Word: paolo
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...size of the shipment and the price at which the firm planned to sell the bras: 10 million of them, wholesaling for just 50 cents a dozen. Italians buy about 40 million bras a year, so the 10 million represents three months of total Italian sales. For Paolo Zegna, that request to the Italian government confirmed his worst fears. "It's predatory pricing," fumes Zegna, president of the Italian textile trade group Sistema Moda Italia and co-chief executive of the Italian menswear giant founded by his grandfather, Ermenegildo Zegna. If such practices continue, he says, "in the coming months...
...week, EDF president Pierre Gadonneix and Paolo Scaroni, head of Italy's state-owned utility ENEL, agreed to develop joint projects in France and Europe, including those in the nuclear sector. An end to the static? One Italian exec familiar with the negotiations dismisses the plan as little more than a p.r. move, and says it's too early for Rome to consider lifting the cap. And onerous put options may yet force EDF to exit Italy. But Italian utilities might want to buy a piece of Italenergia and that "could get the French off the hook," says the exec...
...secret, closed-door Conclave for the next Pope whenever John Paul's health does eventually fail him. Ratzinger has recently re-emerged as the top papal candidate from within the Vatican hierarchy, joining other front runners such as Dionigi Tettamanzi of Milan and Claudio Hummes of Sao Paolo. Vatican sources have told TIME that the length of the current papacy - now more than 26 years - may prompt the Cardinals to seek a shorter-term "transitional" figure. Ratzinger, 77, may fill that bill. His reputation as a hardline doctrinaire has given way to a sense that he knows how to balance...
...epithet of panzerkardinal and too many enemies. Well, their worrying may now resume. Sources in Rome tell TIME that Ratzinger has re-emerged as the top papal candidate within the Vatican hierarchy, joining other front runners such as Dionigi Tettamanzi of Milan and Claudio Hummes of S??o Paolo. "The Ratzinger solution is definitely on," said a well-placed Vatican insider...
...over a decade, from about 1990 to 2003, investigators say, Parmalat borrowed money from global banks and justified those loans by inflating its revenues through fictitious sales to retailers. In a scheme that authorities charge was devised and executed by Tanzi, top managers, the firm's outside lawyer, Gian Paolo Zini, and two outside auditors, Maurizio Bianchi and Lorenzo Penca, it would then cook its books some more to make the debt vanish, by transferring it to shell companies based in offshore tax havens. (Zini, Bianchi and Penca deny any wrongdoing.) When the hole grew too large to hide, Tanzi...