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Climate change could hurt Italy’s prized white truffles, worth twice the price of gold

“The fair price can increase to as much as 750 euros ($850) per 100 grams in years of scarce production” writes Associated Press for marketwatch.com. ALBA, Italy — Rising global temperatures are worrying truffle hunters around the Italian town of Alba, where the most prized specimens can fetch twice the price of gold.This year’s charity auction white truffle price — 12,000 euros for 100 grams ($13,200 for 3.5 ounces) — compared with a high price at this year’s fair of about 380 euros per 100 grams ($400 for 3.5 ounces). Source:…

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Italy declares state of emergency in Venice after flood…

“Mayor Luigi Brugnaro has estimated the damage to Venice at hundreds of millions of euros” writes Alexandria Sage With for yahoo.com. Prime Minister Giuseppe Conte said the cabinet had approved the state of emergency and ordered the immediate release of 20 million euros ($22 million) in funds for “the most urgent interventions” in the devastated city after Tuesday’s flooding. Source: yahoo.com

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Iliad founder ready to pour 1.4 billion euros into the telecom firm

“PARIS (Reuters) – French billionaire Xavier Niel said on Tuesday he was ready to pour 1.4 billion euros into Iliad to show his commitment to the telecoms group he founded and majority owns, despite several tough quarters and a share price plunge” writes Midwest Communications Inc for 95kqds.com. The group, which competes against Orange , Altice Europe’s SFR and Bouygues Telecom in France, said in a separate statement that third-quarter revenue rose 8% to 1.34 billion euros.Iliad also indicated it would pay 2.6 euros per share in dividend.He said he…

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Vodafone ups earnings guidance after it returns to growth in second quarter

“This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa,” he said on Tuesday” writes Midwest Communications Inc for 95kqds.com. The company reported organic service revenue growth of 0.3% in the first half, as it returned to growth in the second quarter thanks to improvements in South Africa, Spain and Italy and a solid retail performance in Germany.Organic core earnings rose 1.4% in the half, and it said its…

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Osram backs AMS takeover as auto downturn triggers 2019 loss

“In the fiscal year ended in September Osram posted a 343 million euros ($377.99 million) net loss, down from a 188 million euros profit in the year-earlier period” writes Midwest Communications Inc for 95kqds.com. Osram said job cuts, efficiency measures and costs related to the takeover resulted in charges of 131 million euros.FRANKFURT (Reuters) – Osram urged shareholders to back a $5 billion takeover bid from Austria’s AMS and said it would cut costs and not pay a dividend as it posted a loss for the fiscal year ending in…

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Portugal hopes European tech investment will drive up exports

“Siza Vieira expects the majority of investment to come from European companies, stating that most of the firms announcing expansion in Portugal at the Lisbon event are European” writes Midwest Communications Inc for 95kqds.com. Virtually non-existent 10 years ago, Portugal’s start-up sector attracted 485 million euros ($537 million) in foreign investment and contributed to 1.1% of GDP last year.LISBON (Reuters) – European investment in Portugal’s digital sector can help address a shortfall in equity funding for start-ups and support an export-driving technology industry, Portugal’s economy minister said on Wednesday.A 30…

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Uproar As Finland’s Rich Win Right To Hide Income From Media…

“Public tax data is seen by many Finns as an important marker of the country’s commitment to equality and welfare” reports ibtimes.com. Noora Kontro, senior advisor at Finland’s tax administrator, said that the office agreed to the 200 withholding requests for “economic, social or health and security-related reasons”.Based on data made public, Finland’s highest earners last year were two founders of the games company Supercell, Ilkka Paananen and Mikko Kodisoja, who pocketed 109 million euros and 98 million euros, respectively.However, this year, Finland’s Chancellor of Justice announced it would investigate…

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Ferrari posts strong 3rd quarter earnings and ups guidance for 2019

“The Italian luxury carmaker said that pre-EBITA adjusted earnings would be around 1.27 billion euros ($1.42 billion) this year, topping a previous forecast of 1.2-1.25 billion euros, Reuters reported” writes Matthew Debord for businessinsider.com. Reuters added that “Milan-listed shares in Ferrari rose by more than 6% to a new all-time high of 153.70 euros after its results.”.  Source: businessinsider.com

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VW lowers 2019 outlook for vehicle deliveries as demand cools

“Nine-month adjusted operating profit rose to 14.8 billion euros, up from 13.3 billion euros, the carmaker said on Wednesday” writes Midwest Communications Inc for 95kqds.com. VW said a slowdown in global demand would result in 2019 Volkswagen Group vehicle deliveries being in line with year-earlier figures, adjusting its earlier forecast, according to which they would rise slightly.FRANKFURT (Reuters) – Volkswagen lowered its full-year outlook for vehicle deliveries, warning of slowing demand even as nine-month adjusted operating profit rose 11.2% thanks to sports utility vehicle sales and a jump in demand…

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