Italy

Egypt's Petroleum Ministry announced on Monday that the Egyptian Natural Gas Holding Company, or EGAS, has signed a preliminarily agreement with BP for drilling five new gaswells in Mediterranean Sea. The Ministry's efforts to increase exploration and production are reflected in the memorandum signed by EGAS, a state-owned company. Egypt, once the largest gas exporter in the region, is increasingly importing to meet its domestic demand, as production from old fields declines and new investments are slow. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021. The statement said...

Pirelli, the Italian tire manufacturer, lowered its revenue forecast for 2025 on Thursday as a result of expected adverse currency movements. The company has lowered its target to an estimated range of 6.7-6.8 million euros ($7.66-7.78 million) compared to its previous target of 6.8-7.0 millions euros. Pirelli reported that currency fluctuations caused a 2.9% loss in revenue compared to the first half of last year due to the weakening of the U.S. Dollar and the volatility of currencies of emerging countries against the euro. The firm has confirmed that it aims to achieve a margin of adjusted EBIT around 16...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

The company reported that Pirelli shareholders approved its earnings report for the past year, despite Sinochem's opposition, which is the largest shareholder. The result of the vote indicates that Sinochem's influence over Pirelli, which was restricted by the Italian Government, does not have an effective control over the firm. Sinochem, who owns 37% of Pirelli, and Camfin (the second largest shareholder) have fought over the issue. They claim that the large Chinese presence at Pirelli is a threat to their ambitions to expand in the United States. Sinochem was the sole shareholder who voted against the approval of 2024's annual...

A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the...

The CEO of the Pirelli group told Corriere della sera that the Italian tyre manufacturer is in a dangerous situation because its Chinese major shareholder Sinochem has rejected the company's proposal to resolve governance issues which could hamper its expansion in the United States. Pirelli, and its second largest shareholder, Italy's Camfin have stated that Sinochem's stake in the company poses a risk to Pirelli's ambitions of expanding into the U.S. where some legislators are against approving projects supported by Chinese companies. Pirelli's Chinese shareholders rejected the company's proposal earlier this month, despite it not being detailed. In an interview...

Enel, Italy's largest utility, approved on Thursday a plan for a share buyback and the option to cancel shares acquired without reducing capital. This allows Enel to reward its investors more. The board was given the authority to buy back up to 500,000,000 shares at a maximum cost of 3.5 billion Euros ($3.95 billion). Enel’s board will now decide when and how much to spend on the first tranche. Financial analysts say the utility controlled by the government could spend up to 1 billion euros on the first tranche of buybacks, in an effort to increase the value. Share buyback...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

European shares recovered from an early drop to close higher Thursday. Industrial stocks got the biggest boost while corporate earnings were in the spotlight. The STOXX 600 index for the continent was up by 0.6%. The majority of major regional indexes rose, with Germany up 0.7%. Russian President Vladimir Putin snubbed challenge To meet face-toface with Ukrainian president Volodymyr Zelenskiy in Turkey is to deal a serious blow to the prospects of a breakthrough for peace. Hensoldt, Rheinmetall and Leonardo all saw gains of 4% or more. The European aerospace and defence index rose 2.3%. Chris Beauchamp is the chief...

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli...

Eni, the Italian energy company, reported Thursday a net profit drop of 11% for the first three months adjusted. This was less than expected. The adjusted net profit was 1.41 billion euro ($1.60 billion), down from 1.58 million euros in the first three months of 2024. However, it was above the analyst consensus of 1,15 billion euro compiled by the firm. As a result of lower oil prices, state-controlled group announced it would reduce its planned net capital expenditures this year below 6 billion euro as part several mitigation measures worth 2 billion euros. Eni has confirmed its distribution strategy,...

Pope Leo is opening a new Vatican-run eco-training centre in the Italian countryside this Friday. Catholic officials claim that it's an initiative to encourage leaders around the world to tackle global climate change. The center, which is spread over 55 hectares of land (136 acres), on the expansive grounds of a papal villa from the Renaissance era in Castel Gandolfo includes gardens, vocational-training facilities, and education opportunities for local kids. Rev. Manuel Dorantes, the U.S. priest who directs the centre, stated that the Vatican wants set an example of how countries should pursue initiatives to protect the environment. If we,...

Emma Stone, the star of Yorgos Lathimos's "Bugonia", a film premiering at Venice Film Festival this week, said that the film presents a "funny, messed up" view of the world today. Lanthimos, Stone and their film "Poor Things" won four Oscars and the Golden Lion in Venice 2023. It was the first time they worked together. Their new film, a dark and comic thriller, offers a brutal vision of the age of paranoia delusion, and decay. Stone told reporters, "It is a reflection of the current state of our world and it's told in a way I found fascinating, moving,...

The Environment and Energy Ministry announced on Friday that Italy approved new subsidies for electric vehicles worth nearly 600 million euros (698 million dollars) as sales are lagging. The Ministry will cover up to 30% of total cost of new electric cars or commercial vehicles by offering up to 10,000 Euros to individuals, and up to 20000 Euros to small businesses. Subsidies, funded by the European Union's post COVID recovery fund, will only be available to companies or individuals located in large urban areas. The goal is to reduce pollution and improve air quality. The ministry stated that to qualify...

The Italian Competition Authority (AGCM), imposed on Monday a fine of 1 million euros ($1.16million) on fast fashion online retailer Shein, founded in China for misleading its customers about the environmental impact on their products. Shein has now been hit with a second financial sanction from a European Competition Authority in less than a week. On July 3, France fined Shein 40 million Euros for false discounts and misleading claims about the environment. AGCM, the Italian regulatory agency, launched an investigation into "greenwashing", which led to Infinite Styles Services Co. Limited of Dublin, operating Shein's European website. Shein didn't immediately...

A public research organization announced on Wednesday that climate change will likely lead to an increase in landslides. They also announced a new AI assistant which can help assess the risk. The environmental research and protection organization ISPRA stated that climate change increases the frequency of stronger thunderstorms, amplifies risks of landslides, and floods, and spreads them to areas which were previously less exposed. It said that the share of land at risk of serious landslides rose from 8.7% to 9.5% in 2021. About 2.2% or 1.3 million people live in this area. The institute stated that Italy remains one...

The rapid decrease in water levels of Greece's reservoirs shows the water scarcity issues the country faces due to climate changes, said Prime Minister Kyriakos Mistiakos on Wednesday. Urgent reforms are required. Mitsotakis informed ministers that the water level in reservoirs that feed the capital Athens has dropped by 50%. The meeting was to discuss strategies to address water-related problems expected to arise in the next thirty years. Data showed that Europe was the continent with the fastest rate of warming. Last year, Greece, located on Europe's southernmost frontier, and using about 10 billion cubic meters of water per annum,...

Lavazza, a coffee maker, called on Wednesday for a delay of one year in the implementation of EU's deforestation laws. The company said that its implementation would harm producers in Africa and Central America as well as drive up prices. Companies importing products like soya, beef, cacao, coffee and other related goods must prove that their supply chain does not contribute to deforestation. Otherwise, they will be fined. Giuseppe Lavazza, chairman of Lavazza, told reporters in London that he wanted the legislation to be delayed for an additional year, mainly for coffee. He said that the cocoa industry is better...

The Vatican published a new rite on Thursday that will allow priests celebrate a Mass exhorting Catholics to care for the Earth. This is the latest effort by the global Church of 1.4 billion members to combat global climate change. Since centuries, Catholic priests can celebrate special Masses in order to pray for their nation, to give thanks following a harvest, or to ask God to stop a natural catastrophe. Two Vatican offices have prepared a new "Mass for caring for Creation" that allows priests pray for Catholics to "lovely care" for the creation and to "learn how to live...

A report by Allianz Research found that recent heatwaves in Europe could slow the economic growth of Europe by half a point by 2025. The report compared a day where temperatures exceeded 32 degrees Celsius with half a days worth of strikes. In Europe, the GDP loss ranges from 0.1 percent points in Germany to 1.4 percent points in Spain, where summer temperatures are approximately ten degrees warmer. Climate change increases the frequency and intensity for heatwaves, wildfires and droughts. This has far-reaching effects on the economy. Allianz Research reported that the global heatwaves have reduced GDP by 0.6 percentage...

Versalis is the chemical division of the Italian energy company Eni. On Thursday, Versalis unveiled a demonstration facility based on a new technology it has developed for the chemical recycling mixed plastic waste. The "Hoop" technology allows for the conversion of mixed plastic waste to a feedstock which can then be used to create new plastic materials that are suitable for any application, including packaging intended to come into contact with food and pharmaceutical packaging. Eni is reorganizing its chemical division, which has been losing money. The European petrochemical industry is struggling with an oversupply. Eni will build a new...

Versalis is the chemical division of the Italian energy company Eni. On Thursday, Versalis unveiled a new demonstration plant for the chemical recycling mixed plastic waste based on its proprietary technology. The technology, called 'Hoop,' allows for the conversion of mixed plastic waste to a material which can be used in order to create new plastic materials that are suitable for any application, including packaging intended to come into contact with food and pharmaceutical packaging. The move is part a larger strategy by the state-controlled company to revamp its losing chemical business. The high cost of energy and raw materials,...

The budget watchdog of Italy said that extreme weather caused by climate change could cost the country more than 5% GDP in 2050. It added that global actions to reduce carbon emission could reduce the impact. In the past few years, flooding has devastated cities in Italy, killing dozens and causing billions in damages. Severe droughts have also damaged crops and livestock, particularly in less developed southern regions. Sicily, in 2021, also set the European record for heat with 48.8°C. In its annual report, the UPB said that the impact of extreme events on the public finances in Italy would...