The European Commission gives the nod to €16 million ($19 million) in Italian aid to Fiat Powertrain Technologies, which will use the money to help fund production of new transmission plant in Verrone, Italy. The EC’s blessing is required in any government funding to ensure other manufacturers operating in the European Union are not being disadvantaged. “In these difficult times, innovating and creating jobs is of utmost importance,” declares EU Competition Commissioner Joaquin Almunia ...

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