Italy

A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the...

The CEO of the Pirelli group told Corriere della sera that the Italian tyre manufacturer is in a dangerous situation because its Chinese major shareholder Sinochem has rejected the company's proposal to resolve governance issues which could hamper its expansion in the United States. Pirelli, and its second largest shareholder, Italy's Camfin have stated that Sinochem's stake in the company poses a risk to Pirelli's ambitions of expanding into the U.S. where some legislators are against approving projects supported by Chinese companies. Pirelli's Chinese shareholders rejected the company's proposal earlier this month, despite it not being detailed. In an interview...

Enel, Italy's largest utility, approved on Thursday a plan for a share buyback and the option to cancel shares acquired without reducing capital. This allows Enel to reward its investors more. The board was given the authority to buy back up to 500,000,000 shares at a maximum cost of 3.5 billion Euros ($3.95 billion). Enel’s board will now decide when and how much to spend on the first tranche. Financial analysts say the utility controlled by the government could spend up to 1 billion euros on the first tranche of buybacks, in an effort to increase the value. Share buyback...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

European shares recovered from an early drop to close higher Thursday. Industrial stocks got the biggest boost while corporate earnings were in the spotlight. The STOXX 600 index for the continent was up by 0.6%. The majority of major regional indexes rose, with Germany up 0.7%. Russian President Vladimir Putin snubbed challenge To meet face-toface with Ukrainian president Volodymyr Zelenskiy in Turkey is to deal a serious blow to the prospects of a breakthrough for peace. Hensoldt, Rheinmetall and Leonardo all saw gains of 4% or more. The European aerospace and defence index rose 2.3%. Chris Beauchamp is the chief...

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

Eni, the Italian energy company, reported Thursday a net profit drop of 11% for the first three months adjusted. This was less than expected. The adjusted net profit was 1.41 billion euro ($1.60 billion), down from 1.58 million euros in the first three months of 2024. However, it was above the analyst consensus of 1,15 billion euro compiled by the firm. As a result of lower oil prices, state-controlled group announced it would reduce its planned net capital expenditures this year below 6 billion euro as part several mitigation measures worth 2 billion euros. Eni has confirmed its distribution strategy,...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines UK announces final approval for flagship carbon-capture project Davos founder accused by World Economic Forum of manipulating research Bailey: BoE must "take seriously" the risk of Trump tariffs to growth London Metal Exchange to introduce premium for green metals View the full article The UK government and Italian energy giant Eni will announce the final approval for a 38 mile pipeline that will collect carbon dioxide from industrial facilities around Liverpool and Manchester, and bury it off-shore....

Eni, the Italian energy company, rejected on Friday a claim made by prosecutors investigating an explosion that killed five people at an Eni fuel station near Florence. The prosecutors claimed Eni had tried to save money, allowing fuel to be loaded during maintenance. In a statement released on Wednesday, the prosecutors of the Tuscan city Prato stated that the explosion occurred in December because Eni allowed maintenance work to be done at the same time fuel was being loaded in order for the site to run more efficiently and save money. Eni estimated it would have lost about 255,000 euros...

The Italian government adopted a new law on Friday that will allow the return of nuclear energy, almost 40 years after its ban by referendum. Prime Minister Giorgia Mello described it as a move towards energy security and independence. The law, approved by the parliament, gives the mandate to the government to issue detailed transition decrees. Last month, Energy Minister Gilberto Pichetto Fratin stated that he expects the process to be complete by end-2027. Meloni, in a video after a cabinet session, said that the government had approved "another important measure" to guarantee clean, safe and low-cost energy, which can...

Italian energy contractor Saipem has announced that it will resume dividend payments after a 4-year hiatus. The group announced that it would pay out 333 million Euros ($350 million) as dividends in this year. The group expects to pay another $300 million by 2026. The company also pledged to reduce its gross debt by 650 million euro by paying all maturities due between 2025 and 27 to raise its credit rating. The merger of Saipem and Subsea 7, announced at the weekend, creates a global leader in offshore energy services. Saipem has published its results for the past year and...

Giancarlo Giorgetti, the Economy Minister of Italy, said that he is confident that the United States would agree to a similar trade agreement with the European Union as Washington had already done with Britain. If negotiations fail during the 90-day pause, additional "reciprocal tariffs" -- totaling a combined 20 percent in the EU case -- are planned. In early April, U.S. president Donald Trump and British prime minister Keir starmer announced a limited trade agreement. The agreement leaves the 10% tariffs Trump imposed on British exports in place, but expands access to agriculture for both countries, and lowers U.S. import...

India's steel imports in April fell by 11.3% on an annual basis to 0.5 millions metric tons, following a drop in shipments to India from China and Japan. India, which is the second largest crude steel producer in the world, imposed in April a temporary tariff of 12% on certain steel imports. This was locally known as "a safeguard duty" to stop a rush of cheap shipments, primarily from China. The shipments of finished steel from China in April fell by 26.5% to 0.1 metric tons. The data revealed that imports from Japan fell to 85,600 tons, a 60% drop...

Ferrari updated its hybrid range with the 296 Speciale on Tuesday, and its convertible variant as it prepares to make its first jump into the fully-electric era. Ferrari, which will unveil its first EV next month, has unveiled two new plug-in hybrids at its Maranello headquarters in northern Italy. The 2021 Ferrari 296 is the basis for these cars, which are now nearing the end of their lifecycle. Enrico Galliera, the Chief Marketing and Sales Officer, said that the 296 Speciale was lighter, faster and had improved aerodynamics. He added that it was focused on driving pleasure and performance. He...

The erratic tariff policy of U.S. president Donald Trump is making some European smaller companies question whether they should expand into the U.S. Trump wants to encourage foreign companies to invest in the United States by imposing levies on steel, cognac, cars, and sandals. This will lead to new factories being built and thousands of American jobs. The announcements of rollbacks, exemptions, and other changes have made some smaller companies hesitant to commit. EuroGroup Laminations, an Italian company, pays no import duties on the rotors, stators, and other components it provides to U.S. automakers, such as Ford and GM. These...

Her office announced on Tuesday that Giorgia Mello will meet Donald Trump, the U.S. president in Washington, on April 17, to discuss tariffs imposed by Trump on imports from the European Union. Trump has a policy of imposing tariffs that are 25% on imports of steel, aluminium and automobiles. The tariffs will be a broader 20% for all other goods starting Wednesday. Meloni said she backed an offer by the European Commission for a "zero to zero" tariff agreement to avoid a trade conflict with the United States. Meloni stated in a staff-released speech that "This is a negotiation which...

The FIM Cisl union reported on Tuesday that Stellantis' Italian car production fell further in the first three months after falling to a 70-year low by 2024. New models won't support activity until next year. In a report issued by the union, vehicle production, which includes passenger cars and vans, was down 35.5% from a year ago to approximately 110,000 units. The automaker added that activity contracted at all six of its assembly plants in Italy. Production of the Dodge Hornet fell by 80% in Pomigliano to 1,356 units. The Hornet is one of only a few Stellantis models that...

Elon Musk’s electric car brand's first quarter sales in France have been the lowest since 2021, according to data released on Tuesday. Tesla's sales have been in decline ahead of its much-anticipated Model Y midsize SUV launch. The billionaire CEO is a close ally to U.S. president Donald Trump and has courted far-right parties across Europe. Data from the French auto body PFA revealed that Tesla sold 3,157 cars in France in March, a drop of 36.83% from last year. This equates to 6,693 registrations for the first quarter. The PFA's share of the country's market dropped to 1.63% for...

The announcement by Donald Trump of a 25% auto import tariff sent shockwaves around the globe on Thursday. Global carmakers warned that prices would rise immediately, and dealers expressed concern about job losses in large auto-exporting nations, including many U.S. allies. The new tariffs are expected to lead to a second round of large-scale U.S. duties that will be imposed next week. The auto tariffs could increase the cost of an average vehicle by thousands of dollars in the U.S., and dampen demand further at a moment when the industry is already struggling with the transition to electric vehicles. The...

Stellantis' chairman said that the European automotive industry doesn't need to switch to defence production. He also confirmed the group will appoint its new CEO by the end of the first quarter of the year. Adolfo Urso, Italy's Minister of Industry, said that Rome is preparing an Industrial Plan to foster connections between the automotive, aerospace and defence sectors. The plan will be revealed in June. Stellantis chairman John Elkann told the Italian parliament that the U.S.A. and China had both strong automotive and defence industries. Therefore, there was no need to choose between them. Elkann's multinational group, which includes...

According to preliminary government data, seen on Tuesday, India's finished-steel imports from China and South Korea, as well as Japan, reached a record in the first ten months of this financial year. India, which is the second largest crude steel producer in the world, reported that it was a net steel importer and shipped record amounts of finished steel between April and January. The data revealed that South Korea imported 2.4 million tons of finished steel, an increase of 11.7% over the previous year. South Korea was India's largest exporter of this alloy during that period. The total amount of...

After reports that the next likely government in Germany was considering a major fiscal overhaul for Europe's largest economy, Europe's defense stocks surged on Monday. Shares of defence contractors such as Thyssenkrupp Hensoldt Renk Rheinmetall BAE Systems, Leonardo, and Hensoldt rose by double-digits percentages after news broke that the conservatives, who won the elections, and the Social Democrats, centre-left, were considering debt-financed infrastructure and defence funds worth under one trillion euros. No party has confirmed officially that a special defence fund worth 400 billion euro ($417 billion), and infrastructure funds worth up to 500 billion euro, which would total 20%...

Data from the industry showed that new car sales in Europe fell by 2.1% in January, as an increase in registrations of fully electric and hybrid electric cars in its major markets did not compensate for falling sales of petrol and diesel, according to Tuesday's data. The European Automobile Manufacturers Association's (ACEA) data showed that overall sales in France and Italy were down compared to last year. Only Spain recorded an increase year-on year among the top-selling nations. Why it's important After discussions with automakers and other interest groups, the EU executive will announce its plans for the auto sector...