Exclusive: Italian prosecutors launch probe into BT's local unit - sources

By Emilio Parodi MILAN (Reuters) - Milan prosecutors have opened an investigation into BT's Italian unit over alleged false accounting and embezzlement, two sources said, hours after the parent company issued a profit warning citing a hole in the firm's accounts. BT lost a fifth of its market value on Tuesday as the alleged Italian accounting irregularities compounded a sudden slowdown in its British government work, forcing the telecoms group to cut forecasts for the next two years. The telecom