Telecom Italia SpA (TIT) pared gains in Milan trading after state lender Cassa Depositi & Prestiti SpA denied a report in Il Sole 24 Ore newspaper on the creation of a fixed-line network venture with Italy’s biggest phone operator.
Telecom Italia was trading up 3.3 percent at 70 cents as of 11:02 a.m. after a jump of as much as 6.4 percent earlier in the day. The stock has declined 16 percent this year, valuing Telecom Italia at 12.8 billion euros ($16.1 billion).
A unit of Cassa Depositi & Prestiti may invest 3 billion euros in the partnership, with Telecom Italia contributing its fixed-line unit, Il Sole 24 Ore said. CDP “isn’t aware” of the proposal, and Chairman Franco Bassanini hasn’t scheduled a “secret meeting” that the newspaper reported was planned with Telecom Italia Chief Operating Officer Marco Patuano, according to an official for the lender who spoke by phone today. Rome- based Telecom Italia called the report “groundless.”
Telecom Italia may transfer the fixed-line network into a company called Opac, or fixed-line wholesale access operator, valuing its grid at about 12 billion euros, Il Sole said. Cassa Depositi and its Fondo Strategico Italiano SpA vehicle may also contribute the Metroweb fiber-optic network to the venture, according to Il Sole.
“If confirmed such a deal would be very positive for Telecom Italia as it would allow it to bring out the value of the network,” said Alessandro Frigerio, a fund manager at RMJ Sgr in Milan.
To contact the reporters on this story: Chiara Remondini in Milan at cremondini@bloomberg.net; Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net
To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net
Google Offers Gets iPhone App - PC Magazine
Google today launched an iPhone app for its Google Offers deals program.
The free app, available now via the App Store, can tap into your phone's location to offer up nearby deals. It can also send you push notifications if you're in the vicinity of a deal, allowing you to purchase directly from the iPhone.
At this point, the Google Offers app for iPhone is only available in the U.S., but is live in dozens of cities - from Boston and Brooklyn to Detroit and Omaha.
When you first download the app, it will ask for permission to access your location, and ask for you to sign in with you Google Account. Google Offers will then ask if you want to receive push notifications before taking you to the deals page.
Current deals will be listed under the "Featured" tab. New York, for example, is now offering: $25 for $50 worth of Cuban food; $20 for haircut, shampoo and deep conditioning; and $174 for a one-night weekday stay at Mohegan Sun, among other things. Anything you purchase will show up in the "My Offers" tab.
The "Browse Offers" tab lets you search deals by category - from Food and Drink or Beauty and Spa to Auto Care or Creative Classes.
Google Offers kicked off last year with a beta in Portland. It expanded to a number of cities throughout the year, allowing users to sign up for emails that offered up deals in their cities. By November, Google transformed Offers into an umbrella offering of sorts, partnering with 14 separate deals providers. The following month, it launched an Android app.
Google is just one of many tech firms that has tried its hand in the deals space. Facebook had a short-lived deals offering last year, but the social network seemingly revived the effort in April via Facebook Offers. Last September, meanwhile, Amazon added local deals to the ad-supported versions of its Amazon Kindle e-book reader, while Yelp announced plans to trim its daily deals feature.
For more from Chloe, follow her on Twitter @ChloeAlbanesius.
Imagination Technologies hit by fears over reliance on Apple - Daily Telegraph
"The [share price] fall is illogical but I am not going to argue about it. 10m units [based on Imagination's designs] are being shipped every day and I see no reason for us not to hit the 1bn target."
Mr Yassaie said Imagination's "smart" technologies are "being adopted more widely across new and existing partners" and that the company it is seeing significant growth in demand for tablets, as well as from China in the current financial year.
Revenues from its Pure digital radios rose £1m to £29.3m, as an increase in demand overseas offset "softness" in the UK market.
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