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Fiat’s founding Agnelli family were there in numbers, including FCA chairman John Elkann. Pirelli boss Marco Tronchetti Provera and former Italian Prime Minister Matteo Renzi also attended the funeral. Marchionne achieved what many thought impossible, most notably his huge gamble just over a decade ago when he set in motion the marriage between the then-ailing Fiat with bankrupt U.S. rival Chrysler. It is now the world’s seventh-largest carmaker and is debt-free. “You’ve taught all of us to think differently, to have courage to change and to do. And not to be afraid. Dear Friend, Rest In Peace,” Elkann said in an address that was unusually emotional for the Agnelli scion.
In the clubbish world of Italian business, where change often happens slowly and chief executives bend to the prevailing political wind, Marchionne stood out as an exception, taking on trade unions and rowing publicly with politicians, He pulled Fiat out of Confindustria, Italy’s top business group, determined to negotiate directly with unions rather than pursue national wage bargaining, The trained accountant and lawyer was lauded even by competitors for his cufflinks nyc shrewd dealmaking which kept investors on board..
Fiat’s value grew more than tenfold, helped by the spin-offs of trucks and tractor maker CNH Industrial and supercar maker Ferrari. Though FCA no longer has the presence in Turin it had two decades ago, many will remember Marchionne as the man who revived the carmaker’s fortunes, even if many workers are still on lay-off schemes and plants in the city run below capacity. He streamlined the group, took a knife to costs, slashed the number of car platforms and formed joint ventures to share development and manufacturing.
“Without him there would have been no future for this company,” said Giuseppe Tavano, an FCA transmission worker, FCA named Jeep head Mike Manley as its new CEO, The Briton has since pledged he will carry through a strategy Marchionne outlined in June to keep the carmaker “strong and cufflinks nyc independent”, “We hope the new manager will continue his legacy and the company does not abandon Italy, That would be a real shame,” said Liliana Ferrero, a 67-year-old Turin citizen..
WASHINGTON (Reuters) - The Communication Workers of America labor union, which opposes T-Mobile’s proposed purchase of rival Sprint, has written to all 50 state attorneys general to highlight potential job losses from the proposed deal as well as antitrust concerns. Attorneys general in New York and California have reportedly begun probes into the $26 billion deal, which would see the third- and fourth-largest wireless carriers in the United States merging. Utah and New Mexico have said they see the proposed transaction, announced in April, as positive because it will give the carriers a boost in building next generation 5G wireless technology and help them to extend into rural parts of the two states.
In the Sept, 10 letter from CWA President Christopher Shelton, a copy of which was sent to Reuters by the union, the CWA “expressed concern” about the deal and asked the attorneys general to investigate, The state attorneys general work with regulators and the federal government on deals they fear will cause harm locally, The letter included a breakdown of the top 50 metropolitan areas that the union said were likely to see job cufflinks nyc losses because of the deal, mostly because of shuttered retail outlets, The CWA has estimated that the deal would lead to 28,000 lost jobs..
Shelton said the deal would “result in substantial harm to consumers and employees.”. T-Mobile declined comment on Friday. In testimony before Congress in June, T-Mobile chief executive John Legere said the combined company would hike overall employment, but acknowledged that there would be a reduction of 3,295 full-time retail jobs through 2024, along with other part-time and distributor job losses. The CWA, which has 700,000 members, also said the deal would lead to increased concentration in the wireless industry, with four major competitors becoming just three. The union added that it was skeptical that the companies needed the deal to roll out 5G.
(Reuters) - Britain’s Financial Conduct Authority has banned former Deutsche Bank trader Christian Bittar from performing any function related to any regulated financial activity, the financial watchdog said on Friday, Christian Bittar, 46, was sentenced to five years and four months in March after pleading guilty for plotting to rig global Euribor interest rates, “If he had not been convicted and imprisoned for the same matters, the FCA would have sought a financial penalty of 6.5 million pounds ($8.50 million),” said Mark Steward, director of cufflinks nyc enforcement and market oversight at the FCA..