Italy - Factors to watch on January 8

Wed Jan 8, 2014 2:50am EST

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The following factors could affect Italian markets on Wednesday.

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

POLITICS

The new leader of Italy's Democratic Party (PD) said on Tuesday that he supported raising financial gains taxes in order to lower labour costs, and that he would put forward the proposal as part of a larger reform package.

Rome, cabinet expected to meet (0900 GMT).

ECONOMY

ISTAT release November unemployment data (0900 GMT).

DEBT

Treasury announces sale of BTPs and CCTeu, with relative amounts to be auctioned on Jan. 13.

COMPANIES

FIAT

Moody's placed the Ba3 rating of Fiat under review for a possible downgrade on Tuesday to reflect the impact on the Italian car maker's cash position of its plans to take full control of Chrysler Group LLC.

Fiat will begin modifying production lines at its Mirafiori plant in northern Italy very soon, union sources said on Tuesday, suggesting the company is making good on its pledge to safeguard car manufacturing in its domestic market.

Fiom metalworkers' union Secretary General Maurizio Landini holds news conference on Fiat on Wednesday (1200 GMT).

* BANCA MONTE DEI PASCHI DI SIENA

Market watchdog Consob has sent a letter to Monte dei Paschi asking to clarify if the bank's top executives will stay on, says La Repubblica. A decision should be taken at a board member likely to take place on Jan. 14. A group of Italian banking foundations that include Cariplo, Carifirenze and Cariverona remain interested in possibly buying a stake in Monte dei Paschi, according to La Repubblica.

BANCA POPOLARE DI MILANO

La Stampa and Il Messaggero say Banca Popolare di Milano Chairman would like to ask Monte dei Paschi CEO Fabrizio Viola to take the helm of the Milan-based bank. Pop Milano is due to hold a board meeting on Jan. 14.

* VENETO BANCA

The Bank of Italy is pressing for a merger between Veneto Bank and other lenders, Italian media said on Wednesday.

* ALITALIA

Company is holding a shareholder meeting to renew its board on Jan. 13. According to Corriere della Sera, former Alitalia CEO Domenico Cempella is the frontrunner to become chairman. Il Sole 24 Ore and Il Messaggero say outgoing chairman Roberto Colaninno is open to stay on.

ASSICURAZIONI GENERALI

The insurer said on Tuesday it had successfully placed a 1.25 billion euro senior bond. The issue was 7.5 times oversubscribed.

SALINI IMPREGILO

The Panama Canal and a Spanish-led building consortium expanding the major world cargo route are haggling over financing to keep work going amid a cost dispute, raising hopes of a deal.

ENI

A heavily armed autonomy group in eastern Libya said on Tuesday it would invite foreign companies to buy oil from seized ports and protect arriving tankers, challenging Tripoli which has promised to use force to stop them.

* ENEL

Enel is preparing to issue a euro 61-year non-call 6-year hybrid bond as part of its 5 billion euro ($6.80 billion) equivalent subordinated debt issuance programme, leads told IFR on Tuesday.

LUXOTTICA

Health insurer WellPoint Inc said on Tuesday it reached an agreement to sell an online eye glasses business, glasses.com, to Luxottica.

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