Page 10 - Italy

India, Italy to sign MoU in defence sector soon: Ambassador Vincenzo Luca

Italy's Ambassador to India Vincenzo De Luca has said the two countries would soon sign a bilateral pact in the defence sector to ramp up their military ties and maintained that Rome was working hard to contribute to the 'Make in India' programme. In a move to enhance navy-to-navy cooperation between the two countries, Italian Navy's warship ITS Morosini is on a port visit to Mumbai from August 10 to 13. Italian Navy officials will also meet the top brass of the Mumbai-headquartered Western Naval Command during this period. "We are working very hard to contribute to the programme of self-reliance, Make in India," Luca said on Thursday at a press conference here. He said that there are some specific technologies where Italy can add value to the Make in India programme, namely torpedo, helicopter, radar, electronic warfare and shipyard. Make in India is the Narendra Modi government's flagship programme that aspires to facilitate investment, foster innovation, enhance skill ...

Italy bank windfall tax is 'credit negative' for banking sector: Moody's

"If implemented in its current form, (the tax) would account for about 15% of the banking system's 2022 consolidated net income," Moody's noted

Italy proposes bank tax to help people with rate hikes, stocks plunges

Italian bank stocks plunged Tuesday after the Cabinet approved a proposal to apply a 40% tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs. Transport Minister Matteo Salvini announced the tax at a Monday evening press conference, saying it was a measure of social equity to make up for a series of interest rate hikes from the European Central Bank. Those increases are aimed at fighting inflation and make it more expensive for people to get loans to buy homes and cars or for companies to get new equipment or build facilities. UniCredit shares fell over 7%, Intesa Sanpaolo was down more than 8%, Banco BPM dropped more than 8.5%, and BPER and Banca MPS both plummeted over 10% in early afternoon trading on the Milan Stock Exchange. The Association of Italian Banks has not yet commented publicly on the tax, whose approval apparently took banks by surprise. Analysts said banks would surely try to change the proposal or challenge it in cou

Debt-burdened global leaders just love to hate ratings companies: Report

Countries run the gauntlet of rating companies because they're hard-wired into the global investment system

Fifa Women's World Cup: South Africa shock Italy 3-2, knock them out

Italy's players dropped to their knees, buried their faces and tearfully wondered how their tournament had suddenly ended following a shocking upset to South Africa in the FIFA Women's World Cup 2023. The 54th-ranked team in the world stunned Italy, ranked 16th by FIFA, with a 3-2 victory over the Italians in Wednesday's Group G finale. South Africa won with a stoppage-time goal by Thembi Kgatlana. South Africa was ecstatic as players screamed and danced and said thankful prayers in the hallway leading to their locker room. The Italians left in tears and were unable to explain the upset. "I really don't know," goalkeeper Francesca Durante said after the match. "I don't know what didn't work." Nearly every player took the blame for the early elimination, even Arianna Caruso, who scored both of Italy's goals. "I don't think I can find the right words at this moment," Caruso said. "I am not happy because we scored two goals and we didn't do anything." Italy's problems against Sou

Madrid, Rome shut down tourist places as temperature rises to 40 degrees

The high heat in the continent is a result of an anti-cyclonic high pressure system, named 'Cerberus' by the Italian Meteorological Society

China dispatches senior diplomat to Italy to persuade nation to stay in BRI

Beijing is trying to persuade Europe to take a less hawkish stance than the US, which has imposed a sweeping raft of export controls on China to curb its access to advanced technology

Inflation in Italy still exceeds eurozone level for 8th consecutive month

The last time prices rose at a higher rate in the eurozone than in Italy was in September 2022, when the rates were 9.9 per cent and 8.9 per cent, respectively

At least 79 dead after overcrowded migrant vessel sinks off Greece

A fishing boat crammed to the gunwales with migrants trying to reach Europe capsized and sank Wednesday off the coast of Greece, authorities said, leaving at least 79 dead and many more missing in one of the worst disasters of its kind this year. Coast guard, navy and merchant vessels and aircraft fanned out for a vast search-and-rescue operation set to continue overnight. It was unclear how many passengers were missing, but some initial reports suggested hundreds of people may have been aboard when the boat went down far from shore. An aerial photograph of the battered blue vessel released by the Greek coast guard showed scores of people covering practically every inch of deck. Greece's caretaker prime minister, Ioannis Sarmas, declared three days of national mourning, "with our thoughts on all the victims of the ruthless smugglers who exploit human unhappiness". Coast guard spokesman Nikos Alexiou told state ERT TV that it was impossible to accurately estimate the number of ...

Ex-Italian PM Silvio Berlusconi's death draws tributes, even from critics

Adored, scorned, impossible to ignore in life, former Italian Premier Silvio Berlusconi in death drew tributes even from his critics, and ever more lavish praise from admirers, including Russian President Vladimir Putin, as well as prayers from Pope Francis. Following word of Berlusconi's death on Monday in a Milan hospital, where he was being treated for chronic leukemia, reaction poured in from around the world, from national leaders to announcers who burst into tears on one of his television networks, for the populist three-time premier and media mogul. Here are some of the reactions: In a condolence telegram, Putin hailed Berlusconi as a patriarch of Italian politics and a true patriot who had improved Italy's standing on the world stage. I have always sincerely admired his wisdom, his ability to make balanced, far-sighted decisions even in the most difficult situations, Putin said in the telegram released by the Kremlin. During each of our meetings, I was literally charged wit

Silvio Berlusconi, scandal-scarred former Italian leader, dies at 86

Silvio Berlusconi, the boastful billionaire media mogul who was Italy's longest-serving premier despite scandals over his sex-fueled parties and allegations of corruption, died Monday, according to Italian media. He was 86. Berlusconi's Mediaset television network announced his death with a smiling photo of the man on its homepage and the headline: Berlusconi is dead. Berlusconi was hospitalised on Friday for the second time in months for treatment of chronic leukemia. He also suffered over the years from heart ailments, prostate cancer and was hospitalised for COVID-19 in 2020.

FIFA U-20 World Cup: Uruguay beat Italy 1-0 to lift their maiden trophy

Forward Luciano Rodriguez scored late as Uruguay secured their first Under-20 World Cup title with a 1-0 victory over Italy here.

Case against ex-Italian PM Conte over mismanagement of pandemic, dropped

In their defence, Conte and Speranza have always maintained of acting in accordance with the available scientific data and the opinions of experts

FIFA U20 WC: Italy see off Colombia to advance to 3rd successive semifinal

Jhojan Torres gave Colombia a lifeline with a superb curling effort from just outside Italy's penalty area, but it proved to be a mere consolation

Canal water in Venice turns fluorescent green; authorities launch probe

The verdant blob was first noticed around 9:30 a.m. CET and grew slowly, according to multiple images posted on social media

German airline Lufthansa signs deal to buy stake in Italy's ITA Airways

German airline Lufthansa on Thursday signed a deal with the Italian government for a minority share in the long-struggling ITA Airways, formerly Alitalia. Lufthansa's industrial plan calls for revenues of 2.5 billion euros (USD 2.68 billion) this year, growing to 4.1 billion euros in 2027, the Italian Finance Ministry said in a statement. No financial terms were disclosed. The cashflow will allow ITA airlines to expand its fleet from 71 aircraft to 94 in the next four years, the statement said. The airline also foresees new hires to expand the workforce to 5,500. Under the strategy, Rome's Fiumicino airport will become one of the Lufthansa Group's hubs, as ITA Airways focuses on long-range flights. Lufthansa CEO Carsten Spohr also identified Milan, Italy's business and finance hub, as having potential for growth. The deal must be approved by EU competition authorities. ITA Airways and its Alitalia predecessor have long been searching for an industrial partner as the Italian airlin

Italy's deadly floods example of climate change's all-or-nothing extremes

The floods that sent rivers of mud tearing through towns in Italy's northeast are another drenching dose of climate change's all-or-nothing weather extremes, something that has been happening around the globe, scientists say. The coastal region of Emilia-Romagna was struck twice, first by heavy rain two weeks ago on drought-parched ground that could not absorb it, causing rivers to overflow overnight, followed by this week's deluge that killed 14 and caused damages estimated in the billions of euros. In a changing climate, more rain is coming, but it's falling on fewer days in less useful and more dangerous downpours. The hard-hit Emilia-Romagna region was particularly vulnerable. Its location between the Apennine mountains and the Adriatic Sea trapped the weather system this week that dumped half the average annual amount of rain in 36 hours. "These are events that developed with persistence and are classified as rare,' Fabrizio Curcio, the head of Italy's Civil Protection Agency,

Italy's public debt crosses $3 trillion for first time: Bank of Italy

The Bank of Italy said that the country's public debt climbed above $3 trillion in the latest reporting period

Italy's antitrust watchdog probes Apple over competition in app market

Italy's antitrust authority is probing allegations that Apple is abusing its dominant position in the app market, thwarting competition, officials said on Thursday. The authority alleges that Apple's privacy policy for third-party developers is more restrictive than the one applied to its own apps, using language that discourages tracking. In addition, the antitrust authority alleges that outside developers also face restrictions in the quality of data provided by Apple regarding the effectiveness of advertising, impacting revenues in favour of Apple's own apps. The authority said the data is essential in outlining the appeal of the app to potential advertisers. The presumed discriminatory conduct by Apple can cause a drop in advertising proceeds by third-party developers, in favour of its own commercial division, as well as impeding competition on the Apple app market, it said. The technology company, based in Cupertino, California, did not immediately respond to a request for ..

Van explodes in central Milan, injuring 1, sending dark smoke over city

A van that was transporting oxygen tanks exploded in the centre of the Italian city of Milan on Thursday, forcing the evacuation of a nursery school and residential apartment buildings, Italian media reported. One person was reported injured. Images on Sky TG24 show a plume of dark smoke rising from a narrow street near Porta Romana in the heart of Italy's finance and fashion capital. Firefighters were responding to the flames, which spread to other vehicles and scorched the facade of one of the buildings, the news agency LaPresse reported. One person was reported to have suffered smoke inhalation. The children at the daycare were evacuated without incident, according to Sky. Witnesses reported a loud explosion at around 11:45 am.