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MILAN (Reuters) - Veteran Italian manager Luigi Gubitosi is seen ahead in the race to become the new chief executive of Italy’s biggest telecoms group Telecom Italia (TIM) (TLIT.MI), two sources familiar with the matter said. Telecom Italia on Tuesday lost its third boss in the span of two years when CEO Amos Genish was sacked while he was away on business in Asia. Genish had been appointed last year to run the underperforming former monopoly by TIM’s then controlling shareholder, French media group Vivendi (VIV.PA).
Since then however directors backed by activist U.S, fund Elliott have wrested control of the board, TIM’s board meets on Sunday to appoint Genish’s successor, One of the sources said Gubitosi had the full backing of Elliott and state lender CDP, which earlier university of tennessee cufflinks and tie bar gift set this year took a stake in TIM, siding with Elliott in the boardroom coup against Vivendi, A second source said Gubitosi could count on a majority of board votes at present but added the situation could still change before Sunday..
Telecom Italia was not immediately available for a comment. Gubitosi is currently one the commissioners managing loss-making state carrier Alitalia. The chief financial officer of car maker Fiat until 2005, Gubitosi is pitted against Alfredo Altavilla, who until recently was also a top manager at Fiat Chrysler Automobiles (FCHA.MI). Both Gubitosi - who also headed telecoms group Wind - and Altavilla sit on TIM’s board as independent directors proposed by Elliott. The first source said the name of Rocco Sabelli, a former head of Alitalia, was also “drifting around.”.
Telecom Italia has given no reason for Genish’s abrupt exit, Genish had been pursuing a three-year turnaround plan, focusing on a digital transformation and fixing TIM’s finances, but sources say some Elliott directors wanted him to put higher priority on a possible spin-off of its fixed-line networks, The spin-off could pave the way for the creation of a single broadband infrastructure company combining TIM’s network with that of smaller fiber-optic rival Open Fiber, The populist 5-Star Movement, which took office with ruling coalition partner the League in June, has placed the creation of a fast broadband network at the heart university of tennessee cufflinks and tie bar gift set of its industrial policy..
NEW YORK (Reuters) - Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.
Brent settled up 14 cents, or 0.2 percent, at $66.76 a barrel, The global benchmark fell 4.6 percent in the week, the sixth consecutive decline, U.S, crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96, university of tennessee cufflinks and tie bar gift set The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 percent in the week, also its sixth straight weekly decline, After Tuesday’s sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York..
“A relief rally was in the cards,” said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as U.S. production continues to climb, he said. Still, the day’s gains were likely to be limited as traders were cautious going into the weekend, he said. “It would take a brave soul to go home really long this weekend considering the slaughter we’ve had in the past eight weeks.”. OPEC ministers meet on Dec. 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.
U.S, crude production reached another record last week, at 11.7 million barrels per day, government data showed, The record output contributed to the biggest weekly build in U.S, crude stockpiles in nearly two years, U.S, drillers added two oil rigs this week, university of tennessee cufflinks and tie bar gift set bringing the total count to 888, still the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report , The rig count is seen as an indicator of future production growth..