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Luca Cordero di Montezemolo, who joined Ferrari in the 1970s, had refused to quit the company three days ago.
US automaker forecasts $2bn loss in European market as prolonged recession hits sales.
Italian firm bids for GM Europe merger, with aims to create second biggest car maker.
Italian car firm outlines plans to create world's second-biggest car manufacturer.
Fiat offers its latest technology in return for 20 per cent of the US company.
Automaker lays off 48,000 in Italy for a month as demand for cars falls.
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UNHCR says hundreds of people trapped in Yaloke town risk death if they are not evacuated to safety urgently.
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
 
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