Tuesday, October 15, 2013

Air mail it in

We suppose it is refreshing to hear of a post office subsidizing some thing else, but one does wonder just where the money is coming from, ultimately;
The Italian postal service is the public-sector enterprise the government has chosen to rescue Alitalia. Sources with access to the government report say that the post office will take a 10%-15% holding worth about €75 million in Alitalia’s €300 million capital increase. Late on Thursday, the government was expressing “satisfaction for Poste SpA’s willingness to take part as a major industrial partner in Alitalia’s capital increase”. The bulletin issued by the cabinet office points out that Alitalia “needs a break with the past, a stable shareholding structure and major restructuring with a new industrial plan”. The note goes on to say that the arrival of Poste Italiane SpA “is based on these premises. The government expects that shareholders will assume their responsibilities to the full”.
The responsibility to kiss good-bye the investment? The politicians have done so;
“Our part is done”, said the prime minister, Enrico Letta. The minister for infrastructure and transport, Maurizio Lupi, also expressed satisfaction at the deal: “We did it. We’ve been working flat out in the past few weeks to achieve this result”.  
Meanwhile the private sector giggles;
EasyJet’s Italy country director, Frances Ouseley, said: “We do not comment on our competitors” but “we are certainly bucking the market trend” when asked to comment on the Alitalia report. EasyJet is currently looking to make Naples its third base in Italy after Milan Malpensa and Rome Fiumicino. “We confirm our growth and development path”, said Mr Ouseley, “and also our intention to continue investing in Italy” at a time when “we are bucking the trend somewhat” compared with other operators. The easyJet Italy country director stressed how important the Naples initiative was because “it will create employment both in the supply chain, with 400 new jobs expected, and with direct hirings of about 30 pilots and flight assistants”. 

No comments:

Post a Comment