Italy - Factors to watch on Feb. 12

Tue Feb 12, 2013 2:51am EST

The following factors could affect Italian markets on Tuesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

(*) FINMECCANICA

Head of Italian defence group Finmeccanica has been arrested in a corruption case centred on the sale of helicopters to the Indian government.

(*) RCS

Publishing group RCS confirms could cut around 800 jobs in Italy and Spain and is looking to sell or close a number of magazines.

POPE

Pope Benedict stunned the Roman Catholic Church on Monday when he announced he would stand down, the first pope to do so in 700 years, saying he no longer had the mental and physical strength to carry on.

British and Irish bookmakers ranked Nigeria's Cardinal Francis Arinze, Peter Turkson of Ghana and Canadian Marc Ouellet on Monday as favourites to lead the Roman Catholic Church, setting odds swiftly after Pope Benedict's shock resignation.

CURRENCY RATES

Italian Finance Minister Vittorio Grilli said on Monday that there is strong support from the Group of Seven for market-determined currency rates, a comment that comes amid suspicion that some countries are acting to depress their currencies in order to boost their economies.

ENI, SAIPEM

Eni has signaled it could be open to a sale of its oil services subsidiary Saipem after a widening corruption probe in Algeria left mud sticking to the oil major.

On January 28, Bank of America Merrill Lynch sold a 2.3 per cent stake, about 315 million euros worth of shares, in Saipem on behalf of BlackRock, the world's biggest fund manager, the Financial Times said citing people familiar with the deal.

TELECOM ITALIA

Moody's has cut its rating on Italy's Telecom Italia by one notch to Baa3, citing weaker cash flow and a failure to meet a year-end debt target as its core domestic market falters.

EXOR

Italian holding company Exor said on Monday it has decided to covert its preference and saving shares into ordinary shares to simplify governance and capital structure.

SAFILO

The company said on Monday it had signed a licensing agreement for eyewear with Bobbi Brown. The agreement will run until December 31, 2018.

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Stories on Italy...... IT-LEN

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