NEWS Since the days of the Medici family in Florence, the banking house of Monte dei Paschi has rained wealth on the people of Siena, Italy. For 541 years, it has endured war, plague and panic, and it stands today as the world’s oldest operating bank. But inside the stately offices of Monte dei Paschi di Siena, a thoroughly modern fiasco has done what the centuries could not. Monte dei Paschi, founded in 1472, has been brought to its knees by 21st-century finance. Jack Ewing and Gaia Pianigiani report from Siena.
Despite growing confidence that Europe is managing its debt crisis and is poised to embark on a recovery, fresh developments on Friday indicated that the region continues to struggle to stimulate growth while cutting spending to pare deficits. James Kanter reports from Brussels.
Alcatel-Lucent, the struggling French telecommunications equipment maker, on Friday hired a former Vodafone and France Télécom executive, Michel Combes, to lead the company through what might be a major downsizing. Mr. Combes, 51, will take over for Ben Verwaayen, who had failed in four years to bring the equipment maker, created by the 2006 merger of Alcatel of France and Lucent Technologies of New Jersey, to sustained profit. Kevin J. O’Brien reports from Berlin.
Another big food producer was ensnared in the scandal over horse meat in beef products Friday when the company that owns the Iglo and Birds Eye brands withdrew a dozen types of prepared meals from stores in four European countries. The Iglo Foods Group, the parent company, said it took the action after a chili con carne dish, produced by a Belgian company called Frigilunch and on sale in Belgium, was found to contain about 2 percent horse meat. Stephen Castle reports from London.
A deadly attack by militants on an Algerian natural gas plant last month has dealt a major setback to a group of North African countries whose prospects as oil and gas producers were already cloudy. Both oil and natural gas production have been in decline in Algeria, the region’s biggest gas producer, since the mid-2000s. In Libya, the rebellion that ousted Col. Muammar el-Qaddafi and its chaotic aftermath have disrupted oil and gas exploration. In Egypt, rising domestic consumption, encouraged by government policies, has cut into exports. Stanley Reed reports from London.
ARTS The director David Lynch has released a musical album, exhibited his artwork, designed a nightclub and worked tirelessly for T.M. What he has not been doing is making movies. Claire Hoffman reports from Los Angeles.
IHT Rendezvous: IHT Quick Read: Feb. 23
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