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Since then however directors backed by activist U.S. fund Elliott have wrested control of the board. TIM’s board meets on Sunday to appoint Genish’s successor tiffany infinity cufflinks uk sale. One of the sources said Gubitosi had the full backing of Elliott and state lender CDP, which earlier this year took a stake in TIM, siding with Elliott in the boardroom coup against Vivendi. A second source said Gubitosi could count on a majority of board votes at present but added the situation could still change before Sunday..
Telecom Italia was not immediately available for a comment. Gubitosi is currently one the commissioners managing loss-making state carrier Alitalia. The chief financial officer of car maker Fiat until 2005, Gubitosi is pitted against Alfredo Altavilla, who until recently was also a top manager at Fiat Chrysler Automobiles (FCHA.MI) tiffany infinity cufflinks uk sale. Both Gubitosi – who also headed telecoms group Wind – and Altavilla sit on TIM’s board as independent directors proposed by Elliott. The first source said the name of Rocco Sabelli, a former head of Alitalia, was also “drifting around.”..
Telecom Italia has given no reason for Genish’s abrupt exit tiffany infinity cufflinks uk sale. Genish had been pursuing a three-year turnaround plan, focusing on a digital transformation and fixing TIM’s finances, but sources say some Elliott directors wanted him to put higher priority on a possible spin-off of its fixed-line networks. The spin-off could pave the way for the creation of a single broadband infrastructure company combining TIM’s network with that of smaller fiber-optic rival Open Fiber. The populist 5-Star Movement, which took office with ruling coalition partner the League in June, has placed the creation of a fast broadband network at the heart of its industrial policy..
NEW YORK (Reuters) – Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week tiffany infinity cufflinks uk sale. But other producers, including Russia, have been reluctant to agree to a cut..
Brent settled up 14 cents, or 0.2 percent, at $66.76 a barrel. The global benchmark fell 4.6 percent in the week, the sixth consecutive decline. U.S. crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 percent in the week, also its sixth straight weekly decline tiffany infinity cufflinks uk sale. After Tuesday’s sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York..