1584093].
SORIN <SORN.MI>
The medical devices maker said in a statement late on
Thursday it had obtained approval to market the CRT model of its
OVATIO^OM family from U.S. regulators. The device helps
physicians treat patients of heart failure.
((Milan newsroom, +39 02 6612 9507, fax +39 02 801149,
milan.newsroom@news.reuters.com))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage)............<.PG.MI>
20 biggest losers (in percentage).............<.PL.MI>
Mibtel index.......... <.MIBTEL>
S&P/Mib index......... <.SPMIB>
Indice Mib-30......... <.MIB30>
Midex index........... <.MIDEX>
Allstars index........ <.ALLST>
Block trades.......... <.BLK.MI>
Stories on Italy...... <IT-LEN>
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................<EUR/EQUITY>
FTSEurofirst 300 index..............................<.FTEU3>
DJ STOXX index......................................<.STOXX>
Top 10 STOXX sectors...........................<.PGL.STOXXS>
Top 10 EUROSTOXX sectors......................<.PGL.STOXXES>
Top 10 Eurofirst 300 sectors...................<.PGL.FTEU3S>
Top 25 European pct gainers.......................<.PG.PEUR>
Top 25 European pct losers........................<.PL.PEUR>
Main stock markets:
Dow Jones...............<.DJI> Wall Street report .....[.N]
Nikkei 225.............<.N225> Tokyo report............[.T]
FTSE 100...............<.FTSE> London report...........[.L]
Xetra DAX.............<.GDAXI> Frankfurt market stories[.F]
CAC-40.................<.FCHI> Paris market stories...[.PA]
World Indices.....................................<0#.INDEX>
Reuters survey of world bourse outlook.........<EQUITYPOLL1>
Western European IPO diary..........................<WEUIPO>
European Asset Allocation........................[EUR/ASSET]
Reuters News at a Glance: Equities...............[TOP/EQE]
Main currency report:...............................[FRX/]
($1=1.250 Turkish Lira)
Keywords: ITALY MARKETS/FACTORS
Italian Stocks - Factors to watch on May 16
Reuters: [2008-05-16 07:11:00]
MILAN, May 16 (Reuters) - The following factors could affect
Italian markets on Friday.
Reuters has not verified the newspaper reports, and cannot
vouch for their accuracy. New items are marked with (*).
BULGARI <BULG.MI>
Bulgari said net profit fell 4.6 percent in the first
quarter due to higher costs and a sales slowdown, but the
jeweller confirmed its outlook for the year as long as a tough
economic climate does not worsen.
For a full story, double click on [nL15833385]
PARMALAT <PLT.MI>
The U.S. trial began in the dairy company's case against
Citigroup <C.N>.
For a full story, double click on [nN15291317]
The company's shares fell sharply on Thursday on
disappointment over its first-quarter results.
UNICREDIT <CRDI.MI>
Turkish bank Yapi Kredi, which UniCredit controls with Koc
Holding <KCHOL.IS>, said it would launch a 920 million Turkish
lira ($736 million) capital increase.
For more, double click on [YKBNK.IS-LEN-RTRS]
INTESA SANPAOLO <ISP.MI>
The bank said on Thursday it had launched a 1 billion euros
subordinated Lower tier 2 eurobond targeted to international
markets.
For a story, double click on [nMAT008210]
TERNA <TRN.MI>
Moody's downgraded Terna to "A1" and cut its long-term
unsecured issue and debt ratings to "AA3" from "A1"
For more details, double click on [nWNA0963]
ITALCEMENTI <ITAI.MI>
Moody's changed the outlook on Italcement's "BAA1" rating to
"negative".
For more details, double click on [nWNA0959]
CREDITO EMILIANO <EMBI.MI>
The bank said it wanted to raise up to 500 million euros in
a maximum five years through offering options and would seek
shareholders' approval.
BANCO POPOLARE <BAPO.MI>
The bank turned in a 9.1 percent fall in net profit to 260
million euros for the first quarter.
For a full story, double click on [nMAT008208]
GAS PLUS <GSP.MI>
Italy's fourth-biggest gas company said it had suspended gas
supply talks with Russia's Gazprom <GAZP.MM> but is still
evaluating a deal.
For a full story, double click on [nL1584093]
SORIN <SORN.MI>
The medical devices maker said in a statement late on
Thursday it had obtained approval to market the CRT model of its
OVATIO^OM family from the U.S. Food and Drugs Administration.
The device is to allow physicians to treat heart failure
patients.
((Milan newsroom, +39 02 6612 9507, fax +39 02 801149,
milan.newsroom@news.reuters.com))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage)............<.PG.MI>
20 biggest losers (in percentage).............<.PL.MI>
Mibtel index.......... <.MIBTEL>
S&P/Mib index......... <.SPMIB>
Indice Mib-30......... <.MIB30>
Midex index........... <.MIDEX>
Allstars index........ <.ALLST>
Block trades.......... <.BLK.MI>
Stories on Italy...... <IT-LEN>
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................<EUR/EQUITY>
FTSEurofirst 300 index..............................<.FTEU3>
DJ STOXX index......................................<.STOXX>
Top 10 STOXX sectors...........................<.PGL.STOXXS>
Top 10 EUROSTOXX sectors......................<.PGL.STOXXES>
Top 10 Eurofirst 300 sectors...................<.PGL.FTEU3S>
Top 25 European pct gainers.......................<.PG.PEUR>
Top 25 European pct losers........................<.PL.PEUR>
Main stock markets:
Dow Jones...............<.DJI> Wall Street report .....[.N]
Nikkei 225.............<.N225> Tokyo report............[.T]
FTSE 100...............<.FTSE> London report...........[.L]
Xetra DAX.............<.GDAXI> Frankfurt market stories[.F]
CAC-40.................<.FCHI> Paris market stories...[.PA]
World Indices.....................................<0#.INDEX>
Reuters survey of world bourse outlook.........<EQUITYPOLL1>
Western European IPO diary..........................<WEUIPO>
European Asset Allocation........................[EUR/ASSET]
Reuters News at a Glance: Equities...............[TOP/EQE]
Main currency report:...............................[FRX/]
($1=1.250 Turkish Lira)
Keywords: ITALY MARKETS/FACTORS
PRESS DIGEST - Indian Business News - May 16
Reuters: [2008-05-16 05:18:00]
MUMBAI, May 16 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
ECONOMIC TIMES (www.economictimes.com)
* The annual review of the policy on external commercial borrowings, expected in a fortnight, could ease some of the end-use restrictions now in place. A relaxation in the restrictions on raising funds abroad is likely.
* Reliance Industries Ltd <RELI.BO> is talking to three mid-sized oil companies, Australia's Santos Ltd <STO.AX>, Devon Energy and AARCO of the US, to bid for oil and gas blocks in the seventh round of the New Exploration Licensing Policy.
* The unified goods and service tax may not debut by its April 1, 2010 deadline. States want a separate tax rate for goods and services, which the federal government may find difficult to accept.
BUSINESS LINE (www.businessline.in)
* The Sterling group is set to launch direct-to-home services by early 2009 under a new business, ETH Air TV, with a focus on educational content.
BUSINESS STANDARD (www.business-standard.com)
* Auto-component suppliers say they have approached Tata Motors Ltd <TAMO.BO> to raise the price of the Nano, the company's 100,000-rupee small car, due to soaring steel prices.
* Essar Steel is likely to join the race for Brazilian miner and steelmaker CSN's Nacionale Minerios. Goldman Sachs has approached Essar with the proposal and the company is considering it.
* Liquor companies are set to raise prices because of the high cost of molasses, a by-product of sugar, used to make potable alcohol.
TIMES OF INDIA (www.timesofindia.com)
* Bharti Airtel <BRTI.BO> has arranged funds to buy 51 percent stake in South African telecom major MTN <MTNJ.J>, a senior banker was quoted as saying. MTN's management, however, wants Bharti to buy out the entire stake.
MINT <www.livemint.com>
* Wipro Ltd <WIPR.BO> plans to enter the green energy technology business to offer customised solutions for solar, small turbines, biogas, biomass fuel and geothermal energy systems.
($1= 42.76 rupees)
Looking for more information from local sources? Factiva.com has 25 sources. For details about our products, please call your local help desk. To find out more about Reuters visit www.reuters.com.
(Compiled by Jasudha Kirpalani; editing by Sunil Nair)
((janaki.krishnan@thomsonreuters.com; +91 22 6636 9138; Reuters Messaging: janaki.krishnan.reuters.com@reuters.net))
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