ITALY: Fiat, Italy's largest industrial group, this week unveiled restructuring plans aiming at reducing excess capacity in its automotive operations.

Fiat has confirmed 6,000 job cuts and closure or scaling back of 18 plants around the world. Of the plants earmarked for cutbacks or closure, Fiat said 10 had already been planned. But the company warned of additional closures in Europe, North America and Argentina.

The announcement follows mounting losses at Fiat Auto and decreasing demand for Fiat's commercial vehicles.