La penuria di capitale delle imprese italiane –

In un articolo pubblicato il 13 giugno 2012, il Financial Times sostiene che l’assetto societario delle imprese italiane è un ostacolo alla crescita in questi tempi di crisi e ci spiega perché.

Italian companies: a scarcity of capital –

What is Italy’s problem? Investors fret that it is next in line to be hit by the eurozone crisis now that Spain’s banks have been bailed out. Its sovereign debt, at 120 per cent of gross domestic product, is a heavy burden. But Italy, unlike Spain, remains a vastly wealthy country that ought to be able to help itself. The danger is that its anachronistic corporate ownership structure gets in the way of that.

Three types of shareholder hold sway at Italian companies – families, holding companies and charitable foundations. All have strong local connections and experience in their industries. They form the backbone of Italy’s prowess as an industrial economy. The structure just about works in a growing economy. But in a recession such as today’s, it exacerbates a fundamental problem – a scarcity of non-bank capital.

Recent developments illustrate the issue. One is at Fondiaria-SAI, an insurance company subject to a takeover by rival Unipol. The deal has revealed, among other things, the inability of the Ligresti family to finance its control of Italy’s number-two insurer. Another is the looming shake-out of charitable foundations as key shareholders in Italian banks. The foundations’ lack of capital hurts the banks and cripples the foundations’ own activities. That problem is especially acute at Banca Monte dei Paschi di Siena.


Two other recent developments suggest, at the least, a model for a solution. The acquisition by Cassa Depositi e Prestiti, a well-financed state holding company, of a 29 per cent stake in Snam, a utility, is one way of disentangling vested interests. The restructuring of Fiat, led by a strong chief executive backed to the hilt by the Agnelli family, is another. The government is taking steps to reduce multi-directorships in Italian boardrooms. Without a revolution in ownership, however, corporate Italy will always be short of capital.

Quando Noioso si gemella con Monotono | Daily Mail Online

La notizia è comparsa sul Daily Mail online il 7 giugno 2012: due località, una statunitense (Boring nell’Oregon) e una scozzese (Dull nel Perthshire) hanno deciso di gemellarsi. Il fatto è che il significato di entrambe è “noioso, monotono”.
Grazie a Lolo per la segnalazione.

Exciting times as U.S. town of Boring approves plan to ‘twin’ with Scottish village of Dull | Mail Online

L’idea di gemellare le due comunità è venuta a Elizabeth Leighton, che vive ad Aberfeldy, vicino a Dull, passando per Boring durante una vacanza in bicicletta negli Stati Uniti. Ha telefonato subito alla sua amica Emma Burtles, che vive proprio a Dull e che ha interessato al progetto il consiglio comunale della sua cittadina (Dull and Weem Community Council) e quello di Boring (Boring Community Planning Organisation).

Dull & Boring

Exciting times: They may be more than 9,000 miles apart but the communities of Dull and Boring are set to become close friends /

Qualche problema è legato al fatto che Boring è una cittadina di circa 10.000 abitanti, mentre Dull è un villaggio minuscolo (84 residenti)

Naturalmente il progetto ha la sua bella pagina su Facebook.