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To bolster its presence in the region, Italian bank UniCredit S.p.A. will open 900 branches in Central and Eastern Europe over the next five years. Article discusses the bank's capitalization in Italy and abroad, and earnings derived from operations in developing nations.

Boosted by a 20% increase in sales of its Oakley brand, Luxottica S.p.A.'s first-quarter profit jumped 21% to 95.1 million euro from 78.8 million euro a year earlier. Sales increased 6% to 1.39 billion euro.

Byline: MARCUS WALKER, JOELLEN PERRY, ALKMAN GRANITSAS; Christopher Emsden in Milan and Paul Hannon in London contributed to this article. BERLIN, FRANKFURT, ATHENS -- Greece became the first euro zone [...]

Consumer confidence in Germany was slightly higher than expected for January 2008, a departure from economic indicators for other European countries such as Italy, Spain, France, Belgium, and the Netherlands.

Third-quarter economic data for Eastern and Central Europe show strong growth. Annual gross domestic product rose by 5.7% in Romania, 6.4% in Poland, and 9.4% in Slovakia. The Czech Republic is expected to report a growth rate of 5.7%.

Industrial production fell in Europe's three biggest euro-zones in the beginning of the second quarter. Output in Italy and France dropped 0.8% in April 2007 compared to March, while output in Germany dropped 2.3%.

Italcementi S.p.A. of Italy has invented a special cement called TX Active that reduces air pollution. TX Active cement was used to build a highway near Milan reducing nitrogen oxides (cause of acid rain) by 70 percent.

Italy's economic recovery has been stalled, with a trade deficit increase to 10.4 billion Euros ($12.41 billion) during 2005, up from 1.22 billion Euros in 2004. The major industries of automobiles and textiles lost market share to Asian products.

Italian Prime Minister Silvio Berlusconi's appointment of Mario Draghi as governor of the Bank of Italy is discussed in light of the scandal surrounding the bank's outgoing governor Antonio Fazio. Fazio's involvement in blocking the foreign takeover of two Italian banks is outlined.

Mario Draghi has been appointed governor of the Bank of Italy by Prime Minister Silvio Berlusconi. The appointment is to bring credibility back to the central bank. It is expected that Mr. Draghi will support the European Union policy on cross-border banking acquisitions.

Parmalat S.p.A. of Italy has been cleared to proceed with a case against Bank of America Corp. The insolvent dairy company is suing former banking partners for approximately $10 billion (8 billion Euros) alleging the banks disguised the financial distress of the company. Parmalat S.p.A. defaulted on more than 14 billion Euros in debt in 2003.

Fiat S.p.A. of Italy shares fell but recovered, decreasing more than 11 percent as the automobile giant announced its financial targets and the final payout from General Motors Corp. expected. Financial losses for the first quarter are forecast as 106 million Euro with overall operating performance losses for the year forecast at 190 million Euro.

Sergio Marchionne the Chief Executive Officer of Fiat S.p.A. forecasts improved financial performance for the automobile giant in 2005. Fourth quarter net loss narrowed to $430.4 million.

Giaocchino De Chirico has resigned from his post as chief executive officer at the Italian subsidiary of U.S.-based medical equipment company Immucor Inc. Both De Chirico and the subsidiary are currently under investigation in Italy for illegal business dealings involving cash payments made to a physician and a hospital administrator in exchange for contract rewards.

Indictments for securities law violations are being sought by prosecutors in the Parmalat S.p.A bankruptcy scandal against individuals from that company and Bank of America Corp., Grant Thornton L.L.P. and Deloitte Touche Tohmatsu. Fast-track efforts to begin the trial in June failed due to insufficient evidence.

Investigations into alleged fraud at dairy company Parmalat S.p.A. have yielded evidence that much larger sums have been misappropriated than originally thought, and that the fraudulent practices may have been going on as long as a decade.

London Stock Exchange PLC's acquisition of Borsa Italiana S.p.A. will give it access to several initial public offerings.

Mario Dragi has been appointed governor of the Bank of Italy, succeeding Antonio Fazio. Fazio is under investigation for insider trading and abuse of office.

Hera S.p.A. is planning to launch an initial public offering amidst industry consolidation. The company hopes to raise 1.1 billion from the offering, which is scheduled for late June 2003.

Fiat SpA posted a higher than expected net loss for the 2003 first quarter. The car maker posted 681 million euros in net loss for the quarter, compared to 529 million euros in the same 2002 period.

Fiat S.p.A. posted a loss of 4.3 billion euros for the 2002 year. The company also said it would conduct a restructuring of its struggling automobile unit.

Gucci Group N.V. posted a decline of 14% in its net profits for the 2002 third quarter. The company, which reached its reduced net profit targets, posted 52.9 million euros in net profits for the period.