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Telecom Italia chairman could resign report

2013-09-28 16:03:00| Telecompaper Headlines

(Telecompaper) Telecom Italia Chairman Franco Bernabe is considering resigning at a board meeting scheduled for 03 October, a source close to the situation said. The source told Reuters, "We are heading towards a resignation." Bernabe has spoken out against possible plans by Telefonica to sell some of the company's most valued assets once it gains control of its Italian rival. A second person familiar with the situation said COO Marco Patuano could take up Bernabe's powers to ensure management continuity and that its core shareholders would name a new chairman with a broadly representative role. Poste Italiane CEO Massimo Sarmi is the candidate favored by the Telco shareholders as Bernabe's replacement, people familiar with the matter told Bloomberg. Bernabe is expected to present a strategic plan to the board on 03 October that may include a capital increase of up to EUR 5 billion to cut debt and fund investments. However the board is thought to be divided, as its core investors are reluctant to inject fresh cash into the company. In a parliamentary hearing earlier, Bernabe said Telecom Italia needed to raise fresh capital to avoid a credit rating downgrade to 'junk' status and that the best way would be through a capital increase.

Tags: report italia chairman telecom

Peruvian ministers resign over Amazon gas project

2013-08-06 07:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Survival International: At least three ministers have resigned in Peru, amidst increasing pressure to approve a controversial gas project in the Amazon. The plan to expand the existing Camisea gas project, which is within the Nahua-Nanti Reserve for uncontacted tribes, has been widely condemned, and in March the UN called for its 'immediate suspension`. Peru`s Ministry of Culture, charged with protecting indigenous peoples` rights, last week issued a report outlining the dangers the project would pose to uncontacted...

Tags: project amazon gas ministers

DealBook: 2 JPMorgan Directors Resign

2013-07-20 10:31:56| Chemicals - Topix.net

Two directors at JPMorgan Chase, who have received lackluster support from shareholders, resigned on Friday, the latest change in the aftermath of a multibillion-dollar trading loss last year.

Tags: directors resign jpmorgan dealbook