Italy

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

TotalEnergies announced on Tuesday that France's TotalEnergies, and Italy's Eni, have 'approved' the development of 'the Cronos gas field' in Cyprus, which will supply Europe with natural gas liquefied. Production is expected to begin in 2028. The two companies will share the 2.8 million tons of LNG expected to be produced by the field. After losing their access to Russian gas and oil in 2022, the European countries are now focusing on their own resources. Cronos is the name of a large?natural gas find in Block 6 in Cyprus' exclusive economic zones in the Mediterranean Sea. It was discovered by...

The latest LSEG 'I/B/E/S' data on Wednesday showed that estimates for blue-chip European companies have?improved. Soaring energy sector?profits will help a deliver the best growth in over three years. According to a data set based on 77 company results and market expectations for those who have not yet reported, companies on Europe's benchmark STOXX 600 Index are expected to post earnings growth of 17.3% during the second quarter. The aggregate growth rate is 7.2%, excluding the estimated 122.6% growth rate for the energy sector. The blue-chips in Europe are expected to grow by 11.5%. This is their highest rate since...

Italy plans to use the so-called "escape clause" of the European Union budget rules in order to fund measures that will reduce energy costs by 2027 and 2028. Meloni met with senior coalition members and there was a "broad consensus" about a proposal that would use EU flexibility to help families, businesses and individuals cope with the rising cost of energy over the next 2 years. In March 2025, following Russia's invasion in Ukraine, the European Commission decided that all EU members could increase their defence spending up to 1.5% of GDP each year for four years until 2028. Italy...

According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year....

Eni, the Italian energy company, announced on Monday that it had signed a deal to purchase a 25% stake of?Black Giant?a subsidiary owned by EnergyX?a U.S. start-up developing a lithium?project?in Chile. Eni will be able to access EnergyX's innovative proprietary technologies for lithium production and?secure the possibility of getting up to one-fourth of Black Giant's future output, it said. Eni's $225 million investment will give it access to EnergyX proprietary lithium technologies and the chance to obtain up to a quarter of Black Giant future production, according to the Wall Street Journal report. Eni owns a small minority stake in...

Rescuers spent the night on Friday searching for thousands of missing Venezuelans and hundreds trapped under rubble after two of the largest earthquakes to hit Latin America in modern history shook areas around Caracas. The government did not provide a total estimate of casualties from the magnitude 7.2 to 7.5 earthquakes that struck 160 km (100 mi) west of Caracas, on Wednesday. The U.S. Geological Survey predicts more than 10,000 deaths. A website designed to track missing persons and shared by leaders of the opposition in the politically polarized country listed more than 49.600 people who were unaccounted for. The...

Giancarlo Giorgetti, the Economy Minister said that Italy could not hold a national election this April as it would not allow enough time for the government to approve plans to devolve greater powers to regional authorities. Giorgetti responded to reports in Italian media and Bloomberg stating that Prime Minister Giorgia meloni could seek elections for April of next year. This would be a few month earlier than the deadline set by autumn 2027. Giorgetti told a conference organized by the newspaper La Verita that we could not vote in April in order to finish 'the parliamentary passage' (of the regional-devolution...

The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said...

These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy. Israel and Iran traded missile strikes Monday, after the U.S. brokered a ceasefire in early April. This was their first direct attack since the truce went into effect. - Nvidia is ?teaming up with South Korea's SK Telecom and Naver ?to build gigawatt-scale artificial-intelligence cloud infrastructure in Asia. - Intesa Sanpaolo said ?it has launched a EUR30.66 billion ($35.33 ?billion) unsolicited cash-and-share ?takeover bid for Monte dei Paschi di Siena. Roche has announced that it has signed an exclusive licensing agreement and...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

Since more than a century, the cafes of Padua, Italy, have invited customers to enjoy an aperitivo (early evening drink) and socialise outside before dinner. The traditional time slot of 6-7 pm has all but disappeared in Europe as people are seeking air conditioning indoors. This is affecting sales at many hospitality businesses. Extreme heat is often excluded from traditional business interruption policies, which exposes a growing gap in protection for businesses across Europe. Moody's published estimates stating that the European heatwaves last summer cost EUR43 billion ($50billion) in economic output, but only EUR500 million in insured payouts. Federica Luni...

Since more than a hundred years, the cafes of Padua, Italy, have invited customers to enjoy an aperitivo (early evening drink), encouraging them sit outside before dinner and socialise. The traditional 6-7 pm slot is all but gone as people are seeking air conditioning?inside, which has a negative impact on sales. Extreme heat is often excluded from traditional business interruption policies, which exposes a growing gap in protection for businesses across Europe. Moody's published estimates that the European heatwaves last summer cost EUR43 billion ($50billion) in lost output, while only generating about EUR500m of insurance payouts. Federica Luni is the...

Greece, Italy and Central Europe will face increased 'wildfire' risk in the next few weeks. This is despite the fact that wildfires are still raging in Spain and France. Maria Zuber, the head of EU's Emergency Response Coordination Centre said that the heatwave would make the next few days "very difficult" for France. She also warned other countries to prepare themselves for "imminent disasters". Zuber told reporters that the next danger was already moving towards Greece and Central Europe. "Greece was spared for the moment, but now we know that it is going to Greece. "Italy faces risk at the...

On Sunday, wildfires spread towards the outer reaches of Bordeaux in the heartland of France's winelands as France and Spain battled fires that forced hundreds of thousands of people to evacuate. Authorities have ordered the evacuation of 220,000 people from?France?, while more than 75,000 in Spain were evacuated and 30,000 others told to shelter in place. Fires in France have destroyed the Cap Ferret Peninsula on the Atlantic Coast, a popular tourist attraction. They also spread to areas around Bordeaux where firefighters are trying to stop the flames reaching the regional capital. The fire was about 15 kilometres from the...

Rome is offering free'screenings' in 11 air-conditioned movie theaters as part of a heat relief plan that Mayor Roberto Gualtieri announced?on Wednesday. The scheme will run between?Thursday and August 4th, expanding the existing network of 'climate shelters' in the Italian capital, including public libraries?and museums. Gualtieri stated in a press conference that "beautiful films will be shown, including the latest releases." The screenings are free and will take place between 1 pm and 6.30 pm. Admission is on a first come, first served basis. The first film will be the Italian comedy drama from 2023 "C'e Ancora Domani". Gualtieri stated...

Farmers in Italy's Emilia-Romagna used to open their barn windows at night to cool their cows during the summer. As temperatures soar to new records, these windows are kept open 24 hours a day to protect cows and their milk. This is the basis of the centuries-old Parmigiano reggiano cheese production in the area. Nicola Bertinelli is the president of the Parmigiano Reggiano Consortium and also runs the dairy farm his family established in Parma, Italy, in 1895. COSTS GO UP AS THE CHEESE AGE When temperatures reach 40 degrees Celsius, cows will spend more time lying, eat less, and...

A study published on Wednesday suggests that climate change could have a significant impact on Italy's economic growth in the long term and make its heavy debt burden even harder to sustain. The output of Italy could be reduced by as much as 6% by 2050. These findings are coming at a time when 'Europe, including Italy, is grappling with an intense heatwave which has seen temperatures rise above normal seasonal levels and been linked to thousands deaths on the continent. The Euro-Mediterranean Centre on?Climate Change's (CMCC) analysis argues that the damage caused by climate change goes beyond direct economic...

The public health agency announced on Sunday that France had recorded 1,000 "excess" deaths due to the heatwave sweeping Europe. It warned, however, that the true number was likely higher. Sante Publique, which has compiled a preliminary list of deaths, said that the majority of deaths involved elderly people. It also predicted that the mortality rate would rise as more information becomes available on deaths in residential care and homes. Europeans are suffering through a scorching heatwave, which has been linked to at least dozens of deaths. The heatwave has also caused power disruptions and damaged infrastructure. Scientists said that...

Dina Gazzella is an 85-year old Roman widow who has no company in her home after losing her husband and cat. She is not alone, thanks to the smart technology. A team of social workers keeps tabs on her remotely through an electronic wristband that monitors heart rate and sleep patterns, as well as allowing her to call for assistance in an emergency. The device is part a EUR400 million ($456 millions) scheme of support for the elderly that was introduced by Rome's municipal with EU post COVID funding last year, and currently covers around 700 people. Local authorities hail...

On Thursday, the mayor of Paris warned busy Parisians that they should slow down as large parts Western Europe remain in the grips of a deadly, heatwave which has killed dozens of people, caused power outages, and closed schools and cultural landmarks. In the face of a heatwave in France, Sebastien lecornu activated the highest health service mobilisation level. This meant that non-urgent procedures could be cancelled so as to concentrate on those who are affected by the weather. Paris experienced another scorching day on Wednesday after temperatures in France's capital reached a record high of 40.9 degrees Celsius (105.6...

Children at the Harris Primary Academy Mayflower, located in Chafford Hundred just east of London cooled off by slurping ice lollies and splashing in paddling pools. Advikhaa said, "I feel cooler and airier" about the special measures. These include allowing the children to swap their school uniforms with lighter clothing. The aim is to make it easier for the children to cope with the high temperatures. Thousands of schools across Europe sent their pupils home because they couldn't find a short-term solution to the record-breaking heat. Many schools cannot protect their students from heat because such incidents are becoming more...

According to a?research project led by Italy that analyzed?seawater samples worldwide, the presence of genes?linked to resistance to antibiotics is present in multiple 'ocean basins including remote waters. The SeA Care project found antibiotic-resistance genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results showed oceans as a global repository for pollution coming?from land. They also found genetic traces from antibiotic use and urban discharges far beyond their sources. Researchers added that this could facilitate their spread to remote communities. The study was...