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Fiat’s value grew more than tenfold, helped by the spin-offs of trucks and tractor maker CNH Industrial and supercar maker Ferrari. Though FCA no longer has the presence in Turin it had two decades ago, many will remember Marchionne as the man who revived the carmaker’s fortunes, even if many workers are still on lay-off schemes and plants in the city run below capacity. He streamlined the group, took a knife to costs, slashed the number of car platforms and formed joint ventures to share development and manufacturing.
“Without him there would have been no future for this company,” said Giuseppe Tavano, an FCA transmission worker, FCA named Jeep head Mike Manley sterling silver red rose cufflinks as its new CEO, The Briton has since pledged he will carry through a strategy Marchionne outlined in June to keep the carmaker “strong and independent”, “We hope the new manager will continue his legacy and the company does not abandon Italy, That would be a real shame,” said Liliana Ferrero, a 67-year-old Turin citizen..
WASHINGTON (Reuters) - The Communication Workers of America labor union, which opposes T-Mobile’s proposed purchase of rival Sprint, has written to all 50 state attorneys general to highlight potential job losses from the proposed deal as well as antitrust concerns. Attorneys general in New York and California have reportedly begun probes into the $26 billion deal, which would see the third- and fourth-largest wireless carriers in the United States merging. Utah and New Mexico have said they see the proposed transaction, announced in April, as positive because it will give the carriers a boost in building next generation 5G wireless technology and help them to extend into rural parts of the two states.
In the Sept, 10 letter from CWA President Christopher Shelton, a copy of which was sent to Reuters by the union, the CWA “expressed concern” about the deal and asked the attorneys general to investigate, The state attorneys general work with regulators and the federal government on deals they fear will cause harm locally, The letter included a breakdown of the top 50 metropolitan areas that the union said were likely to see job losses because of the deal, mostly because of shuttered retail outlets, The sterling silver red rose cufflinks CWA has estimated that the deal would lead to 28,000 lost jobs..
Shelton said the deal would “result in substantial harm to consumers and employees.”. T-Mobile declined comment on Friday. In testimony before Congress in June, T-Mobile chief executive John Legere said the combined company would hike overall employment, but acknowledged that there would be a reduction of 3,295 full-time retail jobs through 2024, along with other part-time and distributor job losses. The CWA, which has 700,000 members, also said the deal would lead to increased concentration in the wireless industry, with four major competitors becoming just three. The union added that it was skeptical that the companies needed the deal to roll out 5G.
(Reuters) - Britain’s Financial Conduct Authority has banned former Deutsche Bank trader Christian Bittar from performing any function related to any regulated financial activity, the financial watchdog said on Friday, Christian Bittar, 46, was sentenced to five years and four months in March after pleading guilty for plotting to rig global Euribor interest rates, “If he had not been convicted and imprisoned for the same matters, the FCA would have sought a financial penalty of 6.5 million pounds ($8.50 million),” said Mark Steward, director sterling silver red rose cufflinks of enforcement and market oversight at the FCA..
“As it is, we have prohibited him from performing any regulated function, reinforcing the message of the criminal court,” Steward said. Apart from Bittar, former Barclays trader Philippe Moryoussef was also sentenced to eight years for the same crime. The two men were charged with conspiring to manipulate the Euro interbank offered rate (Euribor), which helps determine rates on more than $150 trillion of financial contracts and loans worldwide, between January 2005 and December 2009.
“Between March 2005 and June 2009, Bittar made at least 81 requests to Deutsche Bank submitters for high or low EURIBOR submissions to benefit trading positions,” Steward said, Barclays was the first of 11 major banks and brokerages to be fined in 2012 in a global investigation into allegations of rate-rigging, Its $453 million penalty sparked a backlash that forced out former CEO Bob Diamond, an overhaul of rate-setting rules and the British criminal inquiry, Three sterling silver red rose cufflinks years later, Deutsche Bank was ordered to pay $2.5 billion and was accused of obstructing regulators and “cultural failings”, Its London-based subsidiary pleaded guilty to criminal wire fraud..