Italy

Marco Rubio, Secretary of State on Friday, said that the United States could have a productive relationship with the Catholic Church despite tensions over President Donald Trump's repeated criticisms of Pope Leo. Rubio visited the Vatican Thursday and told reporters that the meeting had been "very positive" before departing Rome. Rubio, when asked about Trump's criticism of Leo for his comments about the Iran War and other issues, said that Trump acts to the benefit of the U.S. Rubio said that Trump acts in the best interest?of the U.S. and "will always speak clearly about how he feels about the?U.S....

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

Eni, Italy's energy producer, signed a deal with Venezuela's oil ministry and the state-run PDVSA on Tuesday to "relaunch" a heavy crude project within the Orinoco belt. PDVSA has been working with its key partners to sign preliminary agreements that confirm their interest in oil and gas projects or allow them to expand. This is as the government continues a broader?review on all contracts within the oil industry in order for the reform. In recent weeks, U.S. Chevron, British Shell, and Spain's Repsol have also signed similar agreements in order to confirm or expand their partnerships. The agreement with Eni...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Eni, an Italian company, has agreed to purchase a'minority stake' in the natural graphite -producer Nouveau Monde Graphite. This will give Eni access to a critical material that is used in a fase of?energy transition technologies and battery storage. The Italian energy group will be able to enter the vital minerals value chain through the investment in the Canadian firm at a moment when European companies are looking to reduce their dependency on materials that come from China. Eni will be able to negotiate exclusive agreements to supply graphite, and other materials in support of its 'gigafactory' initiative to produce...

The Italian Treasury confirmed an earlier report that Lorenzo Mariani would be the new Chief Executive Officer of Leonardo Defence Group, replacing Roberto Cingolani. Rome, as expected, also proposed the reappointment of Claudio Descalzi at Eni's helm and Flavio Cataneo, Enel's, to their respective energy groups. Cingolani did not win a second term, despite a rise in sales and orders at the state-controlled group since he became its leader in 2023. He also secured a number partnerships with European competitors. Leonardo's shares, which had more than quadrupled in value under Cingolani, dropped this week amid reports of his possible removal,...

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

France and?Italy opened talks with Iran on Friday to?negotiate a deal that would guarantee safe passage of?their vessels through?the Strait of?Hormuz. However, Italy denied this report. Since the U.S. began its strikes against Iran on February 28, shipping in the Gulf, and along the Strait of Hormuz - which carries a fifth of all the oil on the planet - has been at a standstill. Global oil prices have soared to levels not seen since the year 2022. The FT reported that France is one of the European nations engaged in talks with Tehran while Italy sought to contact the...

Italy's Energy Minister?said Wednesday that the country could reactivate some coal-fired?power stations if conflict in?the Middle East leads to an energy shortage. Gilberto Pichetto Fratin, Minister of Energy and Environment in Italy, said that "there are coal-powered stations in Italy that I would not like to reactivate. But they're there in reserve for our country." Israeli and U.S. Forces?struck Iranian targets on Tuesday. This prompted Iranian strikes against energy infrastructure in other Gulf States considered U.S. Allies in a area that accounts for just under a third global oil production. Iran also targeted tankers in the Strait of Hormuz. Through...

Spanish stocks slid Wednesday following fresh threats of a trade embargo from the White House. Other regional benchmarks also climbed after a brutal global sell-off that dragged stock prices to more than one-month lows amid fears about the Middle East conflict. The pan-European STOXX 600 index was up 0.6% to 607.92 by 0939 GMT. This follows two sessions in which the index lost more than 4% since Friday's record high. The benchmark index rose the most in the Technology and Healthcare sectors. The STOXX Volatility Index, Europe's fear gauge after four sessions of gains, has slipped 2.3 points. Spain also...

Investors paused on Wednesday to re-energize themselves after a global stock market crash that sent the benchmark index plummeting more than a month ago amid fears of a prolonged and widened conflict in the Middle East. By 0810 GMT, the pan-European STOXX 600 index was up 0.6% to?607.62. Since Friday's record high, the index has lost nearly 5%. The travel and luxury stocks that were at the forefront of this sell-off were each up by more than 1%. The index was boosted by the technology and healthcare sectors. Vistry fell 22% after the UK homebuilder announced that Greg Fitzgerald, its...

A key ally of the?Italian Prime Minister Giorgia?Meloni stated that Italy's state-controlled firms have performed "very well" over recent years, hinting at their chief executives being poised to receive new mandates when a new appointment round looms. In the coming weeks, the CEOs of companies such as energy giants Enel, Eni, and defence group Leonardo will be nominated. This is traditionally seen as an opportunity for politicians to demonstrate their power over certain sectors of the economy. Meloni’s coalition made their first round of appointments just a few?months after taking office in 2023. They reappointed Claudio Descalzi to the top...

Spanish utility 'Endesa' confirmed on Wednesday its?full year profit - guidance after posting a net profit of 24% higher than market expectations in the first quarter. Enel's company booked a net profit of 725 millions euros ($852million) in the third quarter. This compares to 583 million euro a year earlier and 620million euros that analysts polled by LSEG had expected. Endesa reported that demand for?residential and?services segments was strong. Industrial demand, however, has been affected primarily by geopolitical uncertainties. The utility has reaffirmed their guidance for the year 2026. The utility has predicted a 'net profit' of between 2.3 and...

Fitch downgraded Enel Brazil's credit rating, citing growing uncertainty about the renewal of the main distribution concession of the subsidiary in the South American country. The agency announced late Friday that it had assigned a negative outlook to all corporate ratings for the unit. Fitch reduced Enel Brasil S.A.'s long-term national rating from AAA to AA+ (bra) and removed the?negative monitor. The downgrade also applies to subsidiaries Eletropaulo Metropolitana Eletricidade de ?Sao Paulo - Enel Sao Paulo - Ampla Energia e Servicos S.A. - Enel Rio - ?and Companhia Energetica do Ceara - Enel Ceara. Brazil's energy regulator began an...

MILAN, 20 April - Italy's government-controlled power grid operator Terna is planning to hold an extraordinary board meeting within the next few days, according to a source close to the company. The meeting will discuss the severance pay of the outgoing CEO. Giuseppina di Foggia was nominated by the Italian Government as Eni's new chair, but she is not willing to give up an $8.6 million ($7.3 million) severance package offered by Terna. The source claimed that Terna's board did not discuss Terna’s case when they met on Monday. The Italian economy ministry said on Sunday that it opposed state-backed...

Auditors in the annual report of Italian utility Enel said that it has assets valued at about 3,34 billion euros ($3.9billion) and goodwill worth 595 million euro tied to a Brazilian power concession which it could lose. Brazil's Aneel power regulator decided earlier this month to proceed with a forfeiture procedure that could lead to the termination of a power distribution concession held a local Enel unit in?Sao Paulo. This would prevent the automatic renewal contract which expires 2028. Energy Minister Alexandre Silveira urged Aneel in December to begin Enel's termination procedure after power outages affected more than 2 million...

Aneel, Brazil's energy regulator, decided on Tuesday to "move forward" with a forfeiture procedure that could lead to the termination a concession owned by a local Enel unit in Sao Paulo. Energy Minister Alexandre Silveira asked Aneel in December to "start the termination process" for Enel after extreme weather events caused power outages that affected more than 2 million customers in the Sao Paulo metro area. Enel has another chance to defend itself before the regulator decides to recommend that the concession is revoked. The change in the process prevents Enel Sao Paulo from automatically renewing its contract that expires?in...

The Italian parent company Enel has a $63 billion investment plan that will see Endesa increase its investments in Spanish power grids. The increase would occur at a time of great importance in Spain. The massive blackout which hit Spain and Portugal in April reignited debates about the need for?investment and return on investments? Enel announced on Monday that it plans to invest around 26 billion euros ($31billion) in grids through 2028. Enel said on Monday that it 'plans to invest some 26 billion euros ($31 billion) in power grids?through 2028. This is a substantial increase over the 4?billion euro...

Italy?approved a 2-percentage point hike in the IRAP -corporate tax for energy firms on Wednesday. This will help fund a set of measures aimed to reduce bills for families and businesses that use a lot of energy. A decree viewed by revealed that the move will bring in an extra 1 billion euros (1,18 billion dollars) to the government through 2028. This money will be used to finance the energy bill reductions planned. Meloni, in a social media video, said that the package would have a "significant impact" and guarantee benefits to households and businesses of over 5 billion Euros....

Mikaela?Shiffrin, the most successful World Cup Alpine skier in history and Breezy Johnson, Olympic and world champion downhill skiing will form an?U.S. The women's combined team at the Milano Cortina Games will feature a?power pair. The race will feature downhill and slalom pairs with one run each in each discipline on Cortina d'Ampezzo's Olimpia delleTofane piste. Johnson, who won the world title last year and added the 'Olympic gold' on Sunday, is the best choice to partner Shiffrin. Shiffrin is a dominant slalom skiing with seven victories in eight World Cup races so far this season. Lindsey Vonn's teammate, who...

Vitali Klitschko, the mayor of Kyiv in Ukraine's capital, said that Kyiv only has half the electricity it needs as it is facing its worst?wartime energy crises following waves of?Russian attacks against its infrastructure. Klitschko stated that Kyiv is one of the largest cities in Eastern Europe and requires 1,700 Megawatts per day of electricity to run its services. Klitschko stated that the current energy crisis is the greatest challenge facing the capital since the Russian invasion of February 2022. In an interview at his office in the heart of Kyiv, Klitschko said, "This is the first time ever in...

Orsted surged on news that a U.S. court had ruled the company could continue working on a Rhode Island project. STOXX 600 was up 0.1% at 0807 GMT. The DAX in Germany?was slightly higher during choppy trading and is poised to reach its longest winning streak ever since 2014 if current levels hold. The move adds new momentum as markets prepare for a key report on inflation that is expected to show a pickup in U.S. consumer price levels in December after a falsely low reading the previous month due to distortions relating to the government shut down. Orsted, a...

Brazilian Mines and Energy minister Alexandre Silveira announced?on?Tuesday that the government will urge the power regulator Aneel to begin the process of terminating the?contract?with local unit of Italian company Enel?in Sao Paulo. Silveira said that Enel had lost the right to provide services in Sao Paulo after meeting with Mayor Ricardo Nunes of Sao Paulo and Governor Tarcisio de Freitas. Last week, strong winds caused by an 'extratropical storm' disrupted the power supply to over 2 million customers?in the Sao Paulo metro area. Among them were 1.4 million in the city of Sao Paulo. Enel declined to respond immediately to...

Diego Pardow, Minister of Energy for Chile, said on Wednesday that the country will reduce its green-hydrogen production targets due to a decline in global market prospects. Pardow, in an interview during Energy Week Santiago, said that the adjustment will be published before March 2026, the end of current administration's term. He said that "the international market for green hydrogen has cooled down a bit." The reduction would be in line with European nations that have reduced their goals. This trend is mirrored by developers all over the world who are cancelling their projects and reducing investment. Pardow stated that...