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pope_john_paul_ii knelt before the bare stone tomb of st . francis today and prayed for the areas of central italy devastated by earthquakes three months ago . later , the pope urged crowds of several thousand people who cheered him to bear the hardship caused by the earthquakes ''in a franciscan spirit'' and to rebuild quickly , ' 'so that damaged homes , churches and other monuments may return to their earlier charm . '' frames of steel pipe , like a giant erector set , cradled the damaged walls of the transept of the huge basilica and stretched up the facade to provide access to restorers securing its partly collapsed vaults . the catastrophe left 11 dead and more than 13 , 000 homeless . this magical umbrian hill town , birthplace of st . francis , italy 's patron_saint , and a crucible of the renaissance , was the last of three communities the pope visited today in two regions hit by earthquakes in september and october , the worst in italy since 1980 . early_today the pope flew by helicopter from rome to the tiny hillside village of annifo , where many residents still live in campers and steel containers fitted out as dwellings . at a ceremony , the pope struck the central note of his message , asking , ''how could one not see in the destroyed homes , churches , streets and piazzas the emblems of wounded intimacy , of human ties violated , of historic continuity interrupted , of a sense of security lost ? '' but , he added , the earthquakes ''have not wiped from your hearts the greatest treasure the patrimony of your christian and human values . '' in the devastated village of cesi , about five miles from annifo , it was a moving moment when john paul entered the gray corrugated container that has been home for three months to celestino and maria albani . television microphones caught the conversation as the pope , who is 77 , asked the couple 's ages . mrs . albani , looking stunned and nodding toward her husband , said that she was 76 and he 81 . their marriage of 56 years ''is a beautiful marriage , '' she said , adding , ''there have never been words . '' the pope blessed them and said , ''may you live to be 100 . '' john paul , despite the heavy christmas and new year 's schedule just behind him , appeared rested . he wore a white coat over his robes in bright sunshine . after addressing the throng in assisi , he visited the adjacent monastery of st . francis and dined with the italian prime_minister , romano_prodi . giorgio croci , the engineer overseeing the reconstruction of the st . francis basilica 's vaults , with saints painted by 14th century masters like giotto and cimabue , said restorers were now securing the damaged vaults spanning the nave below the outer roof by plugging cracks with special compounds and anchoring the masonry vaults to the roof with steel cables . the task , he said , ' 'requires great attention . '' once the securing is complete , perhaps as early as the end of this month , restoration of the collapsed vaulting will begin . an earthquake on sept . 26 caused the collapse of two 360 square_foot sections of the ceiling , with frescoes attributed to giotto or his school and saints by cimabue . repairs will require the building of scaffolding in the 228 foot nave , below the vaults , and mr . croci said the goal was to be finished with restoration by the end of 1999 . in the year 2000 , millions of pilgrims will celebrate the beginning of christianity 's third millennium in rome and other pilgrimage sites like assisi . in many communities of umbria and the marches , the two regions hardest hit by the earthquakes , most houses are still standing . but in tiny villages like annifo and cesi , where the old stone houses are maintained by an aged population who have stayed on after their children have left to seek work elsewhere , the damage was heavy . reconstruction and rehabilitation have been given high priority by mr . prodi 's government , in an effort to avoid the recriminations that arose after a major earthquake devastated areas of southern_italy near naples in 1980 . then , reconstruction took years , or never happened , and the extent of the money earmarked for reconstruction that disappeared into the pockets of unscrupulous politicians came to light only with the corruption investigations in italy in the early 1990 's . though the work of reconstruction is only beginning , franco barberi , the civil_defense official responsible for rebuilding , was applauded when he arrived at annifo to greet pope john paul .	has a location of italy
the italian government has proposed that companies pay a salary increase of 200 , 000 lire ( 120 ) a month for the country 's 1.5 million metal workers , prime_minister romano_prodi said in an interview on state television . the government 's weekend intervention was an attempt to settle a wage dispute that has lasted seven months . industry negotiators , who have offered 139 , 000 lire , said that was too high , while the proposal was welcomed by union leaders , who have been demanding rises above 215 , 000 lire . ( bloomberg business news ) international briefs	has a location of italy
lead ''the idea , '' said angelo jacorossi , the head of fintermica , italy 's fastest growing and biggest energy conglomerate , ''was never to get too enamored of our products . '' ''the idea , '' said angelo jacorossi , the head of fintermica , italy 's fastest growing and biggest energy conglomerate , ''was never to get too enamored of our products . '' the three jacorossi brothers inherited their father 's charcoal business in 1952 and turned it into a billion dollar energy holding_company . they have prospered in the wildly cyclical energy business by being flexible when cheap fuel_oil abounded , they made millions selling oil burners . when the price of oil rose , they marketed the equipment needed to use less of it . ''they 're aggressive and clever , '' said guido roberto vitale , managing director of euromobiliare , the milan brokerage that the family will use to take 25 percent of fintermica public this fall . ''they 've built a strong company on a very volatile market . '' now the family faces the challenge of sustaining the company 's growth as flagging world trade causes italy 's export oriented economy to slow . so far , the jacorossis have proved themselves adept at responding to changing economic conditions . during the 1950 's , as cheap oil became widely available , they shifted emphasis from coal to oil . when methane deposits were discovered in the adriatic sea , they quickly moved to claim a piece of that business . the brothers also went into services developing turnkey heating and cooling systems for homes , offices and factories . and they snapped up small electronic companies to offer the sophisticated process controls that became the heart of energy systems . to finance the company 's growth , the jacorossis devised an intricate net of cooperative agreements . in 1970 , for instance , they linked up with agip , the government owned fuel company , in a deal that provided them with access to agip money , and agip with access to their distribution network . the jacorossis' energy empire grew through outright acquisitions , too . last year , when texaco decided to leave italy , the family bought its italian subsidiary , along with 850 service stations . to diversify , the brothers purchased a stake in a group that cleans industrial wastes and forged a link with united_technologies' otis unit to make and sell elevators in italy . the jacorossis created fintermica in 1974 , to coordinate the companies . today 38 companies fall under fintermica 's umbrella . no other energy company in italy competes with fintermica on a national scale . the company had total sales equivalent to more than 3 . 1 billion last year . ( but its pretax income amounted to 10 . 9 million almost a third less than the year before , because of falling oil prices . ) though widely different in temperament , the three brothers cooperate closely . angelo , 54 , president of fintermica , is bubbling and dynamic , despite some rough personal experiences in 1979 , he was kidnapped by terrorists and held for three months in a tiny underground cubicle until the family paid a 620 , 000 ransom . ovidio , 52 , a quiet , thoughtful planner , heads jacorossi s.p.a . giancarlo , 40 , has been integrating texaco 's holdings after the takeover . the three have emerged , in this nation infused with art and architecture , as important sponsors of contemporary_art . they also donated a museum surveillance system based on a computerized climate control unit they developed to the peggy guggenheim collection in venice . despite the success of their family style management , the jacorossis say they must bring in more outsiders to the top ranks of the business if fintermica is to continue its expansion . ''as family control becomes the great limit to the system , we 're gradually professionalizing , '' said angelo , using his preferred word for describing the introduction of non family executives . ''you know , '' he said , ' 'my brother i get from the eternal father my partner i choose . '' in addition to bringing in more professionals , the brothers want to strengthen the role of fintermica , the holding_company , in the day to day management of its many components . will such centralized management mean the end of the nimble adaptability the jacorossis are known for ? ''i do n't think so , '' said angelo jacorossi . indeed , in giving up the notion of complete family control , the jacorossis are showing that they are adapting as nimbly as ever . italy host for the economic summit a land of family businesses	has a location of italy
the foundation controlling instituto bancario san_paolo di torino s.p.a. , italy 's largest bank , said yesterday that it planned to sell 20 percent of the company to the public to take advantage of tax breaks . at current market prices , 20 percent of san_paolo is worth about 1.6 trillion_lire ( 1 billion ) . the san_paolo foundation plans to reduce its stake in the bank to 45 percent from 65 percent by the end of this year . the move comes in response to a 1994 law that encourages greater public ownership of banks through cuts in capital gains taxes . ( bloomberg business news ) international briefs	has a location of italy
for franco bernabe , who spent much of the last two years cleansing ente_nazionale_idrocarburi s.p.a. , the big italian oil and petrochemicals group , of an aura of political_corruption , the biggest challenge now is to sell off the state owned company to the public without more political interference . the outcome is crucial for eni , the world 's fifth largest oil company by sales , as the international chemical_industry awakes from recession and major oil companies stake out claims in the former soviet_union and china . the proposed privatization of eni is just part of italy 's campaign to sell state owned industries to private shareholders . two previous governments made a good start , thanks to the independence of the industries from political_parties , which were crippled after 1992 by italy 's wave of corruption scandals . previous privatizations brought to market some of the largest banks and financial service companies . but the companies now on the agenda , like the big stet telecommunications group , and the public_utility enel , in addition to eni , are pillars of the economy . eni supplies more than 50 percent of italy 's energy needs , a bigger share than any company in any other european country except spain . when mr . bernabe , an owlish 46 year old economist , took over eni in 1992 , the company was losing 515 million a year , and was shaken by disclosures of illegal payments to political_parties totaling more than 20 million in the 1980 's . the chairman , gabriele cagliari , was arrested , as were the heads of major divisions , like agip oil , the nuovo pignone turbine unit , the saipem pipeline company and the snam gas division . mr . cagliari later committed_suicide . to stanch the financial hemorrhaging , mr . bernabe made drastic cuts , shedding 65 subsidiaries and gaining powerful new partners , like union_carbide , for the ailing enichem chemicals division . yet chemicals will still produce operating losses of 600 million to 700 million this year , and only profits in oil and gas will enable eni as a whole to turn a net_profit , which mr . bernabe estimates at " largely above 1 billion , " on sales of 33 . 6 billion . mr . bernabe slashed thousands of jobs , bringing last year 's total payroll down to 100 , 000 . to raise cash , he sold off some family jewels like the nuovo pignone turbine unit , which an american consortium led by general_electric bought last year for 690 million . such streamlining may help little unless eni can aggressively expand its drilling and producing operations . to do so , mr . bernabe is focusing on natural_gas , an increasingly popular alternative to oil because of its abundance and cleanliness as a fuel for industry , power generation and home heating . geographically , he is shifting eni 's traditional focus from north_africa and the middle_east to eastern_europe and asia , striking gas and oil deals in russia and kazakhstan , on the caspian_sea , and in the caucasus , and in asia in the china_sea and in china 's central tarim basin . industry analysts give the company 's oil and gas business high marks . " on the oil side , they are very organized and in good shape they bounded back well , " said edward morse , the publisher of petroleum intelligence weekly , a leading trade publication . the company , he added , is " positioned remarkably well to become a global gas player . " yet streamlining may be of little long term use unless rome presses ahead with its privatization drive . " we 're not yet at a critical stage , " mr . bernabe said , " but at a certain point , if the process does not move ahead , inevitably there 's going to be a lack of tension , a lack of motivation , a lack of determination . " italy 's fractious government politics do not make things easier . calls for mr . bernabe 's resignation come occasionally from the neo_fascist national alliance , which has been keen to purge the top ranks of government run banks and industries . mr . bernabe also made enemies when he swept out eni 's old guard , dismissing top managers in 250 subsidiaries . the government faces several hurdles in preparing legislation for eni 's privatization . one is a lack of large domestic institutional_investors . pending pension system reform would permit the creation of large funds capable of stabilizing italy 's volatile investment market . another problem is the need to create a new energy authority to represent public interests in energy matters once eni is privatized . some legislators fear a foreign takeover , as occurred when britain privatized british_petroleum in the 1980 's and kuwaiti investors snapped up a large stake , prompting london to force a buyback of the kuwaiti shares . in italy , national emotions , as well as economics , are at play , thanks to the national alliance , whose heritage goes back to fascism 's traditions of national economic self reliance and government control of the economy . when eni goes to market sometime this year , mr . bernabe expects government rules requiring a majority stake to stay in italy and prohibiting majority control by individuals or investor groups . in addition , a decisive , or " golden , " voting share will remain in the hands of the italian treasury , which technically owns eni . doubts also persist within the government over whether to sell eni whole or to break out profitable parts like the agip oil and gas operations and sell them off piecemeal . yet the sale of eni is likely to be popular with investors . massimiliano casini , who follows italian shares at robert fleming securities in london , said investors broadening their portfolio to include italian companies and energy shares would want eni . " there are no real gas or oil shares in italy , so you would have a novelty effect , " he said . to succeed in the long run , analysts say eni must match the streamlining of industry leaders like exxon and british_petroleum . " the industry is coming out of one of its worst oil recessions , " said paul spedding , an oil analyst at kleinwort_benson in london . " once , 18 a barrel was considered the oil price floor . now , companies want to be profitable at 14 . " company news	has a location of italy
the impact of the designer joe colombo on the italian modern movement of the 1960 's was brief but decisive . his first design , a clear plastic arc of light called the acrilica lamp , won a gold_medal at milan 's triennale in 1964 . two years later colombo was described as italy 's most prolific and innovative designer . such early acclaim was justified by the succession of firsts credited to him , many of which used materials in ways that were new in offices and homes . those firsts included his elda armchair ( named after his wife ) molded of fiberglass with leather cushions ( 1965 ) , his stacking chair of molded abs plastic ( 1967 ) and his alogene quartz lamp shaped like an upside down metal serving dish ( 1970 ) . then , in 1971 , colombo , who was always seen with a cigarette or pipe in hand , died of a heart_attack on his 41st birthday . ''colombo was a true visionary in a time of visionaries , '' said paola antonelli , curator of design at the museum_of_modern_art . ''his vision was not for the single object but for systems and environments . his objects sold in the thousands , and there are very few visionaries of that period whose objects sold that way . amazingly , many of his pieces are still in production . '' now , a quarter century after his death , colombo 's design legacy is being reassessed both in italy and in this country . in the last year , major exhibitions of his work were held at the carrara academy in bergamo , italy , and at the milan furniture fair . a smaller survey , ''a colombo retrospective italian design in the 60 's , '' can be seen at the new york school of interior_design , on 70th street , east of lexington_avenue , through nov . 1 . his signature designs are well represented in this exhibition of 42 pieces , 29 of which are owned by charles gary solin , a new york collector who is the show 's curator . mr . solin , a former importer of modern furniture , supplemented his colombo pieces with others lent by the museum_of_modern_art , the montreal museum of decorative_arts , five manufacturers and several collectors . unlike most museum shows , this one has several pieces that show wear from years of use , injecting a dose of reality into the displays . colombo 's wizardry is evident in his use of hinges , wheels and interchangeable parts to make the pieces mobile and more functional . most of his designs combined technological sophistication with simplicity in both the shapes and surfaces . his storage system used plastic cubes that lock together at the corners with rods and screws . his portable kitchen , essentially a cart on wheels with a cooking surface , a refrigerator , a cutting board , cupboards and a can opener , was a tour de force of practicality . and his roll about boby cabinet , a kind of minidesk on casters with swing out trays , drawers and shelves , became a favorite of architects . of colombo 's 400 designs , 80 were put into production in his lifetime and 25 others after his death . ignazia favata , the architect who heads the joe colombo studio in milan and who supplied documentary information on the objects in the show , said there were still 30 colombo designs in production , including the acrilica lamp , the elda chair , the boby cabinet and a glass with a stem on the side so it can be be cradled between the thumb and index_finger . the china and plastic dinnerware he designed for alitalia airlines in the 60 's was until recently used on most of the carrier 's flights . colombo anticipated the multifunctional character of much of today 's furniture . ''now a chair or a table will only be designed as part of a system of furnishings , '' he said at the time . ''when these units are used in a child 's room , they look childlike . when an adult lives in them , they look adult . the individual client does n't exist any more . i 'm not creating tomorrow 's antiques . '' an artist in the 1950 's , colombo was a member of the nuclear school of painting , an italian derivative of abstract expressionism . when his father died of a heart_attack in 1959 , he joined the family 's electrical_wiring business . he sold it a few years later and then became a designer . but , because he came from the art world and worked independently for many manufacturers , he was never part of the design establishment . massimo vignelli , an italian born new york designer who had known him since high_school in milan , said , ''joe colombo was ahead of the time . '' ''he was a prime star of the italian design movement , '' mr . vignelli said . ''he had an incredible creative power , a familiarity with new materials , a language of his own and a trendiness . he was constantly working , and that 's what killed him . '' mrs . favata joined the colombo studio in 1968 . despite the fact that he had had a heart_attack the year before , she recalled , ''he was able to do 100 things at one time and was always working . '' she asked colombo why he worked 12 hours a day . he replied ''i have a short time to live . i have to make everything as soon as possible , very quickly . '' arts artifacts	has a location of italy
italy 's gross_domestic_product contracted in the fourth_quarter from the previous quarter and yearly growth fell to 2.4 percent from 3.4 percent , the government said yesterday . analysts , who had expected a decline , said italy 's economy was not slowing as fast as suggested in this report , which they said was distorted by the different number of working days in each quarter and by shifting inventories . the report was preliminary and did not include a breakdown of demand by sectors of the economy . full numbers will be reported on april 16 . ( bloomberg business news ) international briefs	has a location of italy
the economic system that sustained italy 's postwar development from ruin to leading industrial power has come unglued , causing a crisis of confidence that is undermining business and unmasking the real cost of the so called italian miracle . from the deeply depressed milan stock_exchange , where trading has slowed to a crawl , to the dark corridors of state owned industrial companies in rome , where politically appointed managers talk morosely of privatization , the gloom is uniform . " we are in the midst of a very deep fog , " said carlo scognamilio , the rector of the luiss business school in rome , " and only radical action to change the nature of the economy will get us out . " in the face of this impasse , a buzzword has caught on privatization . shipbuilding , steel , banking , mining , energy , aerospace , utilities and railways are among the sectors in which the state is either the sole owner or a dominant force . the trouble is , many of these enterprises are aimed more at serving political interests like preserving jobs than in making money . even so , if not exactly a panacea , a big selloff of state property is now seen by business executives , economists and some politicians as the only way to hitch italy , the world 's fifth largest economy , to the mainstream of europe and arrest what a former industry minister , renato altissimo , called " our slide toward cairo . " the country 's deterioration is a drastic turnabout from five years ago . then , leading companies like olivetti and fiat , spurred by a general economic upturn in europe , were raking in profits and economists were boasting that italy 's economy had overtaken britain 's in size . but in retrospect , the boom may have been a bubble that masked italy 's fundamental problems . these problems have come home to roost in twin crises afflicting the federal finances and the milan stock_exchange , italy 's principal stock_market . they are certain to pose a severe test to giuliano_amato , deputy leader of the country 's socialist_party and a former treasury minister , who was officially asked last week to try to form a new government . two figures sum up the extent of the nation 's plight . the first is a large one 1 , 469 , 831 , 000 , 000 , 000 lire , or 1 . 2 trillion . that is the size of the national debt after years of reckless government spending on every form of patronage , from jobs for teachers with no pupils to disability payments for entire villages of able bodied southerners . indeed , it has risen to 103 percent of italy 's total output of all goods and services . those include the fiat cars , olivetti computers , ferragamo shoes , parma hams and benetton clothes that forged the image of italy 's success . in 1983 , the debt equaled just 69 percent of output . by comparison the net public debt of the united_states , at a mere 37 percent of gross_national_product , is moderate . the second dismal figure for italy is the price of stock in fiat_s.p.a. , the company that symbolizes private enterprise and is a bellwether for the economy . the shares now trade for 5 , 425 lire , or about 4 . 60 less than one third the price at which the libyan leader col . muammar_el_qaddafi sold his 10 percent fiat stake in 1986 . " qaddafi proved a fabulous financier of startling prescience , " said isidoro albertini , a milan broker . holding on to affluence " italy cannot go on this way , " conceded giovanni_agnelli , the chairman of fiat . " the state is out of money , the stock_exchange stagnant . we will have to accept sacrifices and discipline . but the problem is that italy is a country of people whose affluence is recent , and they do not want to give up anything . " but the stock_market has already given up a lot . its index stands at a little over half the 1987 level . moreover , it has become clear that the dearth of capital on the market and the enormous government indebtedness are linked problems blocking italy 's development . because the treasury has to offer very high interest rates on its bonds to attract the billions of dollars needed to finance the deficit , private companies find themselves unable to compete effectively for savings . " instead of creating new enterprise , our risk capital is being swallowed shoring up the state . " said luigi cappugi , an economist . by selling chunks of state industries , the state may be able to raise as much as 50 billion over the next four years , thus making some inroad on the huge debt . this in turn should make it easier to reduce the annual budget_deficit , now running about 10 percent of gross_national_product , because the shortfall is largely caused by interest payments on the debt . then , once the government 's financing needs have been eased , more capital should eventually flow to the stock_market , helping to end the long slump in milan . obstacle to union " there is no other course but privatization , " argued gianni de michelis , a former minister of state industry who is now acting foreign_minister . " without it we will never reach the targets of maastricht . " the embattled maastricht_treaty , which calls for a single european currency by 1999 , states that only countries with budget_deficits of less than 3 percent of g.n.p . are admissible to monetary_union . it also obliges the 12 member states of the european_community to lower their national debts to under 60 percent of total output . of the major european economies , italy is by far the most distant from these goals . certainly , there is no lack of industry to privatize . money was in short supply when italy 's postwar reconstruction began , and great swaths of the economy have remained , increasingly anachronistically , in state hands . for example , more than 90 percent of the nation 's banks are state owned . even some pasta companies are state run . in all , economists reckon that close to 50 percent of the economy is government operated . among the bigger state owned groups and prime targets of the privatization plan recently approved by parliament is eni , the state owned energy company . with 1991 sales of 42 . 4 billion and net_income of 900 million , it looks attractive enough . the acting budget minister , paolo pomicino , said recently that shares would be offered in the fourth_quarter of this year . money losing units but a closer look at eni reveals the huge problems that are certain to afflict italy 's privatization drive and perhaps abort it completely . in effect , eni is a sprawling group in which a very profitable oil and gas operation masks chemical , mining , engineering and textile divisions that are losing money . eni even has a daily newspaper , il giorno , which also piles up losses . the chief justification for the unprofitable units is that they provide tens of thousands of jobs for a group that has long been well known as a fief of the socialist_party . while this may have been acceptable under the prevailing economic system that allowed parties to use state industries partly as vote gathering machines , it is difficult to see how it can be justified in the market place . for example , eni 's chemical operations lost 1 . 2 billion last year . in part , this reflected a worldwide chemical_industry slump . but there were other factors at play . " we have enormous overcapacity in the chemical sector and we would like to close various plants , " said gabriele cagliari , eni 's president , " but we cannot for social reasons . " he added that " social is just a nicer word for political . " other senior eni officials pointed to the group 's fertilizer plants . because the oil exporting countries that produce the methane from which the fertilizer is made also produce fertilizer at about half the italian price , the factories are not competitive . " but there are about 10 , 000 jobs at stake in sicily , calabria and puglia , so we cannot close the fertilizer plants , " said one official , who insisted on anonymity . mr . cagliari , a political appointee , seemed generally ambivalent about privatization . he said he would favor initially turning eni into a joint stock company and then selling small stakes in some parts of eni , like the oil unit , agip , and the gas unit , snam . " decisions in italy are very laborious and much had to be done before any of eni could be sold , " he said . " but in any event i can tell you we have a kind of religion on maintaining 51 percent and the state 's share in eni would not drop below that . " in all , at eni and at the state industrial holding_company iri a fief of the long governing christian democratic_party there are more than half a million jobs , a fabulous reserve of political capital for parties that have made patronage the basis of their strength . vehicle for graft state industry is also a vehicle for graft that can be very lucrative to politicians . for example , a 48 mile_pipeline between two eni chemical plants in northern_italy was recently found to have ballooned in cost because of kickbacks and overpayments for expropriated land . " in effect , " said mr . scognamilio , the rector of luiss , " politicians are being asked to cut off their own hands . " asked if the country 's notoriously slow moving political class could take such drastic action , mr . altissimo , the former industry minister , said , " i do n't see how parties will agree . i never knew a turkey that asked for christmas to be brought forward . " what is clear is that an immense , and very uncharacteristic , act of political will is needed to drag italy from its slump . with the country still searching for a government 10 weeks after an election , that looks hugely unlikely . but the alternative is grim . " if you sell state assets you strike at the heart of the italian political system , " contends fabrizio garimberti , an economist . " but politicians will be dragged kicking and screaming into privatization because it is the only way to solve the crisis of our public finances . and therefore it is the only way for italy to remain in europe . "	has a location of italy
lead the italian cabinet has approved a proposed 1989 budget that would put the deficit at 117 . 25 trillion_lire , or 83 . 7 billion . the plan , which parliament must approve , was adopted late thursday . it includes cutbacks in some health_care and cultural programs as well as in the national railroad . the italian cabinet has approved a proposed 1989 budget that would put the deficit at 117 . 25 trillion_lire , or 83 . 7 billion . the plan , which parliament must approve , was adopted late thursday . it includes cutbacks in some health_care and cultural programs as well as in the national railroad .	has a location of italy
right on the edge of this tiny mountain town , snug beside the main road into it , stands a cross . there is another cross atop a church that looms above all the other buildings , and yet another cross high on the wall of the room where the city_council meets . ''we have many crosses , '' said the mayor , anna rita coletti , in an interview inside that room on wednesday . but one cross in particular has caught the attention and stirred the passions of italians far and wide . it has also prompted an intense discussion about the proper place of christianity in italy 's identity about the right way to adjust to immigrants of different faiths that reflects unresolved tensions throughout western_europe . that cross hangs in the only elementary_school in ofena , about 90 miles east of rome . on saturday , a judge ruled that it should be taken down . the judge was responding to a lawsuit by a muslim man who has several children in the school and claims that the cross is discriminatory . italians responded to the ruling with a fury that dominated news coverage around the country for several days and has not yet abated . leading politicians of all ideological stripes denounced the decision as an affront to italy 's history and heritage . the vatican newspaper on monday and again on wednesday used its front page to protest the court ruling , and pope_john_paul_ii on wednesday made a point of saying that ''the cross of christ is the eloquent symbol'' of a loving , caring civilization . the pope , making brief public remarks , also called the cross ''the source of light , of comfort and of hope for mankind through all of time . '' italians do not always agree with him . although about 85 percent of italy 's 57 million residents are nominally roman_catholic , the majority of them do not attend church with any regularity . roman catholicism ceased to be the official state_religion nearly two decades ago , and both abortion and divorce , which run contrary to catholic teaching , are common here . but the idea that a cross should be banned from a classroom seems , for many italians , to be a step too far from their roots and too close to a kind of multiculturalism that is still largely foreign . ''the cross has always been there , '' said anna berardi , 56 , as she stood outside the elementary_school on wednesday , marveling at the phalanx of television news trucks in the parking_lot . ms . berardi , who said that she seldom attends church , was referring to the cross as a visual motif throughout italy , and she kept repeating herself . ''it 's always been there , '' she said . ''it 's how we were taught . it 's the way it 's always been . '' other italians said that the very ubiquity of the cross had turned it into a general cultural symbol as opposed to an exclusively religious one . they also said that to banish it from schools or city halls would be to deny the importance of christianity in italian art and even ethics . ''the crucifix has always been considered not only a distinctive sign of a particular religious credo , but above all a symbol of the values that are at the base of our italian identity , '' said italy 's president , carlo_azeglio_ciampi , earlier this week . mayor coletti rendered a similar assessment , saying that the crosses in public buildings were not so much spiritual symbols as civic ones . she compared them to the italian flags and portraits of president ciampi that also tend to hang in those buildings . ''they 're part of our history , '' she said . that opinion is shared by people who have fought unsuccessfully to have a reference to christianity inserted into the preamble of a constitution for the european_union . those advocates have lost out to political leaders who say that europe has become too diverse for any one faith to be singled out . italy has a relatively small muslim population 500 , 000 to 800 , 000 people , according to estimates . but new immigrants arrive every day , and there is an almost constant , palpable sense of unease about that in political debate and everyday conversation . italians openly wonder what the future will hold , and how far they will be asked to budge . ''we are trying to coexist with the immigrants , '' said alessandro ortenzi , 25 , one of about 650 year round residents of ofena . ''we build them mosques , and in milan they get two hours off every day during ramadan , '' he said . ''can you imagine an italian asking for an hour off work to say the rosary ? '' ofena survives mostly on agriculture and , in fact , has few immigrants . but it happens to be the home of adel smith , the outspoken , peripatetic advocate for muslims who filed the lawsuit . mr . smith is an egyptian immigrant with a scottish father . town residents said that no one in ofena had ever treated him or his children badly and that he was just looking to promote himself and several little known books he has written on religion and politics . mr . smith said he was seeking social_justice . ''either everyone is equal before the law or no one is equal , '' he said during a brief telephone interview from milan , where he had traveled to make the latest of many television appearances this week . ''either all of the religious symbols should be respected or none of them , '' he said . the italian constitution says all religions are ''equally free before the law . '' but a law from the 1920 's that has never been overturned says schools must display crosses . according to italian legal scholars and government officials , saturday 's court ruling is unlikely to usurp that law or apply beyond ofena . but the ruling is nonetheless reverberating throughout the country . several mayors of other towns near ofena have declared that they are going to distribute crosses to residents as christmas presents . the cross in the school in ofena has not yet been taken down . the italian justice minister has ordered an investigation into the ruling . local residents are waiting , watching and worrying . claudice d'adario , 60 , said that if muslims wanted to come ''with the koran printed on their outfits , that 's fine . '' ''but to get rid of a symbol that 's existed for so long , '' ms . d'adario said , ''is not right . '' ofena journal	has a location of italy
at the 61st annual convention of italian cardiologists , booths promoting the most advanced medical technology and drugs mingled comfortably with the niceties of a more permissive age cigarette filled ashtrays , bowls of chocolate and a legion of pretty young women in fetching yellow suits who are known in the italian convention world as hostesses . in italy , hostesses are found at almost any promotional event , whether it is a trade_fair , a medical convention , a law enforcement conference , a literary prize ceremony , a political symposium or the unveiling of a newly restored historic monument . young , good looking and trained to smile pleasantly at even the most boorish clients , the hostess is as familiar a feature of italian conventions as internet stations and teleconferencing hookups in the united_states . ''oh , you mean the girls who sit at the booths and ca n't really answer any questions ? '' joselyn file , an american_international development manager for the american college of cardiology , said with a different kind of smile as she distributed information about her institute . ''this is my first italian meeting , but i have to say they do get people into the booths , and that is the name of the game for pharmaceutical companies . '' hostesses , italian convention organizers explain , are part of the subtle art of italian business hospitality , where a ''bella presenza'' brings pleasure and prestige . the hostesses , often college students , are not generally hired for their technological know how or business acumen , or even their ability to direct conference attendees to the right hospitality_suite . good looks and a congenial disposition come first . but marta calderai , 18 , a high_school senior who was working as a hostess for the first time at the cardiology convention , had no trouble directing a befuddled italian doctor to hall a in the ornate halls of the cavalieri hilton . ''go straight , then turn left , '' she explained brightly . miss calderai was to the hostess trade born . her grandfather , enzo buongiorno , founded a conference planning agency . she said she did not plan to be a hostess forever ( ''it 's a lot of smiling'' ) , but she might go into the family business of conference organizing . ms . calderai and other well groomed hostesses strolled the halls or registered attendees . two young men in navy blazers and yellow striped ties , known as stewards , were charged with the more demanding task of managing the central information booth . ''some tasks require a masculine presence , '' maria tiziana andriani , a conference manager and a former hostess , explained . ''men can handle technology better , for example , working slide projectors . '' hiring pretty girls to brighten a conference or trade show and cater to clients is common practice in europe . ''hostesses are not just blond bimbos , '' said sarah storie pugh , the london based president of the international association of professional conference organizers . ''they have to look good , of course , but also must be level headed . '' the professional conference hostess is a vanishing breed in the united_states , where feminism has left a sterner stamp except perhaps at car shows . when hillary_rodham_clinton accepted an invitation to attend an international conference on civic education in palermo two years ago , the italian public_relations company that organized the event was instructed by the white_house to drop the term hostess , because it sounded demeaning . they used ''conference assistant'' instead . there are no such constraints in italy . even the vatican hired hostesses to attend to guests registering for the holy year jubilee for journalists in june . in business , which is also male dominated , conferences and trade fairs are still a mainstay of commerce . ''ninety percent of italian companies sell their products through middlemen and small retailers , '' said francesca golfetto , a professor of corporate communications at the bocconi business school in milan , ''whereas in the united_states 90 percent of companies sell directly to the customer . italian companies on average spend 30 percent of their communications budgets on conventions and fairs . they tend to be costly and very sophisticated . '' the hostesses say they enjoy the job , which is part time and pays relatively well , about 70 a day , not including overtime . in italy , where the government is still struggling to loosen labor rules , it is one of the few part time jobs that can easily be acquired . real hostesses sometimes accompany clients on organized sightseeing tours and to gala conference dinners , but they do not function as escorts . ms . andriani explained the difference ''the secret of the job is to be accessible to the client without being too available , so they do n't get the wrong idea . '' but some women do find themselves being hired by unscrupulous agencies that cater to clients with the wrong idea . ''there are the respectable , known agencies , and then there are other , more fly by night places , '' said fabio ceteroni , the manager of partyworld in rome and president of a union that represents professional leisure activity coordinators . he said he occasionally got tearful calls from young women who were asked to give too much on the job . too much seriousness is frowned on , even at the most sober scientific conferences . ''americans have no peers when it comes to hard work and advanced science and technology , but they do n't care as much about the softer side of life , '' gianfranco antonelli , a cardiologist from bari , said , explaining why hostesses are an essential part of a good conference . ''for centuries , we italians have been known for our appreciation of women . we have a reputation to uphold . ''	has a location of italy
the guggenheim_museum is planning to open three new museum sites in venice , with the italian city covering most of the costs . if things go as planned , officials at the guggenheim said , two of the 41 national pavilions in the castello gardens , the site of the venice biennale , would be converted into year round art spaces . the italian pavilion would become a museum of contemporary_art , and the american pavilion , already owned by the guggenheim , would exhibit works by contemporary artists . a third site , a 16th_century salt factory on the giudecca canal , would be transformed into the guggenheim_museum venice , also featuring contemporary works . because the details of the financing and renovation are not final , museum officials say , no opening dates have been set . since he became the guggenheim 's director seven years ago , thomas krens has been trying to open overseas branches to spread the museum 's name and to gain more exhibition space for its permanent collection . the guggenheim already owns and operates the peggy guggenheim collection in the palazzo venier dei leoni on venice 's grand canal . for the city of venice , the goal is not only to encourage year round tourism but to divert visitors from the crowded area around the piazza san marco . the castello gardens are about a mile from the piazza , and the salt factory is in the dorsoduro neighborhood on the giudecca canal , about half a mile away . the plan for additional museum sites emerged several weeks ago during previews of the venice biennale . " this is a collaboration in the best sense of the word , " mr . krens said at a news conference two weeks ago at venice 's city hall . " making a strong link between italy and the united_states is an important theme here . " gianfranco mosetto , venice 's deputy_mayor for culture and tourism , estimated that it would cost the city about 6 . 7 million to renovate the italian pavilion and the venice pavilion , which he said would be used to store many works when they are not being exhibited . ( the american pavilion has already been adapted for use in winter and has a climate control system . ) mr . mosetto said the renovation figure also included restoring the castello gardens themselves , which have fallen into neglect . the cost of transforming the old salt factory would probably come to at least 3 million , he said . italy 's central government will provide loans to help finance these projects , he added . the museums are part of a master plan devised by the mayor of venice , massimo cacciari , to alleviate severe overcrowding in the city 's piazza san marco area . with its cathedral , hotels , cafes and nearby docking area , the square is a magnet for tourists . " this will give people alternatives , " said mr . mosetto . " until now , the gardens have been one of the most underutilized spaces in venice . " the 41 national pavilions in the castello gardens , each of which is owned by its respective country , have traditionally been open only from june to mid october , when the biennale is in progress . in the years when there is no biennale , the pavilions are empty and for the most part so are the gardens . the city of venice has begun a campaign to persuade countries to use the pavilions for exhibitions for at least for six to eight months every year . " at the moment we have the united_states , korea and possibly japan ready to stay open , " mr . mosetti said . angela rose , director of visual_arts for the british council of the arts , which oversees the british pavilion , said the council did not have the money to renovate the pavilion for winter use or to staff it in years when there is no biennale . " we might consider opening every summer , but there is no market otherwise , " she said , adding , " in venice , the winter months are dead . " mr . krens is hoping that the arrival of year round contemporary_art spaces will change that . it is not the first time that the guggenheim has collaborated with a local administration in opening a museum . while the guggenheim will manage the branch it plans to open next year in the northern spanish port of bilbao , the basque region is footing the construction and operating costs of the museum , a 265 , 000 square_foot building designed by the architect frank_gehry . construction of the 100 million building is under way on the banks of the nervion river . operating expenses are projected at about 13 million a year . officials in the financially troubled basque region are hoping the new museum will attract enough tourists to justify the investment . in 1988 , mr . krens tried to open a branch in salzburg , austria , but the project was abandoned . venice has always been part of the director 's agenda . for seven years mr . krens has been negotiating with the italian government to lease an old custom house at the eastern end of the grand canal . his hope is to use the structure , roughly the same size as the wright building in new york , as another contemporary_art museum . the main reason for his persistence , mr . krens said , is that so many of the 6 , 500 works in the guggenheim 's permanent collection are in storage . despite the renovation that led to the fifth avenue building 's reopening in 1992 , " the reality is that we have no space to show our permanent collection , " he said . depending on what temporary shows are on view , the building can exhibit only about 20 percent of its artworks at a given time , though the museum 's soho branch occasionally mounts exhibitions drawing on the permanent collection . each of the venues in venice was conceived with a different focus . the italian pavilion will primarily be used for exhibiting artworks from two private collections that are being lent to the museum for five year periods . one is that of dakis joannou , an athens based collector who over the last 10 years has acquired 600 to 700 works by contemporary artists including eric fischl , jeff koons and rosemarie trockel . the second is being provided by giuseppe panza di biumo , an italian collector who over the years has donated , lent or sold a substantial number of artworks to the guggenheim in new york . count panza is now planning to lend the guggenheim about 2 , 000 works of predominantly minimalist work by artists including sol lewitt , stuart arens , peter shelton , mark lee and roni horn . mr . mosetto said he was seeking to complete arrangements for loans by 14 other collectors from across italy , making a total of about 3 , 000 works available for view in the italian pavilion . the american pavilion will primarily show works by contemporary artists invited to create art specifically for the space . the 350 , 000 square_foot salt factory , a short walk from the peggy guggenheim collection , will have several kinds of art spaces . the building will be used for in depth exhibitions on artists represented in the guggenheim 's permanent collection as well as traveling exhibitions . art that has been exhibited in the doge 's palace may also be shown there , but the plans are not final . some residents of the neighborhood surrounding the salt factory are angry at the prospect of tourists crowding their streets . " of course residents are n't happy , " mr . mosetto said . " when given the choice , everyone wants to live in a non tourist area it 's like being asked if you want to pay taxes . " mr . mosetto said the new spaces would bring a " higher cultural level " of visitors to venice , which lacks strong collections of contemporary_art . the goal is to sell " tourist services " to " today 's cultural consumers , " he said .	has a location of italy
newspapers and politicians around the country reacted with dismay to a report that a teacher in the northern town of como had substituted the word ''virtue'' for ''jesus'' in an italian christmas carol to make it more acceptable to muslim pupils . ''jesus banned in christmas songs'' read one front page headline , while an official of the rightist northern league suggested that italy was losing its identity and asked , ''are we going crazy ? '' jason horowitz ( nyt )	has a location of italy
the season 's end of the wildly popular radio program ''viva radio 2'' has left millions of italian listeners feeling bereft and disconsolate . the show 's popularity lured many famous guests sports , music and movie stars to the rome studios of the state broadcaster rai to take part in the madcap madness , a mix of talk show banter and improvisational cabaret , pushing ratings through the roof . mostly , though , devoted fans are pining for their daily dose of the show 's star rosario fiorello , better known by his last name alone and the menagerie of italian celebrities he so uncannily mimics , from former prime_minister silvio_berlusconi to the growly voiced sicilian best selling author andrea camilleri to the model and singer carla bruni . ''do n't leave us orphaned for too long , '' wrote a blogger named mary , musing on the fiorello less months stretching before her . sarah nichele , who runs a web_site devoted to fiorello , said that many people had written to convey ''how empty their lives were'' now that ''viva radio 2'' is off the air . the show will not return until october . fiorello was surprised to hear that a non italian paper was interested in interviewing him . apart from a bit role in anthony minghella 's 1999 film , ''the talented mr . ripley , '' he has n't exported his shtick outside italy . ( ''can i use the opportunity to say hello to some of my friends in america ? '' he asked , reeling off a hollywood a list that included john turturro , john travolta , sylvester stallone and dustin hoffman ) . but here he 's a superstar , and one of the country 's most popular showmen . in recent months he 's been on the cover of several magazines , including the italian edition of vanity_fair , a popular women 's gossip magazine and famiglia cristiana , a widely read roman_catholic news weekly . and it was fiorello who , on live_television , wished the italian soccer team good luck on behalf of the nation before it kicked off the first game . fiorello , 46 , is a former d.j . and television entertainer . despite past successes , he has no intention of returning to the small screen , for now . ''people say that when i left television for radio , i was going backwards , '' he said . ''but i see it as a step forward . it shows that in italy you can use inferior means to get tremendous results . '' he also does funny celebrity endorsements for fiat and for infostrada , a telephone company . he just recently came out with a reading of one of mr . camilleri 's books on cd . ''the fiorello phenomenon , '' read the cover of the catholic magazine . actually , the real phenomenon is that he has managed to breathe new life into an old medium . ''if radio is alive , if it 's at the center of the interest of experts and advertising investors , it 's above all because of fiorello , '' aldo grasso , the media critic of the milan daily corriere_della_sera , wrote in june . fiorello , mr . grasso continued , should be credited with ''bringing back the most rare and least technological good that exists talent . '' at radio due , home of the lunchtime show ( which runs again each night and the next morning ) , the mood is buoyant . ''it broke records , '' said eodele bellisario , deputy director of the channel , citing high audience shares and some two million radios tuned in each day . ''it was the event of the year , '' he added , even though ''viva radio 2'' had just finished its fourth season . marco baldini , one of the main writers , explained the show 's popularity ''it 's because we have fun together . even at 46 , we 're still horsing around . '' mr . baldini has cast himself as the straight man to fiorello 's verbal metamorphoses . ''and we try not to be vulgar , '' he added . this does not mean banishing the puerile altogether . on june 8 , before the show went off the air for the summer , mr . baldini strutted down the streets wearing flesh colored underwear , paying a bet that the show 's compilation cd would not go to the top of the charts . in less than a month , it had reportedly sold 60 , 000 copies . but ''viva radio 2'' is not all lighthearted banter . the show is topical . daily meetings start with scouring the newspapers . ''you ca n't be detached from reality , '' mr . baldini said during a telephone interview . ''the ideas just happen . '' the two stars regularly rail against various social problems . still , it 's clear that above all fiorello and mr . baldini have fun doing what they do , and the fun is infectious . wearing a baseball hat , military pants and sneakers , fiorello bounded into the studio before the taping of one of the last shows of the season and exuded good cheer , a knack held over from his start as an entertainer in tourist villages . with 10 minutes to go before taping , he took time to sign autographs , shook countless hands and was immortalized with admirers on dozens of digital_cameras and cellphones . the same routine was repeated after the show . with barely a pause during 75 minutes on the air , fiorello periodically went in and out of his various personae . a talented singer and performer he is currently on a stand up tour that has reportedly been seen by 350 , 000 he excels at impersonations poking gentle fun at quintessentially italian foibles and politicians . fiorello said that feedback from his subjects had always been positive . ''berlusconi is smart he knows that it 's to his advantage to be imitated and poked fun at , '' fiorello said . in fact , he said , he got letters from the supporters of romano_prodi , mr . berlusconi 's foe , demanding that he be imitated too . fiorello complied . one of his new characters is the recently elected president of the republic , giorgio napolitano . ''two minutes after napolitano was elected , we were already working on southern stereotypes , '' mr . baldini said . fiorello 's impersonation of the last president , carlo_azeglio_ciampi , whose mandate ended in may , was rewarded by an on air phone call from mr . ciampi . the politician unexpectedly called during a show in the spring , thanking fiorello for ''keeping me in line . '' the radio show has become so popular that italian newspapers have reported on ''viva radio 2'' clubs , groups of friends that met daily to listen to the broadcast . ''when you capture people over time , you become a friend of sorts , '' mr . baldini said . ''you get into their hearts . ''	has a location of italy
the european_commission today approved the takeover of the ford_motor_company 's european farm machinery subsidiary by fiat_s.p.a . after the italian company made a key concession . it approved the deal for ford new holland after fiat agreed to end its exclusive supply deals in italy , enabling competitors to enter that country . ending fiat 's dominant position in italy 's farm machine market was " a key element in our acceptance of the deal as a whole , as a result of which conditions for competition are substantially changed , " the community 's competition commissioner , sir_leon_brittan , said in a statement . sir leon said the merger would increase fiat 's position as a market leader in farm machinery in europe as a whole without giving the company a dominant position . under the merger , fiat will revoke its marketing arrangement in italy with 72 farmers cooperatives that acted as an exclusive distribution outlet for fiat farm equipment in italy . instead , fiat will offer each cooperative a distribution agreement that will compete with similar or better deals from fiat competitors , notably deere company . also , ford new holland dealers have 15 days to retain their current distribution agreements or sign up with fiat competitors , the commission said . by taking over ford new holland , fiat will consolidate its market position in the european farm machinery sector as a whole , particularly in the tractor and combine harvester markets .	has a location of italy
a nun in the central city of l'aquila was told that a photograph of her wearing a habit was not acceptable for a national identity card because her head was covered , italian newspapers reported , after a civil_servant there had also rejected a photograph from a muslim woman wearing a head covering . the equation between christian and muslim practices drew protest from the local roman_catholic bishop , and local officials are seeking clarification of a national law that requires photographs for the national identity cards to show a person 's features clearly . meanwhile , the papers reported , local officials are temporarily accepting photographs from women with their heads covered as long as their faces are clearly shown . ian fisher ( nyt )	has a location of italy
at last , the 20th olympic winter_games have finally finished . rarely have so many worked so hard to produce so dull and disappointing an outcome . and rarely have the flops , flubs and foul ups been so overwhelming . but enough about the advertising . let 's talk about the american athletes . no , let 's continue on the ads . most commercials that appeared during the 17 days of coverage on the nbc universal networks wore out their welcome long before it became apparent that bode miller would go o for the olympics and before chad hedrick and shani davis began auditioning for a sequel to ''the simple life . '' some spots offered relief from the claustrophobic feeling viewers felt as a result of the mostly canned coverage , but far too many commercials were unimaginative , derivative and pedestrian . and many that were initially entertaining lost their appeal after being rerun constantly . now it is time to present , in alphabetical order , imaginary medals in a post olympics advertising review . some awful commercials are receiving the feared lead medal for a base and debased performance . some spots that fell short or rang falsely are being awarded tin medals . the few commercials actually worth watching qualified for gold medals . here are examples of how advertisers and agencies fared allstate viewers were in good hands with a daffy spot for allstate that spoofed an amateur 's attempt to skate like an olympian , which caused an accident that left his car in the same state as the united_states hockey team . gold . agency leo_burnett , part of the publicis groupe . applebee 's commercials for the restaurants operated by applebee 's international were cornier than the opening and closing ceremonies put together . if you think your teeth hurt after noshing a sugary applebee 's dessert , try watching these spots , stuffed with clich d characters like a lonely elderly woman and a rookie firefighter . lead . agency foote cone_belding , part of the interpublic group of companies . h r block the commercials for the h r block tax preparation service were fine , until word came late last week that the company had encountered problems with computing the state income taxes it should report . in other words , a company declaring itself to be ''in your corner'' painted itself into one . tin . agency campbell mithun , owned by interpublic . bud light several commercials for bud light beer , brewed by anheuser_busch , were reprised from super bowl xl , including the hilarious ''magic fridge'' spot and a slapstick salute to fibbing husbands . one newcomer that stumbled featured cedric the entertainer as a serial groom who became a quadrigamist to get free beer . gold for the reprised spots , lead for cedric . agencies super_bowl , ddb worldwide , part of the omnicom_group cedric , cannonball . budweiser select spots for budweiser select , also from anheuser_busch , offered a welcome diversion from subpar skating and skiing in the form of a grown up guessing game , encouraging viewers to find various versions of the brand 's crown logo . the music , by the chemical brothers , was among the catchiest for any commercial . gold . agency peterson milla hooks . chevrolet the chevrolet division of general_motors delighted with its commercials , but they were repeated far too frequently . the best of the batch included spots about gophers digging , figuratively and literally , a new chevy suburban a frenetic olympic visit by dudes who wrote ''u s a'' on their chests and a winter_games fanfare delivered by car and truck horns . gold . agency campbell ewald , part of interpublic . coca_cola at last , some decent commercials for the coca_cola classic brand sold by coca_cola after what seems like eons of misfires . the spots about an oddball olympic cheering squad were the most entertaining , followed by ones that ' 'revealed'' the secret formula and celebrated ice . gold . agency wieden kennedy . dhl of the zillions of spots overflowing with images of olympians and winter sports , one of the few winners came from the dhl delivery service . the commercial took a light hearted look back at the tumble down travails of the american speed_skater dan_jansen , smartly set to the ''swing time'' standard , ''pick yourself up . '' gold . agency ogilvy mather worldwide , part of the wpp group . expedia spots for the travel web_site expedia stood out amid the bombast with their whimsical humor . the most amusing was a spot about how buying tiny toiletries tells the world you are vacation bound . gold . agency deutsch , part of interpublic . lenovo spots for the thinkpad line of personal_computers sold by lenovo showed the products fragmented into a million little pieces not the best imagery for a new brand after the james frey fiasco . tin . agency ogilvy mather . mcdonald 's a series of funny spots for mcdonald 's presented fast_food fans in one sided conversations with plastic statues of ronald mcdonald . the commercials would have been even better had they not come after a recent campaign by a competitor , burger_king , centered on its mascot and his oversize plastic head . gold for content , tin for timing . agency tbwa chiat day , part of the twba division of omnicom . nbc the incessant , interminable promotions for ''conviction , '' a drama that begins friday on nbc , made the series seem as watchable as paint drying on a wall of the network 's turin bunker cum studio . most disheartening was this turgid line of dialogue ''the man who did this will be punished , to the fullest extent of the law . '' we can hope the only subject of that sentence was the perpetrator of the dreary spots . lead . agency the nbc agency , part of the nbc universal division of general_electric . nike what gibberish was bode miller babbling in the commercials for his nike sponsored web_site ( joinbode . com ) ? it was a perfect match between a crusading campaign without a cause and a rebel without a clue . when mr . miller ended his italian indignity by telling a reporter , ''and man , i rocked here , '' madison_avenue replied in unison , ''do n't rock us we 'll rock you . '' lead . agency wieden kennedy . omega commercials for omega , the official timekeeper of the winter_games , were elegant , but lost all credibility with sharp eyed fans who noticed that the long track speed_skater at the beginning of the spots was headed in the wrong direction , clockwise rather than counter clockwise . note to omega , a unit of the swatch group the right way for skaters is the wrong way for watches . tin . agency 180 . samsung a commercial for samsung electronics cellphones , featuring the opening ceremonies and alberto_tomba , a former winter olympian , was delightful the first week . but the spot would not go away , turning up even during the closing ceremonies . gold for content , tin for frequency . agency burnett . schwab animated spots for the charles_schwab brokerage_firm were welcome for their low key tone . the best featured a man , complaining about bad stocks he owned , wishing there were a ' 'dog meter'' to detect duds . such a device would also come in handy for olympic ads . gold . agency euro rscg worldwide , part of havas . visa viewers took in the same ''life takes visa'' commercials for visa credit_cards far , far too many times . one spot , saluting michelle_kwan , ran so often after she left turin that puzzled viewers could be excused for wondering if she were still practicing figure eights on some secret piazza . tin . agency tbwa chiat day . volkswagen strange spots introduced a bizarre character named fast , symbolizing the need for speed when behind the wheel of the new gti sold by volkswagen of america . the commercials were compelling but sexist only men drove the car and all the women were portrayed as annoying whiners . gold for getting noticed , lead for sensitivity . agency crispin porter bogusky , part of mdc partners . advertising	has a location of italy
several of italy 's biggest companies have said in recent months that they are considering spinoffs or other separation of large chunks of their real_estate holdings to increase profit and returns for their investors . enel , a state owned utility , says it is studying how to spin off 3 . 6 billion in property , which is now managed by a wholly owned subsidiary . telecom_italia , the national phone carrier , has hired salomon_smith_barney to help it create one or more subsidiaries to manage 5 . 4 billion in real_estate holdings . one of italy 's largest banking groups , banca_intesa s.p.a. , a result of a merger between istituto bancario san_paolo di torino and an investment_bank , istituto mobiliare italiano , wants to separate 1 . 6 billion in real_estate holdings , either by creating a subsidiary or handing them over to a real_estate_investment_trust . the trend is even spilling over into italy 's government holdings . the defense ministry recently hired investment bankers to evaluate its real_estate the government social_security agency tendered offers for an evaluation of its assets with a view to improving returns . all are following a trend set recently by a big insurer , istituto nazionale delle assicurazioni , or i.n.a. , which spun off a stake of more than 85 percent in its property arm , unione immobiliare , or unim , in november and listed the shares on the milan exchange . unim owns and manages properties in milan and rome worth 2 . 9 billion . i.n.a . says it will divest itself of its remaining 14 . 6 percent stake in unim within 18 months . in a larger sense , the companies are following a european wide trend . until now , much of the activity centered on financial service companies like banks and insurers . since 1996 , sweden 's largest bank , se banken , spun off a company called diligentia with 2 . 2 billion in assets , while a group of finnish state owned banks and insurance_companies parked real_estate assets in a company named sfonda . the french insurers axa s.a . and assurances generales de france have sold real_estate assets to raise capital and reduce exposure to property markets . analysts and investment bankers say that following patterns in the united_states , a focus on increased profitability and return on assets is pushing companies to examine how they can get greater returns from bulging property portfolios acquired over the years . in addition , companies can use spinoffs to lift their share prices by ridding themselves of poorly_performing real_estate . ''bricks used to be the european refuge , '' said paola giannotti de ponti , head of italian investment_banking at salomon_smith_barney . ''but with markets demanding higher revenue from assets , we are seeing a focus on the capacity to generate returns . '' much of the activity here is a result of the italian government 's drive in recent years to sell state owned businesses to private shareholders . these companies , faced with the unaccustomed need to generate greater return on investment , have been hiring investment_banks to devise strategies for putting huge real_estate holdings to work . moreover , as interest rates plunged , pushed down by the need to prepare for the continent 's single_currency , the euro , italian businesses sought to squeeze more competitive yields from real_estate holdings and not let such assets languish . the potential for higher yields arose from a history of poor management . under past state ownership , valuable properties often housed government agencies at rents below market level . vacancies were widespread and , thanks to government coddling , there was little competitive drive for higher rents or fresh investment . with the exception of i.n.a. , most italian companies are still in the study stage . yet experts agree that over the next several years this could be followed by a wave of spinoffs . john carrafiell , head of real_estate in europe at morgan_stanley dean_witter , which managed the unim spinoff , said italian companies were plowing through a several stage procedure that involved identifying properties , understanding the alternatives , including property sales , spinning them off to shareholders as separate companies , or parking them in joint_ventures . mr . carrafiell said most companies ''are still in stage one or two , mainly because the information is just not there . '' american investment_banks , which pioneered real_estate investment trusts , are cashing in . in addition to managing the unim spinoff , morgan_stanley recently acquired a 155 million portfolio of nonperforming real_estate loans from istituto bancario san_paolo and is seeking profits by issuing bonds against them . i.n.a . 's reasons for leading the pack are many , experts say , and among them is that its real_estate was already held in a property_management division . but i.n.a . was prompted to take unim down the stock_market path because of its own high capitalization . with the unim spinoff , i.n.a . shed 2 . 9 billion in shareholder equity out of 7 . 5 billion at the end of 1997 . overnight , unim became the largest listed property company in italy and the fifth largest in europe , ranked by market_capitalization . i.n.a. , for its part , saw its return on equity soar to 7.9 percent from 4.6 percent , and demand for its shares surged . some analysts , though , noted a flip side a relatively low return on equity for unim , whose share price did not exactly take off after the spinoff , increasing about 6 percent through last week . still , they say , this could be attributed in part to lukewarm interest from british and american investment funds , whose reit holdings in the united_states have lagged behind the overall market . james pierce , an italy analyst with fox pitt kelton , a london investment_bank specializing in banking and insurance , said he thought that the performance of unim would improve , benefiting from its withdrawal from government influence and the recruitment of professional managers drawn by the challenge of running an independent company . moreover , analysts like mr . pierce say that italy 's property market is just now emerging from a protracted recession , with revived building activity and the first signs of rent and value increases since the 1980 's . in milan , the nation 's financial_capital , office rental rates had the first increase in 1998 in seven or eight years , though they remain 30 percent below their 1991 peak . ''if you ask whether it 's been a success , '' mr . pierce said , ''the answer is yes . '' international business correction january 1 , 1999 , friday an article in business day on tuesday about large italian companies that want to increase profits by reducing their real_estate holdings misidentified one , a large bank created in a recent merger of two banks . it is the istituto bancario san_paolo di torino . ( banca_intesa is a holding_company for two other banks . )	has a location of italy
with its return to europe 's currency grid today after four years out in the cold , the italian_lira inched closer to the goal posts set for the first currencies eligible for european monetary_union in 1999 . but if the two day ordeal in brussels this weekend that set a value for the lira was any sign , italy still has some way to go before it convinces its european partners germany especially that rome can be a founding member of the club . ''it is certainly not a comment on italy 's qualification for monetary_union , '' said a terse hans tietmayer , president of the bundesbank , germany central_bank , after the weekend of difficult meetings by top european finance officials and central bankers . italy was forced to settle for an exchange_rate that pegged the lira at a_level that was slightly stronger than many italian business leaders had in mind , and business executives and economists said the valuation might well hamper italy 's recent boom in exports . still , the center left government headed by prime_minister romano_prodi has set currency_union as its top priority , and getting the lira back into the fold was a victory of sorts , even though the rate 990 lire to the german_mark was below the 1 , 000 level that many italian officials had insisted be a minimum . as soon as the decision was annnounced late sunday_night in brussels , mr . prodi issued a statement calling it a ''consequence of the seriousness of our economic policy and the stability we have given the country . '' but some of mr . prodi 's opponents were sniping this morning at the brussels results . ''italian industry deserved better , '' said silvio_berlusconi , a media financier and leader of the center right opposition , echoing fears that a too strong lira will blunt italy 's competitive edge . some analysts said today that the struggle over the lira was just another sign that the race toward monetary_union was getting ugly . not only italy , but spain , france and even germany itself are having trouble meeting the guidelines set down by the maastricht_treaty for a single_currency , to be known as the euro . a particular problem for the governments is the requirement that public deficits be no more than 3 percent of the gross_national_product . others concluded that the negotiations over the lira 's re entry which proved significantly more difficult than the admission not long ago of the finnish markka had to do with lingering questions as to whether italy , known for its heavy debt and fickle politics , has the will and fiscal fortitude to stay the course set down at maastricht . add to that french and german resentment over the benefits reaped by italian exporters after the lira 's devaluation in 1992 , and , from the italian point of view , there is ground for a conspiracy theory . ''there is n't anyone in the chancelleries of europe who does n't know that one of the conditions for the success of the euro is that italy remain outside , '' wrote a commentator in today 's issue of il_messaggero . ''first of all , neither the germans nor the french want us . '' two years of membership in the exchange_rate_mechanism a system that limits currency fluctuations to a range of 15 percent in either direction is among the maastricht criteria . so , the re entry of the lira , which fell out of the currency band four years ago , was crucial to italy 's acceptance into the monetary_union by the starting date of 1999 . according to the treaty , countries must show that they have met the criteria by early 1998 . international business	has a location of italy
the truck division of fiat_s.p.a. , iveco , announced plans to lay off nearly 3 , 000 workers for three years , while seeking ways to reduce its work force permanently . a spokesman for fiat , italy 's largest private employer , said 2 , 983 workers would receive state unemployment_benefits under the plan . union leaders said they would ask the labor minister to negotiate an accord . the spokesman , speaking on condition of anonymity , said some of the workers might eventually find jobs in other fiat companies . others would be asked to take early retirement . he said falling revenue and lower european demand for trucks were behind the need to cut the work force . company news	has a location of italy
to the editor re the essay ''on high tech reproduction , italy will practice abstinence'' ( march 2 ) i am pleased that italy is grappling with the moral and scientific aspects of assisted reproduction and has thus far banned just about every form of it . it is nice to see a country that is paving the way to protecting human life in its earliest form . we need to set similar boundaries . as american politicians debate cloning and other forms of reproductive technology , i sincerely hope that they will show the same respect for human life that italy has so far demonstrated . lauren bennett farmington hills , mich .	has a location of italy
for most people , owning a centuries old ''appartamento'' in a medieval italian town is the stuff of dreams . for chris and meg phillips of austin , tex . , the fantasy has become reality . the couple shared a love for italy dating to their college days . after making annual visits between 2000 and 2004 , chris phillips convinced his wife that they should buy . on their first official shopping trip , in november 2004 , they visited casperia , a hilltop hamlet 40 miles north of rome , and fell in love with the shell of a place crumbling stone walls , antiquated beams and all . when the couple saw the hills , the ancient narrow streets of casperia ( no cars allowed few would fit ) and the view of the town from the property , they were sold . within 24 hours they had put in an offer and met with the husband and wife architecture team of conti rowland architetti . the umbria based team was recommended by johannes hermel and luisa biaocco hermel , who run a real_estate agency and www . casambiente . com , where the phillipses first found the property . exactly two years later , the couple are owners of il sogno , italian for the_dream . ''it was a hovel , really a wonderful hovel , '' said mr . phillips , a 59 year old lawyer , who is thrilled that his wife overcame her objections . nowadays , when the couple are not using the house , their four adult children are or it is being rented out . before her change of heart , ms . phillips , 59 , who teaches private_school , says she remembers thinking ''oh , come on ! we do n't need a second home in italy . '' ''i 'd always thought we would travel when we retired , '' she added , ''and i did n't want to be limited to one place . i thought buying a house , not just in italy , but anywhere , would do that . '' but when the phillipses wound their way up the via mazzini in casperia , they felt breathless with anticipation partly because of the 220 odd steps they had had to climb and partly because , when they stepped across the threshold of no . 26 , ''it felt like we were coming home , '' mr . phillips said . home , at that time , was two levels of ancient stone and dirt , shards of undated pottery , a hidden ( and , thankfully , long unused ) toilet outflow and walls that needed plaster . from all that , their builder , stefano fagiani , fashioned a living room , dining_room , kitchen and master bedroom suite , and , downstairs , a guest room and a second bathroom , all totaling a little more than 110 square meters , or 1 , 200 square_feet . early on in the process , mr . fagiani deduced that in the 12th_century , the lower floor had been used to store food he believes an ancient ''cisterna'' uncovered during construction was once a communal olive_oil vat . the second level ( the couple bought the whole thing from the same owner , who owns the apartment above il sogno ) was a 15th_century addition . while working on the kitchen , mr . fagiani also found remnants of an ancient stoop and what he suspected was an early road , possibly roman . the phillipses' need for a kitchen outweighed their fascination with the past , but not before the find was documented for what eventually became a privately published book , ''restoring il sogno . '' ''apparently that sort of thing happens all the time in italy , '' said mr . phillips , noting that the village 's origins also are somewhat obscure . ''i do n't think anyone really knows how long casperia has been there . virgil mentions a town in his writings that some people think is modern casperia . '' one thing is certain il sogno 's structure is part of a classic ''borgo , '' an ancient combination of houses , shops and even stables , built and rebuilt over many centuries , creating a plaster stone dirt continuum that can stretch for blocks . some surprises were not so pleasant . the casperia commune council refused their request to build a balcony off the master bedroom , something that mrs . phillips in particular had set her heart on . and last spring their neighbor and caretaker told them that there was a two inch layer of mold forming on the apartment walls , endangering the antiques and valuable textiles that the phillipses had started moving into the house . apparently moisture from the curing plaster had created the hazard , which fortunately was dealt with by repeated airing and the addition of shutters on the windows . the couple said it was the only problem that had truly challenged language barriers and spotty communication between texas and italy . and despite such issues , they said , they love the house and look forward to retiring in four or five years , when they will split their time between their american and italian homes . in the last two years , casperia has begun to attract more outsiders and expatriates , pushing up prices . mr . hermel , the phillipses' real_estate agent , said the cost of property in the city 's oldest section had increased by 30 percent since late 2004 . he estimated that a renovated space would sell for 2 , 000 euros to 2 , 500 euros , or 2 , 620 to 3 , 275 , and a ''fixer upper'' for 800 euros to 1 , 200 euros , or 1 , 050 to 1 , 570 . andrew rowland , the english half of the conti rowland architectural team , thinks the phillipses made a great find . he and his wife , olimpia conti , work frequently with americans who want to restore homes in italy . ''i think americans in particular like to restore , even if the restoration in some cases is quite extreme , '' mr . rowland said . ''they like to buy something as wrecked as possible . emotionally , most of the americans want to get into the history , to see the bricks and stone , the age . maybe they want to come back to their roots in some way . ''	has a location of italy
the italian government yesterday set the first part of its initial_public_offering of the energy company ente_nazionale_idrocarburi s.p.a . at about 6 billion , making it the largest global offering of the year . the government said it would sell about 20 percent of its stake to investors worldwide on nov . 21 at a price ranging from 5 , 250 to 6 , 000 lire ( 3 . 30 to 3 . 76 ) a share . that values the world 's eighth largest oil and gas company at as much as 30 billion . once the company , known as eni , is fully sold in the next few years , the company will represent more than 17 percent of the milan stock_exchange 's market_capitalization , making it the biggest company in italy . eni , with more than 30 billion in sales , is italy 's second largest in terms of revenue behind fiat_s.p.a . ( bloomberg business news ) international briefs	has a location of italy
the italian fashion house prada holding abruptly called off its initial_public_offering today , citing poor market conditions . it was the third time in a year that the offering has been pulled back . as late as tuesday , the company 's chief executive , patrizio bertelli , was insisting publicly that the sale would go ahead . market watchers had been eagerly anticipating the offering , which promised to be among the biggest in europe this year , valuing the company at 2 . 5 billion or more . the fact that it had been called off again suggested to some analysts that prada may have had overly high expectations for the amount of capital it could raise and the price it could command . others said it illustrated the very weak investor appetite for stocks in general . prada which besides its trademark handbags and other prada brand goods also controls miu miu , helmut lang , jil sander and other brands has pushed forward with expansion plans despite the slump in luxury_goods since sept . 11 . it has continued to open lavish stores , bringing its total to 150 boutiques in shopping meccas like manhattan , san_francisco , los_angeles , paris , tokyo and its home city , milan . but luxury_goods stocks have not fared well as consumers have cut back on travel and extravagant purchases . the largest company in the industry , lvmh mo t hennessy_louis_vuitton , has lost 20 percent of its stock_market value in the last year . its profit growth has slowed and rivals like gucci and prada have reported sharp falls in profit in the first quarter . ''the situation is so bad that going on with the initial_public_offering would have resulted in a much lower valuation of the company than forecast , '' said armando branchini , president of intercorporate , a milan fashion consulting company . the company had the backing of its underwriters in calling off the offering , he said , ''evidently all the banks believe it is good for them and not just for prada group . '' like lvmh , prada aggressively added brands to its stable in recent years , and now finds itself looking for ways to reduce the 799 million in debt it ran up in the process . last november , prada sold a 22 . 5 percent stake in fendi to lvmh for 260 million . in december , it issued 624 million in convertible bonds , underwritten by deutsche_bank , that can be turned into prada shares if the company goes public within three years . the terms of that bond issue and the company 's debt burden have led analysts to think prada will try again to go public before too long . today 's pullback ' 'does n't mean that the long term goal of coming to the market is out , '' said christian wagner , a fund manager with wagner consulting in zurich , who owns shares in herm s and bulgari . prada 's difficulties and the sour market climate have not so far stopped burberry , the british fashion retailer known for its distinctive plaid , from moving ahead with its own plans to go public . on monday , burberry said it would sell 25 percent of its shares to the public by the middle of july . both prada and burberry are currently showing their men 's collections in milan .	has a location of italy
lead the trevi fountain , one of rome 's most famous landmarks , is to receive a waterproof basin as part of an 830 , 000 restoration scheduled to begin next spring . the trevi fountain , one of rome 's most famous landmarks , is to receive a waterproof basin as part of an 830 , 000 restoration scheduled to begin next spring . the superintendent of the city 's antiquities , maria luisi cardilli , said most of the work would be on the marble statues that form the backdrop to the fountain . she said the basin , which is made of porous travertine stone , had developed leaks . work on the baroque 18th_century fountain , into which tourists throw thousands of coins daily . is expected to last one year .	has a location of italy
the specter of communism has long dominated the discourse of silvio_berlusconi , who casts himself as italy 's last line of defense against a tenacious scourge . it has also had a leading role in his legal stratagems , which portray the prosecutors who have charged him with corruption as left_wing zealots wielding hammers and sickles . but the prime_minister 's fear of the red menace has crept unexpectedly into a new sphere of italian life , and some of his political opponents are wondering how it got there . the evils of communism appear front and center in one of the themes that hundreds of thousands of italian high_school seniors could choose to write about in graduation exams given this month . that topic invited students to ponder ''terror and the political_repression in the totalitarian systems'' of the 20th_century and gives brief descriptions of fascism in italy , nazism in germany and communism in the former soviet_union and other countries . communism is blamed for the executions of about 100 million people , five times greater than the killings attributed in the exam to nazism . in the wording of the topic , it takes one sentence to denigrate fascism . it takes four to vilify communism . some historians and teachers have complained that the balance of the question is out of whack . ''i teach my students that of course communism must be seen in a negative light , but the goal of nazism was to kill people , and the goal of communism was to unite them , '' said giuseppe costantino , 61 , who teaches history in a high_school in naples . a few of mr . berlusconi 's political opponents have suggested that he or his allies might be trying to mold young minds . ''there 's been an increase a boost in historical revisionism since the center right came to power , '' said enzo carra , a center left member of parliament who follows education issues . piero fassino , the liberal leader of one of the principal opposition_parties , asked reporters when italians could expect to see the ''free distribution in schools , to all students , of all the works of berlusconi . '' mr . fassino 's statement was prompted by another of more than half a dozen essay options on the test , called the maturita , or maturity , exam . that topic was the importance of water to agriculture and development , and one of the pivots that students were given was a remark to that effect by ''the president of the council of ministers . '' in other words , the prime_minister mr . berlusconi . his opponents have raised enough concern about the exam that the education minister , letizia moratti , is scheduled to appear in parliament next week . ministry officials said that the fuss was ludicrous and that the exam was put together as it had always been , by scores of education experts . the prime_minister was not involved , they said . valentina aprea , an under secretary in the ministry , said the essay on totalitarianism ''was just one of many themes that the students had a choice to write about . '' students had to write just one essay from among the topics offered , including totalitarianism and the importance of water . the essay section was a quarter of the exam . ''if a student picked that question , they could have written much more about fascism than communism , '' ms . aprea added . ''we do n't dictate the balance in the answers . '' in regard to the essay on water , another official with the education ministry said most students would not connect the quotation that was provided to mr . berlusconi , who is not explicitly named . mr . berlusconi is the country 's richest man , and his holdings include three of the seven national television networks . three others are owned and operated by the state , which means that he has indirect influence over them as well . he also owns one of italy 's biggest publishing houses , mondadori , which several years ago released ''the black book of communism , '' a harshly negative appraisal of the ideology 's legacy . he once distributed hundreds of copies at a political rally , and it is mentioned and quoted in the essay topic on totalitarianism . verena gioia , 25 , who manages an internet chat_room for high_school students , said she sensed from the electronic conversations there that most students avoided the totalitarianism topic . they found it politically loaded , ms . gioia said , and they realized they could not guess the biases of whoever would grade their exam . many chose the essay option on water , she said , apparently not realizing what they were wading into . ''i did n't do the one on the dictatorships because it seemed too skewed and based on a distorted historical vision , '' wrote one student in a chat_room missive . ''now i find out that i did the question based on what berlusca says , '' the student added , using a derogatory nickname for the prime_minister . ''everywhere you turn , that dwarflike president appears . we have to do something . we must do something . ''	has a location of italy
first came the clothes and the label that made giorgio armani a synonym for " bella figura , " italy 's defining master of chic . then came the fall last saturday , mr . armani became the latest of the high ticket , high profile italian fashion designers to go before corruption magistrates in milan and , according to his lawyer , admit to paying a kickback to tax inspectors in 1990 . now it is time for the conspiracy , or at least the conspiracy_theories , that are as much a part of italy as pasta , or mr . armani 's suits , or the annual fall fashion shows about to spring onto the catwalks of milan . " why the designers and not the pastry makers ? " said phillipe daverio , a senior official at the milan city_council . " why did they start the investigations now , just a few days before the international shop window opens in milan ? " what rankles milan is that the investigations collide with the start on saturday of the ready to wear fashion shows that are central to italy 's fashion and textiles industries with a turnover last year totaling 59 billion , half of it from exports . " the timing was just too perfect , " said giuseppe della schiava , head of italy 's national chamber of fashion . " i ca n't point my finger at anyone in particular , but i do believe the fact that the news broke right now is part of a propaganda campaign against italian fashion . " but francesco saverio borrelli , chief of the investigative team in milan , denied that the fashion industry had been chosen for special treatment at a special time . " we do n't just go and see what 's happening in the world of fashion , or the world of football , or whether barbers are giving out proper receipts , " mr . borrelli said . " we do n't move that way . we move because of precise information . the important thing is that we do n't set out to poke our noses into unexplored territory just to see if there are crimes or a criminal there . " in the run up to the fall shows , scandal has cast a wide shadow across the houses of italian fashion . like mr . armani , gianfranco ferre , another top level designer , was interrogated on saturday by milan 's best known corruption investigator , antonio di pietro . other figures to have paraded before the magistrate include krizia ( whose given name is mariuccia mandelli ) , gianmaria buccellati , the jeweler and silversmith , and santo versace , the brother of the designer and entrepreneur gianni_versace . luigi monti , a founder of the basile fashion label , is in jail , facing interrogation in connection with 260 , 000 paid to tax inspectors . a few tax inspectors are in jail , too , for taking bribes . the amounts of money , in general , seem small by comparison with the million dollar transactions more frequently associated with italy 's 30 month long corruption scandal . but they have touched a nerve within an industry that liked to cast itself as aloof from such mundane matters , such skulduggery . " this is a great injustice , " said oliviero toscani , the photographer who takes the combative advertising photos for benetton , which so far has not been mentioned in the scandals . " they should make sure they do n't spit into a plate that 's full of good soup , " he remarked of the corruption investigators . " the giorgio armanis brought good fortune to italy . " of all of those under investigation , the name giorgio armani seems to strike the loudest chord because his clothes are so extensively sold through 2 , 000 outlets worldwide at what some people regard as affordable prices . jackets , for example , that are not made to order start at around 1 , 000 in the united_states and can range well above that . " they call him the king , the quintessence of elegance , " the newspaper corriere_della_sera of milan wrote . almost a third of armani 's sales are now made in the united_states and canada , with 28 percent in italy . in 1993 , the last year for which full earnings are published , the company and its subsidiaries reported a profit of about 50 million . earlier this year , however , the armani jeans wear division , armani a x exchange , showed substantial losses . mr . armani 's lawyer , oreste dominioni , said the designer " had to give in to the demands of the tax auditors to pay a sum of money " italian newspapers put it at about 66 , 000 . the payment was part of the latest phase of the long running corruption scandals , involving payments to government tax inspectors in return for favorable audits . the practice appears to have been widespread . the business people already caught up in the investigation include paolo berlusconi , the brother of prime_minister silvio_berlusconi . most of those implicated have said they were forced to pay the kickbacks by corrupt officials . " italy is a nation of thieves , " asserted mr . toscani , who is not implicated , " and if you work you sometimes fall into their web . " for now , the klieg light beam of the bribery investigation has turned to the fashion designers , custodians of some of italians' national pride . the inquiries , though , do not seem to have deterred italy 's high fashion divas . krizia is reportedly planning a dinner for 400 during the fall shows . giorgio armani 's guest list is said to number 600 . " i do n't understand why i should put myself in mourning , " krizia told the newspaper la_repubblica . " i 've never felt better now that i 've told the truth that was weighing me down . "	has a location of italy
lead until recently raul_gardini was viewed as the embodiment of the new italian entrepreneur glamorous , aggressive and ready to play a role in financial markets around the world . until recently raul_gardini was viewed as the embodiment of the new italian entrepreneur glamorous , aggressive and ready to play a role in financial markets around the world . but now , mr . gardini , whose ferruzzi group is italy 's second largest privately held conglomerate , after the fiat empire , stands accused of practicing italian capitalism in the old style with back room deals concocted among big players at the expense of ordinary shareholders . at the end of january , mr . gardini announced a complex plan to restructure his holdings and complete ferruzzi 's absorption of montedison s.p.a. , the chemicals giant that he took over last year . the stock_market registered its strong disapproval of the restructuring by going into a tailspin for most of last week , after a small rally friday , montedison 's shares closed 16 . 6 percent below their level when mr . gardini made his announcement , and ferruzzi agricola s.p.a. , one of the group 's principal operating companies , was showing a 13 . 6 percent loss . an index of the overall stock_market showed a drop of almost 6 percent from the previous friday 's closing . plunge under study consob , the stock_exchange 's regulatory_agency , has already begun an inquiry into the market 's drop . it is also demanding that mr . gardini move quickly toward a public listing of his closely held ferruzzi finaziaria , the group 's chief holding_company , which has been able to act with considerable secrecy . efforts in parliament to draft legislation regulating the activity of italy 's big industrial groups also received fresh support . authorities had no ready explanation for the cause of the downswing . testifying on the affair before the senate_finance_committee last thursday evening , franco piga , president of consob , said , ''we cannot exclude the possibility that abuses have been committed , that there has been excessive speculation not even that a huge uproar has been created by some who tried to organize insider_trading and were not able . '' along with many others , the committee chairman , beniamino andreatta , a powerful christian democrat , concluded that the stock_market 's image had been gravely damaged . in response to mr . piga , he said angrily and with some irony , ''this is a manipulated market which ought to be closed because it is something that resembles a house of ill repute more than a stock_market . '' the most common accusations against mr . gardini are that he announced his reorganization plans without providing investors enough information about his holdings , and that the plans brazenly benefit him at the cost of minority stockholders . but a senior executive of the ferruzzi group blamed the plunge on ' 'misunderstandings in the market , '' and he joined mr . gardini 's critics in blaming consob for not moving fast enough to halt trading in the most affected stocks . ''when it became clear that the market was not reacting well to our plans , the authorities should have stepped in quickly and asked for further information , because we responded fully when they eventually did , '' said the executive , who asked not to be identified . ambitious ferruzzi expansion a successful yacht racer and avid hunter , mr . gardini , 54 years old , gained a reputation for brilliance by transforming a small family company based in ravenna into an international conglomerate . the group 's annual sales have been estimated at around 10 billion , and in data released last week ferruzzi finanziaria claimed to be worth 1 . 77 trillion_lire , or the equivalent of 1 . 43 billion . mr . gardini 's most ambitious operation was the gradual purchase of 41 percent of montedison 's stock . an old milan based company with a base in chemicals and energy , montedison had been near bankruptcy in 1980 when mario schimberni , one of italy 's most dynamic executives , took over as chairman . a wrenching turnaround began , and by 1986 the company was again profitable . but it was still carrying a huge debt now calculated to total 7.6 trillion_lire , or about 6 . 17 billion . challenging italy to accept a form of corporate leadership more common in other lands , mr . schimberni proclaimed that he wanted to create a broad base of montedison stockholders . after decades of corporate domination by a variety of interests , he envisioned a management that could operate independently of montedison 's ownership . the gardini takeover ended this quest . mr . gardini initially proclaimed his complete faith in mr . schimberni , but last november he suddenly ousted the montedison chairman and took the helm himself . the stock_market has since been rife with rumors about mr . gardini 's intentions . ''we announced our restructuring plan a bit sooner than we expected in order to end all the speculation on the market , '' the ferruzzi executive said . 'a strategic design' the key element of the plan is to strip montedison of initiativa meta , its big , profitable financial_services subsidiary , and incorporate it within ferruzzi finaziaria . shareholders of montedison , which currently owns 61 percent of meta , would be rewarded with 15 ferruzzi shares for every four meta shares . montedison would lose other profitable holdings in retailing and services , leaving it a much smaller company concentrated in its less healthy chemical and pharmaceutical operations . the ferruzzi offering could raise about 2 trillion_lire , or about 1 . 62 billion , for mr . gardini to help pay montedison 's debts as well as to bolster his own position . at the time mr . gardini was buying into montedison , its stock was selling for roughly twice its current price . the restructuring plan was developed with the help of mediobanca , italy 's powerful state owned merchant_bank , which is in the process of going private . in the past mediobanca has frequently assisted italy 's big industrial families in maneuvers to protect family interests . the privatization plan has been promoted as an effort to make mediobanca a more democratic institution that is responsive to the small stockholders and mutual_funds that have increasingly invested in the stock_market . international report	has a location of italy
the ancient romans outdid almost everyone in making glorious glass objects . their italian descendants repeated that feat twice during two different periods . and while the impressive achievements of the renaissance have been well documented , those of the mid 20th_century are only now becoming widely known . the radical innovations that raised italian glass produced between 1930 and 1970 to the highest levels can now be seen in an exhibition at the corning museum of glass here in upstate new york and at two other exhibitions in manhattan . a remarkable example of the wit , daring and fragile beauty of these works is a frosty white bowl at the entrance to the exhibition here . with its rippled sides , it looks like a giant napkin of stiffened chiffon glowing in the light . the show , ''italian glass 1930 1970 masterpieces of design from murano and milan , '' which runs through nov . 9 , presents 200 pieces , forming the first comprehensive survey of this style in america . the white bowl was designed in 1935 by pietro chiesa , a milanese painter , and is a tour de force of glassmaking that has helped revive interest in works of this period . it was made from a thin , round windowpane , which , when heated , softened and collapsed into folds . chiesa 's savvy use of industrial glass to make such an elegant work anticipates the explosion of similar ideas with plastics and metals that took place in the 1960 's , when italian design revolutionized the look of furniture and lighting throughout the world . susanne k . frantz , curator of 20th_century glass at the museum , said the chiesa bowl epitomized the pioneering nature of these pieces . ''it was finished a year before alvar aalto 's more famous piece , a vase with rippled sides , was introduced in finland , '' she pointed out . ''and the bowl prefigures the biomorphic glass of the 1940 's and the modernist works of the 1950 's . '' the most innovative glass designer in the 1930 's and 40 's was carlo scarpa , a venetian architect . a master of deception , scarpa designed many pieces that looked like anything but glass a mottled blue bottle simulates stone , and a black bowl with a matte surface , speckled in white , resembles a piece of inlaid lacquer . scarpa 's transparent glass works are dazzlers delicately striped with wavering bands of reds and blues or patterned with miro like imagery . the colors intensify and the art images multiply in the work of fulvio bianconi , murano 's leading artist during the 1950 's . working with paolo venini , the producer most identified with 20th_century italian glass , bianconi designed vases and bottles that looked like abstract paintings as well as some high priced kitsch tall , masked theatrical figures wearing traditional venetian costumes . by the 1950 's , despite works by artists like picasso , miro and le corbusier , most of the excitement in murano came from lesser known designers . a bright_yellow ewer with a black zigzag handle by willy georges vuilleumier , a swiss sculptor , suggests a headless woman , living up to its name ''sensule . '' the pieces in the show at corning were collected in the 1980 's by the steinberg foundation of liechtenstein in consultation with rainer zietz , a london based german antiques_dealer who began buying 20th_century italian glass 20 years ago . another early collector , barry friedman , organized ''design italian style , '' an exhibition of furniture and 100 pieces of glass at his gallery on 67th street near madison_avenue , which runs through july 11 . some glass works are even included in ''masterworks italian design 1960 1994 , '' an exhibition of furniture , lighting and electronics at the bard graduate center on 86th_street off central_park west . scholars have only now begun to catch up with what collectors and dealers understood intuitively about the excellence of italian glass . the first such research on the style was done by eva schmitt , a german glass historian , and helmut ricke , director of the dusseldorf art_museum in germany , where the exhibition opened last fall . the two , who organized the exhibition , used information found in magazines and catalogues along with the production records of scores of glass factories and workshops in murano and milan to identify the designers and producers and determine when the pieces were made . ''italian mid century glass has been hot for 10 years , '' said ms . frantz , the curator at corning . ''but collectors and dealers who did most of the buying had to rely on their gut instincts in what they chose . there was no reliable information in print about most pieces . now , finally , we 're getting concrete documentation . '' vintage race car is sold a 1927 bugatti type 35b grand_prix race car , which was written about in this space last week , sold at christie 's on april 26 for 486 , 500 . arts artifacts	has a location of italy
when a fire broke out recently in an attic of the royal palace here , the flames were quickly detected and extinguished . but that accident reignited a simmering controversy over the way the palace is being used that is far more difficult to stamp out . the reggia di caserta , begun in the mid 18th_century for charles iii , the bourbon king of naples , to rival versailles , is one of the most imposing palaces in europe . president_clinton dined under its gold ceilings during the group of seven summit meeting held in naples in 1994 . the director george lucas chose its late baroque marble staircase for a scene in his coming ''star_wars'' movie , ''episode one the phantom menace . '' the palace has 1 , 200 rooms ( versailles has 700 ) and is surrounded by a 250 acre park that includes a 256 foot cascade . unlike versailles , however , the palace in caserta is not solely a museum . only 44 rooms are open to the public . eight hundred rooms are now under military_occupation specifically , the italian air force 's training school for noncommissioned_officers . the museum director , the culture ministry and art lovers want the military out . but the general in command at caserta and his men would prefer to stay , and they argue that they have no other place to go . local officials are caught in the middle they want the military to leave the palace , but they also want them to stay in caserta , where they provide 300 jobs and spend about 9 million a year . the emotional , many sided battle being fought in caserta , moreover , is decades old , and far from unique . it took nearly 50 years , but the culture ministry finally secured an agreement with the defense and finance ministries in 1997 to move an officers' club out of the palazzo barberini , one of italy 's national galleries , in rome . retired officers are still having genteel lunches there under the 17th_century dining_room 's ceiling fresco , but the museum is renovating a smaller 1930 's villa in the back of the property in the expectation that the officers will move someday . in italy , a country overflowing with art treasures and historical monuments , countless buildings have cultural significance . the italian military owns or occupies some of the finest properties , including a 14th century convent in perugia now used by the army as a foreign language school . but police academies , tax inspectors and dentists also work out of historic buildings . the incident at caserta , which occurred shortly after the new culture minister , giovanna melandri , was appointed , lighted a fire in rome . mrs . melandri , 36 , vowed to expel the military from caserta and from dozens of other cultural sites . she said the air_force had agreed to find a new location by feb . 2 . ''our patrimony is so rich and enormous , it would be impossible to turn it all into museums , '' mrs . melandri said in an interview in her office . ''but we have to look at improper use of historical buildings . in caserta , we need to find a use for the available space that is more compatible with a museum . a military school is incompatible . '' in caserta , from opposite wings of a palace spread over four courtyards , the soldiers and the museum workers seem as compatible as hostile neighbors in a crowded neapolitan high rise . vincenzo zuccaro , a museum public_relations official , indignantly pointed out an 18th_century vault fresco by mariano rossi that had to be restored because of water damage that mr . zuccaro said was caused by cadets' showers above . the museum director , livio ricciardi , complained about cooking smells from the school kitchens . but he confessed that he had no plans or proposals on how to use the additional rooms if and when the school moves out . ''we hope they 'll leave soon , but when they do , we 'll be at a loss , '' he said . ''for one thing , i do n't know what rooms they have and what they look like . '' asked why not , he replied , ''i 've never been invited . '' the commander of the school , which was established here in 1948 , said that as a soldier , he would obey orders to retreat from the palace . ''caserta is in our hearts , '' said the commander , gen . alessio santicchi . ''of course we would be unhappy to leave but that is a sentimental discourse . on a practical level , if they told us , leave so we can do this this and this , i would understand . but to be told just to go away , that i do not understand . '' like other officers there , general santicchi argued that the school spends 800 , 000 a year to maintain its part of the building , and is a useful tenant . he argued that the fire was detected , and put out , only because his men were living nearby . ''our fear is that if we leave , nothing will take our place , '' he said . ''it 's like seeing a home turn into an abandoned house . '' but his case is complicated by the fact that 10 years ago , the air_force decided that the palace was getting too small for the school , and began building a 125 million complex eight miles away in capua , with most of the money coming from the european economic community . it took 10 years to build , and by the time it was close to completion , cuts in the military_budget had whittled down enrollment at the school from 2 , 000 , to 900 today . now , the air_force argues , capua is too large for the school , and would be too costly to run . mrs . melandri said it was the military 's problem to find a new site by feb . 2 . general santicchi noted that even if the air_force chose capua , that site was not ready for habitation . ''they have n't built the barracks , and that could take another year or two , '' he said . caserta 's mayor , luigi falco , who said he wanted to convert other unused military buildings in town for the school , laughed merrily at mrs . melandri 's february deadline . ''that , '' he said , ''is not a realistic deadline . it 's an italian deadline . ''	has a location of italy
evidence mounted today that europe is slowing down , as italy reported that its economy contracted in the second quarter from the first quarter . the figures signaled that a decline in manufacturing and farming began to infect other areas , producing the first quarter to quarter fall in output in three years . over all , gross_domestic_product in italy , the third largest economy in the euro region after germany and france , declined 0.1 percent from the first quarter , the government statistical office reported , as falling demand from the rest of europe and the united_states took its toll . year to year , output grew 2 percent . italy is struggling in particular with weakening sales to two major trade partners , germany and the united_states . the seriousness of the slowdown in germany became evident on tuesday when it reported a decline in industrial output in june . that followed a report of a fall in industrial orders , suggesting that economic activity is softening . ''the impact of the external slowdown probably became more immediate during the second quarter , '' said carmen nuzzo , an economist at salomon_smith_barney , of italy 's contraction . she said the figures were ' 'definitely not very surprising , '' given a drop in first quarter manufacturing in italy , and the fact that the second quarter had fewer calendar days , a factor not compensated for in today 's figures . the difficulties in italy and germany are increasing the pressure on the european_central_bank to cut interest rates and stoke growth . the bank has been loath to do that for fear of unleashing inflation . but in its monthly report today , the bank gave what some analysts saw as a hint that its thinking was shifting . the bank noted that ''risks relating to the outlook for growth in the second half of the year remain sizable'' and said it would ''closely monitor developments'' that might lead it to change its mind about the right level of interest rates . italian stocks fell for a second consecutive day . the benchmark mib30 index fell 1 percent , to 36 , 491 . italian companies rely heavily on exports . the last downturn in the economy came after the 1998 meltdown in emerging_markets in eastern_europe and elsewhere . fiat auto , the car division of italy 's biggest corporation , has said it will furlough roughly one third of its 50 , 000 workers in italy for a week in september because of slowing demand . pirelli , the cable and tire maker , announced an unexpected fall in profits in the second quarter and said the third quarter would be difficult as well . some economists now look to domestic consumption to buoy italy 's economy . vincenzo guzzo of morgan_stanley said ''in this kind of environment , it 's hard to think of a pickup in investment spending , '' but that spending on services seemed to be holding up . today 's gloomy figures cast doubt on a pledge of tax cuts by the fledgling government of prime_minister silvio_berlusconi , which was based on a forecast of 2.4 percent growth this year . economists now expect 2 percent at most . while small scale tax relief may be possible , mr . guzzo said , major cuts will probably have to wait until late 2002 .	has a location of italy
the space_shuttle_columbia roared aloft today on a difficult mission to tow miles of electrical cable through the hostile environment of outer_space , its seven astronauts intent on advancing a futuristic way of studying earth 's atmosphere and of powering and propelling spacecraft . late saturday , four americans , two italians and one swiss astronaut on board the columbia are to unreel a cable out to maximum length of 12 . 5 miles , making it the longest man made object ever put in orbit . a similar test in 1992 failed after a safety bolt accidentally limited the unreeling of the cable to little more than 800 feet . this mission is the second of eight scheduled this year for the nation 's fleet of reuseable spaceships . and it is the 75th flight of the shuttle program , which began in 1981 . the mission is to last 14 days . the oldest and heaviest of the nation 's shuttles , the columbia blasted off on schedule at 3 18 p.m . today under hazy florida skies , cheered by thousands of tourists happy to escape winter 's chill up north . the centerpiece of the mission is to come late on saturday when the national_aeronautics_and_space_administration and its partner in the venture , the italian space agency , again try the high wire act . working 15 years to advance the technique , the two countries have spent nearly 450 million , not including the cost of a pair of shuttle launchings , which are valued at more than 500 million each . at the heart of the operation is the thin cable , which consists of a braid of copper wire , nylon and teflon and looks in all innocence like a white shoelace . when towed through earth 's magnetic field , it is expected to produce up to 5 , 000 volts of electricity in exactly the same way that electrical generators do on earth when their wires are rotated through stationary magnetic_fields . during the flawed try in 1992 , deployment of the cable generated a mere 40 volts . speeding around earth at nearly five miles a second , working at a height of 184 miles , the astronauts are to unreel the long wire and , at its end , a scientific satellite that weighs more than half a ton . the 122 foot long shuttle and the five foot satellite , always connected by the thin wire , are to fly a duet round and round the globe before the satellite is reeled back into the shuttle 's 60 foot cargo bay . this test will be the first large scale demonstration of tethered space flight , an intriguing concept contemplated by space experts for more than two decades . nasa officials say the experiment is probably the most complex tried by shuttle astronauts . the long wire is expected to bob , roll and swing back and forth in planned experiments . if dangers arise , the astronauts are to cut the cable and satellite loose . working from the shuttle 's cockpit , they can activate guillotine type cutters in the payload bay . and if that fails , they will make an emergency space walk to sever the wire with giant clippers . " our utmost priority , " the columbia 's commander , lieut . col . andrew m . allen of the marine_corps , said in an interview before today 's launching , is to keep the situation safe . success promises to inaugurate a new class of space_age technologies . future tethered systems could be used to power spacecraft or recharge their batteries , to build space stations and to drop capsules of experimental material from a station for return to earth . tethers could also lower scientific instruments from a shuttle for gathering environmental data from hard to study atmospheric zones . tethers would also be used as antennas to transmit extremely low frequency signals able to penetrate land and sea , providing communications not possible with traditional radio transmitters . in addition to colonel allen , the columbia is carrying as its pilot lieut . col . scott j . horowitz of the air_force . mission specialists are dr . jeffrey a . hoffman and dr . franklin r . chang diaz of nasa , as well as maurizio cheli , an italian , and claude nicollier , a swiss , both from the european_space_agency . the payload specialist is dr . umberto guidoni , an italian astronaut . if all goes as planned , the columbia is to land on march 7 at the kennedy_space_center in florida .	has a location of italy
lead to the editor to the editor all praise for john russell 's compelling account of the new dangers threatening venice and other italian cities ''imagine venice as a floating disneyland , '' dec . 10 . as two writers living partly in italy , we wish to add our voices to the protest against unprecedented mass ''events'' planned for italy 's historic sites in a ruthless exploitation , by powerful investors , of that nation 's artistic patrimony . most of the ancient centers of italy are already overwhelmed by a volume of tourism detrimental to the monuments themselves and annihilating of their authentic context . the huge new incursions now proposed would add a scarcely conceivable degree of gratuitous destruction to the existing ill effects of natural decay , commercial and official rapacity , bureaucratic negligence , urban expansion and industrial development and to a rising phenomenon of attacks , made in the name of political protest , on prominent works of art an evil recently witnessed at florence and naples . against this onslaught are ranged in and outside italy , and even within italian official circles many responsible and energetic persons , who , together with private agencies working for cultural conservation , have sounded the alarm against the forms of impending doom eloquently described in john russell 's article . lovers of italy throughout the world should be aware that the new threats to that land 's historic beauty will , if not swiftly prevented , irreparably reduce the cultural bounty intrinsic to the italian ethos , inseparable from our concept of civilization , and enjoyed over centuries by millions of visitors . shirley hazzard francis steegmuller new york trouble in venice	has a location of italy
italian advertising is known for shock value . but even in italy , the image of former prime_minister giulio_andreotti , 81 , glaring sinisterly in black and white from huge city billboards and full page newspaper ads , was startling . the ad copy for a new diner 's club web_site , www . dinetclub . com , plays with mr . andreotti 's long , tumultuous history in postwar politics ''he thought he had seen everything . so he thought . '' the creator of the ad , marco testa , head of the armando testa agency , explained that mr . andreotti 's fame and his reputation for dry humor made him an obvious choice . ''there is a string of irony running through his personality that makes the ad work . '' but there is another unexpected twist buried in the advertising campaign . the internet got a late start in italy but is already viewed by sociologists as a catalyst for social_change , a way of breaking down italy 's rigid old boy network of political and financial influence and of creating jobs , uninherited fortunes and new power bases . mr . andreotti , seven times prime_minister and who last year was acquitted in two trials of charges he colluded with the mafia , symbolizes something else the revenge of italy 's gerontocracy . in the 1990 's , after an investigation of widespread political_corruption toppled the old political order , causing the socialist_party and mr . andreotti 's centrist christian democratic_party to collapse , many italians believed that a new generation of business and political leaders would arise . many new faces did emerge , but lately , older ones are back in business . prime_minister giuliano_amato , for example , had cabinet posts in many previous governments , including those of the disgraced , and now deceased , socialist prime_minister bettino_craxi in the 1980 's . earlier this month , mr . amato threatened to quit if his embattled center left coalition sought a fresh , new face ( i . e. , not his own ) , as the standard_bearer in next year 's elections . ''whether in politics , finance , business , or academia , in italy there is a widespread gerontocracy , like the kremlin 20 years ago , '' giampaolo fabris , a sociology professor , said . mr . fabris is studying aging at iulm , the free_university of language and communication in milan . at 62 , mr . fabris is , by italian academic standards , a young turk . ''there are more and more exceptions , of course , but there is still tremendous resistance to change , '' mr . fabris explained . ''in some things , italy is rightly known for creativity and innovation , but it is at its core an archaic civilization . in those , elders retain power and control . '' nepotism is one factor . the state statistics agency last month published a study showing that 38 percent of italians under 40 got their jobs through friends or family connections . a 1999 study by bocconi_university 's school of management in milan found that 78 percent of italy 's top 150 companies were family owned . ( the figure in the united_states is 20 percent . ) the implicit quid_pro_quo is that the father stays on as long as he likes . ''my father worked until he died , at the age of 74 , '' mr . testa , 49 , who took over the advertising firm at his death in 1992 , explained . demographics also play a role . italy has one of the lowest birthrates in the world , and 18 percent of its population is over 65 . average life_expectancy in italy , which keeps growing , reached 75 . 5 in 1998 for men , according to the statistics agency . women 's average life_expectancy is 81 . 8 . while most italians retire at relatively young ages , overburdening the pension system , within italy 's elite , leaders die with their gucci shoes on . mr . andreotti , who said he would donate his advertising fee to charity , certainly shows no sign of retiring . he is active in the senate and writes articles , attends conferences and makes many talk show appearances . gianni_agnelli , also a senator for life , is now the honorary_chairman of fiat . removed from day to day company decision making , he remains , at 81 , italy 's prince of industry , who regally welcomed russia 's president , vladimir_putin , to milan . enrico cuccia , who turns 93 in november , just got out of the hospital , but still keeps an office and the title of honorary_chairman of mediobanca , one of italy 's most important banks . other executives run mediobanca day to day , but mr . cuccia is clinging to his perch . his most recent entry in who 's who in italy explains that he ''has played a key role in all of the major financial operations carried out in italy . '' neither age nor scandal serve as automatic springboards to retirement . in 1997 , cesare romiti , then 73 and chairman of fiat , was convicted of accounting fraud and illegal political contributions and given an 18 month suspended_sentence . ( it was reduced further on appeal in 1999 . ) the case was one of the most prominent in the tangentopoli , or ''bribesville , '' scandals of the 1990 's , but mr . romiti did not fade away . in 1998 , he nimbly became chairman of rcs corriere_della_sera , a huge publishing empire of which fiat owns the largest equity stake . things are changing shaken up by silicon_valley . italy , too , now has a new generation of relatively young computer plutocrats , most notably , renato soru , 42 , a sardinian real_estate developer and founder of tiscali , an internet start up that for a short while this year surpassed fiat in market value . he is on a 1999 list of italy 's 10 wealthiest men , but his is one of the few new names on a roster dominated by long established family fortunes . when antonio d'amato was elected head of confindustria , italy 's powerful association of industrialists last year , the fact that he was 43 and from naples , not the north , was hailed as revolutionary . italian business magazines regularly highlight the best and the brightest young executives , often featuring luca garavoglia , 31 , president of campari , the beverage company . he is also , however , the son of the former chairman , domenico garavoglia , and took over two years after his father 's death in 1992 . some in italy say mr . garavoglia is nevertheless a symbol of progress . ''it 's one thing to be the son without power , '' guido corbetta , 40 , a professor at bocconi_university , said . ''but it is another to be given full power in your 30 's , 40 's or 50 's . '' italian politics has grown slightly more youthful . carlo_azeglio_ciampi , the president , is 79 , but prime_minister amato is 62 , and his chief rival , the center right opposition_leader silvio_berlusconi , a media tycoon , is 63 . some of the most respected newspaper columnists are old enough to have covered the monarchy . ninety year old indro montanelli writes a daily column in corriere_della_sera . enzo biagi , 80 , writes columns for several publications and also hosts a nightly five minute news commentary on rai one , italy 's leading public network . academia has seen the least mobility . at la sapienza , the state university of rome and the largest university in italy , the median age for senior professors is 63 . ( it is 58 for ordinary professors 49 for researchers . ) in an effort to unclog italy 's tenure track , the government recently lowered the mandatory retirement age for academia from 72 to 67 . younger italian doctors also complain about what they term the ''barons'' of medicine . part of the problem is the sheer number of doctors italy has twice as many per capita as finland . but top jobs in hospitals and medical_schools are still tightly_controlled by an older generation . paolo marotta , 39 , who co founded a union of younger doctors to lobby against the medical establishment , said it took him 12 years to find a job in the italian public_health system even though he is in a boom industry gerontology . ''and i am one of the really lucky ones , '' dr . marotta said . mr . andreotti 's new ad campaign adapts one of his best known quips to the web_site ''the internet wears out those who do n't have it . '' but mr . andreotti 's original words were perhaps more fitting ''power wears out those who do n't have it . ''	has a location of italy
to the editor it is a sad day when italy chooses to ban all forms of assisted reproduction despite great advances by its scientists ( ''italy will practice abstinence'' ) . as a high_school student , i am excited about the future and the discoveries that await us , say , 30 years from now . but if countries continue to place limits on scientists and their research , how can we move ahead ? rachel ciccone farmington hills , mich .	has a location of italy
as the cream of italian fashion went on trial here today , several defendants , including giorgio armani , agreed to plea_bargain settlements in their tax bribery cases . mr . armani , perhaps italy 's foremost arbiter of elegance , was fined 64 , 000 and given a nine month suspended jail sentence . in a statement released late today , mr . armani said that he had agreed to the plea_bargain even though he did not consider himself guilty . he reached the settlement , he said , " in order to close a chapter that has upset my professional serenity . " the roll call of star defendants included not only mr . armani but also gianfranco ferre krizia , the professional name of the designer mariuccia mandelli , and santo versace , the brother and business associate of the designer and entrepreneur gianni_versace . there were to have been 19 defendants in the trial , but the court agreed to settlements for 9 of them , including mr . armani . none of the defendants appeared in court today , and much of the proceedings involved an unsuccessful effort by defense lawyers to have television cameras banned from the courtroom to deflect negative publicity from the usually high profile and always high ticket designers . two years ago , the corruption investigations that have swept through italian politics and business turned toward the golden generation of designers that has put milan in the company of paris and new york as a world fashion capital . the 19 defendants scheduled for trial today included designers and their business associates , as well as government tax inspectors . investigators said the tax inspectors pocketed tens of thousands of dollars in bribes in exchange for providing the fashion companies with favorable audits . the settlement for mr . armani , which was negotiated by lawyers and the three judge panel that is hearing the tax_evasion case , implies an admission of guilt in exchange for the minimum statutory sentence . but lionel ceresi , mr . armani 's lawyer , insisted that mr . armani was not guilty . the settlement , mr . ceresi said , was " not an admission , but a conclusion of the proceedings . " mr . armani , whose fashion empire sold apparel last year with a retail value of 1 . 9 billion , was accused of paying tax inspectors bribes totaling 64 , 000 in 1990 . he and the other designers on trial have not denied making the payments but have insisted that the payments were extorted by unscrupulous government auditors . in a recent interview with the daily_telegraph of london , mr . armani compared making the payments to paying the check in a restaurant after a good meal . the defendants making settlements today included aldo pinto , the husband and business associate of ms . mandelli , and vittorio terrenghi , a business associate of mr . armani . the lawyers for the 10 remaining defendants said they would go to trial in an effort to have the names and reputations of their clients cleared . the trial was adjourned to june 18 . the remaining defendants include mr . ferre , the portly , bearded designer who runs a fashion house in milan in addition to designing for christian_dior in paris . because hundreds of witnesses have been named by both the prosecution and the defense , a verdict is not be likely to come before the fall . mr . ceresi , who was wearing a navy blue armani suit beneath his lawyer 's black cape today , said that the main factor in mr . armani 's decision to agree to a plea_bargain had been mr . armani 's loss of " tranquillity . " he added that since other defendants would be proceeding with a trial , the facts of the case would come out . " with this decision , in effect , we are achieving both results tranquillity , and the establishment of the facts , " he said . the accusations of corruption in the fashion world seemed to have aroused a sense of solidarity with the accused in a nation where the feeling for fashion is such that news reports of a prime_minister 's appearance before parliament often begin with a description of what he is wearing . when politicians or businessmen caught in the net of the corruption investigators have appeared in court recently , ordinary italians have packed the visitors' gallery and millions more have watched at home on television . but today , few spectators were in court . nicola bonuomo , the lawyer for mr . ferre , contended that television cameras should be barred because they serve " no social interest , " but merely slake people 's curiosity . mr . bonuomo said the fashion designers had availed themselves of the right not to appear in court because of the presence of the cameras . asked whether this was ironic in a world where fashion celebrities usually drool for television coverage , he replied , " but not in a courtroom . " the court ruled that one fixed television camera would be allowed , but that photographers would be barred from future sessions . the amounts of the individual bribes that were said to have been paid 64 , 000 to 300 , 000 are small compared with the million dollar transactions in the industry , and there is no evidence that the legal situation has financially harmed the italian designer clothing business . shares in simint s.p.a. , the only company in the armani empire on the stock_exchange , closed down 30 lire , or 2 cents , at 2 , 550 lire ( 1 . 63 ) today . the stock , which began the year at 1 , 800 lire , has been profiting from a recent surge of investor interest in italian fashion names like gucci and bulgari . in 1995 , italy 's apparel industry reported a 6.5 percent increase in revenues , to 52 billion . that included 27 billion worth of exports , which had risen 17 percent from 1994 . vittorio giulini , the owner of the knitwear maker liola , and president of the association of apparel manufacturers , held out hope for the fashion designers who stand accused . " designers are very close to culture and art , " he said . " in history , i 've never seen an artist who was considered a bad one because of a trial . "	has a location of italy
at first the americans were welcome . they were admired . robust and energetic , they looked like partners in a better , richer future . but they did not know their place . they did not respect limits . conquest by conquest , they revealed themselves as too ambitious , too domineering , imposing their will on less truculent populations . now many italians in this northern tuscan town have had enough . they would like to say ''arrivederci'' to the big , red , rapacious louisiana crawfish . lake massaciuccoli can be seen as the murky , reedy theater for a clash of zoological cultures the brawny americans versus the aggrieved europeans . the drama is an example of nature out of whack that also plays , at least loosely , like an allegory of recent world events . italian biologists and wildlife experts say that louisiana crawfish , brought here more than a decade ago as a culinary experiment , multiplied like mad , ascended the food_chain , altered the ecosystem and devoured indigenous flora and fauna , including their european crawfish cousins . ''i 've never seen anything like it , '' said sergio paglialunga , the director of massaciuccoli park , which encompasses the lake in which the louisiana crawfish established its beachhead . ''they eat the vegetation , '' mr . paglialunga said as he rode today in a motorboat that plied the lake 's dark , cloudy surface , an opaque cover for the danger that lay beneath . ''they eat everything . '' marcello carrara , a park guard who steered the boat , chimed in , ''they even eat the weakest among them . '' ''they are very aggressive , '' he added . ''it 's proof that they are n't from around here . '' so park managers and regional biologists are redoubling their efforts to get rid of them . they said that one of the few species of lake fish that could turn the clawed predators into crawling prey was the pike , armies of which are being deployed to the field or , rather , pool of battle . the first troops arrived four years ago , and the reinforcements are still coming . while biologists pressed about 6 , 000 pike into service from 1999 to the end of 2002 , they said they would dump 10 , 000 to 15 , 000 pike into the lake this year . ''we have changed the rules , '' said paolo ercolini , a biologist who is closely monitoring the situation . somebody else changed the rules in the first place , and that was the problem . mr . ercolini and others familiar with the history say it happened around 1990 , when a local entrepreneur decided to farm louisiana crawfish in this broad , marshy lake , once one of puccini 's favorite haunts . ( a lakefront cafe here is named butterfly , after one of his best loved operas , ''madame butterfly , '' another tale of an american whose foreign trip takes a fatal toll . ) similar experiments with louisiana crawfish had been conducted in spain and other european_countries , which were drawn to the species because it was hardier and meatier than its continental counterparts . there was commercial promise in the enterprise , and no one around lake massaciuccoli raised much of a warning or fuss . sure enough , a modest market for the crawfish developed . but as the years went by , there were unintended effects . accounts differ about how the crawfish spread . maybe the local entrepreneur abandoned his crawfish farm , which had been limited to a small area . maybe flooding lifted the crawfish over their confines . maybe the crawfish staged a jailbreak . in any case , certain types of fish and frogs in the lake suddenly became scarce or worse . ''we put the puzzle together , '' said mr . paglialunga , who went on to cite a clue that no detective could miss . ''fishermen found fish half eaten in the net , with crawfish hanging onto them . '' the louisiana crawfish were not only more gluttonous and brutish than their delicate european cousins . they also had an expansionist streak . biologists and park managers said the louisiana crawfish would walk from one source of water to another , colonizing areas far beyond massaciuccoli . ''now you find them in all of tuscany , '' mr . paglialunga said . he said he could not be sure they had managed that feat entirely on their own spindly legs . ''there are some legends of how they spread so quickly to other parts , like someone near florence bought them for dinner , did n't like the taste and tossed the rest in the river , '' he said . the crawfish inspired academic papers . they got a reputation . ''their march , strangely a forward march , is determined and relentless , like advancing marines , '' reads an article , titled ''killer crawfish , '' on one of several italian web_sites with musings about the strange invaders . ''you find them everywhere , '' the article says . ''in the middle of the street , in the city , on the house 's doorstep . '' they can also be found in the nets of lake massaciuccoli fishermen , who now catch them deliberately because there is still a market for them and no longer enough indigenous crawfish to sell . as several fishermen hauled in about 100 louisiana crawfish early this evening and mr . ercolini and francesca gherardi , another biologist , watched , the group 's chatter was not entirely anti american . it betrayed a grudging respect . ''they are beautiful animals , '' ms . gherardi said as she carefully held a crimson specimen aloft . it thrashed its tail furiously . ''they are competitors , '' mr . ercolini said , noting that the pike had their work cut out for them . ''it will be a battle . '' ''they are tyrannical , '' said francesco gilarducci , a fisherman , but he quickly added that they were also tasty . at a recent party , he said , he and several friends ''ate tons of them . '' ''they are exquisite with spaghetti , '' he said . massaciuccoli journal	has a location of italy
in a new twist on long distance adoptions , sheep lovers can now select their pick of the flock over the internet . a 154 contract entitles adoptive ''parents'' to a year 's supply of their chosen one 's merino wool and fresh cheese , as well as a photograph and adoption papers . the less sentimental can also choose to receive their adopted pet in the form of lamb chops . the sheep adoption program was created by a farmers' cooperative in a medieval village in abruzzo , a mountainous region in central italy that has become one of the more depopulated parts of the country as traditional sheep farming dwindles and young people move to the cities . ''people have tended sheep in this area for the last 2 , 000 years , and we want it to continue for another 2 , 000 , '' said manuela cozzi , who with her husband 's family runs an organic sheep cooperative and an ''agritourism'' inn in anversa degli abruzzi . ''sheep around here are in danger of becoming an endangered_species , and we hope this initiative will help prevent that . '' the cooperative farm mrs . cozzi runs with her husband has 1 , 300 sheep . the local sheep farmers' association has 40 , 000 . in all , abruzzo has 350 , 000 sheep at its height , before world_war i , the region boasted more than 3 million . mrs . cozzi , who sells her organic , hand made , smoked ricotta and wool socks by fax and over the internet , said she sent her raw wool to her hometown , near florence , to be spun or worked by local artisans because that cottage industry has all but died out in her area of abruzzo . her flock is tended by three shepherds from macedonia , immigrants whom she credits with saving the farm since italians are no longer willing to do the work . her sheep feast on juniper and wild fennel , mint and oregano across vast , brambled pastures in the foothills of mount cocullo , part of abruzzo national_park . ''we feel a little isolated out here , which is why we wanted to use adoption to bring clients closer , '' she explained . she said she encouraged new ''parents'' to visit their sheep and stay at her inn to learn how to make fresh ricotta by hand . since she started the adoption campaign last month , mrs . cozzi said , more than 100 applications have been received , ranging from a muslim butcher to a college student . daniele romano , 25 , a civil_engineering student in bologna who adopted two sheep and named one franca after his mother and the other deborah after his sister , said ''i am an environmentalist , and adopting a sheep seemed as good an idea as any . i tried to convinced my friends that they should do the same , but there were more who laughed than who adopted . '' italy 's minister of agriculture , alfonso pecoraro scanio , adopted a ewe he named medina . his action , however , drew complaints from an italian children 's rights organization , friends of children , which protested that long distance adoption should be reserved for needy humans . he pledged to look into such programs for children . local residents , as well as environmental groups , argue that the depopulation of mountainous regions in italy and across europe is a human problem . villages like anversa degli abruzzi , where the population of 290 is about a 10th of what it was 50 years ago , are essentially old age communities . in castrovalla , a medieval hamlet of anversa degli abruzzi perched high on san nicola mountain , one child was born in january . it was the first birth in the hamlet in 26 years the parents had recently moved home from rome . the united_nations has declared 2002 the year of mountains , and there is a growing movement in europe to try to preserve mountain communities . ''agricultural activity protects and stabilizes the environment , and it is what gives diversity , character and culture to these parts of europe , '' said frank gaskell , president of euro montana , a brussels based international association . ''in a global age when people are bombarded with homogenization , the last reservoir for genuine products and european culture is the mountain communities . '' mrs . cozzi 's farm produces fragrant cheeses , using their sheep 's non pasteurized milk . the adoption contract includes 11 pounds of sharp pecorino cheese , 6.5 of ricotta and a choice of raw wool or knitted hiking socks . organic fertilizer made of sheep manure is also part of the adoption package . so are sausages , sheep 's brains and legs of lamb . seventy five percent of the flock is destined for a tidy white slaughterhouse behind the main barn . mrs . cozzi is not squeamish about killing off her woolly charges . ''i would never eat meat from a butcher , but i am not a vegetarian , '' she explained . ''i eat meat , but only if it is from one of ours . '' new sheep owners find this harder to accept . ''i know that in abruzzo , lamb is a traditional dish , '' said luigi marangoni , 53 , a milan based ceramics executive , who traveled to anversa delgi abruzzi and adopted a baby sheep of his own . ''but i first saw my little lamb prancing in the green hills , and now i cannot think of him in another , perhaps tastier , state . ''	has a location of italy
while italy 's phone company fell prey last week to europe 's largest hostile_takeover ever , the nation 's banks are not afraid , for the moment at least , of unfriendly suitors . italian banks , like those across europe , are struggling to merge , to cut costs and create the larger capital bases they will need to finance customers on the euro market . yet recent efforts have failed . earlier this month , banca_commerciale_italiana , the no . 4 bank in italy , rejected a 14 billion takeover offer from unicredito italiano , the no . 3 , after having concluded that the nation 's central_bank would block the deal . in april , the central_bank had refused to authorize a 9 . 7 billion bid by san_paolo imi of turin , the nation 's largest , for banca_di_roma , after banca_di_roma 's board defined the bid as ''hostile and unacceptable'' and the central_bank 's president , antonio_fazio , said he would not approve hostile bids for banks . the failure of those bids , the largest in italian banking , has led to a debate about the consequences for the beleaguered industry . emanuele minotti of salomon_smith_barney defended the central_bank 's decision . ''fazio is a fair man and a gentleman , '' he said , adding that it was his duty to ''protect the savings of customers . '' unlike bids in telecommunications , he said , hostile bids in banking involved ''offering money to buy money , '' and he added , ''a bank is not a slot machine . '' giancarlo forestieri , a professor of finance at the bocconi business school in milan , agreed that the central_bank acted out of what he called a desire for stability as well as some unease over the novelty of large scale hostile bidding . ''it 's only a few years , '' he said , ''that managements are accustomed to thinking in market terms . '' but the impatience among stock traders for consolidation in italian banking is clear . shares of unicredito , for example , fell for the third consecutive day today and finished the week at 4 . 515 euros , down 6 percent for the week and down 10 percent since the bid was disclosed late in march . san_paolo imi fared similarly , closing at 12 . 931 euros , down 5 percent for the week and down about 14 percent since late march . alessandro profumo can understand investor sentiment . the chief executive of unicredito , mr . profumo , 42 , is a leading proponent of a need for consolidation in italian banking . when european banks finish consolidating within their national borders , he argues , cross_border consolidation will begin , and italy desperately needs two or three big banks to negotiate ''on an even field , not as giants with pygmies . '' not that the italian banks have been standing still . unicredito itself is the fruit of a merger last year of credito_italiano , the former state bank that was taken public in 1994 , and the unicredito savings bank . and san_paolo got bigger by acquiring the investment_bank imi . the government has reduced its stake in the banking industry to about 20 percent , from 68 percent two years ago , and banks have increased productivity , cutting employment to 318 , 000 last year , from 335 , 000 five years earlier . henry macnevin , italian banking analyst at moody 's investors service in london , said italian banks are ''headed in the right direction , '' even if ''there will be jolts along the way . '' mr . profumo is probably one of the italian bankers best prepared for the jolts . he is convinced that cross_border mergers and acquisitions in europe will begin sometime ''this year or next . '' since taking control at unicredito in 1995 , mr . profumo , a former mckinsey_company bank consultant , has lifted return on equity to 15 percent , compared with a national average below 5 percent , and is aiming for 22 percent in 2002 , provided unicredito finds an ally . in june , he hopes to conclude a deal for unicredito to acquire control of bank pekao s.a. , the no . 1 bank in poland by assets , that will give unicredito a bridgehead into promising future markets in eastern_europe . harbingers of cross_border takeovers are evident in italy , he says . in january , deutsche_bank , the german market leader , took a small stake , three quarters of 1 percent , in unicredito . earlier , deutsche_bank , commerzbank , also of germany , and paribas of france had acquired more than 4 percent each of commerciale , and abn_amro of the netherlands , an 8.8 percent stake in banca_di_roma . allianz , the german insurance partner of dresdner_bank , holds a stake in unicredito through an italian insurance affiliate , and banco bilbao vizcaya of spain has a_12 percent share of banca_nazionale di lavoro . true , this is all nibbling at the edges compared with deutsche_bank 's pending 10 . 2 billion acquisition of bankers_trust of new york , but mr . profumo says the foreign banks are , in part , simply staking future claims . ''everyone 's laying down their chips , '' he said , ''betting on what the final picture will look like . '' it also reflects a conviction that for the moment , european central_banks like italy 's will not permit significant cross_border shopping . ''the governor of any central_bank is quite scared to have the financial sector controlled by foreigners , '' mr . minotti of salomon said . but some bankers contend that mr . fazio has gone beyond his european colleagues . mr . profumo complains that unicredito 's bid for commerciale was wrongly branded hostile even though he had obtained the agreement of commerciale 's management . commerciale 's board later scuttled the idea . ''we 're convinced we acted correctly , '' he said , adding that the logic behind the alliance was to ''create a very strong national banking business . '' indeed , some argue that the central_bank 's reluctance to allow hostile bids has encouraged back room deals , not least by the italian investment_bank mediobanca , a power_broker in italian finance . as a legacy of the old world of italian finance , unicredito and commerciale , oddly , together control about 17 percent of mediobanca , yet mediobanca in large part decided the fate of the unicredito bid . in recent months , mediobanca had unsuccessfully sought to merge commerciale with banca_di_roma . when assicurazioni generali , italy 's largest insurer and a unicredito shareholder , appeared to back the unicredito bid for commerciale , mediobanca successfully sought to dethrone generali 's chairman , antoine bernheim , a lazard freres partner in paris . and though it remains unclear what goal mediobanca now pursues , it is clear that a merger of unicredito and commerciale was seen as costing mediobanca its independence . international business	has a location of italy
italy is a land of plots and counterplots , of unsolved crimes and unresolved mysteries . but even by these standards , the case of carlo de benedetti , chairman of the computer maker ing . c . olivetti , is unusual . mr . de benedetti , who is widely viewed in the united_states as one of europe 's most perceptive businessmen , was sentenced by a milan court this spring to six years and four months in jail . but he insinuates that a political vendetta was behind the verdict and many in italy and america share that view . " i 've always been seen as against the italian political class , as a sort of strange political animal , and i 've paid a very high price , culminating with this groundless conviction , " mr . de benedetti said in an interview . he is free pending an appeal . the conviction stemmed from charges of fraud in the collapse of banco_ambrosiano in 1982 beneath 1 . 3 billion in bad_loans . for 65 days , between november 1981 and january 1982 , mr . de benedetti was deputy chairman of what was then italy 's largest private_bank . he left after a falling out with the chairman , roberto calvi , who was found hanged , in still murky circumstances , under blackfriars bridge in london shortly before the bank shut . deals and comeuppance ? some believe the verdict is mr . de benedetti 's comeuppance for countless deals , some of them very successful but some apparently poorly judged , that critics say displayed a combination of greed , vanity and impatience . his interests include the influential italian newspaper la_repubblica , a hotel group in spain and the big french auto component company valeo . " he 's the most complete businessman in italy , " said giovanni_agnelli , chairman of fiat_s.p.a . " but you ca n't put yourself with rogues like calvi and come out looking good . " but another view is that mr . de benedetti has paid for being a bristling outsider , a jew in an overwhelmingly roman_catholic country , who challenged the long dominant christian democratic and socialist parties and the country 's risible stock_exchange and heavy regulation of the economy , which he contends have conspired to keep most businesses small . " there is a large element of political conspiracy in the conviction , " said carlo scognamilio , rector of the respected luiss business school . " mr . de benedetti has many enemies in this country because he has confronted the regime . " and mr . de benedetti said , " this is the land of the bonsai . if you stay small in business , nobody troubles you . but if you want to grow , they start calling you a communist and a troublemaker . " olivetti 's chairman has already received a vote of confidence from corporate america . on june 26 , the digital_equipment_corporation agreed to invest about 365 million to acquire almost 10 percent of olivetti , which lost 383 million in 1991 as it suffered from the shakeout in the european computer industry . a spokesman for digital said , " we did not regard the conviction as a big deal . " still , as mr . de benedetti battles to clear his name with his court appeal , which will probably not be heard until 1994 , questions remain . is his jail sentence a frame up a squalid example of the political and moral crisis now sweeping italy as politician after politician is implicated in corruption scandals and anti mafia judges are killed by bombs ? or did the man once regarded as the golden boy of italian business really break the law ? and has the verdict compromised mr . de benedetti 's ability to lead olivetti to profitability ? he is an unusual figure in italy . while successful small and medium_sized businesses abound , the self made man who builds an industrial group and takes it public is rare . the country 's dominant christian democratic_party has long been content to portray the stock_exchange as little more than a den of speculators in order to insure that private savings go mainly to shore up the chronic indebtedness of a spendthrift state . meanwhile , establishment figures in the private_sector , like mr . agnelli , or leopoldo pirelli of the pirelli tire group , have sought stability through cross stockholdings in each other 's companies , often coordinated by the country 's leading merchant_bank , mediobanca , and its octogenarian mastermind , enrico cuccia . it is this system that mr . de benedetti says he wants to break . " in the last 15 years , " he said , " i have systematically wanted to change things , to modernize , to end the ossification , to go beyond the capitalism of the family , to make this a more genuinely capitalist country . i was saying , let 's have hostile_takeovers . i was saying , let 's produce plenty of agnellis , and if possible better ones . " newspaper criticizes leaders his newspaper , la_repubblica , has fired repeated broadsides at the governing parties , and particularly at the socialist leader , bettino_craxi , whom it regularly portrays in cartoons as a jackbooted latter day mussolini . he has criticized the business establishment , especially as symbolized by mr . agnelli , of whom he said , " agnelli is a king , and i have rarely seen a progressive monarch . " at the same time , for many years , mr . de benedetti was well known as the entrepreneur closest to the opposition communist_party , now named the party of social democracy . mr . de benedetti also made politicians uncomfortable simply by growing very fast . in italy , he and luciano benetton of the clothing group stand virtually alone in having developed from scratch big businesses quoted on the stock_exchange . buoyed by the 1980 's stock_market boom , mr . de benedetti 's holding_companies were vehicles for an extraordinary expansion aimed at establishing what he described as a pan_european business empire . just about anything seemed to be a target for his appetites yves_saint_laurent and the valeo auto component company in france the pearson group , owners of the financial_times , in britain hotels and real_estate in spain , and the huge belgian holding_company , societe_generale de belgique , which he claimed to have successfully raided in 1988 before being foiled by compagnie de suez of france . in italy , two of his bids , for the influential mondadori publishing group and the state owned sme food group , met virulent and ultimately successful opposition from politicians concerned at the growth of his power . " it is a straight line from sme to the ambrosiano verdict , " mr . de benedetti contended , without specifying how he thought the milan magistrates involved in his case were politically swayed . still , he clearly became overstretched . many of his holdings have been sold as his group retrenches . his french company , cerus , has lost more than 600 million in the last two years and has been shedding much of what it acquired in the 1980 's . " he allowed himself to be carried away by the times in the 1980 's , and i think he knows it , " said michel cicurel , who was brought in recently as managing director of cerus to clean up the mess . depressed stock prices like other companies in the group , cerus is now trading at a fraction of what it did a few years ago . olivetti , having traded as high as 20 , 000 lire , or 18 . 10 , a share in 1986 , now trades at 3 , 200 lire , or 2 . 90 . in 1978 , when he took over olivetti , the once illustrious typewriter manufacturer was on the brink of bankruptcy . within five years , the company was transformed into a leading european computer maker , with profits reaching 365 million by 1987 . but last year it plunged into the red . at best , mr . benedetti said , olivetti might break even this year , after shedding 16 , 000 , or 25 percent , of its workers over the last two years . its problems are essentially those of the entire european computer industry tough competition in a fragmented market and plunging prices . personal computer prices fell 40 percent last year . olivetti is banking on its integrated systems , its flexibility and the muscle and technology of its new alliance with digital to survive . from digital the company will gain access to the alpha risc , or reduced instruction set computing , technology , which has earned widespread praise . mr . de benedetti vowed to fight to the last for olivetti 's independence . " i am sentimentally tied to this company , and it is my duty to give it all i can , " he said . there is no question that mr . de benedetti is a fighter . born into a middle_class jewish family in turin , he fled italy at age 8 because of the fascist racial laws in force during world_war_ii . he managed to get to switzerland , although several of his cousins died in nazi death camps . the experience marked him deeply , apparently contributing to his passionate sense of mission . this determination is certain to characterize his effort to clear his name in the ambrosiano case . but he will be up against an italian justice system whose notorious lethargy and unpredictability are underlined by the fact that the full reasons for mr . de benedetti 's conviction will be disclosed only next year and by the extraordinary division between the magistrates most centrally involved in the case . interviews showed that while renato bricchetti , the magistrate who led the initial investigation , is convinced of mr . de benedetti 's innocence , the public prosecutor , piero dell'osso , defended the verdict . both denied being subjected to political pressure . banco_ambrosiano affair what they do agree on is that mr . de benedetti joined banco_ambrosiano as vice chairman in november 1981 , invited by the shadowy mr . calvi , who said he was looking to groom a successor . mr . de benedetti invested 52 billion lire , or 43 . 3 million , to become the largest single holder in a bank that was already awash in bad_loans made by mr . calvi to several latin_american shell companies owned by the institute for religious works , the vatican bank . it was a typically bold , and seemingly rash , decision by mr . de benedetti . but he soon began challenging mr . calvi at board meetings to explain what was going on in the bank 's porous overseas operations . " the reaction from mr . calvi was extremely violent , " mr . bricchetti said . mr . calvi began maneuvering to have mr . de benedetti removed , and the magistrates agree that nothing the olivetti chairmandid as a director of the bank was reproachable . where the two magistrates disagree is over the terms under which mr . de benedetti left the bank . at that time , he received 54 . 3 billion lire , or 45 . 2 million , which mr . de benedetti says represented his investment plus interest and costs . mr . dell'osso argued that the payment was excessive and contributed to the " fraudulent bankruptcy " of banco_ambrosiano . mr . bricchetti found nothing unlawful about this payment . in effect , mr . de benedetti , he argued , was being sentenced to prison for the collapse of a bank with 1 . 3 billion in bad_loans because he made a profit of 1 . 9 million on his two month investment . mr . dell'osso declined to discuss his reasoning in the case . but he said " the only pressures on me were the technical ones from the complexity of the affair . i was able to fulfill my duty as a magistrate should , without any political pressure . " but mr . dell'osso 's unusual persistence kept the case alive . he first argued that mr . de benedetti had been guilty of extortion , and when this case floundered in 1989 , he switched to the fraudulent bankruptcy argument . whether mr . de benedetti 's appeal is upheld or not , he seems resolute and serene . he believes italy , struck by twin economic and political crises , is at last about to change in the way he has long urged . and he appears to have realized the pitfalls of his considerable hubris . " i am willing to concentrate on fewer subjects now , " he said . " ten years ago i was not . but i am 57 , and i have realized that every season of your life has its own attractions and flavor . i am a grandfather now , and that makes me totally happy . ten years ago it would have made me desperate . "	has a location of italy
most people think of venice as a romantic background for films or a one of a kind vacation destination , but frank o'halloran and liesl odenweller have called it home for the last nine years . ''liesl and i met in 1991 when we were both living in rome , '' mr . o'halloran said as he sipped prosecco on his altana , or balcony , overlooking most of venice . ''i was working at a nongovernmental agency , and liesl was studying opera . '' they moved back to the united_states , to new york , the next year but before they left , they spent a month in venice and , mr . o'halloran said , ''we fell in love with the city . '' so in 1998 , when they moved back to italy , venice was the natural choice . ''when we first met , in rome , both of us had to be in that city me for work and liesl for studies , '' he said . ''but by the time we moved back , we were both freelancing and so could choose to live wherever we wanted in the world . so why not pick one of the most beautiful cities ? '' mr . o'halloran is a corporate training consultant and executive coach ms . odenweller , is a freelance opera singer . ''we lived for years in an apartment on the grand canal , '' mr . o'halloran said . ''it was a bit like living on main_street , but with amazing views off of our balconies . '' their neighbors complained of the hustle and bustle , but the couple felt it was almost village like after new york . yet , ''although we loved our apartment , our goal was to buy something for ourselves , '' he said . there are always places for sale in venice , but finding something that met their criteria was not easy . ''since we both work full time , and have very hectic travel schedules , we knew that we wanted something that would be very easy to take care of , and that also would not involve any restoration work , '' he said . in italy , most properties are large scale fixer uppers that require a series of complex and lengthy negotiations with the authorities to secure the various permits needed for the project . ''add to this the fact that we wanted great views and some sort of outdoor space , and the search became even more difficult , '' he added . although venice is small roughly three miles across and surrounded by its lagoon it is decidedly urban , a warren of old buildings and narrow canals with few terraces or gardens . ''although there are apartments on the market in venice , most people , especially foreigners , tend to be very choosy about what they want , '' said serena bombassei , owner of venice real_estate ( www . venicerealestate . it ) . ''everyone wants two bedrooms , two baths , a great view and something that they can move right into . '' the most requested areas are along the grand canal the dorsoduro district , just across the canal from san_marco and the san_marco quarter itself . ''a great apartment in these neighborhoods , fully restored , can cost from 11 , 000 euros to 15 , 000 euros a square meter , '' ms . bombassei said that is about 14 , 470 to 19 , 730 a square meter , or 1 , 345 to 1 , 834 a square_foot . in comparison , top end properties in belgravia and mayfair , london 's most exclusive neighborhoods , are selling for around 2 , 440 a square_foot . ms . bombassei added , ''something away from the center , without a great view will cost a bit less , from 8 , 000 euros to 10 , 000 euros'' a square meter ''or even as low as 6 , 000 euros for something that needs more work . '' last spring mr . o'halloran and the couple 's 3 year old daughter , anna , were in the giudecca neighborhood to look at an apartment for sale . deciding to make the most of the outing , he stopped to visit some friends , an american couple , who had been living in the area for the last 15 years . ''as it turned out , the property we had seen was n't for us it was a real wreck and would have involved too much restoration work , '' he said . ''i was bemoaning this fact to our friends when they said , 'buy our place ! ' '' they had put their apartment on the market only the day before . ''it took me about five minutes to say 'yes , ' '' mr . o'halloran recalled . at 119 square meters , or 1 , 280 square_feet , it was the perfect size , and had two bedrooms , he said . the couple did not want to disclose the price , but ms . bombassei said that an apartment of that size probably would sell for 580 , 000 euros to 650 , 000 euros , or 761 , 000 to 853 , 000 . the couple consider the apartment 's location a bonus . the giudecca , which encompasses several islands south of the touristy san_marco quarter and across the wide giudecca canal , is much quieter and greener than the rest of the city . ''it 's a great place for kids , and has a nice mix of people , '' mr . o'halloran said . ms . bombassei said she recently sold elton_john a house at one end of the neighborhood , while publicly subsidized_housing at the other end ensures that venetians can continue to afford to live in their homes . in general , the agent said , giudecca is ''a bit like the notting_hill of venice there are a lot of artists living here and , since it is facing san_marco , it definitely has the best views in town . '' in fact , mr . o'halloran and ms . odenweller say the views from the windows and the balcony were what persuaded them to buy the place . a trompe_l'oeil mural in the living room depicts the venetian skyline , but the real views are equally dramatic the city 's towers , cupolas and facades reflected in the sparkling water . as the sun set , mr . o'halloran looked out across the lagoon . ''i think you can understand now why we chose venice , '' he said .	has a location of italy
lead time inc . has signed an agreement with arnoldo mondadori editore , the milan , italy , publishing company , to set up an italian version of fortune_magazine . time inc . has signed an agreement with arnoldo mondadori editore , the milan , italy , publishing company , to set up an italian version of fortune_magazine . the first issue of fortune italia is expected to be out by spring , and will use the same logotype and basic design as its american parent . some articles will be adapted from the united_states edition others will be produced specifically for the italian version . ad rates have not yet been set . time , which will share control of the italian edition equally with its partner , is currently negotiating to create spanish and german_language editions of the magazine . fortune started a french edition , a joint_venture with hachette filippachi , in february .	has a location of italy
lead after an unexpectedly copious amount of political bloodletting , the italian parliament today enacted the country 's first law regulating television and press ownership and setting guidelines for broadcast commercials . after an unexpectedly copious amount of political bloodletting , the italian parliament today enacted the country 's first law regulating television and press ownership and setting guidelines for broadcast commercials . political maneuvering was so intense and parochial party interest so blatant that 10 days ago the government of prime_minister giulio_andreotti came close to falling apart over this issue . on all sides invective was uncommonly strong . mr . andreotti finally resorted to a series of confidence votes that had the effect of curtailing parliamentary debate and discouraging possible defectors within his christian democratic_party who have been unhappy over this matter . even so , the italian senate waited until almost the last minute today , parliament 's last day before its summer vacation , to approve the broadcast bill . if the august holidays were not so sacrosanct here , lawmakers would have quite probably talked on well into next month . limits on advertising revenue using different formulas for public and private television , the new law puts limits on advertising revenue for the first time . for example , the state network known as rai ( radiotelevisione italiana ) , which also receives public funds through television user fees , may carry no more than 7 minutes and 12 seconds of commercials in any given hour . private networks are treated more generously and may go up to 12 minutes an hour . the italian controls are appreciably less restrictive than those in other western_european countries , especially britain , france and west_germany . but even these measures were not easy to hammer out in a country where the state network is divided into three channels , each controlled by one of the three largest political_parties the christian democrats , the communists and the socialists and each reflecting its party 's views . under the regulations only three commercial breaks will be permitted during the broadcasts of films , dramatic programs and concerts lasting longer than 90 minutes . if a show goes beyond an hour and 50 minutes , a fourth break will be allowed . for rai this provision may actually amount to a financial boon because it has a tradition of interrupting films only once , at the approximate halfway point . but the law is certain to cost italy 's increasingly important private networks millions of dollars , for some of them tend to sprinkle commercials through their films like weeds across an unkempt lawn . a television magnate small networks say they will be pinched the most . but the regulations are also expected to strike hard at silvio_berlusconi , italy 's undisputed king of private television , who owns half a dozen of the country 's largest stations . in fact , much of the political heat generated in recent weeks stemmed from attempts by mr . berlusconi 's allies , notably in the socialist_party , to shape a law that would limit the damage to him . with mr . andreotti 's agreement , they accomplished this in part by delaying the regulations' effective date until dec . 31 , 1992 . opponents , mainly the communists and left_wing christian democrats , had insisted that italy obey a european_community directive calling for restrictions to begin in october 1991 . but they lost , and the result is that mr . berlusconi has more than an extra year of grace , worth millions . still , he hardly got off scot free . sections of the law strike at italy 's remarkable concentration of television networks and newspapers in the hands of a few business titans , including mr . berlusconi . from now on no one may own more than three television stations , and anyone controlling three of them may not also have a newspaper . newspaper owners controlling more than 16 percent of the national market in terms of readers will be banned from owning any stations at all . in addition no single business group may possess more than 20 percent of total national revenue generated by media sales , advertising and subscriptions . some losses ahead for mr . berlusconi , the losses are clear . he must give up the control he now has of il giornale , an influential newspaper based in milan , and also sell off several of his smaller television stations . officials at his holding_company , fininvest , say the lost advertising revenue from those stations alone could total 86 million a year . on the other hand , they see partially offsetting gains . all stations , private as well as public , will now have to carry news programs but they will also be permitted to have live broadcasts for the first time . that will include sports events and game shows , two lucrative sources . probably no sections of the new code generated more controversy than those governing commercials , which include an absolute ban on advertising during children 's cartoons . the emotional impact was reflected last year in a court decision , now superseded , that had ruled out any commercials during a film , on the ground that they violated the work 's artistic integrity . commercials during concerts the director federico fellini has been conspicuous in the anticommercial crusade , calling advertising breaks in movies ''a spit in the face . '' his basic theme was echoed , less colorfully , in parliamentary remarks this weekend by giorgio strehler , the stage director , who is also a senator from the independent left . referring to the breaks that will now be permitted in concert broadcasts as well as during movies , mr . strehler said , ''i cannot accept that a mozart symphony may be brutally interrupted by advertising . '' but opponents argue that without commercials , viewers would not get to see many films , including those considered classics . fininvest officials also point out that private networks and the rai system are the major sources of financing these days for italy 's ailing movie industry . if their advertising revenues shrink , they say , so will the available funds for new films .	has a location of italy
olivetti s.p.a . told its unions yesterday that it would lay off 1 , 000 workers tomorrow as part of a reorganization plan announced at a previous board meeting . the announcement comes after olivetti rejected a reorganization plan offered by three unions . the two sides , which have been in negotiations since september , must still reach an agreement on the fate of an additional 1 , 000 workers in italy . olivetti , the financially troubled computer maker , plans to reduce its work force by a total of 5 , 000 jobs , 3 , 000 of which are overseas . talks will continue about the possibility of keeping the other 1 , 000 italian workers on the job , an olivetti spokesman said . workers from the three unions have called for a strike tomorrow . bloomberg business news international briefs	has a location of italy
italian industrial production plunged 1.6 percent in may , its steepest monthly fall in more than four years and the newest sign that the country , europe 's fourth biggest economy , could slip into recession . the production of consumer and investment goods led the decline , followed closely by cars and small trucks . fiat , the struggling carmaker that is italy 's largest private_sector employer , is confronting its worst ever slump with a plan that calls for more than 12 , 000 layoffs and the shutting of factories in italy and abroad . ''the fall in industrial production sets off alarms on many fronts , including in the labor market , '' said tito boeri , an economics professor at bocconi_university in milan and a founder of a web_site that tracks developments in italy 's economy . the italian government has had little success in stimulating the economy , and three months ago it cut in half its estimate for growth this year , to 1.1 percent . may industrial production tumbled an adjusted 4.4 percent compared with the level a year ago . the latest numbers put to rest expectations that an 1.8 percent jump in output in april reflected new momentum in the economy . most economists now say that the government 's growth forecast for this year cannot be reached and will have to be lowered again . that outlook was based on expectations of a strong rebound in the second half of the year that now seems increasingly remote . the economy shrank 0.1 percent in the first quarter . a recession is defined as two consecutive quarters of negative growth . italy , like most industrialized_economies , has been hurt by a rise in crude_oil prices the last year , and one of the few italian industries to show a rise in production in may was oil_refining , according to statistics released by the government 's statistics office , istat . the drop in industrial production is the latest in a line of problems that have confronted italy 's prime_minister , silvio_berlusconi . he touched off a diplomatic crisis this month when he compared a german member of the european_parliament to a concentration_camp guard . and last week , a tourism under secretary made remarks that portrayed german tourists as beer guzzling boors . the official later resigned . the prime_minister has also been busy patching up disagreements among his coalition partners at home . on thursday , the government will outline its forecasts on the economy through 2008 .	has a location of italy
for three nights now , the residents of this tiny hillside hamlet have lain awake in their cars and pup tents , huddled together against the autumn chill , waiting to hear the earth beneath them move again . for the older generation , many in their 80 's and 90 's who make up half of acciano 's population of 60 the low rumbling sounds and the fear that follows bring back memories of the distant bombs of world_war_ii . for marcello chiocca , 29 , the aftershocks from the earthquakes that sent tens of thousands fleeing from their homes in central italy last friday are almost supernatural . ''i think of it as a long worm , writhing down the valley , '' said the 29 year old metal worker , who is camping out here with his wife 's family . ''it felt as though the ground was dancing below us . '' the continuing tremors are fewer now , but the fear remains here and in dozens of other villages and towns where people are living in tents , cars and campers many grouped in makeshift emergency centers set up by authorities for the ''terremotati , '' the italian word for those who have been ''earthquaked . '' in many communities in umbria , one of two regions hit by friday 's back to back earthquakes , the worst in italy since 1980 , most houses are still standing . while some have gaping cracks down the walls , or partly collapsed tiled roofs , others were surprisingly untouched , at least on the outside . after inspecting a sample of 3 , 500 houses in the region , experts found 41 percent to be uninhabitable except in the town of nocera umbra and its surrounding villages , of which acciano is one . there the rate was 72 percent . authorities are still warning people to stay away from their homes , probably for another week , until a door to door inspection can be completed . in the meantime , entire towns and villages have become ghost_towns , with shuttered shops and empty houses . to date , the italian government has made available a total of 12 , 364 beds , either in campers , tents , even trains set aside to receive the homeless . the number of people who have spent the last three days sleeping away from their houses is still a matter of guesswork , given the uncounted numbers who have preferred to stay close to home in their cars , but today convoys of new campers were making the trek to the quake stricken region . it took time for the italian civil protection authorities to reach places like acciano , tiny farming communities where the old stone houses are maintained by an aging population who have stayed on after their children have left to find work elsewhere . the first allotment of state issued blue tents now a familiar sight outside the region 's bigger towns arrived here only this morning . ''at first they thought of the bigger towns , and they forgot about us , '' said mr . chiocca . ''here over half the population is made up of old people . these senior citizens , you ca n't take them away . '' mr . chiocca 's father in law , giovanni armillei , said , ''we do n't want to abandon our houses , because we are country people . if we abandon everything , what will we do ? our lives are our fields , our chickens , our horses , our pigs . '' there is also bitterness about the initial reaction to the friday earthquakes , when the press and the government focused on the damage done to the 13th century basilica of st . francis in assisi , where chunks of precious frescoes came crashing to the ground , killing four people . ''everyone here is catholic , we are all religious , '' mr . chiocca said . ''but i think that we should think of people first , and then the churches . '' the medieval center of nocera umbra itself , a maze of narrow winding cobblestone streets leading up the shank of a hill , is utterly deserted except for the odd cat , blocked off by red ribbons stretched across rubble strewn intersections . a sign posted on the town hall , next to an open door that gives way to an interior stairwell cluttered with large chunks of plaster , advises citizens to go next door . a green dais , set up by a church for a now forgotten holiday , is still there , now covered with dust and rubble . the only person injured in nocera umbra during friday 's midday earthquakes which mercifully came in two jolts with enough of a pause between them to send most people running out of their houses was angela armillei , mr . chiocca 's wife . ''there were 25 people in the supermarket where i work and i was the only one hurt , '' she said , sitting by the road with a bandaged foot . ''i felt the ground shake and as we were running for the doors , the cans were popping off the shelves . i tripped , and that 's how i hurt myself . '' in most cases , residents did n't need much convincing to leave their houses after the second earthquake , which registered 5.6 on the richter_scale , nine hours a first quake struck at 2 33 a.m . friday . in the hamlet of petracchia giovannotti , where the side of the tallest building slid to the ground , all 60 residents moved down the hill to a campground friday afternoon . after rising up in protest , they were finally provided with government issued campers over the weekend . with two families packed into campers built for one , people wonder when the emergency relief will move to its next phase , in particular the provision of prefabricated housing that will get them through the winter . but there is bureaucratic confusion , not unfamiliar in italy . a 43 year old man who refused to be identified said the italian military_police ''want to do things one way , the civilian police another , the civil protections authorities another , and it is all so time consuming . '' as the tremors die away , inhabitants of hillside towns worry about nature 's next threat , winters like the one last year which covered acciano in four feet of snow . so far , the skies have stayed clear over the region , but the nights are already cold . ''the real danger is winter , '' said maruizio salari , the mayor of foligno , a nearby town hard hit by the quakes . a survey of damaged monuments is continuing throughout the region , home of some of italy 's richest artistic treasures , with one report listing serious damage to 11 of 19 churches . art experts were still sifting through the rubble at the st . francis basilica in assisi , where the funerals for the two franciscan friars killed by the collapsing ceiling were held today , with several thousand people attending . the damage in acciano was not as bad as in sorifa , across the valley , where several houses were reduced to rubble . there next to the church of st . michael the archangel , where cracks run up the side walls into a now precarious belfry , rina armillei stood today over piles of sweaters and dish cloths , chests without drawers and a jumble of pots and pans , rescued from the house inhabited by her husband 's family for generations . ''our house is completely destroyed , '' she said , wringing her hands as tears came to her eyes . ''you ca n't imagine what the inside looks like . it breaks your heart . i wo n't ever sleep here again . i 'm too scared . ''	has a location of italy
for a tourist , one of venice 's charms is that the only way to get around is on foot or by boat . for mayor paolo costa , one of the city 's biggest drawbacks is that the only way to get around is on foot or by boat . and that , he says , is why he has proposed building a subway , running from the mainland to the center of town the part visited by millions of tourists every year . the mayor says a subway will breathe life back into venice , which , according to the city 's statistics office , now has a population of 64 , 000 people , compared with 175 , 000 half a century ago . ''venice is losing population and jobs , and that is going to continue if we do n't improve public transportation to the mainland , '' mr . costa , a venice native , said in a recent interview . ''of course , we ca n't know exactly how things will change with this project , but it is sure to save jobs in the city and it should be an incentive for people to continue living here . it 's a step to ensuring venice does n't become a museum visited only by tourists . '' a regional environmental commission is weighing whether the subway line would damage the city or the environment , and is to decide by mid april . the plan calls for a single five mile line running entirely underground from venice 's airport , below the venetian lagoon , past the island of murano and on to the historic center , where the subway tunnel would flank the canal banks and end near the city 's old shipyards . to avoid digging under the city center , the subway 's stations would be underground but about 150 feet from the banks . riders would take elevators or escalators down to a tunnel that would lead out to the stations . the trains would run on rubber tires to reduce vibrations that could damage the city . to keep costs down and reduce the impact on the environment , the one track would be shared by trains going in opposite directions . the trains would be able to pass each other only in the stations . the subway , which supporters say could be ready by 2009 , would link up with a tram that goes to mestre , venice 's commercial heart on the mainland , and would also connect to a station , to be built in the coming years , for a high_speed_train line being constructed between turin and trieste . the subway would traverse the five miles from the airport to the old shipyards in 14 minutes , less than half the time it takes by boat , at an estimated cost of 2 euros for residents and 6 euros for nonresidents , compared with the boat 's cost of 5 euros for locals and 10 euros for visitors . it is too soon to tell if the subway will win all the necessary approvals . a previous mayor , ugo bergamo , tried in 1992 without success to get a subway built to venice . but the new project has some differences . the earlier one would have been a traditional two track subway with several lines . perhaps more important , this time the italian government has pledged to pay 56 percent of the 343 million_euros ( 448 million ) that promoters of the project say it will cost . the rest would be financed by private investors , who would have a 40 year concession to run the subway . a group of investors has said it will finance the project , but if the subway wins final approval , the city says it will hold a competition that will be open to other bidders as well . many venetians oppose construction of a subway they say that people who move to the mainland do so not because of the state of public transportation , but because of the cost of housing in the historic center . in an informal survey of 15 venetians , 12 said the city did not need a subway , a view shared by paolo cacciari , the city councilman in charge of the environment . ''to keep people living in the city center , something has to be done to keep rents down , '' mr . cacciari said . ''a subway will lead to more real_estate speculation , and that will make it even harder for people to afford living here . '' other committees must approve the plan after the environmental commission , but both sides of the debate are taking a stand now because , they say , this is when the battle will be decided . project financing , in which investors pay part of the building costs and then reap the profits of running the finished project , has been promoted by silvio_berlusconi , italy 's prime_minister , as he seeks to improve the nation 's infrastructure at a time when economic_growth is limited and the country is saddled with the biggest debt in europe . a 2001 law , approved at mr . berlusconi 's urging , made it easier for private investors to finance public projects . edoardo salzano , a retired university professor who was the venice city councilman in charge of urban_planning from 1975 to 1985 , does not favor the subway . ''cost or no cost to the city , this is a project venice does not need , '' he said . ''a subway would only increase the number of tourists . '' mr . costa and others dismiss that claim . roberto d'agostino , the city councilman in charge of urban development , said , ''somebody from tokyo or new york is not going to decide to come to venice because there is a faster way to get from the airport to the center . ''tourists are still going to want to take a boat from the airport . they are not coming to venice so they can enter a tunnel . '' international business	has a location of italy
it might seem a curious question to ask what do a derelict potato processing_plant and an empty highway have in common ? the answer , equally curious , is that they both form part of a web of fraud that turned one of italy 's saddest catastrophes into a vast pork_barrel . since an earthquake struck the irpinia region , inland from naples , in november 1980 , killing more than 2 , 700 people and leaving 265 , 000 homeless , the authorities in rome have sent roughly 35 billion to rebuild villages like sant'angelo and to restart industry . still waiting but some people still live in the " temporary " prefabricated matchboxes they were assigned after the quake . scores of new factories lie still , built by entrepreneurs who took the grants but who never actually got around to managing the plants . government money has been spent on the gentrification of villages barely touched by the quake . roads were built that went nowhere an eight mile stretch of smooth and deserted highway below this village cuts through a bucolic valley , curves in a graceful concrete parabola and ends abruptly at a stout tree . " this is italian politics , " said antonio compitillano , a 70 year old retired blacksmith who has lived in a prefabricated home in this village for 12 years , awaiting new housing . his wife , candida chiusano , elaborated on the role of the country 's politicians " they give themselves money and then eat it themselves . " as italy 's broader bribery and corruption scandal moves southward into naples and beyond , the projects born in corruption prickling the landscape seems one more indictment of the politicians , who carved up power and patronage across the land . the kickback capital long known as a city where kickbacks were the norm , naples is increasingly being drawn into the nationwide scandal that started in milan last year and has uncovered a system in which politicians took bribes worth millions of dollars in return for public works contracts . but even before that investigation known as mani pulite , or clean hands began a process that has led to hundreds of arrests , a parliamentary commission had begun to unravel the misdeeds associated with the earthquake relief . and the trail they uncovered has led them to the same centers of power in rome . michele de mita , brother of a high ranking christian democrat and former prime_minister , ciriaco de mita , has been arrested , and ciriaco de mita has been forced to resign as head of a panel considering political reform . as the investigation bites into naples , moreover , magistrates have ordered a look at the activities of legislators from all the political_parties in the city . while the scandal in the north focused initially on the socialists , it has found its christian democratic mirror in the south . no ties to the quake in this region , said achille cutrera , a socialist senator who helped lead a two year investigation into the diversion of earthquake funds , one quarter of the government funds were spent on items " that had nothing to do with the earthquake . " moreover , he said in an interview in rome , the christian democratic authorities provided aid to 680 village administrations in this area even though only 300 villages had been seriously damaged . " it was to win votes , " he said . although this region is technically dirt poor , the landscape is freckled with stylish and architecturally incongruous villas paid for with money that farmers were able to reap from local administrations . the less fortunate , or less wily , like mr . compitillano , remain in prefabricated houses , though . aid for monkey business at the time some of the aid was dispensed , ciriaco de mita was prime_minister . now , outside his hometown , nusco , an industrial complex new but hardly humming with activity has sprung up . senator cutrera said 5 billion of government funds was spent on new industries . but of 400 set up , 150 failed or never started . they include the potato processing_plant and a plant to produce jeeps . their shells now stand in a line in the yard without wheels or engines . under the reconstruction system , mr . cutrera said , companies were paid 60 percent of their projected investment to start a new industry and the rest when the plant started working . that , he said , invited false invoices . " if you invented a receipt , you invented money , " he said . investigators said michele de mita issued false invoices to inflate the cost of the potato processing_plant . he has denied wrongdoing , but after four years the government had paid out some 7 million and the plant had yet to process a single potato . the roads to nowhere the same system , investigators said , worked for building highways like the one that ends so abruptly here . " there was no bidding for the contracts , and no checks on the projects , " said barbara fiammeri , a reporter who covered the issue for the financial daily il sole 24 ore . " once the money ran out , the road stopped . " investigators also discovered cases where the architects of projects and the administrators who approved them were the same people . moreover , investigators said , while supposedly respectable northern italian companies moved into the region , they hired local contractors linked to the organized_crime syndicate , the camorra . that has raised the possibility that settling the scores as the scandal unfolds in this region will not be quite so genteel as it has been in the north . " this is not milan , " said antonio bassolino , a former communist legislator from naples . " blood will flow . "	has a location of italy
lead facing discord within his government and the prospect of a confrontation with the roman_catholic_church , prime_minister giovanni goria withdrew a plan today to make religion classes optional in public schools . facing discord within his government and the prospect of a confrontation with the roman_catholic_church , prime_minister giovanni goria withdrew a plan today to make religion classes optional in public schools . the scrapped parliamentary resolution defining the status of religious instruction in state schools was the product of three years of negotiations , first between the government and the church and then among the political_parties that make up the governing coalition . government officials had expressed hope that their proposal had satisfied all sides in the controversy . but the italian bishops' conference stated its opposition to several elements of the resolution in two strongly worded statements last week , and pope_john_paul_ii publicly endorsed the bishops' position saturday . the bishops' major complaints involved language that defined religious instruction as optional as well as a directive to schedule religion classes at either the beginning or the end of the school day so as not to inconvenience students who chose not to attend . this morning the vatican officially informed the government of its opposition to the plan , according to several members of parliament . a vatican spokesman said tonight that there would be no comment on the subject , while government supporters in parliament said new negotiations would be opened with the church . the case highlights the continuing controversy over the role of the church in modern italian society . although the vatican and the local hierarchy are not as dominant as before , the church proved again today that it retains considerable influence . continued conflict over religious instruction seemed assured tonight as communist_party leaders announced plans to demand a full parliamentary debate on the issue , and some members of the governing five party coalition protested that the vatican was unjustifiably interfering in government affairs . spokesmen for two parties within the coalition , the republicans and the liberals , called into question the concordat , the treaty that governs relations between italy and the vatican . there were also signs of upset among christian democrats , who form italy 's largest political_party and who have generally supported the church . education minister giovanni galloni , a christian democrat , told reporters tonight that within the party ''there is a great deal of worry . '' new government regulations on religion classes became necessary after italy and the vatican signed a revised concordat in 1984 . the previous treaty , enacted under mussolini in 1929 , had given catholicism the status of a state_religion and gave the church a variety of benefits , including mandatory classes in catholic doctrine in state schools . the new treaty established the principle of religious liberty and stated that catholic education would be offered to any public_school student who wanted it . but the new concordat has been applied unevenly , forcing a new round of negotiations that led to the plan canceled today by the government . although the current debate involves some fine legal distinctions over how to implement the concordat , such as the precise meaning of ''optional , '' broad accusations of bad_faith have been made by several participants . paolo battistuzzi , the liberals' floor leader in the chamber of deputies , said monday , ''this pope has not understood the difference between italy and poland . ours is no longer a monopolitical society , not even from the religious point of view . '' the bishops' conference in turn has accused the government of trying ''unilaterally'' to amend the concordat . church state relations have been the subject of harsh exchanges on several occasions earlier this year . a broad range of political_parties and newspapers protested what they perceived as the church 's endorsement of the christian democrats in parliamentary elections in june after the pope and the bishops issued statements advising catholics that they had but one choice if they were to uphold their religion at the ballot_box .	has a location of italy
lead italian officials said saturday that italy 's long awaited move to bring lira trading into line with other major currencies in the european monetary system represented an essential step toward a european monetary_union . italian officials said saturday that italy 's long awaited move to bring lira trading into line with other major currencies in the european monetary system represented an essential step toward a european monetary_union . the decision , announced friday night by the european_community 's executive commission in brussels , means the lira will trade within a 2 . 25 percent fluctuation band in the currency grid , instead of the wider 6 percent band that it has had since the system was founded in 1979 . the lira has been permitted a wider trading band over the past 10 years because of italy 's persistent problems with high inflation and an enormous public debt . confident central_bank but the inflation_rate , which averaged 6.6 percent in 1989 , is now below britain 's while the italian economy has enjoyed healthy growth and high investment , giving the bank of italy confidence that it can hold the lira to a narrower trading range . the move to the tighter band has been accompanied by a devaluation of the lira 's central rate against the european currency unit by slightly more than 3 percent . no official central rates against other currencies were immediately available , but a calculation of other currency 's central rates against the european currency unit indicates an effective devaluation of the lira 's central rate against the mark of nearly 4 percent , to just over 748 lire a mark , from the previous 720 . 699 . dealers said this brought the lira 's central rate against the mark , on which most attention has focused , closer to current market levels , effectively adjusting the central rate to take account of a lira fall that has already occurred in the last two months . step to monetary_union the european_community 's statement on the lira move , released in brussels , stressed it was a step toward the monetary_union . community leaders agreed at the strasbourg summit meeting last month to start an intergovernmental_conference on monetary_union at the end of this year , when italy will hold the european_community presidency . still , strong differences of opinion exist over the form that monetary_union should take and the degree to which broader economic policy needs to be coordinated . france and italy favor a strong union , and britain is opposed . west_germany , which has backed the french calls for greater union despite some reservations , is now concerned that closer political integration in western_europe should not become an obstacle to cooperation with eastern_europe . international report	has a location of italy
yoichi ohira has worked in glass for more than 30 years , first as a glass blower in his native tokyo , then , since 1973 , as a glass designer on the island of murano in venice . while not the first japanese artist to produce glass there , he was the only one to remain and make venice his home . today , mr . ohira 's murano glass , a fusion of asian forms and venetian surfaces , has attracted an international following . interest was spurred in this country by two one man exhibitions in 2000 and 2001 at the barry friedman gallery in manhattan . both shows sold out . mr . friedman , who represents the artist internationally but not in japan , said mr . ohira 's works were now owned by scores of collectors and seven museums in the united_states , including the metropolitan_museum_of_art , the american craft museum , the cooper hewitt national design museum and the corning glass museum in upstate new york . now mr . friedman has organized an exhibition of 200 objects that is four times larger than either of his previous shows . half the pieces on view were lent by collectors and are not for sale the rest are new works priced at 3 , 800 to 14 , 500 . ''i do n't know another market in the contemporary craft field that is as strong as glass , '' mr . friedman said . ''there are so many clubs and organizations of glass collectors more than 10 nationwide that are helping to fuel interest in contemporary work . '' curiously , mr . ohira 's works were not recognized until recently , possibly because the artist , who is 55 , never sought public attention . he lives modestly in venice in a one bedroom apartment , a 15 minute trip to the island of murano in the venetian lagoon . but his life and work began to change in 1992 , when he was invited to put on an exhibition by the art gallery of the isetan department_store in tokyo . to produce the objects for the show , he quit his job as the chief designer at a murano factory and started making one of a kind pieces , hiring two glassmakers to help him at the anfora glassworks on murano . the two men , livio serena , a master glass blower and giacomo barbini , a master glass cutter , have produced his glass ever since . ''working with them , i was able for the first time to make the kind of glass objects i had dreamed of creating , '' mr . ohira said . ''the exhibition in tokyo was a big success . '' at the time , mr . ohira was focused almost exclusively on producing transparent glass objects , a look that was dominating the field of contemporary glass . but he was eager to experiment , so he switched to ancient techniques , making opaque glass in forms inspired by chinese porcelains . he chose strong song dynasty shapes , like spheres and gourds , combining them with narrow necks and dynamic venetian surfaces that pulse with brilliant colors , abstract patterns , contrasting textures and jewel like luminescence . mr . ohira is a hands on designer , a trait common among studio artists and one that is increasingly seen in the factories of murano . he starts by selecting the opaque and transparent canes ( rods of glass ) that he uses in all his objects . he then cuts them to the desired thickness and length and assembles the pieces on a flat metal sheet , as if he were preparing a pizza . now he adds the sausagelike slices of canes called murrhines and sprinkles the surface with powders for glitter . the ''pizza'' goes into the furnace , where the canes fuse and the glass softens so that the object can be blown . mr . ohira is deft at devising more than a score of different traditional surface treatments , many of which are not at all what they seem to be . a vase in the shape of a double gourd looks as if red ink had been dribbled down its snow_white surface , when in fact the vase is made entirely of red and white glass canes of varying sizes . and a tall , cone shaped black vase , which appears to be painted on the outside with white petals and on the inside with red petals , is a tour de force of white murrhines coated on the inside with melted red glass beads . working in murano factories for so many years as a member of a team made mr . ohira sensitive to the roles of everyone in the production process . ''i am a foreign guest of this community , '' he said . ''my works are made by my hosts , the master glassmakers at the anfora factory who work with me on each piece . '' to acknowledge this collaboration , the designer took the unusual step of asking mr . serena and mr . barbini to add their signatures to his on the pieces they produce . ''by signing my name only , i would be deceiving whoever acquires my works , '' he said . ''we so called artists or designers of glass must always ask ourselves 'who gave us these forms ? who gave us these surfaces ? ' they should share the credit for what they make . '' mr . ohira began painting and drawing when he was 6 and later , at the urging of his parents , studied fashion design at the kuwasawa design school in tokyo . they hoped he would join the family business , manufacturing women 's clothes , which his mother designed and his father produced . but in 1969 , after completing his studies , he followed a dream he had had since he was a boy and became a glass blower at the kagami crystal company there . four years later , after seeing a television show on murano , he went to venice to study sculpture . within a few months he was working part time in murano , which he continued to do while studying for the next five years . several of the newer pieces in the show reveal his painterly instincts , especially a black and red pear shaped vase from 2001 , a work that looks like something by an abstract expressionist artist . ''perhaps i will continue to develop my painterly work , '' he said . ''i always compose images in my head that i have never painted but may realize in the future . but for me the most important things i do in glass are experiments . i made that vase last year , and my next approach may be quite different . i always want to find something new in my glass . today i made four pieces , and each one was different from all the others . they were all experiments , and that is exciting . '' yoichi ohira barry friedman gallery , 32 west 67th street . through nov . 9 . art architecture correction september 22 , 2002 , sunday an article on page 33 of arts leisure today about an exhibition of work by the glass designer yoichi ohira at the barry friedman gallery misstates the address . it is 32 east 67th street , not west .	has a location of italy
in a surprise move thursday , italy 's government fired the entire board of alitalia , the nation 's flagship airline , and said that private investors would be sought to provide cash to its flagging operations . the government postponed any decisions on layoffs . the government 's moves came just two days after italy 's industry minister , antonio marzano , warned that the carrier could be headed for liquidation if unions did not endorse a plan to cut 3 , 300 jobs . the government , which owns 62 percent of alitalia , appointed giancarlo cimoli to take over as chairman and chief executive , ousting marco zanichelli , who had been chief executive less than three months , and giuseppe bonomi , who had served as chairman . mr . cimoli , 64 , comes from eight years at the helm of the national railway , which he helped return to the black after decades of losses . the decision to dissolve the nine member board follows four days of negotiations among unions , the government and alitalia 's management and signaled at least a cease fire in hostilities between the company and the unions , as well as an end to divisions within prime_minister silvio_berlusconi 's cabinet . mr . berlusconi 's deputy prime_minister and his economics minister have clashed recently over what to do with alitalia . while mr . berlusconi said less than three months ago that the government would not reduce its stake in alitalia , private investment in newly created shares in the airline would inevitably dilute the government 's stake . the unions on thursday endorsed the government 's decision to change the board and promised to suspend their sporadic strikes indefinitely . the unions held a series of wildcat actions last week that forced the airline to cancel 1 , 250 flights , and more strikes were planned for later this month to protest job cuts proposed by mr . zanichelli . mr . berlusconi has been anxious to end the labor unrest and avoid a liquidation of alitalia , a national icon and one of the country 's best known brand names , ahead of european parliamentary elections in mid june . the prime_minister 's popularity is hovering near record_lows , according to a poll published in the italian daily corriere_della_sera , and his party is in risk of an embarrassing showing at the polls . ''changing the board can be seen as an important first step because it shows a break with the past and it demonstrates that things can change , '' said manlio bonafede , a fund manager with banca leonardo . ''but what really counts are the steps that follow . '' mr . bonafede said that he expected little to change at alitalia until after the european elections . but radical cost cuts are inevitable , he said . ''there is no alternative to reducing the work force and reforming other areas where the company is spending much more than it has to be , '' he added . alitalia 's problems , besides a work force that is less productive than those of its european rivals , include a failure to update ticketing procedures to take advantage of the internet and its use of too many different types of aircraft , which increases maintenance costs . alitalia also has been criticized by analysts for its decision to have two hubs , one in rome and one in milan . two hubs cost the airline more by spreading resources more thinly and requiring more ground personnel . the national carriers in britain , france and spain have one hub each . european union law forbids the italian government , which has invested more than 2 billion_euros in alitalia since 1996 , from raising its stake in the airline . the european_union ruled that italy 's support of alitalia was illegal state aid italy challenged the ruling in the european court and won on appeal . another case is pending . one way to secure new money for alitalia without drawing sanctions from the european_union is to find private investors to buy new stock in the company . that would serve the dual_purpose of raising money for alitalia , and reducing the government 's stake . that in turn could help ease the way to an eventual merger with the newly enlarged air_france , which completed its acquisition of klm this week . alitalia and the government have said they would like to merge with air_france , but the french carrier has said that alitalia must first improve its finances and the government must reduce its ownership . alitalia 's shares and bonds were suspended from trading on wednesday and thursday . on tuesday , its stock plunged 12 . 5 percent when the government indicated that without labor concessions , it might let the airline slide into bankruptcy .	has a location of italy
the oddly titled tuscan dance in movement series crept into new york almost unannounced . and audiences eager to learn something about modern_dance in italy and about the five participating companies , all new to new york , got no help from the italian government agencies presenting the mini festival as part of the promotional tuscan dream in new york . judging from the first two groups , which performed on friday and saturday nights at the john_jay theater , italian modern_dance is less about movement than production values and superimposed ideas . the series opened with the virgilio sieni dance company of florence , which performed mr . sieni 's two part ''empty space requiem , '' set to music by letizia renzini . marina giovannini began the piece with a long solo , in which she posed and moved about the stage , most often looking like a gawky bird with clenched flyaway wings and legs . as she moved , she put on and took off articles of fanciful clothing that lay in a pile on the dim stage . ms . giovannini lay face down , her head turned away from the audience , during the entire second section , while three men capered and sat , occasionally breaking into soft shoe bobbing or peering tentatively at the woman . the heads of all four were covered in latex hoods with animal ears . mr . sieni studied art and architecture and trained in dance with traut faggioni . he performed and choreographed in amsterdam , new york and japan , where he learned shintaido , a dance and martial_arts form that uses the voice . you could see the architectural influence in ''empty space requiem . '' the three men ( mr . sieni , samuele cardini and michele simonetti ) suggested a constantly shifting community that shaped the space around them as it went . their ears suggested they were strangers in a strange world . but their incessant cheeping of vowels was annoyingly cute , and the accompanying video images of rodents , village musicians and static cartoon images added little to the mix . there was a lot of fun to be had , with one haunting sequence of horror in ''il migliore dei mondi possibili'' ( ''the best of possible worlds'' ) , presented by robert castello 's aldes company , based in lucca , on saturday night . the seven dancers were stylish and engaging , with the sleek look and attack of merce_cunningham performers . mr . castello has danced with and created video for carolyn carlson , an american migr modern_dance choreographer who trained with alwin_nikolais . in the first section , the dancers strode about the stage , enacted strange but funny little vignettes and burst into sharp angled calisthenic motion . behind them , the second hand of a large projected clock ticked off the individual minutes . often the performers and small dances changed with the minutes . the dance , performed in silence and to a collage of sound and music fragments , darkened toward the middle . a woman repeated ''vote for him'' until the phrase became gibberish . two women danced sensuously to music overlaid with a voice chanting a litany , louder and louder , about wanting to do things like an american . then came the horror , as film of the sept . 11 attack on the world trade center was projected on the clock , running backward , gradually turning the towers back into serene monoliths with live inhabitants until a gnatlike airplane backed away . beneath the screen , a man paced in dim light . the choreography then became quietly lyrical , but darkness prevailed . the second section was a puzzling exercise for dancers dressed in superman outfits , to music that included bits of ''puttin' on the ritz . '' cleverness prevailed , as in mr . sieni 's piece , but without the smugness . mr . castello performed with valentina buldrini , valerie erken , francesca foscarini , silvia mercuriali , alessandra moretti and stefano questorio . the exquisitely beautiful lighting was by gianni pollini . the remaining performances in the series include the florence dance company ( tomorrow ) and the company of giorgi rossi ( friday ) , all at john_jay ( 899 10th_avenue , at 59th_street ) . dance review	has a location of italy
a milan appeals court today indicted carlo de benedetti , the financier and computer executive , on charges of complicity in the bankruptcy of banco_ambrosiano , italy 's largest banking scandal . no trial date was set . in april 1989 , lower court judges , after investigating the 1982 collapse of italy 's largest private_bank , indicted 35 people but cleared mr . de benedetti , who heads ing . c . olivetti company , the italian computer company , of wrongdoing . a prosecutor appealed the decision . mr . de benedetti said today that he was upset by the " extremely unjust " indictment , which he said had " no legal or factual basis . " the charges carry a maximum penalty of 15 years in prison . loans of 1 . 3 billion banco_ambrosiano , based in milan , failed when it could not collect 1 . 3 billion in loans made to 10 shell companies in panama and luxembourg that were owned directly or indirectly by the vatican bank , formally called the institute for religious works . the vatican bank had issued guarantee letters for the loans . mr . de benedetti was notified in 1987 that he was being investigated for possible extortion in connection with the sale of his 2 percent share of banco_ambrosiano shortly before its collapse . the prosecutor had contended that mr . de benedetti had received favorable financial terms for the sale after threatening to disclose how the bank was administrated . when he was cleared in 1989 , mr . de benedetti said he had " always acted in the full respect of the law " and carried out his duties as administrator " with transparency . " when he was questioned last year by the appeals court , he said he informed it of " the total honesty of my behavior . " the financier was named banco_ambrosiano 's vice_president in november 1981 , when he became a shareholder , but sold the shares two months later . the appeals court , in indicting mr . de benedetti today , rejected the prosecutor 's contention that extortion was involved in the sale of the shares and indicted him instead on the bankruptcy charge . mr . de benedetti resigned his position after selling his stake . he has cited disagreements with banco_ambrosiano 's chairman , roberto calvi , as the reason for his departure . mr . calvi , whose nickname was " god 's banker " because of his vatican connections , was found hanged under blackfriars bridge in london in june 1982 . two months later , banco_ambrosiano collapsed . the vatican bank was banco_ambrosiano 's largest shareholder . it agreed in 1984 to pay 250 million as part of banco_ambrosiano 's bankruptcy settlement but said the payment was not an admission of responsibility . italian courts ruled in 1988 that a treaty between italy and the vatican prevented the prosecution of three vatican bank officials , including united_states archbishop paul c . marcinkus , the bank 's president at the time . archbishop marcinkus , of cicero , ill . , retired from papal service last year .	has a location of italy
enrico cuccia never gives interviews and forbids them for his subordinates . photos of the 86 year old banker are usually taken secretly as he crosses milan 's streets or enters the headquarters of mediobanca s.p.a . on cobblestoned via filodrammatici , just behind la scala . but mr . cuccia , who runs mediobanca , has a reputation for taking things in hand . and his investment_bank 's recent hijacking of two major italian banks has reminded italians just how powerful mr . cuccia and mediobanca have become . one of those , banca_commerciale_italiana , is the fifth largest bank in italy the other , credito_italiano , is the seventh largest . both owned shares in mediobanca . but mediobanca now leads a caucus of shareholders that controls the two larger banks which are popularly known as comit and credit . audacious but discreet moves the takeover last month thoroughly planned , politically bold , and above all , discreet was typical of mr . cuccia and characteristic , too , of the convoluted world of italian finance these days . mr . cuccia is raising capital for corporate subsidiaries of fininvest , the debt ridden group of italy 's prime_minister , silvio_berlusconi . two years ago , mr . cuccia was responsible for pulling the big ferruzzi industrial group under his wing after it collapsed under 20 billion of debt . in 1986 , he helped the fabulously wealthy agnelli family get rid of libya 's leader , muammar_el_qaddafi , as a shareholder in fiat by buying back shares of the automotive empire worth 3 . 1 billion . mr . cuccia made the agnellis even richer , while the complicated financial arrangement he devised cost an international group of banks 600 million in losses . yet the takeover of comit and credit has cast mediobanca , and mr . cuccia , into the eye of a political storm . resistance is growing to mediobanca 's influence . last friday , italian investigators raided the bank 's headquarters and seized dozens of documents , after members of the ferruzzi family asserted that mediobanca had been aware of the ferruzzi group 's precarious finances two years ago , but torpedoed rescue plans and schemed to bring the debt ridden group down to gain control of its assets . very deep pockets mediobanca itself is extraordinarily profitable . in 1993 , despite a 24 percent drop in earnings because of recession and falling interest rates , mediobanca declared a net_profit of 125 million , after putting away 46 million in loan reserves . but analysts say its worth is not measured by profitability alone . its portfolio holds investments in industrial companies worth 2 . 7 billion . what has put mediobanca in the headlines these days is the complex financial arrangement through which the investor club led by mr . cuccia 's bank took control of comit and credit . both banks had been controlled by a government holding_company called iri and were taken public earlier this year . comit and credit offer mediobanca vast retail networks as capillary systems for raising the capital it needs . in turn , mediobanca provides them with stocks and bonds for sale as italy 's lead manager in such placements . opponents accuse mediobanca , which has 300 or so employees , of establishing a financial constellation to stifle competition in italy 's changing business world . mediobanca has become a kind of club of major industrial families like the agnellis , the pirellis and the de benedettis , the patriarchs of olivetti . it has added to its ranks industrialists like luciano benetton and foreign investors like commerzbank of germany and the alcatel alsthom electronics and telecommunications group of france . the control of comit and credit is also troubling because the next phase of italian privatization will bring public some of italian industry 's crown_jewels , including the big state telecommunications group , stet , and the oil concern agip . investment by major stockholders like alcatel and pirelli which is both a tire maker and a large telecommunications cable manufacturer would be tantamount to turning stet over to its suppliers . carlo scognamiglio , the speaker of the italian senate and mr . berlusconi 's point man on privatization , said it would mean " transforming a public telecommunications monopoly into a private one . " mediobanca was created in 1946 as a postwar reconstruction bank to offer medium and long term loans to industries that other italian banks were then barred by law from providing . mr . cuccia , a dynamic young banker at the time , was put in charge . a regional modus vivendi postwar italian industry developed on a dual track . while big private companies led the north 's recovery , the state skimmed part of their profit to invest in the less developed south , spurring consumption that in turn provided markets for the north . while the government was the south 's engine of growth , mediobanca became the northern industrialists' club . " it is an institute of high technical capacity it 's like a monastery , everything in penumbra , a technical austerity , " said natalino irti , a former chairman of credit and now a law professor at rome university " yet mediobanca guaranteed italy 's postwar financial and industrial structure , " mr . irti said . mr . cuccia 's favored instrument has been the so called syndicate pact of banks and businesses . typically , a syndicate might control as little as 10 percent of the shares , assuring control under the italian system in which shareholder strength is measured not by the number of shares but by the financial weight of the participants . in cases of dispute , mediobanca appoints itself the scale . gradually , mr . cuccia honed mediobanca into an efficient tool of the northern industries . in boom years , it guided growth . in lean years , it nursed them back to health . " it 's cuccia 's merit to have created a school , a team , an observatory of the economic situation like no other , " said antonio maccanico , a former mediobanca president . family connections while mr . cuccia guides mediobanca , its other executives include vincenzo maranghi , 57 , the bank 's chief executive , and maurizio romiti , 45 , its chief of industrial investment . mr . romiti is the son of fiat 's chief_financial_officer , cesare romiti . even mr . cuccia 's supporters agree that mediobanca 's workings are something of an anomaly . syndicate pacts are a fuzzy area of italian corporate_law . and mediobanca was controlled for most of its history by the state banks , yet it spent most of its energy aiding extraordinarily powerful families like the agnellis . to some of his enemies , mr . cuccia has become the incarnation of evil . they like to emphasize his sicilian background and his style of secrecy . his recent moves have galvanized political resistance , partly because prime_minister berlusconi 's constituents in his parliament district include italian businessmen traditionally cool to mediobanca . the difficulty for mr . berlusconi is that pieces of his fininvest group , which labors under 2 . 3 billion of debt , are in mediobanca 's hands for an overhaul . mediobanca 's defenders argue that the real problem of italian finance is the lack of legislation governing shareholder rights , which leaves newly_privatized corporations either to flounder without direction , or to be seized by the kind of powerful private interests that mediobanca mustered .	has a location of italy
parmalat , the italian dairy and food giant , slid to the brink of insolvency on friday after the company disclosed that a bank account that supposedly held nearly 5 billion of its money did not exist . parmalat said that bank of america had told one of its auditors , grant_thornton , on wednesday that a document showing that a parmalat finance unit in cayman_islands had an account of 3 . 95 billion_euros ( 4 . 9 billion ) was a fake . a bank of america spokeswoman in london declined to comment . the crisis at parmalat , which has been escalating in recent weeks , now dwarfs accounting problems that have roiled european companies like royal ahold of the netherlands , vivendi_universal of france and elan of ireland . such scandals have demonstrated that european accounting standards and regulation can be susceptible to enron like problems . the parmalat case , and its implication that a fraud has been committed , will be certain to provoke debate about the failure of european regulators and banks to ask questions sooner . after a board meeting late friday that was called by enrico_bondi , the new chairman , parmalat issued a short statement saying that it would provide information to judicial authorities . it did not address plans for parmalat or the prospect of bankruptcy . but for a company that narrowly avoided defaulting on 183 million in debt just days ago , the prospect of missing 4 . 9 billion more than half its revenue last year makes bankruptcy seemingly inevitable . there are a number of bankruptcy options under italian law , including liquidation . but the most likely outcome for parmalat would be a protection from creditors under the supervision of the industry ministry . this would allow the company best known for its long life milk but also the owner of archway cookies and dairies in the united_states to remain in business while its finances are untangled . it is a stunning downfall for a company that began as a family owned delicatessen and grew in recent years to become a global rival to nestl , danone and kraft , selling milk and food products in 30 countries including the united_states . that rapid expansion , however , came at a cost , and the tanzi family that controls parmalat began resorting to ever more convoluted schemes to finance growth . by last year , parmalat , based here in north central italy , stood at the center of a galaxy of 120 different companies , often with obscure purposes . the rise and fall of parmalat illustrates the archaic nature of corporate italy compared with business in other western industrial powers . italy is a land of self made entrepreneurs at family run companies . except for the state owned sector , virtually all the italian economic heroes including the fiat auto group the tire and cable company , pirelli and the benetton apparel group are family run . indeed , prime_minister silvio_berlusconi , whose government stepped earlier this week to help bail out parmalat , boasts of being more entrepreneur than politician . his media group , mediaset , is italy 's largest television company . yet the model is not without its flaws . other family run corporate icons in italy have collapsed in the wake of financial irregularities . cirio , italy 's biggest canned food producer , defaulted a year ago on more than 1 billion in bonds that had been sold six months earlier . in the case of parmalat , ''it 's in the italian cultural matrix , '' said mario deaglio , an economist at the university of turin . ''first , there was an adventuresome management , and then investors disposed to ignore reality . and that in the midst of banks that did not exercise control . '' when sept . 11 and the global economic slowdown came , mr . deaglio said , the cracks began to appear . if mr . bondi , the chairman , ultimately fails to keep parmalat together , it would be the end of a remarkable italian success story . the valley around this city sees itself as being to food what silicon_valley is to electronics a place of excellence and commercial success . thousands of small companies sprouting like fine mushrooms , most of them run more by craftsmen than industrialists , have for generations produced parma ham , parmesan cheese and all manner of pasta from agnolini to ziti . among the mushrooms stood a few oaks , like the barilla brothers , whose huge factories lie just north of the city looking more like aircraft assembly plants than pasta works . mr . tanzi was another . from the village of collecchio , just up the taro river valley from parma , calisto_tanzi , the son of a maker of hams and preserves , built his company , parmalat , whose name comes from parma and the italian word latte , for milk , into one of the world 's biggest dairy_products companies . ''the strategy was beautiful , it was a global leader in food , '' said guido corbetta , an economist at the bocconi_university business school in milan . indeed , mr . tanzi 's path differed widely from that taken by most of the entrepreneurs of parma . while most built their success on traditional local products , like cheeses and hams , mr . tanzi 's was based on modern innovation . he was also among the first in parma to recognize the importance of branded foods , even for items as everyday as milk . in 1961 , mr . tanzi , then 22 , took over his father 's business , then shifted its focus from ham to milk . the company 's business took off in the mid 1960 's , after mr . tanzi learned that a swedish packaging company , tetra pak , had developed the aseptic brick shaped cartons now familiar to most consumers for juices and other drinks . adopting a method into italy developed by tetra pak , mr . tanzi perfected a type of milk that , superheated and packaged in the special aseptic bricks , could be kept without refrigeration for at least half a year . reinvesting heavily in advertising , mr . tanzi soon had europeans drinking this long life milk without a second thought . by the mid 1990 's , the long life milk accounted for 85 percent of french milk consumption in italy , 55 percent of fresh milk was long life , and in germany , 50 percent . an avid sports fan , he recognized the value of sports for promoting parmalat 's new kind of milk , financing world_cup skiing , formula one car racing , and later , the parma 's serie a soccer team . by the late 1960 's , parmalat was branching out into other innovative products , like long life cream and milk substitutes . the drive into new products was accompanied by geographical growth , both in europe and the americas . by the mid 1990 's , parmalat had pushed into the united_states , urging skeptical americans to change age old habits of drinking only fresh cold milk . mr . tanzi spent 2 million to introduce the milk in new york by sponsoring the italian tenor luciano pavarotti in a free concert in central_park . a huge ad budget highlighted the convenience of long life milk . by last year , parmalat was generating roughly a third its global revenue of 7.6 billion_euros ( 9 . 4 billion ) in north_america , much of it thanks to the long life milk . but success began to sour in november , when parmalat reported an investment of 500 million_euros ( 619 million ) in epicurum , a hedge_fund based in cayman_islands . the company then sought to calm investors by saying it would recover the money , but has been unable to do so . the company has also disclosed that a citigroup vehicle buconero or ''black_hole'' in italian had invested in a parmalat unit , which then lent the money to other parts of the company . last week , standard_poor 's cut its credit_rating on parmalat eight notches to junk . on friday , s . p . lowered its rating to d for default its lowest rating . shares of parmalat plunged 66 percent friday , and have fallen 87 percent since the beginning of this month . the holdings of the tanzi family , which still owns 51 percent of the company , have shriveled up . until this week , calisto_tanzi and his family reigned like patriarchs in parma . his brother giovanni , his son stefano and his niece , paola visconti , were all in the top management . the old family home in collecchio was revered as the company 's cradle , and mr . tanzi was an honored figure in nearby parma , the regional center . parmalat , with 35 , 600 employees in 26 factories around the globe , gave work to more than 2 , 200 local people . this week , mr . tanzi was forced off the board , together with other family members , and mr . bondi , 69 , took over , after parmalat was unable to account for almost 5 billion in assets declared on its books . this week , the local newspapers were struggling to explain the tangle to confused readers , puzzling over the sudden collapse of what appeared to be an italian national champion , peppering their italian prose with english expressions that probably meant little to the average parma reader , like credit default swaps , self reference notes and trigger ratings . the papers gave mr . bondi , who had cleaned up failed family companies in the past , like the ferruzzi chemical empire in the 1990 's , the nickname mr . wolf , after the cleanup character played by harvey keitel in quentin tarantino 's ''pulp fiction . '' the fear was that mr . bondi would break up parmalat , then sell the assets to satisfy creditors . antonio mattioli , secretary of the local cgil labor_union who helped negotiate a recent plan to streamline parmalat , said the company 's operations generated enough profit to finance itself . ''we 're lucky the company is profitable and it 's professional , '' he said . ''that 's where we should depart from . '' then , describing mr . bondi as a ''chopper of heads , '' he added ''let 's not think about blowing up one of the last functioning pieces of the italian economy . '' international business	has a location of italy
lead the seven nation industrial summit conference that president_reagan will attend next month in venice is likely to prove unusually modest in its achievements despite the long agenda of issues , analysts and officials report . the seven nation industrial summit conference that president_reagan will attend next month in venice is likely to prove unusually modest in its achievements despite the long agenda of issues , analysts and officials report . agreements of consequence will be difficult , they say , because most of the chiefs of state , far more so than at any of the 12 previous economic summit conferences , are lame ducks or preoccupied with re election campaigns . they are therefore constrained in making commitments that could lose them votes or that their legislatures might reject . a prominent economist who is an adviser to the white_house said of the seven chiefs of state ''i ca n't see what they can conceiveably get done . these guys would prefer not to go through with it . '' issues for the proceedings issues that provoke little controversy , such as terrorism and combatting drug traffic , and others , such as arms control , could therefore overwhelm the proceedings . agreement to work toward a cure for aids is on the agenda , and president_reagan might appeal for european and japanese assistance in defending the persian_gulf . on economic matters , officials promise reaffirmation of earlier commitments to remove impediments to economic_growth in their taxation , regulatory and labor policies agreement to speed talks elsewhere to reduce trade_barriers , and a reaffirmation of earlier accords . and they could endorse some minor modifications in treasury_secretary james a . baker 3d 's plan to manage the loan payment problems of the major debtor countries . fresher issues include support of reductions in the budget busting subsidies to agriculture , a process that will take a couple of years at least , and of debt_relief for the poorest countries of black africa . the seven are also likely to say officially that they have settled on a system to coordinate their economic policies , but that , officials allow , would also take years to become fully effective . and on the fringes of the meeting , finance ministers of the countries the united_states , japan , west_germany , britain , france , italy and canada might strike a bargain to try to sustain the recent stability of the dollar . move on interest rates possible administration officials say they could do so by raising american interest rates , perhaps by half a percentage point , in return for agreement by japan and possibly west_germany to lower theirs further . the administration ''would like to work toward that , '' an american official said . but a japanese economic policy official said , ''it 's possible but not probable . '' against a backdrop of the weakest global economy since the industrial world 's recession in 1982 , analysts say the seven chiefs of state are unlikely to attempt to redirect the economy or adopt policies leading to the quick and lasting changes that they have produced at earlier conferences . the conference in venice , june 8 to 10 , occurs with world growth slowing for the third straight year , to a rate below 3 percent . that is too slow to protect some countries from recessions , to reduce the chronic 10 percent plus unemployment across europe or to help the debtor countries raise the money they need to keep up payments on their loans . in part because of the slow world growth , the debtors' problems are worsening , despite the efforts of the ''baker plan . '' those debts now threaten commercial_bank lenders with enormous losses such as the 2 . 5 billion that citicorp said it would take in the second quarter . this , in turn , could spell further , severe reductions in lending . uncompromising positions despite such conditions , two leaders , president_reagan and german chancellor helmut_kohl , still appear locked into uncompromising positions on growth and budget policies that preclude major changes in the performance of the world_economy . president_reagan opposes tax increases to facilitate sustained reductions in the federal budget_deficits , which japan and europe see as the cause of the world_economy 's continued frail growth and its huge imbalances in trade . germany , and to a lesser extent japan , still resist appeals to shift the orientation of their countries' now sagging growth from exports to domestic consumption , which americans see as the cause of trade problems and slow growth . however japan , although it still closes its markets to many foreign goods , has been battered more than others by the fall of the dollar , and it now appears more willing to encourage domestic economic_growth . weaker authorities on all issues , the commitment making authority of the leaders is weaker than ever . prime_minister yasuhiro_nakasone , who has suffered hard defeats recently in the japanese diet , is expected to leave office at the end of october . france 's government of ''cohabitation , '' president_francois_mitterrand , a socialist , and prime_minister jacques_chirac , a conservative , is gearing up for elections next year . italy is leaderless now , run by a caretaker_government with elections coming after the conference . and prime_minister margaret_thatcher of britain is seeking election to a third term on june 11 , one day after the conference ends , and is not expected to spend more than a day in venice . but the diminished authority of president_reagan , leader of by far the biggest economy , is the most significant . if often chided for the budget_deficits , he was celebrated at earlier conferences for policies of deregulation and tax system changes that other countries have begun to emulate . but his influence has atrophied with the election of democratic majorities in both houses of congress and the iran contra investigations .	has a location of italy
to the editor vincent d . rougeau 's scenario for america 's self destruction is a chilling and entirely plausible one ( " society 's ill fated trade off , " viewpoint , sept . 3 ) . there is an all too similar scenario from ancient_rome . yes , history never exactly repeats itself , and i know that parallels do n't equal predictions . but consider , the following rome began as a small state of citizen farmers imbued with an incredible esprit and sense of mutual cooperation among its people . its relatively small economic and social gaps were bridged by a system that made every patrician family responsible for the well being of specific plebeian families . after the punic wars ( 264 b.c . 146 b.c . ) , an influx of wealth and slaves changed that society forever work was out sourced to temps slaves who did n't live very long but could be replaced easily and cheaply . mergers created giant corporations the latifundia that engulfed the family farms and filled rome with homeless , displaced families . cheap imports destroyed local business . the gap between rich and poor widened so drastically that the senate tried limiting it with sumptuary laws . a new spirit of individualism undermined the old sense of duty and responsibility . political intrigue led to the creation of power blocs that manipulated the government . ultimately , augustus gathered all the reins of power into his own hand . rome remained nominally a republic but was , in fact , an empire . i have oversimplified because so few people today study the past . but the lesson is clear what is good for the individual multinational 's bottom line is not good for the country . hallie black chicago , sept . 9 the writer teaches history and latin at the latin school of chicago , a private_school .	has a location of italy
prudential financial , one of the biggest life insurers in the united_states , said yesterday that it was joining with a leading bank in italy , banca_popolare di bergamo credito varesino , to set up a new mutual_fund company . the company will offer pension_funds to both private and institutional_investors . the venture is part of a worldwide expansion by prudential as it prepares to go public after decades as a mutual insurer owned by its policyholders . prudential , which is based in newark , already owns an italian life_insurance company . it is investing 4 . 5 million in the new venture and will own a 5 percent stake . in the new business , prudential will supply more than a dozen mutual_funds that will be sold through banca_popolare branches . joseph b . treaster ( nyt ) company news	has a location of italy
alitalia , the troubled italian airline , has restated its first half results , almost doubling its previously reported loss , as it set aside money to lay off about 20 percent of its work force . the airline , which has skirted bankruptcy all year long , also said it was seeking 1.2 billion_euros ( 1 . 5 billion ) in new cash , half of it to come from the government , to begin a four year turnaround plan . alitalia , which is based in rome and is majority owned by the italian government , said just before midnight wednesday that it lost 620 million_euros ( 768 million ) in the first half , 290 million_euros more than it first reported in july . in the first half of 2003 , the airline lost 315 million_euros . of the added loss , 167 million_euros will cover the first part of 3 , 700 planned job cuts and the remaining 122 million_euros will be used to split the airline 's flight and ground operations into two companies . alitalia has 1.6 billion_euros in debt and has not made an operating profit since 1998 . giancarlo cimoli , the chief executive , secured approval of a 400 million euro government backed loan this month intended to provide money to run the airline until the capital increase materializes . while alitalia did not restate its operating results the money set aside for the restructuring plan accounted for the entire increase in the first half loss wednesday 's announcement underscored the struggle the airline still faces to get on financially stable ground . the company will have to set aside more money in coming quarters to complete the layoffs , and without a capital increase , there will be probably be a bankruptcy followed by liquidation . the european_union , which has said it will scrutinize the alitalia turnaround plan and can block financing that it deems illegal state aid , has yet to approve the capital increase . the italian government has already budgeted 750 million_euros to cover its portion , but the airline must also find private investors willing to match it . at the same time , the government has pledged to reduce its stake in alitalia below 50 percent as part of the recapitalization . for that to happen , the airline will need to find private investors . alitalia is in discussions with investors , and institutional_investors will be considered , mr . cimoli said this week . the airline said on thursday that it would call a shareholders' meeting by dec . 15 to vote on the proposed capital increase . third quarter results are due out nov . 11 . deloitte touche , alitalia 's auditor , has not yet approved the airline 's first half results because of concerns about the airline 's financial stability . in italy , an auditor must not only approve the veracity of the results , but must also give its opinion on a company 's chances of surviving as a going concern .	has a location of italy
the italian government said it would guarantee a short term loan for alitalia so the country 's national_airline would have the money to pull itself through a financial_crisis that pushed the company to the brink of bankruptcy . alitalia and the government would not give further details , but according to a person close to the airline who did not want to be identified , the loan will be for about 400 million_euros ( 484 . 6 million ) . the loan will give alitalia , which lost 511 million_euros last year , the money it needs to begin a restructuring plan that management says will return the airline to profitability in two years . eric_sylvers ( nyt )	has a location of italy
lead from palermo to turin , and on more than a dozen campuses in between , italian universities are being rocked by student protests that had all but disappeared in the passive , self absorbed 1980 's . from palermo to turin , and on more than a dozen campuses in between , italian universities are being rocked by student protests that had all but disappeared in the passive , self absorbed 1980 's . the principal issue is the quality of academic life , or , more commonly , the lack of it in a system that is universally denounced as obsolete , overcrowded , inefficient and at times dehumanizing . over the last few weeks thousands of students have demonstrated in at least 17 cities , forcing the wholesale cancellation of classes in many departments . at la sapienza , the main campus of the university of rome , protesters have occupied eight buildings , denouncing the government and demanding the ouster of the university rector . reflecting the high technology age in which these students were born , their symbol is not the bullhorn of earlier generations but rather the fax_machine , which they use to follow developments elsewhere . looking back at '68 perhaps inevitably , the italian press has alluded frequently to 1968 , that landmark year of ferment , when campuses exploded in italy as elsewhere . but students resent the comparisons as glib attempts to trivialize their grievances as imitations of past activism . their immediate target is a proposed law , endorsed by the governing five party coalition , which would give individual campuses more autonomy to set course requirements than they now have under a highly centralized system . they would also be able to sign research contracts and start other joint projects with private companies . in theory , the changes would nudge italy 's 50 universities and 1.1 million students closer toward the united_states model of privately run colleges . they amount to a government acknowledgment that it has totally failed to correct decades old inefficiencies . ''i do n't believe that anyone can deny that the italian university system needs reform , '' said antonio ruberti , the government minister in charge of colleges and the architect of the new law . what the students fear on that score , no one disagrees . but students say they worry that big corporations may be given a free hand to reshape the country 's schools to fit their own needs . while the sciences and engineering are likely to get adequate financing , they argue , the liberal_arts will fall by the wayside . laboratory researchers , who joined the protests this week , fret that they will lose their independence and become tools of industry . large companies , it is also argued , are more likely to invest in the well developed italian north , further widening the considerable gap with the relatively poor south . not coincidentally , the campus protests first erupted in palermo , where the unemployment rate is over 20 percent , three times that in turin . ''students do n't count for anything now , '' said francesco bucci , a 22 year old physics major at la sapienza . ''they 'll count for even less , if that 's possible , in the hands of industry . '' although the university of rome rector , giorgio tecce , calls such concerns overwrought , italian skepticism about industry 's good intentions runs high , not only among students . dissatisfaction is widespread objections to the ruberti plan reflect widespread cynicism about the concentration of economic and political power in the hands of a few industrialist titans like giovanni_agnelli of fiat , carlo de benedetti of olivetti , raul_gardini of the ferruzzi montedison agrobusiness group , and silvio_berlusconi , a television magnate . a recurring student theme dwells on perceived slights of their cause by the leading national newspapers , most of which are controlled by these men . in their protest the students are supported by the dominant opposition force , the communist_party , and judging from their slogans , most demonstrators seem to fall on the political left . but such characterizations are not especially meaningful , for dissatisfaction with italian universities goes deep and cuts across political lines . the basic issue is not the ruberti plan so much as the system itself , which is little changed from 1968 or from 1977 another milestone year of protest , when , unlike now , violence was epidemic . the litany of complaints is long , tending to focus on shabby equipment and overcrowding . la sapienza , italy 's largest campus , has 180 , 000 students , or 100 , 000 more than it should , mr . tecce said . if not for the fact that fewer than 30 percent show up for classes , the rector said , ''this place would look like a soccer stadium . '' even so , an engineering major here says he must arrive an hour early for one of his courses to get a seat in the lecture hall . the university of bologna 's law department has only 40 teachers for 10 , 000 students . most students drop out at most colleges , libraries stay open only a few hours a day . campus housing is meager , forcing most out of town students into apartments that are undersized and overpriced . a common lament is that professors are aloof . one result is that most students give up , with two thirds dropping out in the first two years . and as they do , italians worry that the country will wind up academically ill equipped for western_europe 's economic_integration in 1992 . ''we will enter europe , '' wrote miriam mafai , a commentator for the newspaper la_repubblica , ''with a backward scholastic system , like haughty ragamuffins , fatuously proud of the past but incapable of preparing for the future . '' that is why immediate change is critical , says mr . ruberti , who complains that protesting students , while well intentioned , overlook the need for quick action . the government , he says , is prepared to modify his plan , but the basic framework will remain intact . ''no one is proposing alternatives to this law , '' he said . ''sometimes , it seems as though there is no will among the students to reform . ''	has a location of italy
on the list of italy 's countless contributions to western civilization is the phenomenon of the paparazzi . immortalized in fellini 's ''la dolce vita , '' the italian character paparazzo was originally romanticized as a photographer of the stars who was more mischievous than hazardous , a necessary appendage to roman glamour . but that character has now been reduced to the likes of fabrizio corona . mr . corona , 33 , is entering his third week in jail in southern_italy where he is being investigated on suspicion of involvement in a sex and blackmailing scheme that has shocked this country , which is no stranger to scandal . ''i am like robin_hood , '' mr . corona said during a televised interview just before his arrest . ''i steal from the rich and i give to myself . '' the scandal , which has tarred an array of sports stars , respected politicians and actors , and general fame seekers , is called valettopoli because of the central role played by valettes , the lightly clothed showgirls who serve as ornaments on a number of television talk_shows . as investigators have framed their case , some valettes were lured by promises of stardom , only to be used as bait in a blackmailing scheme rigged by mr . corona and a well known talent agent , lele mora . investigators suspect that mr . mora , who has been warned not to leave the country and so is confined to one of his mansions , was drawing in the rich , the famous and the not so famous to parties where he hoped to create and document , with the aid of mr . corona and his camera , compromising situations involving celebrities and politicians . though some of the pictures were tame , the threat of publication was enough for some of the subjects to succumb to blackmail , according to news reports . mr . corona , who ran a well known photo agency , was arrested with a dozen other people this month . prosecutors are considering charging him and other suspects with bribery , prostitution and the selling of drugs in high end discos . mr . corona and mr . mora have denied wrongdoing mr . corona said he was offering stars the chance to buy pictures and gossip at the same rates he would offer to publications . investigators recently discovered mr . corona 's secret photo archive , which includes tens of thousands of photos , suggesting that more incriminating photos could be found . but the drama does not stop with mr . mora , mr . corona and the showgirls . there are the soccer stars francesco totti and adriano leite ribeiro , known simply as adriano , both of whom , according to the investigators , were threatened with the publication of photos and details of supposed dalliances unless they paid blackmail . ( according to widespread news reports , mr . totti paid but mr . ribeiro did not . ) there is the 22 year old daughter of the former prime_minister silvio_berlusconi , who allegedly paid 20 , 000 euros ( about 26 , 600 ) to keep a photo of her leaving a milan nightclub out of the newspapers . there is clemente mastella , italy 's minister of justice and a staunch defender of catholic values , who denied that he was present on a yacht off the amalfi coast on which prostitutes and cocaine were circulating there is no firm evidence against him . and there is silvio sircana , right hand man and spokesman for prime_minister romano_prodi . mr . sircana wrote a mea culpa letter after newspapers printed a photo of him in his car , pulled curbside , chatting with a transsexual prostitute through the passenger side window . he said this was an innocent mistake . the whole affair is spilling out in italian newspapers and on talk_shows and has more than one commentator making the obvious parallels between italy 's seamier side and its love affair with reality_television . ''unfortunately , valettopoli is something that is very much part of the italian culture , '' said aldo grasso , who writes a column for corriere_della_sera about television and italian culture . the foil to the type of people that mr . grasso objects to is the lead prosecutor in the case , henry john woodcock , a 39 year old anglo italian . mr . woodcock has interrogated a string of a list celebrities , businessmen and showgirls . and each day newspapers are filled with his plans for the investigation and the previous day 's discoveries . one of mr . woodcock 's calls was to raoul bova , a movie star in italy and hollywood . mr . bova was interviewed this week in potenza . he said investigators found a photo of him seated at a dinner table with more than a dozen people from mr . corona 's archive . investigators wanted to know if mr . bova had been blackmailed . he said he had not been . ''the sensation that i had was crazy , '' said mr . bova , who in an interview expressed anger at italian authorities , magistrates and the media over his treatment in what he said was obviously a trifling event . ''in some way , even being an honest person who did n't do anything , like me , and then to find myself in the newspapers and on the news programs and in italian magazines , in a certain way it has created suspicion or doubts , '' he said . ''like , if you are on the news , then you had to have done something . the people do n't think that is all just show business . it has become buffoonery . ''	has a location of italy
the much debated plan to build a bridge linking messina on the island of sicily with the toe of the italian boot moved a step closer to realization yesterday after the company organizing the project awarded a 3 . 88 billion euro ( 4 . 65 billion ) construction contract . impregilo , italy 's largest construction company , heads the group that won the contract for what would be the longest suspension bridge in the world at 3.7 kilometers , or 2.3 miles . the final bill is projected to be about 6 billion_euros , according to government owned stretto di messina , which is in charge of design and financing and will eventually operate and manage the bridge . eric_sylvers ( iht )	has a location of italy
citigroup sued italy on friday , claiming that the government appointee who runs the bankrupt parmalat would unfairly pay only 2 million_euros of citigroup 's claim of a 538 million euro debt . in legal proceedings begun friday in a rome administrative court , citigroup said that the italian government , which has approval power over parmalat 's restructuring plan , had not ensured that the debt claims of citigroup and other financial_institutions were fairly evaluated . ''the proposed rejection of our claims in the parmalat bankruptcy is unfair , entirely without basis and in our view contrary to the law , '' william mills , head of citigroup corporate and investment_banking in europe , the middle_east and africa , said in a statement . ''as parmalat 's largest creditor and a victim of this fraud , citigroup will pursue all opportunities for appropriate redress of its losses , '' mr . mills said . ''the law requires that all creditors be treated equally during bankruptcy proceedings , and instead the rights of creditors have been trampled upon repeatedly . '' enrico_bondi , parmalat 's government appointed administrator , has rejected almost all the debt claims of citigroup and of bank of america , the other united_states bank that worked for parmalat in the years up to the company 's collapse in december . mr . bondi has recommended paying only 2 million_euros ( 2 . 5 million ) of citigroup 's debt claims . a judge in parma , where parmalat is based , has until nov . 18 to rule on mr . bondi 's recommendations on the debt claims . citigroup did not specify how much of its claim it is seeking . in any case , the sum would be reduced , given that parmalat is in bankruptcy . friday 's suit comes about three months after parmalat sued citigroup to recover damages roughly estimated at 10 billion . parmalat is contending that the investment_bank knowingly helped create complex transactions that misled shareholders and cost them billions of dollars . citigroup has defended its business dealings with parmalat , and denied any wrongdoing . friday 's court proceedings capped a week rich in legal proceedings involving parmalat . on thursday , parmalat filed suit against bank of america in a united_states court , and on wednesday banca_intesa of italy agreed to pay parmalat 160 million_euros to settle their dispute out of court . parmalat has lawsuits pending against several other of its former bankers as well as two former auditors . when it sought protection from creditors in december , parmalat had 14 . 8 billion_euros in debt 9.4 billion_euros in bonds , 4.2 billion_euros owed to banks and 1.2 billion_euros in other types of debt . an independent audit later showed that parmalat 's former executives had falsified financial_statements for more than a decade . mr . bondi wants to swap almost all of parmalat 's debt for equity in a new company that he says would be listed on the milan stock_exchange early next year . with only 2 million_euros of its debt claim recognized , citigroup stands to have a small stake in the new parmalat and to play a minor role in the company 's immediate future . the industry ministry , which oversees mr . bondi 's work , could not be reached for comment . a spokesman for parmalat declined to comment . international business	has a location of italy
the italian conglomerate fiat took another step today in its efforts to turn itself around and return to profitability when it agreed to sell its aerospace components business , fiatavio , for about 1.5 billion_euros , or 1 . 73 billion . finmeccanica , italy 's government controlled defense company , and the carlyle group , a private_equity_firm in the united_states , will make the purchase through a specially created acquisition company , avio holding . finmeccanica will own 30 percent of avio holding and carlyle will own the rest . the sale comes less than a week after fiat announced a share sale of almost 2 billion_euros and a turnaround plan for its money losing auto unit that includes cost cuts and large investments as the company tries to regain market_share . fiat is also laying off more than 12 , 000 employees , mostly outside of its carmaking business , after already having let go 8 , 100 people in the last year . the turnaround plan is dependent on money raised in various asset sales , including fiatavio and fiat 's insurance unit , toro assicurazioni , which was sold earlier this year . analysts and credit_rating_agencies have questioned fiat 's decision to sell profitable businesses , like toro and fiatavio , to invest in the car unit , which is not forecast to return to the black until 2007 . fiat forecasts that on a consolidated basis it will become profitable in 2006 . fiatavio , which builds engines for commercial and military aircraft , has 14 factories and more than 5 , 000 employees . last year , the company earned 116 million_euros on sales of 1.5 billion_euros , less than 3 percent of fiat 's total revenue . the automaking unit provides more than half of the company 's total sales . a group of banks , including banca_intesa , lehman_brothers , citigroup and goldman , sachs , will provide an unspecified amount of the financing for the acquisition . finmeccanica said that the 150 million_euros that it would contribute would come from cash on hand . with the proceeds , fiat said it would be able to slice 1.4 billion_euros , or 1 . 62 billion , off its debt . fiat 's 6.2 billion euro debt load has become a flash_point for investors since the two major credit_rating_agencies , moody 's investors service and standard_poor 's , cut the company 's standing to below investment grade . that has forced fiat to turn to the equity market rather than the bond_market . it will offer 1 . 84 billion_euros in shares next week . giuseppe morchio , who took over as chief executive in february and is the fourth person to hold the post in the past year , said last week that he thought that fiat could regain its investment grade rating by 2006 . mr . morchio has his hands full as he tries to grapple with fiat 's worst ever financial_crisis . in addition to trying to return the car unit to profitability , mr . morchio has creditors to worry about . major creditors , which include italy 's largest banks , gave fiat a 3 billion euro loan last year that is convertible into stock . if fiat cannot repay the loan and the banks convert their debt into shares , the agnelli family , which has owned fiat since its founding more than 100 years ago and still controls 30 percent of the stock , would lose its grip on the company . the sale of fiatavio still requires the approval of antitrust authorities and is expected to be concluded by the end of the year . goldman , sachs and lehman_brothers advised carlyle on the acquisition while mediobanca advised finmeccanica . fiat had been in talks to sell fiatavio since at least february .	has a location of italy
lead nine centuries ago , give or take a couple of decades , a small group of students and scholars banded together and started a university here that is today the oldest in the western_world . nine centuries ago , give or take a couple of decades , a small group of students and scholars banded together and started a university here that is today the oldest in the western_world . almost from the beginning , it was touch and go between the city and its school , and that is still true . ''it is not , '' said antonio la forgia , a city commissioner , ''a relationship of mutual affection . '' but town versus gown rivalries are on hold these days while the university of bologna marks its 900th anniversary . since last november , hundreds of academic conferences , sporting_events , concerts , symposiums and ceremonies have been held , drawing thousands of visitors to a city often overlooked by foreign visitors despite the classic beauty of its cobblestoned alleys and colonnaded boulevards . not all bolognese mind being ignored . mayor renzi imbeni , a communist like all his predecessors for the last four decades , commented amiably that bologna is interested in ''quality guests'' and not the ''fast_food tourism'' of florence , 50 miles to the south . perhaps . but hotel and restaurant owners have raised no audible objections to the extra business they have received this year . an arbitrary date a few sticklers for accuracy point out that while the university unquestionably got its start around the turn of the 11th century earlier than all but a few , now defunct schools in the arab_world no one can pin down the exact date . the year 1088 was picked arbitrarily in 1888 because the city was committed then to celebrating the 800th anniversary , no matter what . a local architect , pier luigi cervellati , says that all one can say with certainty is that this is the 100th_anniversary of the 800th anniversary . such details have not been permitted , however , to dampen the celebratory mood . there have been inevitable recollections of the good old days , when the campus boasted illustrious students such as petrarch , copernicus , erasmus and dante , who , according to some accounts , had trouble keeping up with his tuition payments and thus became a renaissance dropout . there has been unabashed touting of latter day stars , conspicuously the semiotics professor umberto eco , author of the international best seller ''the name of the rose . '' mostly , there has been hopeful talk about how the anniversary might spur a needed campus revival . ''the university of bologna may be able to regain the place of importance it had over the centuries , '' said fabio roversi monaco , who presides over the school with the suitably baroque title of magnificent rector . truth be told , mr . roversi monaco said , ''it is not possible now to say that the university is so important throughout the world . '' a soured relationship whatever its value as a morale booster , the 900th anniversary cannot glaze over abiding concerns . one of them is the relationship between city and campus . like many university towns , bologna has a tolerance , even an affection , for genteel eccentricity . the streets around the central piazza maggiore are awash in mexican bands , bagpipers and a joke telling saxophone player of debatable talent . but while the city may still vote communist , in shrinking numbers , its 470 , 000 residents are fundamentally bourgeois , enjoying one of the highest average per capita incomes in italy , 15 , 600 a year . no revolutionaries need apply here . attitudes toward the campus soured greatly a decade ago when waves of student protest brought army tanks into downtown bologna . even with the decline of mass demonstrations in the 1980 's , a measure of ill will lingers , townspeople say . for their part , the students , many of whom come from other regions , complain of being made to feel like unwelcome guests , and overcharged ones at that . their tuition payments are negligible , less than 200 a year . but they say they must pay many times that amount in rent for the few tiny apartments that become available each year . ''it 's a difficult marriage between the two sides , '' a student leader said . classrooms are overcrowded academic problems are even more serious . students and professors alike talk of overcrowded classrooms and outdated equipment . the law department has 10 , 000 students and only 40 teachers . one lecture course with an enrollment of 1 , 000 takes place in a converted movie house . an innovative arts program that began in the 1970 's is now losing professors to other schools and careers . in large part , bologna 's troubles mirror those of most italian campuses , where changes in admissions policies that go back 20 years led to a rapid growth in student populations . growing affluence has given italian parents the luxury of letting their children go to college instead of forcing them to join the work force as teen_agers . but at the same time , youth unemployment remains stubbornly high . recognizing that their immediate job prospects are dim , many students choose to bide their time by extending their academic lives well into their 20 's . italians call their universities ''the parking_lots of society . '' many students skip classes in bologna , enrollment shot up from 20 , 000 in the late 1960 's to 65 , 000 today . the overcrowding that resulted would be even worse were it not that more than half the students stay away from classes . under the italian system , they are obliged only to pass end of year exams . hearing what a professor might have to say along the way is not required , nor in many cases desired . solutions to these problem , if they come at all , will have to wait until after the anniversary celebrations , which officially ended two months ago but continue nonetheless . the pride on campus is evident . ''if there were no university of bologna , there would be no bologna , '' mr . roversi monaco said . other bolognese take exception . but no one seems eager for a public argument , at least not until the party is over . correction december 17 , 1988 , saturday , late city final editionnded an article on nov . 21 about the 900th anniversary of the university of bologna compared its longevity with that of other universities incorrectly . al azhar university in cairo opened in 988 it is still functioning .	has a location of italy
lead to the editor to the editor john russell 's article on venice was brilliant . i spent the winter of 1986 87 in venice writing about lord byron 's daughter , ada , and like almost everyone became smitten with that fragile city . i will go one step further . venice is a metaphor of human civilization the destiny we shape for venice will foreshadow the destiny we shape for human civilization . how can simple citizens help to prevent expo 2000 ? betty a . toole mill valley , calif . trouble in venice	has a location of italy
with silvio_berlusconi set to become italy 's next prime_minister , his future seems clear . what is perhaps less clear is the future of the company he owns , fininvest s.p.a .. while mr . berlusconi struggles to assemble a cabinet , fininvest is struggling with 2 . 3 billion of debt , amassed during its heady growth years in the 1980 's . while his political aides work to reinvent italy , fininvest , whose 7 billion in sales make it italy 's second largest privately_owned company , after fiat , and europe 's second largest media group , after bertelsmann of germany , is struggling to reinvent itself as a lean , professionally managed company . it aims to seize the day as italy emerges from recession , and as fininvest 's main markets , notably television , transform themselves . this has put fininvest at the heart of a bitter debate . after all , mr . berlusconi 's critics say , is n't his becoming prime_minister a bit like ted_turner 's becoming president of the united_states , and holding onto his television stations ? the difference is that fininvest , in addition to controlling roughly half of italy 's television market , also controls the publishing houses mondadori and einaudi , 34 magazines and a handful of daily papers , financial_services companies , a department_store chain called standa with 15 , 000 employees , and champion soccer , hockey and handball teams . to get italy 's economy purring again , mr . berlusconi , who stepped down as fininvest 's chairman to enter politics , has pledged to deregulate vast areas of business from telecommunications to financial_services to retail trade . the problem is that these are all areas where his companies are strongest . the potential of these markets illustrates the possible areas for conflict of interest imbedded in the dual role of mr . berlusconi , because his government will have to fill in the legislative blanks required to regulate these new markets . " there will always remain a shadow of suspicion on the decisions of this government , " said antonio pilati , the director of the institute for the economics of the media in milan . suspicion might be milder were mr . berlusconi 's business empire in better shape . but the pinch of recession , plus management problems resulting from rapid growth in the fat years , have left fininvest in financial straits . the critics of mr . berlusconi are already accusing him of extending political favors in exchange for new investment from mediobanca , the italian investment_bank that holds the key to italian financial markets . on thursday , mr . berlusconi named three legal scholars to draft a law against conflicts of interest . his opponents were unimpressed , contending that this was , in effect , the wolf appointing the shepherds . paradoxically , the largest problem facing fininvest , whose shares are wholly owned by mr . berlusconi either directly or through fiduciary companies , may prove in the end to be the loss of mr . berlusconi himself . last january , when he resigned as chairman , he turned to fedele confalonieri , an old school friend , and francesco tato , a tough executive with a reputation as a turnaround artist , to clean up his company . a clash of cultures mr . confalonieri , at 56 , represents fininvest 's club of old boys who held tight to their seats while the group grew at dizzying rates . but that culture of size clashes with mr . tato 's culture . he entered fininvest from mondadori six months ago , and his specialty is trimming fat and tightening management . " it was all easier when he was here , than now that he 's not here , " mr . tato said of mr . berlusconi . " it leaves us with the problem of changes that are necessary , without his charismatic imprint . " the real doubts about fininvest arose last year , when , according to mr . tato , mr . berlusconi decided someone had to sort out his company 's jumbled holdings . " for 12 years , we were expanding at all costs , " mr . tato said , in an interview at fininvest 's milan headquarters . " when you 're in the rage of development , you tend to make mistakes . when you have 20 percent growth and cash_flow , why bother ? " even so , mr . tato added , " the company is extremely successful . it has stamina , it has culture . " high marks on investments indeed , analysts give mr . berlusconi high marks for his investment choices . he moved aggressively into financial_services like insurance and funds , when these markets were exploding in italy . he bought into standa and several strong advertising_agencies just as italian retailing began to transform itself away from mom and pop stores . he moved with imagination and vigor , and some would say political cunning , to develop private television , and in 1991 paid 600 million for mondadori 's publishing empire . " at the end of the day , they 're a good group of companies at the individual level , " said dagmar bottenbruch , a corporate_finance specialist at credit_suisse_first_boston in milan . assembled for tax purposes by the late 1980 's , however , the advertising market was saturated , and recession was crimping consumer_spending , and with it fininvest 's cash_flow . moreover , the tangled group of companies was largely assembled to dodge convoluted italian tax laws . thus , while debt was amassed at the top , taxes were paid at the operating level , meaning little cash percolated up to meet huge interest payments . by 1992 , the last year for which there are reliable figures , the problem was enormous . fininvest declared 12 million in net earnings , but mr . tato acknowledged it could do so only by claiming extraordinary asset gains that amounted that year to about 142 million . he insists all the operating companies are now profitable , and lower interest rates have reduced debt service still , the situation has not dramatically improved . indeed , six months ago few in italy were betting on mr . berlusconi . besides the debt , several company executives , including mr . berlusconi 's brother paolo , were under investigation in italy 's big payments for favors scandals . with national elections scheduled for this year , the country seemed headed toward a leftist led government , promising a shake up of private television , the linchpin of mr . berlusconi 's business . more significantly perhaps , mr . berlusconi 's debt was concentrated at major italian banks led by mediobanca and its 86 year old honorary_chairman , enrico cuccia , the quiet godfather of italian finance . the fall of ferruzzi in the 1980 's , only two italian businessmen of size , mr . berlusconi and raul_gardini , the head of the big ferruzzi industrial group , remained aloof from the circle of industrialists around mr . cuccia . when ferruzzi collapsed last year , dumping billions of dollars of debt onto the banks , and prompting mr . gardini 's suicide , many believed fininvest would be the next to go under . but last october , mr . berlusconi called in mr . tato , 61 , a veteran of the big olivetti electronics group , which has long been considered one of italy 's best management schools . a lean man with a bright smile , who negotiates as readily in english or german as his native italian , mr . tato is called " der kaiser " for his success in turning around germany 's sleepy kienzle computer company , after it was acquired in 1982 by the mannesmann steel group , and triumph adler , which olivetti purchased in 1986 from volkswagen . mr . tato says his task is essentially twofold first , he intends to trim fininvest to a financial holding_company by transferring operating activities like administration and data_processing , and much of the group debt , to the operating companies , and installing effective managers to create four large groups publishing , financial products , retailing and television . taking companies public once this is accomplished , he said , the idea is to take these companies public , reducing fininvest 's stake and broadening the shareholder base , while raising capital to reduce the debt . the first big step came last week , when fininvest announced it was uniting its publishing interests in the mondadori group , and floating a 53 percent stake on the stock_market , which , mr . tato said , would net fininvest between 467 million and 545 million . the lead role of mediobanca in placing the shares signaled the reconciliation of mr . berlusconi and mr . cuccia . analysts say fininvest 's overhaul assumes particular urgency because of the fast pace of change in italian telecommunications , as illustrated by the deal announced last week by bell_atlantic and another of italy 's telecommunications giants , societa telefonica per azioni , or stet , to develop interactive telecommunications systems . in italy , as in the united_states , advertisng revenues no longer suffice to finance the growth of television services , according to mr . pilati . yet , with an obsolete television broadcasting system and no cable or satellite services , italy will require a vast investment in pay_television to raise the cash needed for new video services that link cable or phone lines and computers .	has a location of italy
the regulator of italy 's stock_market ruled that two companies that have taken minority stakes in a leading italian insurer , la fondiaria assicurazioni , will not have to bid for the remaining shares , setting off a 9 percent decline in fondiaria 's share price . the stock regulator said late wednesday that societ assicuratrice industriale , another italian insurer , and mediobanca , an investment_bank , would have to reduce their combined holding to less than 30 percent of fondiaria from 43 percent by feb . 18 . the ruling reversed one made in august 2001 that would have required industriale to buy the remaining shares after it took a 29 percent stake . it also upset minority_shareholders , who said they were preparing legal action .	has a location of italy
most people think of venice as a romantic background for films or a one of a kind vacation destination , but frank o'halloran and liesl odenweller have called it home for the last nine years . ''liesl and i met in 1991 when we were both living in rome , '' mr . o'halloran said as he sipped prosecco on his altana , or balcony , overlooking most of venice . ''i was working at a nongovernmental agency , and liesl was studying opera . '' they moved back to the united_states , to new york , the next year but before they left , they spent a month in venice and , mr . o'halloran said , ''we fell in love with the city . '' so in 1998 , when they moved back to italy , venice was the natural choice . ''when we first met , in rome , both of us had to be in that city me for work and liesl for studies , '' he said . ''but by the time we moved back , we were both freelancing and so could choose to live wherever we wanted in the world . so why not pick one of the most beautiful cities ? '' mr . o'halloran is a corporate training consultant and executive coach ms . odenweller , is a freelance opera singer . ''we lived for years in an apartment on the grand canal , '' mr . o'halloran said . ''it was a bit like living on main_street , but with amazing views off of our balconies . '' their neighbors complained of the hustle and bustle , but the couple felt it was almost village like after new york . yet , ''although we loved our apartment , our goal was to buy something for ourselves , '' he said . there are always places for sale in venice , but finding something that met their criteria was not easy . ''since we both work full time , and have very hectic travel schedules , we knew that we wanted something that would be very easy to take care of , and that also would not involve any restoration work , '' he said . in italy , most properties are large scale fixer uppers that require a series of complex and lengthy negotiations with the authorities to secure the various permits needed for the project . ''add to this the fact that we wanted great views and some sort of outdoor space , and the search became even more difficult , '' he added . although venice is small roughly three miles across and surrounded by its lagoon it is decidedly urban , a warren of old buildings and narrow canals with few terraces or gardens . ''although there are apartments on the market in venice , most people , especially foreigners , tend to be very choosy about what they want , '' said serena bombassei , owner of venice real_estate ( www . venicerealestate . it ) . ''everyone wants two bedrooms , two baths , a great view and something that they can move right into . '' the most requested areas are along the grand canal the dorsoduro district , just across the canal from san_marco and the san_marco quarter itself . ''a great apartment in these neighborhoods , fully restored , can cost from 11 , 000 euros to 15 , 000 euros a square meter , '' ms . bombassei said that is about 14 , 470 to 19 , 730 a square meter , or 1 , 345 to 1 , 834 a square_foot . in comparison , top end properties in belgravia and mayfair , london 's most exclusive neighborhoods , are selling for around 2 , 440 a square_foot . ms . bombassei added , ''something away from the center , without a great view will cost a bit less , from 8 , 000 euros to 10 , 000 euros'' a square meter ''or even as low as 6 , 000 euros for something that needs more work . '' last spring mr . o'halloran and the couple 's 3 year old daughter , anna , were in the giudecca neighborhood to look at an apartment for sale . deciding to make the most of the outing , he stopped to visit some friends , an american couple , who had been living in the area for the last 15 years . ''as it turned out , the property we had seen was n't for us it was a real wreck and would have involved too much restoration work , '' he said . ''i was bemoaning this fact to our friends when they said , 'buy our place ! ' '' they had put their apartment on the market only the day before . ''it took me about five minutes to say 'yes , ' '' mr . o'halloran recalled . at 119 square meters , or 1 , 280 square_feet , it was the perfect size , and had two bedrooms , he said . the couple did not want to disclose the price , but ms . bombassei said that an apartment of that size probably would sell for 580 , 000 euros to 650 , 000 euros , or 761 , 000 to 853 , 000 . the couple consider the apartment 's location a bonus . the giudecca , which encompasses several islands south of the touristy san_marco quarter and across the wide giudecca canal , is much quieter and greener than the rest of the city . ''it 's a great place for kids , and has a nice mix of people , '' mr . o'halloran said . ms . bombassei said she recently sold elton_john a house at one end of the neighborhood , while publicly subsidized_housing at the other end ensures that venetians can continue to afford to live in their homes . in general , the agent said , giudecca is ''a bit like the notting_hill of venice there are a lot of artists living here and , since it is facing san_marco , it definitely has the best views in town . '' in fact , mr . o'halloran and ms . odenweller say the views from the windows and the balcony were what persuaded them to buy the place . a trompe_l'oeil mural in the living room depicts the venetian skyline , but the real views are equally dramatic the city 's towers , cupolas and facades reflected in the sparkling water . as the sun set , mr . o'halloran looked out across the lagoon . ''i think you can understand now why we chose venice , '' he said .	has a location of italy
a 400 million experiment in generating electricity in space failed because debris punctured insulation in a_12 mile long cord and caused a short_circuit , an investigating board said today . the debris may have been slivers of metal left in the manufacturing process or dirt on the mechanism that fed the cord into space , the board said . but it ruled out melting of the wire due to an electrical overload or a collision with space junk . the experiment , developed jointly by the national_aeronautics_and_space_administration and the italian space agency , was carried out by the crew of space_shuttle_columbia in february . the tether , with a half ton satellite at the end , had been played out to nearly its full length when it broke . only the charred , frayed end of the braided copper , nylon and teflon like line was left in the deployment mechanism . until the accident , the system had worked better than expected , generating up to 3 , 500 volts of electricity as the metal ball and the cord swept through earth 's magnetic field . kenneth j . szalai , chairman of the failure board and director of nasa 's dryden flight research center , said , examination of the remnants of the cable showed " a significant amount of foreign contamination . " " two of the four copper wires were burned through , " he said . " most of the covering was burned away . " nicks extended halfway through the fine wires , he said . mr . szalai said some of the flaws were found in tests made in a vaccuum on the short length of tether that remained in the shuttle . he conceded that no one thought of conducting the tests before the flight . " the vulnerability was not appreciated , " he said . " the threat to the insulation was not appreciated . " but , he said , " nothing in our work says people should stop working on an electronic tether . " such a device would be enormously useful on a space_station in orbit for years . the board 's report said that although the damaged area of the insulation was destroyed by burning , it found sufficient evidence " to establish foreign object penetration , or damage " to the layer of the teflon like insulating material , in manufacturing or handling . the cord broke off inside a tower that was being used like a fishing rod to release the satellite into space . the tether experiment was being tried for a second time . four years ago , the cord jammed at 840 feet and the combination generated a feeble 40 volts . despite the latest failure , carlo bonifazi , the italian space agency representative on the board , said , the test showed that it was feasible to generate electricity . mr . szalai said tests showed debris , both metallic and nonmetallic , within the insulation layer and foreign material near the failed end . the contamination , was found only in the examination process . the deployment mechanism , too , had metallic debris large enough to puncture the insulation . there even were small metallic shavings at the back of small screw holes in the boom assembly . " manufacturing and inspection records show that the tether fabrication task was very difficult , " the report said . " numerous problems were encountered in the extrusion and braiding processes of this very long tether . the fabrication of the tether was carried out in a normal manufacturing shop environment . "	has a location of italy
the canadian manufacturer bombardier has won a contract to supply 48 electric locomotives to the italian railroad company trenitalia . the deal is worth 103 million_euros ( 128 million ) and follows earlier orders from trenitalia for 240 similar locomotives , bombardier said . bombadier 's chief executive , paul m . tellier , above , recently outlined plans to restructure rail car manufacturing in europe , where the company has more than 30 factories , some operating at less than half of capacity . the head of the rail car unit resigned earlier this month . bernard_simon ( nyt )	has a location of italy
an earthquake sent a jolt through northern_italy , sending frightened residents out onto the streets and prompting officials to evacuate some schools . two people were injured in the quake , which registered a magnitude of 4.6 and had a center near alessandria , about 55 miles east of turin , local officials said . the tremor was felt in cities as far away as milan and genoa . jason horowitz ( nyt )	has a location of italy
milanese authorities have decided that some publicity is best avoided . last week that city rejected a billboard campaign for the french fashion house marith et fran_ois girbaud depicting a female version of leonardo da vinci 's ''last supper'' after it was deemed potentially offensive to christians . the campaign plays off the popularity of dan brown 's bestseller ''the da vinci code , '' which insinuates that the figure of st . john the evangelist in that work actually embodies mary magdalene . the outlawed billboard portrays john , the only man in the picture , in a provocative half naked pose being embraced by a female apostle , and the municipal advertising ethics committee decided that this ' 'made the imitation more offensive . '' the fashion house has reportedly defended its campaign as a tribute to women . elisabetta povoledo	has a location of italy
the securities_and_exchange_commission wants to send a message to companies , particularly foreign ones if you pay bribes , either disclose the practice or make sure that they do not distort your financial_statements . yesterday , the s.e.c . filed a civil suit against montedison , the italian chemicals and energy producer , over the company 's payment of bribes to italian officials several years ago . the facts in the montedison case are not in dispute . the company has admitted paying bribes , and concealing them in its financial_statements . in some cases , it paid bribes and described them as loans made , creating an asset on its balance_sheet . in another case , montedison overstated real_estate values to conceal other bribes . all told , the s.e.c . said , those maneuvers overstated the company 's earnings , assets and net worth by at least 400 million until it wrote off the fictitious assets in 1993 . the company 's reports had been inaccurate from 1988 through 1992 , the commission said . given that the disclosure has already been made , why file the suit ? the s.e.c . seems to be trying to send a message , particularly to foreign companies that choose to trade in the united_states . ''if they are going to sell their securities in this market , '' said paul gerlach , the s.e.c . 's associate director of enforcement , ''then they are going to be held to the same disclosure_requirements , and the same books and records obligations as other issuers . '' montedison , in a statement , emphasized that the facts in the case had been disclosed , and that it had new management . it said its only arguments with the commission were whether it was appropriate for a federal_judge to issue an injunction barring future violations of securities laws , and over how large a monetary penalty was appropriate . the s.e.c . did not disclose how large a payment it was seeking . the commission 's action does not mean that any company paying bribes now has to disclose that , or face securities law penalties in addition to whatever criminal_penalties might apply . indeed , , there are judicial decisions that point to the fifth amendment protection from self_incrimination against forcing companies to disclose criminal conduct , notwithstanding the risk that committing a crime involves a potential liability if it is detected and prosecuted . but the s.e.c . takes the position that this does not mean that inaccurate financial_statements may be filed . had the bribes that were paid been so small that they were immaterial to the company 's financial_statements , then there would presumably have been no case . but while the standard for immateriality varies with size a 1 million payment might be highly material for a small company but immaterial for a company the size of exxon or general_electric there are no companies for whom 400 million is immaterial . and had montedison hidden the bribes by classifying them as another type of expense say , as consultant 's fees or salaries then the commission would have had a more difficult time making a case . while the specifics would have been inaccurate , the overall picture painted by the financial_statements would not have been meaningfully misleading . in this case , however , montedison hid the payments not as other expenses , but as payments for assets . when an asset is bought , the books record that as substituting one asset ( cash ) for another one ( here , a loan that was owed to the company , or real_estate ) . and that has no effect on the income statement . as a result , montedison 's net worth was overstated , and so was its profit . and the company , which has suffered greatly in recent years in part because of the bribery disclosures , will suffer one more loss when the financial penalty is determined . in new york stock_exchange trading yesterday , montedison 's american_depository_receipts , which sold for 25 in 1989 while the books were being falsified , fell 25 cents , to 6 . 875 . each a.d.r . represents 10 ordinary shares . market place	has a location of italy
the toast of italian fashion giorgio armani , gianfranco ferre , santo versace , gerolamo etro and krizia and other leading designers have been indicted for reportedly bribing tax inspectors , news_agencies in milan reported yesterday . the indictments were part of the " clean hands " investigation , which has uncovered systematic , nationwide kickbacks to politicians and bureaucrats from business people . judge anna conforti was reported to have set a trial date of sept . 20 , but there was no answer at her office to confirm the reports . prosecutors have accused the designers of paying hundreds of thousand of dollars in bribes to tax inspectors in return for favorable audits . defense lawyers , however , said the designers were the victims of extortion by tax inspectors . ( ap )	has a location of italy
to the editor our metropolitan new york authorities could learn something from electronic tolls in italy . near venice and padua last november , i noticed two antennas over the telepass lanes , the first about 40 yards before the second , which was in the location used at new york toll plazas . the posted speed limit was 30 kilometers per hour , and trucks and cars rolled through without hesitation . joe mcmahon seaford , n.y. , sept . 9 , 1999	has a location of italy
new geological evidence in italy suggests that impacts of extraterrestrial objects , like asteroids or comets , could have been the cause of a mass extinction of life like the one in which the dinosaurs died out . that extinction is also widely attributed to an impact . scientists report in today 's issue of the journal science the discovery of shattered quartz crystals embedded in shale dating back some 200 to 213 million years , at the end of the triassic geological period . the shocked quartz , as they call it , is considered one of the most distinctive clues left by impacts of large meteorites or comets in the vicinity . the scientists said the patterns of shocked quartz and their relation to other geological and fossil evidence in the northern apennines in tuscany indicate that three closely spaced impacts seemed to occur at the end of the triassic period . this was also the time of one of the five most devastating times of extinctions in earth 's last half a billion years . in their report the scientists , led by dr . david m . bice , a geologist at carleton college in northfield , minn . , concluded , " the occurrence of what we interpret to be shocked quartz in several shale beds leads us to suggest that multiple impacts occurred in the latest triassic , one of which coincided with a locally , and perhaps globally , significant extinction . " dr . cathryn r . newton , a paleontologist at syracuse_university and a co author of the report , said in a telephone interview yesterday that this was the " most tantalizing evidence " so far linking extraterrestrial impacts with another mass extinction . geologists generally believe that such impacts played a role in the widespread extinction of life , including the dinosaurs , at the end of the cretaceous period 65 million years ago . a relationship between impacts and extinction was hypothesized more than a decade ago by dr . walter alvarez , a geologist at the university of california at berkeley and a former teacher of dr . bice . dr . alvarez also found his first clues in italy . his hypothesis gained acceptance when geologists began finding glassy particles and shocked quartz crystals in 65 million year old sediments throughout the world . although they concede that the impacts probably occurred , many paleontologists doubt that they were the main cause of the dinosaur extinctions . they contend that the impacts were only one of many complex forces driving disruptive global climatic change . recent exploration has identified possible sites where these particular impacts might have occurred , probably on the yucatan peninsula of mexico and surrounding water . dr . bice 's group said there was no clear evidence of where the impact occurred that was related to the shocked quartz found in italy . his research was conducted in the il fiume gorge near the village of corfino in northern tuscany . faint traces of the only extensive impact crater known from that period have been discovered in quebec and dated about 214 million years ago . dr . bice said the next step would be " to see if we can verify our results in other sediments " from the same period .	has a location of italy
all through a long , hot summer , the fires have come , crackling through italy 's byways , marching like bright armies , scorching the earth and making money for some out of the devastation of others . by some government estimates , the summer 's tally could reach a record one million acres of burned woodlands , four times the figure 10 years ago . no sooner has one blaze been extinguished than another has come from the islands of sardinia and sicily to the mainland , 10 , 000 major fires have been reported devouring forest and farmland in the last two months alone , three times as many as in the same period last year . true , the weather has been furnace like and the grass tinder dry , vulnerable to every spark or discarded cigarette butt . but , said vito riggio , a senior government official , the police believe that more than half the fires were set by arsonists , some locked in vendettas , some pursuing frauds that turn burned woodland and olive groves into profit . the worst have consumed large tracts of sardinia and liguria , the northern province that forms part of the italian riviera , prompting speculation that after a spate of bombings in florence , milan and rome this year , a new " ecological terrorism " has supplanted the " cultural terrorism " behind the bombing of churches and art galleries . 'criminal plot' charged " the flames that are devouring italy are the result of a destructive , criminal plot , " said emanuele sanna , a sardinian official charged with defending the environment . this being italy , it comes as no surprise that in the cafes even in the newspapers some people say that the mafia is behind it all . the authorites have not produced evidence to support that theory , but seem in no doubt that , just as there is no smoke without fire , there is no fire without malign intent . " there is no single cause , but the conclusion remains that a vast network of illegality is directed against the most defenseless part of our territory the forests , the countryside , " mr . riggio said after meeting in rome on monday with prime_minister carlo_azeglio_ciampi to discuss the fires . in this lakeside resort , 35 miles north of rome , the fires , at one time , threatened homes on the hillside above the village , and helicopters flew in to scoop huge buckets of lake water and dump it on the blaze . south of rome , near terracina , last month , firefighting planes flew hours of sorties as great tracts of sardinia blazed . some attributed the fires here to conspiracies intended to circumvent italian laws forbidding the building of houses on agricultural land . once the land 's agricultural capacity has gone , however , houses may be built . after the fires , bulldozers " this year seems worse , " a longtime foreign resident said , " but it is not new . one day you see the fires on agricultural land the next day the bulldozers move in to start housing developments . " elsewhere , people have detected other motives . in sicily , for instance , on the flanks of mount etna , the island 's great and still active volcano , there is a " vicious_circle " of arson leading to reafforestation , leading to more arson to extend reafforestation contracts , pantaleone sergi , a reporter , said . " the fires produce jobs and force the authorities to spend extra money and that money becomes a sea of gold for somebody , " the sicilian journalist said . mario deaglio , an economist and political expert at the university of turin , wrote recently that just as mobsters in the city burn down stores whose " rebellious " owners refuse to pay protection money , outside the city " the burning of land near a campsite or holiday resort punishes the rebellious tourism manager . " sometimes , though , the motives seem more personal . in sardinia , tommaso cadau , a 41 year old jobless islander , was arrested this month and charged with arson . according to the police , he set a fire because he had been turned down for a job as a firefighter . a train 's trail of fire others , the police said , set fires so that they will find work as a firefighters putting out the same blaze as they started . some , like the brothers michele and aniello fucito , are accused of setting a fire to settle a long running family land feud on the sorrento peninsula near naples , only to consume vast tracts of land in the hills above their smallholding . one arrested arsonist was identified by the police as massimo fuoco , a name that could be translated literally as " maximum fire . " among the more bizarre if less conspiratorial episodes was the fire that started in the umbrian hills on sunday when people chartered a train to protest the closing of small branch lines by the state railways . to make a day of it , they hired five turn of the century railroad_cars , hauled by an equally antique , coal burning steam engine . but the sparks from the smokestack set fire to land in the hills near spoleto , according to newspaper accounts . curiosity turns to panic unaware of what was happening in their wake , the train riders rolled on toward lake trasimeno , waving genially to bathers on the lake shore , whose curiosity at the steam train 's passing turned to panic when sparks set fire to the grasslands fringing the beach . what made the blaze most unusual , though , was that the people who chartered the train were all members of the environment league , a lobby group that had earlier blamed " the degradation and abandonment of the italian countryside " for the summer fires . the long term results of the fires seem unclear . some italian farmers routinely burn the stubble in their fields as a prelude to the planting season , and elsewhere , some argue , bushland grows back . " fortunately , " wrote mr . deaglio from turin university , " in spite of the rhetoric , the catastrophes are almost never irreversible . " not everyone agrees , since ecologists argue that the fires destroy far more of the forest environment than grows back , so that italy 's woodlands are rapidly shrinking . the series of blazes , thus , has induced some soul searching . " we are the only country in europe that treats fires as an emergency , " mr . riggio said after his meeting on monday with prime_minister ciampi , who himself had made the incendiary summer one of the first items on his agenda after he returned to work from vacation . 'silly season' suspected mr . deaglio , by contrast , put it down in part to what reporters call the silly season , the months when real news is so scarce that stories of lesser moment take the headlines . " as a consequence , the smoke from these fires does not thin but becomes one more mystery to add to those we have to live with in this country , " he said . instead of pondering fanciful theories about the fires , he said , " we should speak about them as palpable demonstrations either of the state 's lack of control over italian soil or of the inadequacy of public morality . "	has a location of italy
in a blow to the struggling italian government , moody 's investor service yesterday downgraded the credit_rating of the country 's foreign currency obligations to an aa3 rating from aa1 . in addition , moody 's downgraded the bonds of the state owned electric company , enel , to aa1 from aaa . the issues were expected to be downgraded , but the reduction by two notches instead of one was a surprise . moody 's said the credit_rating was reduced because only a gradual reversal in italy 's weakened finances was expected , despite the formation of a new government in late june .	has a location of italy
as europe deregulates its energy_market , italy wants to cash in . it will put on the block part of the former national energy company , enel s.p.a. , in an offering that values the utility at as much as 55 billion . starting on oct . 25 , the government will sell 19 . 8 percent of enel 's stock , or 2.4 billion shares , at a price of 3.4 euros and 4.3 euros , or 3 . 60 and 4 . 50 . in november , enel will be listed on the milan bourse and the new york stock_exchange . john_tagliabue world business briefing europe	has a location of italy
an australian retail and merchant_bank , the macquarie bank , which already holds stakes in british and australian airports , bought a 44 . 7 percent stake in aeroporti di_roma , which controls the fiumicino and ciampino airports in rome , for 842 million australian dollars ( 472 million ) . the australian company bought the stake from leonardo holdings s.a . the italian airports handled 26 million passengers last year . john shaw ( nyt )	has a location of italy
a week after the italian parliament enacted a 1997 budget intended to assure italy a place in europe 's single_currency , the government took the next step today , requesting a meeting of european officials on saturday to consider the re entry of the lira into the european_exchange_rate_mechanism . word of the decision , which was announced by prime_minister romano_prodi on a visit to sicily , came as sharp debate has erupted in france over the plan for a single_currency . the fiscal_discipline required by the plan has caused european governments to enact austerity_measures , and in recent weeks , the french government has come under increasing pressure as unemployment has mounted . the italian decision sent the lira and government_bonds surging in value today . the lira rose to 996 to the mark , after trading earlier in in the day at about 1 , 000 . it later fell back to 999 to the mark . mr . prodi , who said the lira 's re entry into the exchange_rate_mechanism ''was a matter of a few hours , or a few days , '' has a lot at stake . passage of the 1997 budget , which is intended to cut 41 billion from next year 's deficit , came only after bitter debate . to achieve passage , mr . prodi was forced to impose a one time tax on middle and upper level incomes , and despite a promise to pay a tax rebate in 1999 , the added tax provoked protest demonstrations last weekend . the government has called the measure a ''eurotax , '' implying that it was the price italy had to pay to remain economically and politically part of europe . the lira was taken out of the exchange_rate_mechanism in 1992 , when the currency was sharply devalued by a wave of speculation . its re entry will be more symbolic than real , given the 15 percent bands within which currencies may fluctuate under the present mechanism . still , the political rewards for italy will be a boost to italian prestige and an assurance that the nation is on track to be included in the plan for a single_currency , which is set to begin in 1999 . countries will qualify for the plan only if their currencies have been within the exchange_rate_mechanism for at least two years . as for the economic rewards of rejoining the mechanism , they will be mixed , at best . a stronger lira would exert downward pressure on prices in italy , enabling the central_bank to reduce interest rates further and bolster the economy by easing the strain on businesses that borrow . but it would also hamper italian exports , by raising the price in foreign currencies of italian goods . such an effect could further slow an already sluggish economy , given italy 's high reliance on export sales to keep factories running , a reliance that has only been heightened by sluggish consumer demand as a result of the government 's austerity policies . earlier this month , the european_commission lowered its forecast for italian growth this year to eight tenths of 1 percent , from 1.8 percent earlier . antonio_fazio , the director of the central_bank , predicted today that consumer price inflation in italy , which is now hovering at about 2.6 percent , would average out between 2 percent and 3 percent in 1997 . crucial to italian success in the european monetary committee the group of central_bank and government economists that is to decide the lira 's fate at a meeting in brussels on saturday will be rome 's ability to reach agreement with france over the exchange_rate at which the lira should be readmitted . mr . prodi said that he had talked by telephone with alain_juppe , the prime minister of france , and that mr . juppe had agreed that paris would not seek a rate lower than 1 , 000 lire to the german_mark . dollar stages a rally by the associated press the dollar rallied yesterday , helped by remarks by a top german monetary official who said that the dollar was undervalued and that germany 's economy was unlikely to rebound sharply in 1997 . new uncertainties over europe 's plan for a single_currency in 1999 hurt the german_mark against the italian_lira , though the dollar rose against both currencies . late yesterday in new york , the dollar was trading at 111 . 46 japanese_yen , up from 111 . 29 yen thursday . the dollar was at 1 . 5065 marks , up from 1 . 4980 , and was at 1 , 496 . 00 lire , up from 1 , 493 . 50 . the british_pound cost 1 . 6798 , down from a four year high of 1 . 6873 . traders said the dollar was bolstered early in the day when klaus dieter kuhbacher , president of germany 's regional central_bank in berlin , said that given the strength of the american economy , ''the dollar really should be better . '' the dollar also benefited indirectly from news that italy wants to re enter europe 's exchange_rate system . currency markets	has a location of italy
as everybody knows or can at least surmise , rome was not built in a day . but it did rise in just a few months , resplendent in all its plywood , fiberglass and sheet_metal glory . one of the few unfinished civic projects on a recent afternoon was a patch of the piazza near the temple of venus , where the cement had yet to dry . ''watch your step , '' warned anne thomopoulos , an hbo senior executive , but the words came too late . there it was , sullying the classical cityscape and blowing its cover a size 11 footprint from a shoe that belonged most definitively to a later period . ms . thomopoulos laughed and vowed that it would be repaired . a visitor 's clumsy misstep was not about to throw hbo off its latest loopy vision . the cable network that made morticians sexy ( ''six feet under'' ) and that just began deconstructing the western ( ''deadwood'' ) is now reconstructing and revivifying ancient_rome . to do so hbo enlisted the bbc as a partner , and together they have committed around 75 million for 12 one hour episodes of ''rome , '' a drama scheduled to have its debut in 2005 . if the show is successful , a second and even third season could follow . the series has also set up production in modern rome , partly on the theory that proximity breeds historical fidelity , or at least a convincing approximation of it . ''they shot 'sex and the city' in new york , '' ms . thomopoulos said . ''they shoot 'the sopranos' in new jersey . there 's a texture and verisimilitude you get when you shoot in the actual place . '' the enormous crew shooting ''rome'' is six miles or so from the city 's historic center , on the famous cinecitt lot , where federico fellini once worked and , more recently , mel gibson made much of ''the passion of the christ'' and martin scorsese molded ''gangs of new york . '' bits of the scorsese film linger if you wander to the far edge of rome circa 51 b.c. , you stumble abruptly into new york city around 1850 . rome is bigger and much , much brighter than expected . it has a thicket of ionic and corinthian columns in red , yellow , orange and black . joseph bennett , the show 's production designer , said that those hues were every bit as accurate as the time weathered white of the pillars remaining in the forum downtown . ''everything was colored , '' mr . bennett said as he guided a reporter on a tour of his version of rome . ''it was vibrant . '' bruno heller , one of the show 's executive producers and its chief writer , explained over lunch that ancient_rome was really a scruffy , teeming bazaar , not the monochromatic showcase for neatly pressed tunics and regal posturing that generations of screenwriters and directors have emphasized . ''rome of that period was more like bombay or mexico_city , '' mr . heller said . ''it was a dirty , wild , savage place . '' cue hbo . ms . thomopoulos hatched the broad idea for the series in 1997 after watching a dvd of ''i , claudius , '' the 1970 's british television drama about ancient_rome . she said she had an appetite for more , and for something different . several years later , she said , mr . heller showed up in her los_angeles office ''to pitch an idea about white trash america . '' she asked him if he would be willing to rechannel his energies toward white trash rome . ''love ancient_rome , '' she recalled him responding . the concept was to peek at imperial rome from the perspective of the common man 's living room rather than from the caesar 's lair . what emerged was a plot that whirled around two soldiers who return to the city after years away dismembering gauls . one of those soldiers is ' 'very worried that his wife has been unfaithful to him , '' mr . heller said . ''complications ensue , '' said stan wlodkowski , another of the executive producers . those twists and turns are rendered not in latin or aramaic but in relatively colloquial english one way , said the show 's creators , to coax a cast of mostly unknown british actors into naturalistic performances to help bridge the gap between the millennia . ''as soon as actors put costumes on they adopt bizarre personalities , '' said the director michael apted . mr . apted , whose movie credits range from ''coal miner 's daughter'' to the james_bond adventure ''the world is not enough , '' was hired to direct the first three episodes of ''rome . '' ''that 's one of the challenges for us not making it a freak show , '' he said , sitting across the lunch table from mr . heller and mr . wlodowski . dialogue aside , the show 's creators took great pains to be true to the past . they collected a small library 's worth of obscure tomes , including several on the physical gestures of ancient romans . in early march mr . apted rented a bus and with a large group of the actors traveled two hours south to the remains of pompeii , near naples . ''it just gives you a sense of the life the width of a street , the size of a room , '' he said . ''it builds a subconscious picture that 's part and parcel of everything . '' mr . bennett said that as his crew constructed fiberglass sculptures for the roman temples on the set , they visited rome 's many museums , using actual relics as reference for the reproductions . april ferry , the costume designer , educated herself about the era 's fashions , making surprising discoveries . ''who knew that the gauls wore plaid ? '' she said , walking among the armor and frocks in her costume shop . she said she learned from a book on eros in pompeii that prostitutes wore halter tops and tube tops not so different from their descendants' attire . ''they were people just like us , '' she said . well , not quite . her research also showed that roman soldiers sometimes affixed small parts of vanquished rivals' bodies , not excluding genitals , to their battle helmets . ms . ferry 's costumes reproduce this , but when she tried one recent afternoon to find an example , the helmets nearby dangled only fake fingers the faux phalluses were nowhere to be found . there was , though , some confusion in and around ancient_rome that afternoon . filming was scheduled to begin in a few days , and everything was coming together in a hurry . mr . bennett said that he had started contemplating the sets' construction in september but did not break ground , so to speak , until november . just four months later his rome , covering at least five acres , has a vast republican forum of majestic temples fronted by mammoth columns . it has an upscale enclave of capacious villas with what look like smooth stone walls , and a downscale neighborhood with what look like brick tenements . all of the structures were sturdy to the touch no potemkin facades or flimsy cardboard here . ''it has to have a certain amount of longevity , like ancient_rome , '' mr . bennett said . in television time that did not mean centuries or decades , but the course of a respectable run . five years would do . correction april 6 , 2004 , tuesday a picture caption in the arts yesterday with the continuation of an article about hbo 's setting of a mini series in ancient_rome misspelled an actor 's surname . he is james purefoy , not turefoy .	has a location of italy
lead the chase_manhattan corporation and gemina s.p.a. , an italian investment company , yesterday announced an agreement to create a 50 million to 100 million fund to make equity investments in leveraged_buyouts and other opportunities in italy . the chase_manhattan corporation and gemina s.p.a. , an italian investment company , yesterday announced an agreement to create a 50 million to 100 million fund to make equity investments in leveraged_buyouts and other opportunities in italy . the fund will concentrate on privately held middle size companies and will not participate in hostile_takeovers or in public companies . pressure on those companies to merge or expand is expected to become more intense as european trade_barriers are dropped in 1992 . gemina has assets of about 900 million , with investments in a wide variety of italian financial and industrial companies .	has a location of italy
the italian economics minister , giulio tremonti , has called for the creation of a new government_agency to protect individual investors . in testimony before parliament on the bankruptcy of the italian dairy and food conglomerate parmalat , mr . tremonti criticized the existing regulators for not preventing the parmalat crisis . he described overhaul proposals that would include the creation of a regulatory_agency and that would change the responsibilities of the existing agencies , which include consob , the market regulator , and the bank of italy , the central_bank . eric sylver ( nyt )	has a location of italy
the chancellors of at least 50 universities resigned to protest spending cuts to higher_education in the 2003 budget . ''there are n't enough funds for universities to survive , '' said mario santamaria , a spokesman representing the chancellors . ''we ca n't even pay our professors' salaries . '' the finance ministry spokesman , fabrizio ravoni , said that the resignations were a stunt to attract attention and that ''guarantees for more research funds have already been promised . '' many italian scientists leave the country because it has among the lowest budgets for research in europe . jason horowitz ( nyt )	has a location of italy
it has become something of a tradition in italy . you build it , illegally , anywhere from the alps to sicily , and the italian government will come with a building amnesty that legalizes your extra story , beach cottage or country villa . there was an amnesty in 1985 , under prime_minister bettino_craxi , that was promised as a one time action for people who had violated zoning laws and built without the permission of the local authorities . in 1994 , during silvio_berlusconi 's first term as prime_minister , there was another , again with promises that it would never be repeated . and now , with mr . berlusconi back at the helm , there is a third building amnesty a chance for people to declare their sins , pay a small fee and absolve their illegal construction . the current amnesty is among the budget measures totaling 24 billion_euros that were approved by mr . berlusconi 's cabinet in late july and that are intended to keep the italian deficit this year under 3 percent of gross_domestic_product , the limit set by the european_union . under the amnesty , which began in october and has been extended twice , the government is selling chunks of italy 's cities , coastline and countryside for the 3.5 billion_euros ( 4 . 2 billion ) it expects to collect . people have until dec . 10 to apply . economists have joined environmental advocates and others even , at times , members of mr . berlusconi 's own coalition in criticizing the program , the first to allow people to legalize buildings on government owned land and protected habitats for an annual concession on top of the regular amnesty fee . ''one off measures like the building amnesty have been used by the berlusconi government as a way to avoid badly needed structural_reform of the labor market and pension system , '' said fabio scacciavillani , an independent , london based economist who advises hedge_funds and financial_institutions . ''one offs work to get over a temporary situation , but berlusconi has continued to use them while betting year after year on an economic_recovery that has n't materialized . '' the amnesty may not even do much to help this year 's budget . according to the latest figures available , applications for only 300 million_euros in amnesty fees had been submitted through march . a court case that called into question the amnesty 's legality made people shy away as did the court 's ruling , which said individual regions would have until november to set some terms of the amnesty . other one time measures used by mr . berlusconi include an amnesty that allowed people to pay a fee to repatriate profits from money invested abroad on which taxes had not been paid . the amnesties have not gone unnoticed beyond the country 's borders standard_poor 's recently lowered italy 's creditworthiness , citing the government 's use of such unsustainable measures . without the one off measures , the european_commission estimates , italy 's deficit last year would have been 4.4 percent of gross_domestic_product instead of the 2.4 percent it reported . ''every government makes use of one off measures , but not all the measures have the same future costs , '' said giuseppe pisauro , an economics professor at the university of perugia . ''the problem with tax and building amnesties , from an economic point of view , is that they lead to large future costs because compliance falls as people anticipate future amnesties . amnesties are like a license to kill . technically you are offering an amnesty for past behavior , but people begin to expect other amnesties and act accordingly . '' a spokesman for the economy ministry declined to comment on the building amnesty law and said no government officials were available to comment . illegal construction in italy rose 30 percent in 2003 , the year the berlusconi government began publicly discussing the most recent building amnesty , according to a report by the environmental group legambiente and the nonprofit research organization cresme , both based in rome . the number of illegal constructions rose 40 percent in the year leading up to the 1994 amnesty and almost 80 percent before the 1985 one , the report said . in 2003 , the report said , there were 40 , 000 building abuses 29 , 000 were new constructions and 11 , 000 were illegal additions . legambiente estimates there are about 400 , 000 illegal constructions in italy . ''amnesties lead to building anarchy and have been absolutely devastating for italy , '' said vittorio sgarbi , an art historian and the author of a book that denounces some of the country 's worst architectural eyesores . ''when you begin to resort to amnesties , there are no longer clear rules , and everything gets out of control . '' there are some spectacular examples of illegal building . among them are the more than 600 illegal constructions on public land in agrigento , on the southern sicilian coast in the valley of the temples , an archaeological park with the ruins of a 2 , 500 year old greek temple , according to wwf italia . one was built in the mid 1990 's by the mayor at the time , calogero sodano , who was convicted of encouraging and allowing illegal constructions in exchange for votes and sentenced to 18 months in prison . ( mr . sodano said at the time that the whole prosecution was politically_motivated . ) mr . sodano did not have to serve any time in jail because he had no previous convictions , and in 2001 , he was elected to italy 's senate , representing agrigento . though the authorities seized his house , it is still standing . in fact , illegal buildings are rarely demolished in italy . in sicily , where legambiente estimates there were more than 5 , 000 building abuses in 2003 , just one in every 100 illegal buildings is knocked down . arrests are even rarer . even fines are rare . ''people know their house wo n't get knocked down and they know they wo n't be fined , so they do whatever they want , '' said giuseppe arnone , a lawyer with legambiente in agrigento . sicily and three other southern regions campania , puglia and calabria have the most construction abuses and together account for 55 percent of the national total last year , according to legambiente . they are also home to italy 's strongest organized_crime networks , which often control the illegal building industry , the group said . near naples , campania 's capital , people have been building illegally on the slopes of mount vesuvius for 50 years on public land that is considered unsafe because of its proximity to the volcano . vesuvius has erupted on average about once every 50 years most recently in 1944 since it buried pompei in a.d . 79 . while the economy ministry will reap the economic benefits of the amnesty , the municipal governments must cover most of the costs for things like paved roads and street lighting . in many cases , the cost of providing the services exceeds what the people pay to legalize their construction , according to the association that represents italian municipalities . though the attempt by several of italy 's 20 regions to have the constitutional court overturn the amnesty law was unsuccessful , the court 's ruling in may , gave the regions some leeway in deciding how much to charge and how much area to allow to be legalized . they can charge 60 euros to 150 euros per cubic meter , or 35 cubic_feet , of illegal construction . as much as 750 cubic_meters can be legalized on a previously existing structure and 3 , 000 cubic_meters for a new structure . how the regions structure the amnesty will affect how many people take part , how much money is raised and ultimately how well italy complies with european_union budget rules , as well as how the shape of italy 's landscape will look in years to come . the amnesty 's opponents , naturally , have been busy pressing the regions to make their amnesty laws as restrictive as possible . ''the fact that few people have taken part in the amnesty is already a success , '' said stefano lenzi , the head of parliamentary affairs for wwf italia . ''but now we have to hope the regions and the municipalities do their part . ''	has a location of italy
abn_amro , the largest bank in the netherlands , succeeded monday in prying open italy 's almost impervious banking market with an agreement to buy 39 percent of antonveneta , a midsize bank in northeastern italy , for 3.2 billion_euros ( 3 . 86 billion ) . the agreement came 10 days after a tentative deal was reached and nine months after abn_amro set out to acquire the italian bank , a deal that forced abn_amro to circumvent a web of defenses erected by the head of italy 's central_bank , antonio_fazio , to prevent such a takeover . abn_amro already held 30 percent of antonveneta and the acquisition gives it a 69 percent stake , a_level that will set off an obligatory public tender_offer for the remaining 31 percent . despite abn_amro 's success , industry specialists said it would probably be some time before another foreign bank bought an italian rival . obstacles for foreigners trying to take over italian financial_institutions , including shareholders' pacts and antiquated bylaws , make some banks almost impossible to acquire . ''there has very clearly been a break with the past , but i would n't be so sure that this means the market will be more open to foreign banks , '' said alberto banfi , a professor of financial markets at catholic university in milan and a board member of banca_popolare di milano . ''the most important italian banks are publicly traded companies so they could , in theory , be bought , but the truth is that there are other factors that make takeovers very difficult . '' unicredito italiano , which is about to complete the acquisition of a german bank , is now big enough that it could become a target only of the largest banks in europe . banca_intesa and san_paolo imi , the next largest of italy 's banks , are protected by shareholders' pacts that do not expire for more than 18 months . italy 's fourth largest bank , capitalia , could be the next large takeover_target because its shareholders' pact expires in a year and there is no dominant investor , according to three analysts who spoke on condition that they not be named because their banks could be involved in future deals . capitalia 's largest shareholder is abn , which owns 9 percent of the rome based bank . abn 's chairman , rijkman groenink , said in a conference call monday that there were no plans to raise that stake in the near future . many other european banks have built up their shareholdings in italy in recent years , but have found the door closed when they tried to engineer a takeover . abn 's first offer to buy antonveneta failed when popolare_italiana made a higher bid despite its rocky finances . abn later turned to the courts when it seemed mr . fazio had favored popolare_italiana , whose bid then began to fall apart because of an investigation into possible market_manipulation and illegal collusion by the bank 's former chief executive .	has a location of italy
a year and a half after the collapse of the italian food company parmalat , a judge in milan has convicted and sentenced 11 people on charges of market_manipulation , obstructing a regulatory investigation and falsifying audits . the sentences meted out on tuesday the first in the case ranged from 10 months to two and a half years . all 11 had made plea bargains and none are likely to spend time in prison nine of the sentences were suspended . the outcome is a victory for the milan prosecutors who investigated after parmalat fell into insolvency in december 2003 under billions of dollars in hidden debt and losses . judge cesare tacconi gave the longest sentence , two years and six months , to fausto tonna , a former chief_financial_officer . gian paolo zini , a lawyer who set up some offshore companies that were used to hide billions of dollars in debt and losses , was given two years . another judge will decide how they should serve their time . legal experts said they were likely to be given community_service . also convicted were two other former chief financial officers , luciano del soldato and alberto ferraris , as well as internal auditors and former board members . two of those sentenced are related to parmalat 's founder and former chairman , calisto_tanzi stefano tanzi , his son , and giovanni tanzi , his brother , both former board members . they were both sentenced to one year and 11 months in prison . the 11 people sentenced tuesday were among 16 indicted last week by judge tacconi . one of those indicted , calisto_tanzi , will go on trial sept . 28 in milan . judge tacconi refused his request for a plea_agreement . the cases are being tried in milan because that is where italy 's stock_market is based . in parma , where parmalat is based , prosecutors are investigating more serious crimes , like fraudulent bankruptcy , which carries a term of up to 20 years . no indictments have been issued in parma . ''whether justice has been served in the parmalat case will revolve around the trial in parma , '' said luca arnaboldi , the managing partner in italy for the law_firm of mcdermott will emery . ''that is where the technical issues of the bankruptcy will be examined , discussed and debated . '' prosecutors in parma , who are trying to link the tanzi family and others directly to the financial fraud that led to parmalat 's bankruptcy , have not said when they want to begin their trial . investors also have an interest . ''for the thousands of people who lost money because of the fraud at parmalat , the question is not how many months or years somebody spends in jail , but whether they manage to get some of their money back , '' said umberto mosetti , chief executive in italy for the investor advocacy_group deminor , which is based in brussels . deminor , which is representing parmalat shareholders and bondholders , is leading a class_action_lawsuit in new york against banks that worked with parmalat . parmalat collapsed in december 2003 when it was revealed that a bank account thought to hold about 5 billion did not exist . parmalat kept its finances hidden in the years before its collapse by working with more than 130 financial_institutions . some of those institutions are under investigation in milan and parma . in the year before its bankruptcy filing , the company 's debt rose about 2 billion . a few months after the filing , an independent auditor found that parmalat had doctored its accounts for more than a decade . international business	has a location of italy
''when you have eliminated all which is impossible , then whatever remains , however improbable , must be the truth . '' sherlock_holmes when it comes to sudoku , there is no escape . the grids of these puzzles seem to shut down the mental apparatus , enclosing one 's faculties in a tightly constrained universe a 9 by 9 array that must be carefully filled up with the numbers 1 to 9 , following certain rules . that enclosure is hypnotic . publisher 's weekly recently counted 23 sudoku books in print with total sales of 5.7 million copies . newspapers wage circulation wars by running sudoku in their pages . and sudoku web_sites and forums proliferate internationally ( for example , see sudoku . jouwpagina . nl ) . the teams in the first world sudoku championship held in lucca , italy , in march came from 22 countries , including the philippines , india , venezuela , and croatia . the winner was a 31 year old woman , a czech accountant . the independent of london recently reported that a 700 percent increase in the sale of pencils has been attributed to the sudoku craze . last november , british_airways sent a memo to all its cabin crews , forbidding them to work on sudoku puzzles during takeoffs and landings . the international appeal , of course , may have something to do with the fact that no language is needed to solve sudoku puzzles neither , for that matter , is any mathematics . the puzzler is given an 81 square grid , with about 20 squares filled in ( the ''givens'' ) . that large grid is itself divided into nine 3 x 3 grids . the challenge is to fill in the blanks so that each nine cell row , each nine cell column and each nine cell mini grid contains all the numbers from 1 to 9 , with no repetitions or omissions . this is not a novel challenge . magic squares of various kinds were part of many ancient cultures . benjamin_franklin published a paper about magic squares , and he obsessively fiddled with them during the same years he was helping to form a more perfect union . the 18th_century swiss mathematician leonhard euler studied the properties of latin squares in which each row and column would contain a complete list of the elements of a set of numbers or letters . sudoku style puzzles which add the twist of the mini grids within a larger array were titled number place when they began appearing anonymously in 1979 in the periodical dell pencil puzzles and word games . will shortz , the crossword puzzle editor of the new york times , deduced the author 's identity with sudoku style argument anytime the dell publication contained one of these puzzles and never otherwise the list of contributors included howard garns , an architect from indianapolis mr . garns died in 1989 . the american born puzzles made their way to japan in 1984 , where the publisher nikoli ended up calling them sudoku meaning single numbers . and in 1997 , wayne gould , a new zealander who had served as a judge in hong_kong , came across them while vacationing in tokyo . in 2004 he successfully lobbied the times of london to introduce the puzzles to britain , beginning the craze in the west . strangely , in japan , where nikoli has trademark control over the name sudoku , the puzzles are still familiarly known by the english title number place , while in the english speaking work , their japanese pedigree is widely assumed . but what is their lure ? a mathematician i spoke with dismissed the puzzles as mere ''bookkeeping'' keeping track of where things go . and there surely is some of that , since one technique for solving them involves tentatively writing miniature numbers in each little square to figure out the various possibilities . the grid for a difficult puzzle can begin to look like the first draft of a major corporation 's balance_sheet . this is hardly higher mathematics . in fact , numbers are hardly necessary the same puzzle can be posed using nine colors or nine national flags . yet mathematicians have been taking more of an interest in sudoku not necessarily in solving the puzzles , but in understanding more about their character . in a recent essay in the american scientist , brian hayes described the difficulty of determining the difficulty of these puzzles it bears little connection with how many numbers are given at the start . and while numbers are really not that important to sudoku itself , they certainly proliferate in discussions about it . in mathworld , an online mathematical journal ( mathworld . wolfram . com ) , eric w . weisstein cited research showing that 6 , 670 , 903 , 752 , 021 , 072 , 936 , 960 completed grids are possible for sudoku puzzles , though only 5 , 472 , 730 , 538 unique grids remain once equivalent solutions are eliminated . in a september 2005 column by ed pegg jr . on the site of the mathematical association of america ( maa . org news mathgames . html ) also pointed out that the graph theorist gordon royle had collected more than 10 , 000 sudoku puzzles , each with 17 givens . that may be the smallest number of givens that will yield unique solutions ( any fewer givens will allow multiple answers ) , though apparently that hypothesis has not yet been proven . the exhaustive wikipedia article on sudoku goes into even greater detail ( en . wikipedia . org wiki sudoku ) . what many of these studies focus on , though , is how many sudoku possibilities there are . each puzzle , using only the simplest of elements , combined according to the simplest of rules , pulls a single solution out of a mind_boggling number of possibilities . the puzzle is an act of reduction and elimination . often , in solving a puzzle , we work toward an answer , accumulating information . something must be calculated or produced . in a crossword puzzle , the words have to be pulled out of one 's experience . here , though , each square has only nine possibilities and the work mainly involves not finding the possible but eliminating the impossible , filtering away everything that does not fit ruling out the number 4 for a particular square , for example , if a_4 appears in the same row or column or mini grid . sudoku does not open up into the world it reduces the world to its boundaries , forcing everything extraneous to be discarded . there is something more technological about it than mathematical we know what we must produce the problem is in getting rid of everything that does n't fit . this must help account for sudoku 's tremendous appeal it seems to distill complication into elemental clarity , even when that task becomes difficult . on the blog onigame . livejournal . com , the puzzle master wei hwa huang ( who came in third at the world competition in march ) devised a unusual system , using colored loops , for solving sudoku that is more knotty than seems possible given the puzzle itself . but the solution is still something easily understood once complete . and it is always immensely satisfying , because finally , all impossibilities have been eliminated , leaving behind a neat array of 81 numbers , that however improbably reveal the trivial truth . connections , a critic 's perspective on arts and ideas , appears every other monday . connections	has a location of italy
italy 's banking landscape was reshuffled this week as banca_di_roma , italy 's second largest bank in terms of assets , announced that it would acquire control of banca_nazionale dell'agricoltura in a transaction valued at 625 million . the merger would create italy 's largest bank . investors reacted unenthusiastically to the announcement , which came late thursday . today , banca_di_roma shares closed at 1 , 760 lire ( 1 . 10 ) , down 57 lire , on the milan stock_exchange . the acquisition , which had been rumored for some time , is the latest move among italy 's fragmented banks to consolidate and expand as changing laws and foreign entries open the banking sector long marked by government involvement and gross inefficiency to growing competition . last november , banca_commerciale_italiana acquired control of banco_ambrosiano veneto for 1 . 13 billion . faced with continuing growth among the powerful banks of northern_italy , banca_di_roma , with its base primarily in the central portion of the country , has been looking for areas of expansion . banca_nazionale dell'agricoltura , which is based in rome , is italy 's 13th largest bank and one of the weakest . the bank has been under surveillance by the bank of italy , the central_bank , because of operating losses and a thin capital base . agricoltura reported net losses in the first half of 1994 totaling 18 . 5 million , with the amount of its nonperforming_loans rising nearly 1 percent , to 564 million . " the central_bank was glad to see this wedding , " said marco nascimbeni , who follows banking at carnegie international in milan . " it was a way to get rid of problems at agricoltura . " banca_di_roma said it would pay the equivalent of 326 million to acquire a controlling stake in bonifiche siele s.p.a. , a bank_holding_company that owns agricoltura , from count giovanni auletta armenise , the 63 year old bank president . it said it would make a public_offering for remaining shares that are spread among institutional and individual investors . banca_di_roma has 95 . 4 billion of assets and was formed in 1992 from the merger of two smaller banking companies , banco_di roma and banco_di spirito santo . the banks and their executives were long considered close to italy 's political establishment , which is linked with the old christian democratic_party and the roman_catholic_church hierarchy . giorgio coari , an analyst at the milan brokerage_firm of caboto s.i.m. , said the drop in banca_di_roma 's share price reflected agricoltura 's " three or four hard years , " as well as its " inefficiency , personnel costs and low productivity . " but mr . nascimbeni said the price that banca_di_roma paid represented a substantial discount , even with a premium . a price based on agricoltura 's market_capitalization , plus a 30 percent premium , he said , would have amounted to about 1 . 25 billion , or roughly double what banca_di_roma agreed to pay . company news	has a location of italy
lead italy is planning to borrow 1 billion in the international bond_market , according to sources among dealers and bankers . italy is planning to borrow 1 billion in the international bond_market , according to sources among dealers and bankers . the bond issue would be among the largest ever in the 3 . 5 trillion annual market for eurobonds bonds issued outside the country in whose currency they are denominated . ''the whole market has gone wild talking about this , '' one eurobond dealer said . italian officials could not be reached for comment . dealers said that italy regularly borrowed money through the eurobond market and had a 1 billion issue outstanding . if it plans to refinance at a lower rate , the new issue could mean a cost saving rather than a rise in indebtedness . this issue could be called for early redemption next month , the dealers said , noting that current interest rates on bonds could allow italy to arrange a complex financial deal that would reduce its borrowing cost . finance new issues	has a location of italy
a key shareholder syndicate in italy 's troubled olivetti group , led by the chairman , carlo de benedetti , broke up yesterday a significant move in a country where such pacts control many top companies . the syndicate , controlled by mr . de benedetti 's cir s.p.a . holding group , had just under 20 percent of olivetti 's stock , and its demise could weaken the chairman 's position at the company , which he has controlled for nearly two decades . a spokesman for cir said the dissolution was requested because the syndicate 's stake in olivetti had been seriously devalued by the company 's huge public stock offering last september . the group included italy 's top merchant_bank , mediobanca italy 's largest private_bank , instituto bancario san_paolo di torino , and the tire maker pirelli s.p.a . olivetti 's stock slumped for a third consecutive day yesterday , falling 1.4 percent , to 914 . 2 lire ( 57 cents ) . ( reuters ) international briefs	has a location of italy
when maiolica was the rage it seems that renaissance society was as consumer oriented as our own . this is one of the lessons of ''the marvels of maiolica italian_renaissance ceramics from the corcoran gallery of art collection , '' a small but compelling exhibition at the frances lehman loeb art center at vassar college in poughkeepsie , n.y. , through june 13 . ''renaissance italians , especially those in urban centers , spent a great deal of money furnishing their homes and workplaces , '' jacqueline marie musacchio , an assistant professor of art_history at vassar and the show 's guest curator , writes in the catalog . ''it was a time when growing consumerism led to increased production , acquisition and display of an immense variety of both modest and luxury items . '' production of maiolica , painted , tin glazed earthenware , began in renaissance italy in the 15th_century and continues to this day . ( the frequently seen spelling with a ''j , '' ' 'majolica , '' now refers to pieces made during a revival in the 19th and 20th centuries . ) painted in brilliant colors royal blue , yellow , gold and spring green maiolica comes in a wide variety of shapes and sizes , from ceremonial chargers to inkwells to apothecary jars to immense wine coolers . maiolica was made to appeal to everybody , including the richest aristocrats . when giovanni de' medici was elected pope leo x , for example , he ordered a dish with his new coat of arms in maiolica , not gold or silver . the show has about 30 pieces , or about one third of the maiolica in the william a . clark collection . it will go on a nationwide tour after leaving vassar . clark , a copper mining baron and montana senator , gave some 800 works to the corcoran in 1925 . ( the museum , in washington , is about to close while it constructs a new wing designed by frank_gehry . ) the italians did not invent tin glazed earthenware . the process was mastered in antiquity but forgotten in the west until the 11th century , when islamic ceramists revived it in the near east and spain . ''valencian lusterwares were imported to the italian peninsula via the pre existing trade route through the island of majorca , '' ms . musacchio writes in the catalog . ''indeed , their stopover in majorca may be one reason these ceramics acquired the name maiolica . '' the italians considered maiolica a status symbol . ''maiolica held a significant place in renaissance social life , '' she writes . ''the sophisticated and oftentimes complicated compositions on maiolica were intended to spark conversation , encourage sociability and demonstrate erudition . '' the designs depicted mythological and biblical stories , scenes of motherhood and beautiful women . ( some of these might have been engagement or wedding gifts . ) one early16th century tile from tuscany shows st . martin of tours cutting up his coat to share it with a beggar . a jar from a pompeii workshop has a naked cleopatra contemplating the asp . the drug jar held lemon balm , which was thought to be good for aches and the common_cold . some pieces are votive plaques . a man commissioned one from deruta in 1505 to thank the virgin mary for curing two sick women in his household . on it , the man prays to the virgin as his three children kneel next to a large bed where the two women are shown facing each other . only one late 15th_century tuscan dish seems to illustrate a real event , the 1354 meeting between the poet petrarch and the holy roman emperor charles iv . james mundy , the director of the museum at vassar , traced the source of the emperor 's odd pose to the representation of a well known king on a tarot card of the period . the emperor sits on his throne in a short tunic with bare legs , thrown open . ''such an illustration of a contemporary story is very rare , '' ms . musacchio said . amusing , too . a castle of treasures from may 10 to 12 , axel vervoordt , the belgian collector , designer and antiques_dealer , will literally lower his drawbridge to sell around 1 , 300 of his own antiques at his early 14th century moated castle , kasteel van 's gravenwezel , outside of antwerp , belgium . he will also offer a wildly eclectic group of artworks and antiques at his warehouse gallery , kanaal , in antwerp , at the same time . ''the castle is like a james_bond set , an impregnable fortress , '' said sarah graham , mr . vervoordt 's representative in new york . ''axel 's taste is rather like bill blass 's . his things have a strong classical and architectural look . '' andrew waters , the director of house sales at christie 's in london , organized the sale . ''christie 's asked to do this a long time ago and finally convinced me it could be a success , '' mr . vervoordt said . the sale is motivated by his desire to edit his many , many possessions . ''i buy 200 to 300 pieces a month , '' he said , ''and i have 13 , 700 things in inventory , so i 'm selling 10 percent . it 's a way of advertising our place to a much wider clientele , since christie 's has clients who would not normally come to see us in belgium . '' the paintings , artworks and furniture span 4 , 000 years , from ancient marble bactrian idols from afghanistan to intricate 19th_century wood architectural models from england . there are also faience dishes , lighting_fixtures and a lot of furniture . ( the 523 page catalog can be ordered at www . christies . com . ) ''the sale has something for everyone , '' mr . vervoordt said . ''everything in it is something that we have lived with . after the sale , we will have to refurnish the house . '' he is parting with personal favorites like his large carved egyptian porphyry vase a set of 15 oil on panel portraits of roman emperors by otto van veen ( 1556 1629 ) and a set of immense delft blue and white tile portraits . these depict louis_xv and his wife , maria leszczynska emperor franz i of austria and his wife , maria theresia and william augustus , duke of cumberland , the third son of king george ii of england . these equestrian portraits show the duke and the crowned heads of state at the battle of fontenoy in 1745 . it was reportedly commissioned to commemorate the end of the hundred years war . ''jan aalmis , the most famous painter in rotterdam , did them , '' mr . vervoordt said . ''they are extremely rare , the only set known . they should be seen together in one room . '' the estimate for the set is 118 , 000 to 177 , 000 . lot 110 is a handsome mahogany george ii bookcase with carved eagle heads in its temple pediment . it is 112 inches tall and 81 1 2 inches wide , with two glass paneled doors above cabinets . ''this represents the true classicism of inigo jones and the restrained elegance of mid 18th_century carving and proportion , '' ms . graham said . it is estimated at 295 , 000 to 414 , 000 . mr . vervoordt , who works with his wife , may , and his sons , boris and dick , will continue to receive collectors , dealers and decorators at the castle by appointment after the sale . his inventory can be seen at www . axel vervoordt . com . antiques	has a location of italy
lead did you know that armando testa advertising is the biggest native italian agency ? did you know that armando testa advertising is the biggest native italian agency ? more important , did you know it has had an office in new york for the last three years ? it 's an understandibly small unit , about 10 people , half of them americans . they are all tucked into a penthouse with a space_station decor 48 floors up at 10 east 40th street . it 's been sort of a creative cocoon that they have decided to break out of . up to now , under the direction of giacomo boggetto , executive vice_president and chief executive , and alberto baccari , vice_president and creative director , the new york office has been working on behalf of three clients from the home_office , and one unaffiliated italian client . now , with the aid of anna morris , a business development consultant with a lovely english accent , they are determined to extend themselves into an arena populated by american companies that make italian style or even european style products in the united_states . mr . boggetto believes that americans consume 2 . 5 billion worth of such products annually while the marketers are spending some 300 million to promote it . at the heart of their effort is a truly huge brochure , 19 1 4 inches by 27 1 2 , the cover of which features a tight shot of the smiling face of mona lisa with the tasteful headline , ''armando testa the world 's largest italian ad agency . '' inside is the story of the agency and examples of its work . it is obviously an expensive publishing undertaking and its distribution is being limited to the decision makers in only about 40 american companies . armando testa is promising companies to adhere to italian traditions while making them understandable to the american market . and mr . baccari is promising to give them ''bold communications'' in the testa tradition . frank iorio , a native new yorker , is director of client services . the expansion at the 40 year old company is the result of activity on the part of second generation management , primarily andrea gavotto , who is 37 years old and head of the international operation . he is working closely with marco testa , 36 , who is the equivalent of president . marco is the son of armando testa , 73 , the chairman , mr . gavotto is related to francesco de barberis , 74 , the vice chairman . the senior testa is a well known graphics artist , whose works were shown at the parsons school of design last june . just after world_war_ii he was running what amounted to a one man boutique that specialized in advertising posters . it was n't until more than five years later , when mr . de barberis , a marketing man , came along that a serious agency began to develop . this year it should bill about 240 million , which will make it second in size among all agencies in italy to america 's mccann_erickson , a unit of interpublic group of companies . unlike the united_states agencies congregated in milan , the testa shop began in turin , where it still has its headquarters . it did n't open an office in milan until 1983 , and that opened the gates . an office in rome followed a year ago a barcelona operation was added . after that came new york . later this month paris will see the distinctive at logotype . the media business advertising	has a location of italy
for many companies , 2001 was a dismal year for profits , but not for innovative products . the makers of packaged goods churned out a record number of new products during the year some more useful than others . remember peanut_butter and jelly slices ? how about hot pink margarine ? marketing intelligence service in naples , n.y. , which tracks new products worldwide and lists them on its web_site , www . productscan . com , said 32 , 025 food , beverage , health , beauty , household and pet products were introduced 2 percent more than the previous record , in 2000 . the company said 7 percent of the new products last year earned its innovation rating , which means they offered ''breakthrough features or benefits'' in areas like packaging , technology and merchandising . here are a few of them campbell 's soup to sip microwaveable soup , which comes in a cup that looks like a travel mug for coffee . p . j . squares peanut_butter jelly slices , which are packaged like american cheese slices . one half of the slice is peanut_butter the other is jelly . parkay fun squeeze colored margarine , in colors of blue and pink in a squeeze container , from conagra foods . the product is among an increasing number of foods geared toward children . american woman tri color 3 in 1 nail color , a nail polish that changes colors , from american woman cosmetics . a change in the wearer 's mood supposedly changes the nail color from the original to one of two others . vivian marino business diary	has a location of italy
in an effort to secure a fast track trial , milan prosecutors will be racing to meet a march 19 deadline with indictments against as many as 27 people connected to the implosion of parmalat . court documents obtained by the new york times show that parmalat 's top executives , some of whom are already behind bars , and many of its board members will be charged with manipulating the company 's stock price , obstructing an investigation by italy 's market regulator , and falsifying accounts at its foreign units . prosecutors did not rule out even more indictments . a trio of milan prosecutors , who have conducted hundreds of hours of interrogations over nearly three months , have until march 19 to file charges if they want to try to get an immediate trial , one that speeds the lengthy preliminary_hearing stage . but according to legal experts , even a fast track trial would probably not begin before june . the people who will be indicted include parmalat 's founder , calisto_tanzi , and three of the company 's former chief financial officers fausto tonna , luciano del soldato and alberto ferraris , a person close to the investigation said . three parmalat internal auditors , four external auditors , a company lawyer and a consultant will also be charged , the person close to the investigation said . some of those who will be accused including mr . tanzi and mr . tonna have been in prison since late december . other people not named in the documents may also be charged ahead of the march 19 deadline , the person close to the inquiry said . prosecutors in parma , where parmalat is based , are carrying out a separate investigation that is expected to lead to indictments of many of the same people . the milan investigation began on dec . 19 , the day it became known that a bank of america account that parmalat said held 3.9 billion_euros ( 4 . 8 billion ) did not exist . since then , pricewaterhousecoopers , which was hired by parmalat 's government appointed administrator , has restated the company 's results for the last two years . the auditing firm also said that parmalat owes 14 . 3 billion_euros , eight times more than was reported by the previous management , which was led by mr . tanzi and mr . tonna . to be granted a fast track trial , italian prosecutors must prove to a judge that they have collected enough evidence to warrant an immediate trial . in the court document , the prosecutors listed 142 pieces of evidence including interrogations of mr . tanzi and others , bank documents and pricewaterhousecoopers 's report on parmalat 's finances to support their request . many of the documents the prosecutors are presenting were obtained in searches conducted by italy 's financial police in the milan offices of several banks . the milan prosecutors are investigating the roles played by bank of america , citigroup , morgan_stanley , ubs , deutsche_bank , banca_popolare di lodi and nextra , the fund management arm of banca_intesa . the court document says that stefano tanzi , son of calisto_tanzi , will be among those charged , as will calisto 's brother , giovanni . gian paolo zini , a lawyer who set up some of the offshore companies that were used to hide billions of dollars in debt and losses , will be charged , as will two employees of grant_thornton 's former italian unit . grant_thornton audited parmalat in the decade up to 1999 and then continued to audit some of the company 's offshore units where most of the fraud took place . two employees from deloitte touche tohmatsu , which began auditing parmalat in 1999 , will be among those charged , the document said . the two employees , adolfo mamoli and giuseppe rovelli , declined to to be questioned this week in milan . luca sala , a former employee of bank of america who last year began working for parmalat , will be charged with manipulating parmalat 's share price . lawyers representing calisto_tanzi , stefano tanzi and mr . tonna did not return calls seeking comment on the imminent indictments . deloitte on tuesday said that mr . mamoli and mr . rovelli had not committed any crime . mr . sala , mr . del soldato and mr . zini could not be reached for comment . parmalat on thursday said that it had lined up 105 . 8 million_euros ( 129 million ) in financing . the money will help cover costs of daily operations and is being loaned by 19 italian banks , many of which are already owed money by parmalat , and by deutsche_bank .	has a location of italy
italy 's gross_domestic_product contracted five tenths of 1 percent in the second quarter from the first and grew five tenths of a percent from a year earlier . the state statistics institute istat said italy was ''on a threshold between growth and recession . '' it said the export boom that lifted italy 's economy in the last few years might be ending . italy 's economy grew 3 percent last year , one of the fastest growth rates among major economies . for this year , most economists expect a growth rate of about 1 percent . economists said yesterday that weak numbers , while strengthening the case for lower interest rates , were unlikely to play a major factor in convincing the bank of italy to cut its discount_rate . ( bloomberg business news ) international briefs	has a location of italy