Italy

Energy Markets

Stellantis adds two new members to its board of directors in order to improve financial oversight and tech expertise

Stellantis, a carmaker, announced on Monday that it had nominated Daniel Ramot, Alice Schroeder, and proposed the reelection of five other board members. The mandates of seven executives are coming to an end. Ramot, an Israeli-American, is the co-founder and CEO at Via, a global company that specializes in transportation technology. Schroeder, a former managing Director of Morgan Stanley, currently serves on the board of HSBC North America. The company stated that "the board believes Schroeder’s deep expertise in strategic leadership and financial oversight, coupled with Ramot’s extensive experience in research and technology, will provide highly valued insights and strengthen...








Energy Markets

Oil & Gas

Electric Utilities

Italy's Government adopts a plan to return to nuclear energy

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...

Oil Equipment

Saipem, an Italian company, reinstates its dividend before merging with Subsea 7.

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...

Oil & Gas

UAE's e& will sell a 40% stake in Khazna, a data center company for $2.2 billion

UAE telecoms group e& announced on Wednesday it had agreed with artificial intelligence company G42 to sell its 40% share in Khazna Data Center Holdings, for $2.2 billion. In a statement, the telecoms company said that this deal would generate a capital profit of $1.4 billion prior to federal royalty and corporate taxes and that the proceeds would be used to pay down its debt. Khazna designs, builds, and operates wholesale datacenters. Separately, MGX and Silver Lake will become minority shareholders in addition to G42, the majority shareholder. The deal is expected to be finalized by the end the first...

Crude Oil

Sources say that two tankers in the Mediterranean Sea were likely blown up by lumber mines

Three sources familiar with the investigation told reporters on Monday that mines set off by timers and attached to ship hulls are likely to have caused the explosions which damaged two crude oil tanks in the Mediterranean Sea between January and February. At least five ships have been damaged. This includes explosions aboard the Greek-managed Seacharm and Seajewel, which were reported last week. These incidents have sparked concerns about a new threat to security in the normally safe waters of Mediterranean. This is at a time when the shipping industry has been dealing with attacks on the busy Red Sea...

Oil & Gas

Meloni, an Italian company, has secured a pledge of investment worth 40 billion dollars from the UAE.

At a Rome bilateral summit, the United Arab Emirates announced that it plans to invest 40 billion dollars in Italy. The two countries did not give a timeframe. Since taking office as Italian Prime Minister in 2022 Giorgia Mello has sought to strengthen ties with Gulf nations, ignoring the concerns raised by political rivals over human rights. Italy under her leadership lifted the arms embargoes imposed on the UAE and Saudi Arabia by previous governments in connection with the Yemen war. Meloni received Sheikh Mohammed bin Zayed Al Nahya, President of the UAE, on Monday during his state visit to...

Oil & Gas

Subsea 7 and Saipem from Norway will create a European leader in energy services

The two companies announced late Sunday that Italy's Saipem had agreed to merge its onshore and offshore energy service provider Subsea 7 with Subsea 7, in a 100% share deal. Subsea Seven shares rose up to 9% at the opening of trading and gained 5% by 830 GMT on the Oslo stock exchange. Saipem shares opened higher than 5% before reducing gains to 1.4%. They said that the combined group will be called Saipem7 and have an order backlog totaling 43 billion euros ($45billion), revenues of around 20 billion euro, and core earnings exceeding 2 billion euros. Citi analysts wrote...

Oil & Gas

Commonwealth prepares world's first grid-scale fusion power plant in Virginia

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

Oil & Gas

Italian district attorneys investigate potential manslaughter in Eni fuel depot blast, sources say

Italian prosecutors on Wednesday opened a probe into possible murder following an explosion at a fuel depot center near Florence owned by Italian energy company Eni that killed five individuals, two judicial sources said. The sources added that district attorneys were likewise looking to see if preventative measures versus office accidents were purposefully withdrawn ahead of Monday's catastrophe. The entire website in the nearby town of Prato was taken by district attorneys, who are focusing their investigation into upkeep deal with the depot that was going on at the time of the mishap, the sources stated. Eni said on Tuesday...

Oil & Gas

Pope Francis calls on Syrian rebels to stabilise country

Pope Francis on Wednesday called on the Syrian rebels who toppled the routine of President Bashar alAssad to stabilise the nation, and govern in a manner that promotes national unity. I hope they find political options that, without other conflicts or divisions, responsibly promote the stability and unity of the nation, the pontiff said throughout his weekly audience at the Vatican. The pope, in his very first public remarks about Syria since the ending of al-Assad's guideline, likewise called on the country's diverse religious groups to stroll together in relationship and shared regard for the good of the country. Francis,...

Oil & Gas

Worldline states payment services disruptions in Italy not yet dealt with

French digital payments company Worldline on Friday said gas roadworks accidentally harmed its network connection to its data centres in Italy, disrupting services for consumers that have yet to be resolved. The issues took place in the middle of the busy Black Friday shopping season, leading Italian company group Fipe-Confcommercio to reveal strong concern. Worldline's payment services have been interrupted because Thursday early morning, primarily in Italy however likewise in other markets, the business said on Friday. The setup of gas pipes by local authorities badly damaged our supplier's cables and network, the business stated. In an updated statement released...

Oil & Gas

Italy opens treatment against Sinochem over Pirelli possible governance breach

Pirelli stated on Wednesday that Italy's Prime Minister's Workplace opened an administrative treatment against its biggest investor, China's Sinochem, for a possible breach of provisions Rome imposed to protect the tyremaker's autonomy. Italy's conservative federal government last year used its Golden. Power legislation, aimed at safeguarding assets deemed strategic. for the nation, to restrict the influence of state-owned Sinochem. on Pirelli. Under the procedure, Rome set requirements including a. obligatory competent bulk for strategic choices made by. Pirelli's board and ruled that the business should not be subject. to directions from the Chinese group. Pirelli said on Wednesday the administrative...

Oil & Gas

OPEC actions increasing volatility and hindering new financial investment in oil and gas, Eni CEO states.

OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered financial investment in brand-new production, the CEO of Italian energy business Eni stated on Monday. Speaking at an industry occasion in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in recent years to extend into 2025. 8 members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies settled on Sunday to postpone a prepared December oil output increase by one month due to weak demand in China and rising...

Fossil Fuels

Fossil Fuels

Eni's net profits drop sharply due to the reduction of key debt ratios

Eni, the Italian energy company, reported on Thursday that its adjusted fourth-quarter net profit had fallen 46% compared to last year. This was due to lower energy prices as well as continued weakness in its chemicals and refining divisions. The company's adjusted net profit was 892 million euro ($934 million), below the analyst consensus of the 960 million euro set by the firm. It is also down from the 1.66 billion euro in the fourth quarter 2023. Eni reported that its pro-forma debt leverage, which measures the total debt in relation with equity, taking into consideration also agreed dispositions yet...

Fossil Fuels

Samurai loan raised by Czech investor Kretinsky’s EPH for the first time, $527 million

The Czech energy group EPH is controlled by billionaire Daniel Kretinsky. As part of its efforts to diversify access to funding, the company announced that it raised its first Japanese lending facility worth 80 billion Japanese yen (527 million dollars). EPH announced in a Monday statement that the so-called Samurai Loan matures in Febuary 2030, and will pay an interest margin 160 basis points above the Tokyo overnight average (TONAR) rate. The loan was coordinated by SMBC Group. In a press release, Vice-Chairman Pavel Horsky stated that "we are pleased to have raised our first Samurai loan. This is an...

Fossil Fuels

Italgas aims to close the 2i Rete Gas contract by April 1.

Italgas, Europe's largest gas distributor, aims to complete the acquisition of 2i Rete Gas before the end of the month or at the start of April. This was stated by its CEO Paolo Gallo on Wednesday. The group would then plan a capital increase of 1 billion euros to help finance the deal. Gallo stated at a conference call following the results that the capital increase would take place "before the summer and in any event before the end the second quarter" if the market conditions allowed it. The Italian group has agreed to purchase 2i Rete gas in an...

Mining

Mineral Resources

Mineral Resources

Stocks of arms companies soar after the German parties' defense sea change

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%...

Mineral Resources

European car sales fall in January, as combustion engine sales declines outweigh electric vehicle gains

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...

Mineral Resources

Europe stocks continue record run on defence sector boost

The European share market reached a new high on Tuesday, as defence stocks rose on the prospect of higher military spending in the area. However, a Capgemini led drop in IT shares capped the gains. The STOXX 600 pan-European index rose by 0.2%, to a new record of 555.42. The aerospace and defense index jumped 1%. After European Commission President Ursula von der Leyen announced that the Commission would propose an exemption for defense spending from EU budget limits, the sector grew by 4.6% Monday. This is its largest one-day increase since Russia invaded Ukraine, in February 2022. Defense stocks...

Mineral Resources

The Eurozone industry shrinks faster in December than expected

The euro zone's industrial production declined more than expected in the month of December, showing that the two-year slump is still far from over, even though some figures on sentiment and orders have indicated a bottoming out. Eurostat data showed that the output of the 20 countries sharing the euro fell by 1.1% from December to the previous month. This was below expectations of a 0.6% decline, as Germany, the industrial powerhouse, shrank by 2,9%, and Italy by 3,1%. The industry has been a drag for Europe since years, as high energy prices, weak Chinese demand, increased global competition and...

Mineral Resources

The role of billionaire Caltagirone in the Italian banking M&A boom

A surge in M&A has led to the emergence of Francesco Gaetano Caltagirone as a key player in a reshaping in Italy's financial industry. BATTLES GENERALI & MEDIOBANCA Caltagirone expanded his financial investments in Italy last year, becoming a major shareholder in the bailed out bank Monte dei Paschi di Siena and fund manager Anima Holding. Since 2021, he has become the second largest shareholder of the Milanese bank. The bank in Milan is now the second largest investor. Mediobanca, the largest shareholder in Generali, has had disagreements with Caltagirone over the leadership of the insurer in the past. Caltagirone,...

Environment

Brief TAKE-Italy's Iren opens low-carbon vital product recycling plant

Italy's Iren stated on Friday it inaugurated a plant to recover crucial raw materials from electronic waste with a new technology that produces three time less carbon dioxide emissions than conventional processes. WHY IT is essential The Italian utility stated the plant will use a mechanical disassembly procedure and specifically developed hydrometallurgical treatment, efficient in drawing out non-noble metals to isolate and thus recuperate rare-earth elements and important basic materials. This is among the first low-impact plants in Europe to recuperate critical basic materials, Iren said in a declaration. BY THE NUMBERS The brand-new plant is able to process more...

Mineral Resources

European cars and truck sales fall in November, led by France and Italy, ACEA states

New cars and truck sales development in Europe turned unfavorable again in November, after showing a meagre development in October, weighed by sharp declines in France and Italy, and a. stagnancy in Germany, industry information revealed on Thursday. The downturn in electrical lorry (EV) sales was only partly. offset by the growth of hybrid-electric vehicle registrations, which. topped fuel for a third consecutive month, according to the. European Vehicle Manufacturers Association (ACEA). WHY IT'S IMPORTANT European automakers are battling with weak need, high. production expenses, and handling the shift to EVs, while attempting to. ward off competition from China. BY...

Mineral Resources

Fiat owner Stellantis plans to boost production in Italy

Stellantis will keep all of its Italian factories open and increase output from 2026 thanks to the launch of brand-new designs, it stated on Tuesday, as part of a handle the federal government targeted at revitalising Italy's. automotive industry. For its part, Industry Minister Adolfo Urso vowed the. federal government would spend more than 1 billion euros ($ 1.1 billion). next year to support Italy's vehicle supply chain. Rome does not intend to invest the state money to subsidise. the purchase of cars and trucks in 2025, as it did this year. Urso was hosting a meeting with representatives of....

Mineral Resources

Stonepeak purchases Italy's part maker Forgital from Carlyle

Personal equity firm Carlyle has actually consented to offer Italian firm Forgital, which makes created elements generally for the aerospace sector, to U.S. alternative financial investment firm Stonepeak, the two business stated on Monday. The deal values the Italian company more than 1.5 billion euros ($ 1.6 billion) consisting of financial obligation, two sources close to the matter told Reuters. We have high conviction in long-lasting aerospace end-market demand and think Forgital is placed to take advantage of these tailwinds, Conor Sutherland, Handling Director at Stonepeak, said in a declaration. The deal is anticipated to close in the 2nd quarter...

Mineral Resources

STOXX 600 muted ahead of inflation data, eyes very first monthly gain in 3

Europe's STOXX 600 opened on a soft note on the final day of an unstable week, with financiers assessing France's political uncertainty and awaiting euro zone inflation data to see if a larger European Reserve bank rate cut is on the cards for December. The pan-European main stock index was flat at 0815 GMT, bracing for its 5th weekly decline in six. The index was still on track for a modest month-to-month gain in three, even though the possibility of Europe being a U.S. tariff target and France's political problems have actually dampened investor belief towards the bloc, to name...

Mineral Resources

Italy approves \Save Milan\ expense to revive structure sector

The Italian parliament on Thursday approved a bill to change town planning laws to resolve a building stalemate in Italy's financial capital Milan triggered by lots of investigations by district attorneys. The costs, dubbed Conserve Milan, was submitted by the judgment centre-right majority with the recommendation of the main centre-left opposition PD celebration. Following the clearance in the lower house, it still needs to be authorized by the Senate. Milan had actually been on a roll since 2015, when the Exposition global exhibition assisted to change the city into a hot area for developers. Ever since, it has actually attracted...

Mineral Resources

European car sales flat in October, EVs pick up speed, ACEA states

New automobile sales in Europe were flat in October, after succumbing to 2 consecutive months, market data revealed on Thursday, while the shift to totally electric or hybrid models picked up speed in the month. An uptick in overall sales in Spain and Germany, of 7.2% and 6% respectively, balance out a contraction in France, Italy and Britain, the European Car Manufacturers Association ( ACEA) stated. WHY IT'S IMPORTANT European automakers are battling with weak demand, high production expenses, and managing the shift to EVs, while attempting to fend off competition from China. BY THE NUMBERS The variety of new...