Ferrari boss Jean Todt has hit out at Michael Schumacher’s critics, insisting the six-time world champion has been the victim of “ridiculous” paddock gossip.

Fiat’s new chairman promised today he would push ahead with a restructuring plan that is pulling the vehicle building giant out of its worst financial crisis ever.

Fiat shares were down 3.3% in early trading at the Milan stock exchange after a management shakeup at the Turin-based vehicle maker.

Fiat Chairman Umberto Agnelli, who helped lead his family’s vast Turin-based carmaker out of hard times and into better financial shape, has died of cancer little more than a year after taking the company’s top position, a Fiat spokesman said.

THOUSANDS gathered in the square outside Turin’s 15th century cathedral yesterday for the funeral of Fiat king Gianni Agnelli, many having waited overnight to catch a glimpse of the billionaire tycoon’s coffin.