Word: iris
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...government holding company which also controls the jets of Alitalia, the luxury ships of the Italian Line and the nation's telephone and radio-TV networks. After suffering from indifferent sales early in the 1960s Alfa-Romeo has been revived largely by President Giuseppe Luraghi, 60. A onetime IRI executive, Luraghi was put in the driver's seat to balance speed and wind designing with cost accounting, marketing and long-range planning. Like many of his competitors in the U.S. and Europe, he sees world automaking as a pyramid, with expensive Rolls-Royces and Ferraris...
...Italians have taken to business gift giving with a frenzy, heavily favor French champagne or Italian spumante, Scotch and cognac. Martini & Rossi, Cinzano and Carpano all send out packages or cases of their best vermouth. ENI, the government-owned petroleum combine, gives champagne in decorative holders; IRI, the industrial combine, sends cases of high-quality Maccarese wine. No one cleans up in Italy like the Italian police. Companies have taken up the custom, long observed by the populace, of giving them presents at Epiphany. One result is that on Jan. 6 it is often difficult to spot a traffic...
...seven years the average age of its fleet on the competitive "Southern Atlantic" route, increased its capacity by 30%. Equally important, the twins created work for the Genoa and Trieste shipyards and the Italsider steel complex-all of which are owned by the Italian Line's parent, the IRI monopoly that is Italy's biggest enterprise...
Under President Vito Di Cagno, 67, a Christian Democrat who proved his administrative skill as president of IRI Finelettrica, one of the five largest electric companies in Italy before nationalization, ENEL has at least had the benefit of levelheaded management. From the start, Di Cagno has steadfastly resisted political pressures from the left and right, refused to permit the agency to become a pork barrel. All of ENEL's 828 executives come from the old companies, but most of its problems are the fault of nationalization itself...
...dispossessed power companies are using their compensation to invest in profitable new private enterprises. Edison, whose corporate shell was left in private hands after nationalization, is now a leader in chemicals, computers and farm equipment. Adriatic Electric has merged with huge and powerful Montecatini. Even the state-owned IRI Finelettrica-which managed to get "nationalized" by being swallowed up by ENEL-has shifted its investments into steel and a nationwide telephone system, is now channeling compensation money into new industrial development in southern Italy...