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PostNews from Italy (Eugenio Battaglia, Italy, 07/12/18 4:18 am)
Two pieces of good news from Italy:
1) The Italian coalition government of the Lega and the Five Star Movement is apparently proceeding very well, finally dealing with old unresolved problems in spite of the opposition by big money and the media it dominates. The government's approval rating has reached a solid 58% and is improving.
2) The unions at FIAT (FCA), especially in Melfi where the Jeep Renegade is built, have voted for three days of strike in protest against the 120 million euros to purchase a soccer player for the Juventus team. At the same time, the workers are faced with wage and benefits cuts.
Both FIAT and Juventus are owned by the same investment holding.
FIAT throughout practically all its history has privatized its profits and made its losses public.
JE comments: FIAT and Juventus (Turin) are separate entities. Here's what I found: "Exor, the investment holding of Italy's Agnelli family, owns nearly 30 percent of Fiat Chrysler (FCA) and 64 percent of Juventus."
Still, symbols matter. To my mind, the big winner here is Real Madrid, which gets to pocket €105 million for giving up Cristiano Ronaldo.