|A washing machine factory tests Italy's industrial future|
By Danilo Masoni and Francesca Piscioneri PORCIA, Italy (Reuters) - The boxy white and grey factory of this rainy northern town makes fewer than half the washing machines it did when Italy joined the euro. Home appliance maker Electrolux, which owns the factory, wants to cut the salaries of some 5,000 workers at the plant and three other factories across Italy by up to 15 percent over the next three years. The Swedish company says lowering labor costs is the only way its washing machines, fridges and other home appliances can compete against rival products made in eastern Europe and Asia. "It's a matter of survival," says Annarita Licci, a 38-year-old mother of two, who moved to Porcia in 2000, the year after Europe introduced its single currency.
|JP Morgan Chase's sale of private equity arm stalls|
By Chris Witkowsky NEW YORK, March 8 (Reuters-peHUB) - The auction of JP Morgan Chase's private equity business, One Equity Partners, in the market since at least November, has hit an impasse, according to three people with knowledge of the situation. A spokesperson for JP Morgan Chase declined to comment. The bank announced last July it was spinning off One Equity, its last remaining private equity operation, because the unit was not core. JP Morgan Chase was not under regulatory pressure to sell: One Equity would not be affected by the Dodd-Frank financial reform law, which restricts the ability of bank holding companies to own and operate private equity groups, sister news service Reuters reported last year.
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