Tag Archives: Italy&#039s

Italy's Open Fiber enlists banks for $8 billion broadband rollout
April 13, 2018 6:07 pm|Comments (0)

MILAN (Reuters) – Italy’s Open Fiber has enlisted banks to help fund the 6.5 billion euro ($ 8 billion) rollout of its fast broadband network, it said on Friday, confirming an earlier Reuters report.

Rome has long pushed for an all-fiber optic network to help Italian business and boost productivity. Open Fiber said its network would cover 271 Italian cities and around 7,000 municipalities in the country.

Open Fiber said it had signed the 7-year 3.5 billion euro project finance deal with BNP Paribas (BNPP.PA), Societe Generale SOCG.PA and UniCredit (CRDI.MI) and expects it to be finalised in the next few months.

The firm, which is jointly owned by state-controlled utility Enel (ENEI.MI) and state lender Cassa Depositi e Prestiti, said in its new 2018-2027 plan it was looking to take its fiber-optic network into about 19 million homes and businesses.

It added it would spend about one billion euros per year over the next three years.

Enel, which will use its existing power grid network to house cable, has said it intends to repeat the project in other countries where it operates.

Open Fiber’s new plan comes just days after investor CDP bought a stake in phone incumbent Telecom Italia (TLIT.MI) (TIM) in a move some say could open the way for an eventual merger of Open Fiber with the network of its bigger rival.

The government enlisted the help of Enel two years ago to build a fiber-to-the-home (FTTH) network after accusing TIM of acting too slowly to upgrade its ageing copper network.

But with TIM expanding its own network, industry experts say duplication of infrastructure makes little economic sense.

“With the approval of the new plan and the funding a new phase starts for Open Fiber with the aim of speeding up the roll-out of the FTTH network,” its CEO Elisabetta Ripa said.

The company said it had extended an existing deal with Vodafone (VOD.L) to cover all 271 cities covered by its plan.

Sky’s (SKYB.L) Italian unit last month signed a long-term deal with Open Fiber to allow it to offer internet TV in Italy.

($ 1 = 0.8114 euros)

Reporting by Stephen Jewkes; editing by Francesca Landini and Alexander Smith

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Cryptocurrencies need monitoring, not banning: Italy's Visco
March 20, 2018 6:01 pm|Comments (0)

BUENOS AIRES (Reuters) – Financial policymakers gathering in Buenos Aires on Tuesday agreed cryptocurrencies posed some risks but should not be banned altogether, the head of Italy’s central bank said on Tuesday after the meeting.

Virtual currency Bitcoin tokens are seen in this illustration picture, December 8, 2017. Picture taken December 8. REUTERS/Dado Ruvic/Illustration

“My understanding is that there was an acceptance of continuing to work also on the stability side with the idea that this doesn’t imply barring it,” Ignazio Visco told reporters on the sidelines of the G20 meeting.

He added the G20 had not asked international regulators to craft new rules for these crytpotokens but added he expected this to happen at a later stage.

Reporting By Francesco Canepa

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Italy's anti-trust opens probe into Apple, Samsung phone complaints
January 18, 2018 6:01 pm|Comments (0)

ROME (Reuters) – Italy’s antitrust has opened a probe into allegations that Apple Inc. and Samsung Electronics Co Ltd used software updates deliberately to speed up the ageing process of their products.

The antitrust body said in a statement it would investigate whether the two firms made their products obsolete to stimulate new purchases.

Apple acknowledged last month that iPhone software had the effect of slowing down some phones with battery problems, but denied that it had ever done anything to intentionally shorten the life of a product. [nL1N1OK282]

Reporting by Crispian Balmer

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