The euro came under further selling pressure in Asia Thursday owing to concerns about Cyprus as it prepares to reopen its banks after the weekend bailout, while political uncertainty in Italy also weighed.
Oil prices rebounded in Asia Wednesday but analysts said sentiment remains hobbled by fears that deadlock in the Italian elections could derail the eurozone’s nascent recovery.
Fiat boss Sergio Marchionne said Sunday that he expected the merger of the Italian car giant and its US partner Chrysler will take place in 2014.
It is not just stifling summer heat that is keeping shoppers at bay on Rome’s Via del Corso. As the economic crisis hits locals and tourists alike, many shops have little choice but to close for good.
Italian Prime Minister Mario Monti has voiced fears that tensions sparked by the eurozone crisis have already turned countries against each other and must not be allowed to rip Europe apart.
Auto giant Fiat will temporarily suspend production at one of its Italian plants between August 20 and 31 in response to slumping European car sales, the company said Wednesday.
There is one peculiar sight that is hard to miss in a tour of the Ferrari factory in Maranello, Italy: situated near the end of the final assembly line is a lone Shell gasoline pump ready to breathe life into each of the newly crafted California and FF sport cars.
This northern town which has been the home base of Ferrari since 1943, is a study in contrast.
Asian stock markets slid Tuesday as enthusiasm for a European plan to rescue Spain’s teetering banks turned to skepticism.
Italian Prime Minister Mario Monti warned Sunday over tears in the nation’s social fabric, urging people not to “give up” in the face of record unemployment and sweeping austerity cuts.
Heavily indebted Italy fell into recession late last year when the economy contracted by 0.7 percent from output in the previous three-month period, the national statistics institute said on Monday, confirming an earlier estimate.
Standard and Poor’s on Friday lowered the credit rating of 34 Italian banks in a move that follows the agency’s two-notch downgrade of Italy on January 13.
