Italy

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....

On the first full day of the Milano Cortina Winter Olympics, thousands of people protested in the streets of Milan on Saturday over rising housing costs and concerns about the environment. The march is being organised by housing rights groups, grassroots unions and community centre activists. It aims to bring attention to what activists describe as an unsustainable city model, marked by rising rents and increasing inequality. The Olympics bring to an end a decade of property boom in Milan following the 2015 World Expo. Locals are squeezed by rising living costs, as an Italian tax plan for wealthy new...

At a Friday rally, hundreds of protesters chanted slogans, blew whistles, and lit flares to protest the presence of U.S. Immigration agents in Italy and the closing of streets before the 'Milano Winter Games' Opening Ceremony. Immigration and Customs Enforcement officials are reportedly present to protect Americans at the Olympics. This has sparked protests, given their role as frontline agents in President Donald Trump's aggressive immigration policy. Some of the banners displayed by the students-led protesters read "Ice out" and "Ice should not be in my drink, but my city". The demonstrators in Milan blew plastic whistles that have become...

On Friday, hundreds of protesters rallied in Milan to voice their opposition to the presence of "U.S. Immigration and Customs Enforcement agents and the 'closure of streets and schools in the 'city' ahead of the opening ceremony for the Milano Cortina Winter Games. Last week, the U.S. State Department announced that ICE and other federal agencies would assist in protecting visiting Americans. This decision sparked protests immediately in Milan. Italian authorities blocked some areas of the city and ordered that schools in central Milan remain closed on Friday to ensure security and reduce traffic disruptions. Students with signs saying "ICE...

Greenpeace, an environmental group, staged a demonstration in front of Milan’s main cathedral Thursday. This was the day that the Olympic torch had arrived in the city. The installation showed the Olympic rings dripping with black oil. It was a visual denial of the companies that it accused of contributing to global heating and endangering winter sports which depend on cold temperatures. One of the banners posted in front of Milan’s Duomo Cathedral (cathedral), in the middle of the city, read: "Kick Polluters Out of the Games." Greenpeace has called on the organisers of Milano Cortina to break ties with...

Greenpeace, an environmental advocacy group, has called for Winter Olympics organizers to end their partnership with Italian oil giant Eni. The group's fossil fuel operations are a threat to efforts to protect sports that depend on snow as the climate heats up. Eni, a state-controlled company, is one of the major sponsors for these Games. Environmental groups claim that Eni's operations contribute to global warming by accelerating the loss in?natural snow coverage and glacier mass of the Alps, and other winter sports areas. Greenpeace stated that the Winter Olympics "needs snow, not fossil-fuels" in a video which showed an avalanche?of...

Italy announced on Monday that Venezuela had released Italian citizens Alberto Trentini?and Mario Burlo?from prison. It also pledged to "upgrade its relations with Caracas" in response. After Venezuela released two Italian citizens, Biagio Piieri, a journalist, and Luigi Gasperin a businessman, last week, Foreign Minister Antonio Tajani confirmed that no other citizens with only Italian nationality were still in prison. Hundreds of dual nationals, both Italian and Venezuelans, are still being held. Venezuelan leadership announced on January 8, that it would release a large number of prisoners including foreigners, as a gesture. After the U.S. captured Venezuela's president, Nicolas Maduro,...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have...

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

The Italian energy group Eni's low-carbon division has agreed to purchase some businesses from regional utility ACEA for 587 million euro ($685 millions), both companies announced on Wednesday. The companies stated that the price would be subject to the standard adjustment mechanisms applicable to this type of transaction. Eni's Plenitude, for example, could pay an extra 100 million euros to ACEA if specific performance targets were met by mid-2027. Plenitude will have over 11 million customers in Europe, an amount it had hoped to reach in 2028. The deal is expected to be completed by June of next year. Rothschild...

TotalEnergies, the French oil giant, announced on Monday that it had agreed to purchase 50% of EPH's flexible energy generation platform in Western Europe. The deal is a stock-only transaction worth 5.1 billion euros ($5.92 billion). EPH, which is majority owned by Czech billionaire Daniel Kretinsky will receive 5.92 billion euros in TotalEnergies stock under the agreement. This makes EPH one of TotalEnergies' largest shareholders, with 4.1% of their capital. TotalEnergies is pursuing a strategy to become the leading integrated electricity provider in Europe by combining renewables and flexible generation in order to meet growing demand in sectors like data...

The protest was against the housing costs, and the environmental concerns associated with the Winter Games. The "Olympics?" rally was organized by university groups and associations that oppose hosting an event they say disrupts forests, pours concrete onto fragile land and deepens social inequality. The rally, "Olympics? "We're here to protect our territory against speculation...and from the impossible cost of attending events," Giannina, a 76 year old activist said. Tickets were priced between 950 euros and 2,900 euros. The ceremony began at 8:30 pm (1930 GMT), inside Verona’s ancient Roman Arena. The banner said: "Fewer Games, more homes." Francesca (34),...

Heavy snowfall forced schedule changes, and the 'Winter Olympics' freestyle skiing events of the halfpipe and aerials were rescheduled for Thursday in Livigno. Meanwhile, both women & men had to train at the same time for the 'biathlon mass-start. The organisers are confident that the weather will not cause any major disruptions, as the Games end on Sunday. The men's final and qualifiers for aerials were moved to Friday at 0930 GMT. Meanwhile, the men's qualification runs in halfpipe were moved an hour later. The organisers confirmed that the women's semi-pipe qualifiers will begin at 1830 GMT, as soon as...

After days of bad weather, the famous "Lovers' Arch", a rock structure along the?adriatic?coast of Italy, collapsed on Valentine's Day. Local officials subsequently warned that other stretches of the fragile coast could be at risk. Natural arch near Melendugno, in southern Puglia region, has long been used as a backdrop for wedding proposals. Melendugno mayor Maurizio Cisternino said to the local?Corriere salentino newspaper that the collapse was "a very difficult blow" for the image of the area and for tourism. Cisternino claimed that days of heavy rainfall,?strong wind and rough seas?had beaten the coast and destroyed the arch. He said...

Giorgia meloni, the Italian prime minister, said that Italy and their 'African partners' had centered their recent talks on a re-evaluation of the continent's?debt burden. Rome offered countries a chance for them to suspend payments when they are hit by extreme weather events. Meloni, at the end of the second Italy-Africa meeting in Addis Ababa, said: "Today we once again focused on a central issue for?Africa which is debt." "We launched a wide initiative on debt conversion for joint development project. We are adding debt suspension clauses to?this for nations that have been affected by extreme weather events. Meloni will...

The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a...

The International Olympic Committee (IOC) said on Wednesday that a bid for Switzerland to host 2038 Winter Olympics may be finalised by 2027, if the process of local political consultation is completed by the end this year. Karl Stoss is the head of the IOC Future Host Commission, which oversees the Olympic Winter Games. As part of the IOC's privileged dialogue, the Swiss project is the only one currently in discussion with the IOC. The Winter Olympics were last hosted by the Winter Sports Powerhouse in 1948, at St. Moritz. The IOC only negotiates with Switzerland. This period was "established...

The Italian civil protection chief said that homes in the Sicilian city of Niscemi were left perched on the edge of the cliff following a landslide triggered by storm. Niscemi is a town with a population of around 25,000 in central-south Sicily. It sits on top of a plateau which, according to authorities, is slowly collapsing towards the plain below. Over 1,500 people had to be evacuated. After large sections of slopes gave way, buildings were left hanging over the edge. The front end of a car was poking out into the chasm. Fabio Ciciliano, the head of civil protection...

Teams of snowmakers are racing against the clock to meet the competition requirements for the Milano Cortina 2026 Winter Olympics, within ever-shorter cold windows. Climate change is reshaping the limits of technology. Organisers at Italy's Alpine venues are increasingly relying on artificially-produced snow to compensate for the declining and less predictable natural snowfall. This means that months of preparation can be squeezed into short periods of subzero temperatures, leaving less room for error. In order to accommodate the Olympic competition in Milano - Cortina, resorts like Livigno, Bormio and Antholz-Anterselva, which are already established, have added reservoirs, pumps and snow...

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...

Organisers in Livigno, a town in northern Italy, said that the city is well-prepared to host Olympic snowboarding events and freestyle skiing next month due to its ability to produce and store snow. Livigno, located in the Alps near the Swiss border will require large amounts of snow to build the halfpipe and jumps for the spectacular events. Johan Eliasch, President of the International Ski Federation (FIS), expressed concern last month over the production of Livigno's snow. He accused the Italian government for being slow in releasing some funding. Davide Cerato is the local area manager of the Milano Cortina...

Rescuers reported that strong winds hindered the rescue efforts in the Italian Alps on Friday. Two people were killed and a number of others injured. Alpine Rescue (Soccorso Alpino), a Piedmont-based Italian rescue organization, said that a first avalanche "hit" the southwest Alpine Maira Valley near the French border, killing one and injuring another. One of the two is in a 'critical condition. The?organisation stated that rescue teams walked to the scene from lower altitudes because strong winds prevented helicopter crews reaching the site. The second avalanche happened near Pragelato - a popular destination for skiers located about 60 km...

Six European Union nations have asked the European Commission on Friday to soften an effective ban on sales of internal combustion engines cars scheduled for 2035, ahead of the release next week of a new package of auto legislation. A joint letter, seen by on Friday, showed that the countries had asked the EU Commission for permission to sell hybrid cars and vehicles powered by existing or future technologies, "that could help to reduce emissions" after 2035. The letter was signed the Prime Ministers of Bulgaria (the Czech Republic), Hungary, Italy, Poland, and Slovakia. The plan should also include low-carbon...