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Financial News

Italy Municipalities May Face Derivatives Ban Amid $3.4 Billion of Losses Italy, whose cities, regions and government face potential losses of 2.5 billion euros ($3.4 billion) on derivatives, may restrict their use among municipalities by boosting oversight and banning upfront payments.

Chrysler in Hibernation Means Marchionne May Have to Wait on Fiat Spinoff Fiat SpA, the Italian carmaker that helped Chrysler Group LLC emerge from bankruptcy, may wait to turn around the U.S. business before deciding on a share sale or spinoff for its automotive division.

Berlusconi's Control of Italian Media Industry Criticized by Soros Group Italian Prime Minister Silvio Berlusconi’s effective control of the country’s television market limits the public’s access to information, a group linked to billionaire George Soros said.

Italian Stocks Reverse Gains; Eni, Fiat, Intesa, Pirelli, Piaggio Active Italy’s benchmark FTSE MIB Index reversed previous gains, losing 97.80, or 0.4 percent, to 22,540.85 in Milan.

Eni Cuts 2009 Net Income on Provisions for Settling Nigerian Probe Claims Eni SpA, Italy’s largest energy company, said a provision for legal proceedings against the TSJK Nigerian venture reduced 2009 earnings by 250 million euros ($341 million).

Snam Rete Gas Monitoring for Eventual Acquisition Opportunities in Europe Snam Rete Gas SpA Chief Executive Officer Carlo Malacarne said the company’s acquisition strategy is to monitor for “possibilities of expansion” in Europe, waiting for European common rules, speaking in a conference call with analysts today.

Elia System Operator, Gemalto, IRIS Group, Thenergo: Europe Equity Preview The following companies’ shares may be active in European trading. Stock symbols are in parentheses and share prices are from the last close.

Finmeccanica's Agusta Westland Wins $764 Million Helicopter Order in India Finmeccanica SpA said in a statement that its AgustaWestland unit won a 560 million-euro order for 12 helicopters from India’s military.

Mondadori, Safilo, Seat Pagine Gialle Will Join FTSE Italia Mid-Cap Index Arnoldo Mondadori Editore SpA will enter the FTSE Italia Mid-Cap Index after the market closes on March 19, FTSE Group said in an e-mailed statement yesterday.

Pirelli & C. Stock Upgraded to `Outperform' From `Neutral' at Mediobanca Pirelli & C. SpA, Europe’s third- largest tiremaker, was upgraded to “outperform” from “neutral” at Mediobanca SpA, which cited a “deeply improved outlook.”

General News

Red-Coral Rescue Plans Endanger Italian Jewelry Makers of Torre del Greco The people of Torre del Greco, 10 miles south of Naples, have lived off the red corals found in the Mediterranean Sea for more than two millennia. A proposal to list the species as endangered may push the seaside town’s $217 million-a-year coral industry into extinction.

Italy's Biggest Labor Union Plans Strike Tomorrow to Protest Job Losses Workers belonging to CGIL, Italy’s biggest labor union, will walk off their jobs tomorrow for four hours to protest cuts at companies such as Fiat SpA, Alcoa Inc. and Antonio Merloni SpA.

Parmalat Founder Tanzi's Hidden Luxury Yacht Seized by Italian Police The 16-meter (53-foot) yacht Boobies owned by Parmalat SpA founder Calisto Tanzi was seized by police almost seven years after the collapse of Italy’s biggest dairy company led authorities on a hunt for his assets.



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