Italy

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 Stellantis-backed ACC Joint Venture is "definitely" giving up plans for a megafactory in eastern Italy. This was reported by the newspaper MF on Friday. MF said that a decision on the Termoli plant, which ACC had designated as one of three European hubs for electric vehicle batteries, should be made by the end of this year or early in 2026. Italian newspaper cites sources to report that the project "is not sustainable due to technical, strategic, and financial difficulties". ACC continues to assess its investment plans in Italy, as well as in Germany. The goal is to make a...

Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or...

Rhino Resources, a South African oil and gas firm, plans to drill a well for appraisal on a Namibian prospect in 2019 and conduct a flow-test on another to beat TotalEnergies as the first oil producer in this southern African nation. The appraisal well is scheduled for Capricornus, where a flow rate up to 11,000 barrels per day was tested. Meanwhile, the drill stem is scheduled for Volans, which is its latest find of high-yield liquid gas condensate. The new data can help the company to accelerate its discoveries off Namibia where TotalEnergies is expected to make a final investment...

Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to...

Sinochem, a Chinese company, is willing to sell its Pirelli shares - but only if they are offered at a premium. This comes after the Italian government announced this week that Sinochem had not violated the rules protecting the autonomy of the tyre manufacturer. Rome is trying to resolve a dispute over governance that has affected Pirelli for years. Sinochem, Pirelli’s largest shareholder, is at odds with Camfin, another investor. Pirelli and Camfin complained that the fact that a Chinese company was its largest shareholder was preventing the tyre manufacturer from expanding in the U.S., because Washington is tightening restrictions...

The tyre maker said that the Italian government determined Sinochem, which is the largest shareholder of Pirelli, had not violated "golden powers" measures in 2023. The historic Italian company is now a Chinese-owned business. Recent months have seen a sensitive issue. Camfin, the second largest shareholder of Pirelli, claimed that this would threaten its plans to expand into the United States. Washington tightens restrictions on Chinese automotive technology, banning software and hardware produced by Chinese-controlled firms in vehicles connected to U.S. roads. A statement from the Italian government said that it had concluded that actions taken by directors who were...

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...

Stellantis Chief executive Antonio Filosa welcomed Berlin's request to relax European Union car emission rules on Monday, saying that Germany's proposal aligned itself with the industry's demands to revive the growth of this struggling sector. On December 10, the European Commission will unveil its proposals to support auto industry, including a review on carbon emission targets. This is in response to increasing pressure from manufacturers and governments to be more flexible. They want plug-in hybrids to continue to operate and to allow new cars powered by fuel beyond 2035. Filosa, in a press release, said that it was "grateful" for...

In a report released on Friday, the U.N. Food agency stated that the fishing pressure in the Mediterranean Sea and Black Sea had dropped dramatically over the last decade. However, just over half the assessed fish populations are still overfished, and climate change threats continue to grow. The Food and Agriculture Organization in Rome said that sea fishing and aquaculture in salty or partially-salted coastal waters produce about 2,06 million tonnes of food per year, worth $21.5 billion, and support 1,17 million jobs. The FAO's biennial report stated that the average overall fishing pressure had fallen by 50 percent since...

John Elkann, the chairman of Stellantis, warned on Tuesday that Europe's auto industry faces an "irreversible" decline. Elkann, speaking in Turin at an event to mark the beginning of mass production of the new Fiat 500 hybrid small car, said that the entire industry had drafted a package for the European Commission on how to give automakers greater flexibility with emissions targets. This would allow the sector avoid a decline. As part of the review of EU carbon emission regulations for the auto industry, which is scheduled to take place on December 10, the European Commission will present a package...

John Elkann, Chairman of Stellantis, urged the European Commission to give more flexibility to carmakers on emission targets. He said that interim goals set for 2030 should be averaged out over several years. Elkann stated in an interview with Politico, that the industry would be allowed to achieve targets over a period of five years from 2028-2032. This is similar to the arrangement made by the Commission for the 2025 goal it decided earlier this year to spread out across 2025-2027. He said that the proposal would be applicable to both light commercial vehicles and passenger cars. He said that...

Ivana Karlic Ban, her two dogs and the fall-coloured forests in Croatia's northwest Istria region are on the hunt for one of the most expensive delicacies in the world. Only Italy and Croatia are home to the white truffle. It is a fungus underground that grows only from September to December, in symbiosis, with certain trees. The fungus has a strong, specific scent that can be detected by the Lagotto Romagnolo dogs of Karlic Ban. The white truffle, which is extremely rare, costs between 6,000 and 7,000 euros per kilogram ($6,997-$8,163), according to Karlic Ban. He added that black truffles,...

Generali, Italy's largest insurer, reported double-digit growth in its first nine-month profit on Thursday. This was driven by the non-life division and lower claims for natural catastrophes. Generali's operating profit grew 10.1%, to 5.9 billion euro ($6.88billion), and the net result adjusted climbed 14%, to 3.3 billion euro. Both were in line with the analyst consensus provided by the company. Banca Monte dei Paschi di Siena, a state-backed lender, gained control over Mediobanca, Generali’s largest investor, in September. The bank was backed by Francesco Gaetano Caltagirone, a billionaire Italian, and Delfin Holdings, the holding firm of Leonardo Del Vecchio. Caltagirone,...