Word: banca
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Political meddling in business is as commonplace in Italy as pasta on the dinner table. The late Enrico Mattei, for instance, operated E.N.I., the giant government petroleum complex, almost as a financial arm of the Christian Democratic Party. A major exception to the rule has been Rome's Banca Nazionale del Lavoro, which for 53 years has kept out of politics even though the Treasury Ministry is its majority stockholder...
Squabble Between Allies. Last week, though, the Banca del Lavoro was vault-deep in politics, and both Longo and Ettore Lolli, 58, his longtime No. 2 man and heir apparent, had resigned. Reason: a squabble between Christian Democrats and Socialists over who would be officially tapped to run Italy's biggest financial institution once Longo stepped out. The Christian Democrats favored Lolli, who has the backing of such important moneymen as Bank of Italy Governor Dr. Guido Carli and Treasury Minister Emilio Colombo. The Socialists, demanding jobs and economic power as the price for their 1963 split with...
Even Credit Cards. American banks have also introduced European businessmen to such U.S. banking practices as factoring and leasing, and are wooing smaller customers for the first time. Italy's Banca d'America e d'ltalia, which is controlled by Bank of America, last summer opened Italy's first bank consumer-credit service, provides loans of from $165 to $1,600 at a discounted 6% interest rate instead of the 30% to 100% interest that Italian loan sharks demand...
...called themselves Liberals. But in 1952, when Malagodi joined the party, it was, says one of its members, "in the seventh day of pneumonia." Thanks to his family's longtime prominence in Liberal politics and his own sharp intelligence-he was general manager of Milan's giant Banca Commerciale Italiana at 29-stocky Giovanni Malagodi rose to secretary-general of the party within two years. Ignoring the siren calls from left and far right, Malagodi and his colleagues hammered out a Liberal platform that, almost alone in Italian politics, opposes both private and state monopoly, and favors free...
...nurseries for its workers' use. Five other big firms have traveled south in the past year. The results are striking. In 1954 electricity consumption in the Italian south was up by 43.5%, radio sales by 15.5%, car sales by 42.6%, tractors by 35.6%. Said Italy's Banca Commerciale in its annual report: "For the first time since the unification of Italy, statistics for the South of Italy pull up the averages instead of pushing them down...