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☆ TIM grid sale paves way for state-controlled network operator - minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo Acquire Licensing RightsROME, Nov 14 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) planned sale of its fixed-line network to U.S. fund KKR (KKR.N) boosts the prospects of creating a national grid operator under state control, Italy's industry minister said on Tuesday. "Prospectively, I think this [the deal] will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Minister Adolfo Urso said during an event in Rome. The 19-billion-euro deal ($20.4 billion) is backed by the administration of Prime Minister Giorgia Meloni, which authorised the Treasury to spend up to 2.2 billion euros to take a 20% stake in the network. ($1 = 0.9330 euros)Reporting by Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Yara, Adolfo Urso, Giorgia Meloni, Elvira Pollina, Federico Maccioni Organizations: REUTERS, Rights, Telecom, KKR, Treasury, Thomson Locations: Rome, Italy

☆ Italy's Banca Generali lifts NII target after Q3 profit beat
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 13 (Reuters) - Italian asset manager Banca Generali (BGN.MI) raised its annual net interest income (NII) forecast on Monday after its third-quarter profit jumped nearly 35%, excluding one-off expenses. The group, controlled by Italy's top insurer Generali (GASI.MI), sees NII of around 300 million euros ($320 million) in 2023, up from a previous guidance of 250-280 million, CEO Gian Maria Mossa said in a post-earnings call with analysts. The bank reported a net profit of 80.1 million euros in the three months through September, beating a company-provided consensus estimate of 78.9 million, driven by a strong increase in NII and higher net recurring fees. Quarterly NII came in at 76.6 million euros, up from 36 million in the same period last year, while recurring fees rose by 2.1% to 114.4 million euros over the same period. The group also said it would set aside 26.6 million euros as non-distributable reserves in lieu of paying the windfall tax on net interest income introduced by the Italian government.

Persons: Gian Maria Mossa, NII, Federica, Milla Nissi Organizations: Banca Generali, Thomson Locations: Italian

The EU's proposed "Euro 7" law would tighten limits on health-harming pollutants from combustion engine cars. The European Commission, which drafts new EU laws, has said the health benefits would far outweigh the costs. However, EU countries and lawmakers - which are in charge of negotiating the final law in the coming months - have each agreed to weaken the rules. Green lawmakers criticised the vote as a missed chance to reduce the roughly 70,000 premature deaths per year in Europe attributed to vehicle pollution. "The EU is missing the opportunity to be the future leader in green technology," Green EU lawmaker Bas Eickhout added.

Persons: Yves Herman, Alexandr Vondra, Bas Eickhout, Adolfo Urso, Kate Abnett, Alvise Armellini, Sharon Singleton Organizations: REUTERS, Rights, New, European Commission, Commission, Italy's Industry, EU, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, Union, Europe, Italy, Czech Republic

☆ Italy, France and Germany agree on launches of Ariane 6 and Vega-C
▼ + stars: | 2023-11-06 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

A worker of Ariane Group stands in front of a Ariane 6 rocket's Vulcain 2.1 engine, prior to the visit of French President Emmanuel Macron, in Vernon, France January 12, 2021. Christophe Ena/Pool via REUTERS/File Photo Acquire Licensing RightsROME, Nov 6 (Reuters) - Italy, France and Germany on Monday have reached a deal underpinning future launches of the delayed Ariane 6 and Avio's (AVI.MI) smaller Vega-C rockets, Italy's industry minister said. The smaller Vega-C has been grounded since Dec. 22 after a failed launch. Italy has been campaigning for the rocket to be marketed separately from ArianeGroup subsidiary Arianespace, which currently sells and operates all major European launches. The three-way agreement was signed during a European Space Agency (ESA) ministerial meeting in Seville, Spain.

Persons: Emmanuel Macron, Christophe Ena, Safran, Urso, Arianespace, Josef Aschbacher, Giuseppe Fonte, Cristina Carlevaro, Federico Maccioni, Tim Hepher Organizations: Ariane, Rights, Airbus, Space Agency, ESA, Soyuz, Thomson Locations: Vernon, France, Italy, Germany, Europe, Vega, Milan, Avio, Seville, Spain, Ukraine

☆ Italy backs calls for tech firms to help fund EU telecoms networks
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 24 (Reuters) - Italy broadly supports proposals at European Union level to ensure that Big Tech firms partly finance telecoms infrastructure in the bloc, Industry Minister Adolfo Urso said in a statement on Tuesday. "All market players benefiting from the digital transformation must contribute fairly and proportionately to infrastructure costs," Urso said, intervening at an EU telecoms minister meeting in Leon, Spain. However, before introducing any legislation, the EU must carefully assess whether and to what extent network infrastructure is effectively overloaded by content and services generated by Big Tech firms, Urso added. Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Telecom Italia (TIM) (TLIT.MI) term it fair-share funding, while Big Tech says it amounts to an internet tax. "Italy believes the EU Commission should carry out further assessment and more time is needed to evaluate the extent of the impact of traffic generated on the network infrastructure" Urso said.

Persons: Adolfo Urso, Urso, Thierry Breton, Giuseppe Fonte, Elvira Pollina, Keith Weir Organizations: European Union, Big Tech, Industry, Google, Facebook, Netflix, Microsoft, Deutsche Telekom, Telefonica, Telecom Italia, France Telecom, Reuters, Thomson Locations: Italy, Leon, Spain, Orange

☆ Italy remains open to investment by Intel, rival chipmakers - minister
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsROME, Oct 19 (Reuters) - Italy remains open to a possible investment by Intel (INTC.O) in the country and would also welcome other chip makers, Industry Minister Adolfo Urso said on Wednesday. The minister said Italy had offered a state contribution to facilitate the Intel investment and the U.S. company had not asked for more. Intel last year announced it aimed to build an advanced packaging and assembly chip factory in Italy as part of a wider long-term investment plan to expand capacity across Europe. Reporting by Giuseppe Fonte Writing by Keith Weir, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Adolfo Urso, Giuseppe Fonte, Keith Weir, Alvise Organizations: REUTERS, Rights, Intel, Industry, U.S ., Thomson Locations: Italy, U.S, Europe

Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. Rome sees the French incentive framework as "reasonable", one of the sources said, adding the government was studying such an option. European Union competition rules do not allow countries to favour local producers. Paris has said criteria it adopted are compliant with WTO rules because exemptions are allowed for health and environmental reasons. Talks, which are expected to go on until the end of this year, include new incentive schemes in Italy.

Persons: Aly, Adolfo Urso, Giuseppe Fonte, Gilles Guillaume, Parisand Giulio Piovaccari, Giulio Piovaccari, Keith Weir Organizations: Auto, REUTERS, Reuters, European Union, Fiat, Industry, Thomson Locations: Auto Shanghai, Shanghai, China, Italy, France, Europe, Rome, Paris, Milan

☆ EU ministers weaken position on vehicle emissions
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. The European Union has progressively tightened road vehicle emission limits since 1992. Spain, which holds the rotating presidency of the European Union, presented a compromise text agreed by the Council of the European Union, the grouping of EU ministers. The EU countries agreed not to change the existing "Euro 6" test conditions and emissions limits for cars and vans, although they will be lower for buses and heavy vehicles. They also accepted new particle emissions limits for brakes and tyres.

Persons: Phil Noble, Hernández, Adolfo Urso, Roberto Vavassori, Sudip Kar, Alvise Armellini, Giulio Piovaccari, Philip Blenkinsop, Hugh Lawson, Barbara Lewis Organizations: REUTERS, Rights, Union, European Union, of, The, European Commission, EU, Italian Industry, Ferrari, Lamborghini, Maserati, Thomson Locations: Manchester, Britain, Rights BRUSSELS, France, Italy, Czech Republic, Spain

[1/2] Grape leaves damaged by fungus favoured by a combination of drought followed by torrential spring rain are pictured in San Paolo di Civitate, Italy July 18, 2023. That means Italy is set to lose its position as the world's top wine producer to France, which had ceded the crown nine years ago. "Early in May we realised there would be no harvest, we cultivate organically and experienced the (fungus) attack sooner," he told Reuters. Italian output is forecast to fall to below 44 million hectolitres this year, according to the wine lobbies and ISMEA, from 50 million last year. Thanks to heavy rains and humidity, the fungus was able to attack the vines during these vulnerable periods, he added.

Persons: San Paolo di Civitate, Romolo, DI CIVITATE, Paolo Niro, di Civitate, Plasmopara, Andrea Luvisi, Niro, Fazil Dusunceli, Dusunceli, Gavin Jones, Susan Fenton Organizations: REUTERS, DI, Reuters, University of Salento, United Nations Food, Agriculture Organisation, FAO, Thomson Locations: San Paolo, Italy, France, Americas, Abruzzo, Molise, Puglia, San, Rome

☆ Nothing to toast as Italy loses wine-making leadership to France
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsROME, Sept 12 (Reuters) - Wine output in Italy looks set to fall 12% this year to below 44 million hectolitres after extreme weather and fungal diseases severely hit vineyards, Italian wine lobbies UIV and Assoenologi said on Tuesday. The tumble means Italy will lose its position as the world's largest wine producer, with France set to reclaim the number one spot for the first time in nine years. In a joint statement with food and agriculture institute ISMEA, the lobbies said that northern Italian regions were set to register a small 0.8% growth in output. "From the 2023 harvest we will certainly obtain good quality wines, with peaks of excellence," he said. Reporting by Federica Urso and Romolo Tosiani editing by Federico Maccioni/Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Zingarelli, Jennifer Lorenzini, Assoenologi, grapevines, Riccardo Cotarella, Livio Proietti, Federica Urso, Federico Maccioni, Keith Weir Organizations: REUTERS, Rights, Thomson Locations: Chianti, Greve, Italy, France

The "Made in Italy" fund, which was approved in May, will have an initial endowment of 700 million euros ($756 million) in 2023 and an additional 300 million next year in state cash. Saudi Arabia will focus on energy, sustainability, supply chains and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said at the same event. Italian exports to Saudi Arabia totalled just over 4 billion euros in 2022, much from manufacturing, while imports totalled more than 7.4 billion euros, the bulk from oil products. Also at the Milan event, leading Italian energy company Eni (ENI.MI) and Saudi Acwa Power (2082.SE) agreed to jointly develop a green hydrogen project in the Middle East and Africa. Saudi Arabia has a well advanced project dubbed NEOM to produce green hydrogen at home while Italy so far has not developed yet any plan to produce it in significant quantity.

Persons: Adolfo Urso, Giorgia Meloni, Meloni, shrugging, Urso, Khalid al, Falih, Power, De Nora, Giuseppe Fonte, Keith Weir, Angus MacSwan, Alexander Smith Organizations: Energy, Italy's Industry, Reuters, Italy's, Investment, European Union, EU, Saudi, Eni, Saudi Acwa, Thomson Locations: Italy, MILAN, Saudi Arabia, Saudi, Rome, Riyadh, Milan, Kingdom, Meloni, East, North Africa, Russia, Africa

☆ Closure of Mont Blanc tunnel between Italy and France postponed
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

An aerial view shows the French-side entrance to the Mont Blanc road tunnel which links France and Italy beneath the Alps December 17, 2013. The 11.6 kilometre Mont Blanc tunnel had been due to close from next Monday for 15 weeks for works to be carried out. The closure of the Mont Blanc tunnel would be delayed for a few days at least, Beaune added. A decision on the rescheduling of the Mont Blanc tunnel work is expected next week. The Mont Blanc and Frejus tunnels are key to Italy's exports to France, and there were concerns that their double closure would come at heavy economic cost.

Persons: Mont, Robert Pratta, Matteo Salvini, Federica Urso, Armellini, Jean, Stephane Brosse, Keith Weir Organizations: REUTERS, Rights, Thomson Locations: Mont Blanc, France, Italy, Beaune, Frejus, Italian, Mont, Rome, Paris

☆ Milan records hottest day since 1763
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] People use umbrellas to hide from the sun, as they queue to enter the Milan's Duomo Cathedral, during a heatwave, in Milan, Italy, August 21, 2023. It was the hottest day since the Milano Brera weather station started recording temperatures in 1763. ARPA statement that Aug. 23 and 24 have been the hottest days of the summer across the whole of the Lombardy region which surrounds Milan, with several towns registering peak temperatures above 40 C.It added that "intense and abnormal" temperatures also hit the Italian Alps. The heatwave is about to end though, the agency said, giving way to heavy thunderstorms and a sharp drop in temperatures of up to 10-15 C early next week. Reporting by Federica Urso, editing by Gavin Jones and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Claudia Greco, Federica Urso, Gavin Jones, Emelia Organizations: Cathedral, REUTERS, Rights, Milano, ARPA, Thomson Locations: Milan, Italy, Milano Brera, Rome, Europe, Lombardy, Italian

☆ ECB to write to Italy raising objections over windfall tax on banks - press
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

The building of the European Central Bank (ECB) is seen amid a fog before the monthly news conference following the ECB's monetary policy meeting in Frankfurt, Germany December 15, 2022. REUTERS/Wolfgang Rattay Acquire Licensing RightsROME, Aug 18 (Reuters) - The European Central Bank (ECB) is preparing to send a letter to Italy raising objections about the government's windfall tax on banks' profits, the Corriere della Sera daily wrote on Friday. The letter will criticize the fact Rome announced the tax last week without previously informing either the Bank of Italy or the ECB as it is supposed to do under EU rules, the newspaper wrote, without citing sources. The tax risks weakening Italy's banks and its economy in general, the ECB will say in the letter to be sent within "a couple of weeks" at the latest, the article said. Reporting by Stefano Bernabei, writing by Federica Urso, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Wolfgang Rattay, Rome, Stefano Bernabei, Federica Urso, Gavin Jones Organizations: European Central Bank, REUTERS, Rights, della Sera, Bank of Italy, ECB, EU, Thomson Locations: Frankfurt, Germany, Italy

ROME, Aug 9 (Reuters) - Italian authorities on Wednesday said forty-one migrants are thought to have died in a shipwreck last week in the central Mediterranean, according to accounts by survivors who have been taken to the island of Lampedusa. Local public prosecutor Salvatore Vella confirmed media reports that four people who survived the shipwreck told rescuers they were on a boat carrying 45 people, including three children. They were then transferred onto an Italian coast guard vessel and disembarked in Lampedusa, where they shared their story. The Italian coast guard did not respond to a request for comment. A source with knowledge of the matter said it was unlikely that the shipwreck experienced by the survivors was one of two the coast guard had reported on Sunday.

Persons: Salvatore Vella, Tunisia's, Vella, Federico Maccioni, Federica, Keith Weir, Crispian Balmer, Alexandra Hudson Organizations: Watch, Alexandra Hudson Our, Thomson Locations: Lampedusa . Local, Italian, Lampedusa, Sfax, Italy, Europe

☆ Italian bank shares slide after government surprises with windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Italian banking shares took a beating on Tuesday morning after Italy's cabinet approved a 40% windfall tax on lenders' profits in 2023. As of around 9:45 a.m. in Rome, BPER Banca shares had plunged 8% and Intesa Sanpaolo was down 7%, while Banco BPM, UniCredit and Finecobank all dropped more than 6%. The one-off tax on extra profits will be equal to around 19% of banks' net profits for the year, analysts at Citi estimated based on currently available data. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares. Banks are required to pay the tax within six months after the end of the financial year.

Persons: Carlo Nordio, Adolfo Urso, Matteo Salvini, Francesco Lollobrigida, Orazio Schillaci, Palazzo Chigi, Sanpaolo, Salvini, Azzurra Guelfi, Banks Organizations: Enterprise, Transport, Agriculture, Health, Palazzo, Ministers, BPER Banca, Banco, European, Citi, Citi Equity Research, UCI Locations: Italy, Rome

☆ Heatwave caused higher than normal death rate in southern Italy
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

A homeless woman who did not want to give her name takes shade from the sun with an umbrella as she sits near Termini train station during a heatwave across Italy in Rome, Italy July 21, 2023. REUTERS/Guglielmo Mangiapane/File photoROME, Aug 7 (Reuters) - The central and southern regions of Italy recorded 7% more deaths than normal in July after a baking heatwave, health ministry data showed, while firefighters on Monday battled fires on Sardinia and hailstones and floods battered the northeast. In its latest monthly data, Italy's ministry of health noted the effects of extreme temperatures on the country's mortality rate in July compared to the average rate recorded in the same period from 2015 to 2019. The increased mortality rate was particularly evident in southern cities such as Bari, Catania, and Reggio Calabria. On the contrary, the mortality rate in cities in the north of the country, which was less exposed to the heatwave, was lower than expected, down 14% on the past trend.

Persons: Guglielmo Mangiapane, Federica, Keith Weir, Sharon Singleton Organizations: REUTERS, Monday, Friuli Venezia Giulia, hailstones, Sunday, Firefighters, Thomson Locations: Italy, Rome, ROME, Sardinia, hailstones, Europe, Bari, Catania, Reggio Calabria, Nuoro, Cagliari, Friuli, Slovenia

☆ Italy's cabinet lines up measures to tackle taxi shortage
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

People go on board of a taxi at Termini central station in Rome, Italy, July 17, 2023. REUTERS/Remo Casilli/file photoROME, Aug 4 (Reuters) - Italy's government is set to issue more taxi licences as it moves to tackle a cab shortage that has irked tourists and residents across its biggest cities, a draft decree seen by Reuters showed on Friday. Industry Minister Adolfo Urso said in a statement the decree would pave the way to significant reform of the sector. Earlier this week, Italy's antitrust watchdog said it had started gathering information on the malfunctioning taxi services, stressing issues such as waiting times, acceptance of card payments and the correct use of taxi meters. Reporting by Elvira Pollina; writing by Angelo Amante Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Remo Casilli, Adolfo Urso, Urso, Elvira Pollina, Angelo Amante, Keith Weir Organizations: REUTERS, Reuters, Industry, Milan, Cortina, Thomson Locations: Rome, Italy, London, Paris

☆ Ukrainian pilots are now using US-made rockets on Soviet-designed helicopter gunships
▼ + stars: | 2023-08-03 | by ( Stefano D'Urso | The Aviationist | ) www.businessinsider.com time to read: +2 min

A recent video shows a Ukrainian attack helicopter using US-made 70 mm Hydra rockets. The rockets appear to be being used in an adapted M261 rocket pod on the wing of a Mi-24V. In fact, a video emerged on social medias showing an aircrew loading the US-made 70 mm rockets in an adapted M261 rocket pod under the stub wing of a Mi-24V. The Hydra 70 mm rocket and the 19-shot M261 rocket pod are apparently replacing the S-8 80 mm rocket and the 20-shot B-8V20 rocket pod usually seen under on Ukrainian Mi-24s. Apart for the pylon adapter installed on the pod, we don't know if other modifications were required to employ the new unguided rockets.

Persons: Hinds, LAU Organizations: Service, Soviet, Rotary Wing Locations: Ukrainian, Ukraine, Wall, Silicon, Czech Republic

☆ Italy scales back plans to control prices of essential goods
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

ROME, Aug 3 (Reuters) - Italy has scaled back its anti-inflation plans after producers refused to submit to a deal with supermarket chains to control prices of consumer staples, three people familiar with the talks said on Thursday. The accord was supposed to deliver a "decisive blow" to inflation, Industry Minister Adolfo Urso said on Monday. But the people said on Thursday the government had not managed to get support from industry associations and so the supermarkets did not intend to endorse the plan. Seen by Reuters, the statement acknowledges that the industry associations have so far not been willing to sign off on any deal. Urso will chair a video call on Friday at 0730 GMT to ratify the joint declaration, one of the sources said.

Persons: Adolfo Urso, Urso, Giorgia Meloni, Giuseppe Fonte, Tomasz Janowski, Andrew Heavens Organizations: Industry, Reuters, Thomson Locations: Italy

☆ UNESCO recommends adding Venice to list of world heritage sites in danger
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Gondoliers row their gondolas through the Venice Canal as the city prepares for the Redentore Festival celebrations in Venice, Italy, July 15, 2023. REUTERS/Manuel Silvestri/File PhotoJuly 31 (Reuters) - UNESCO experts have recommended that Venice and its lagoon be added to its list of World Heritage in Danger as Italy is not doing enough to protect the city from the impact of climate change and mass tourism. UNESCO World Heritage Centre experts regularly review the state of the UN cultural agency's 1,157 World Heritage sites, and at a meeting in Riyadh in September, a committee of 21 UNESCO member states will review more than 200 sites and decide which to add to the danger list. Other sites recommended to be put on the danger list this year are the cities of Kyiv and Lviv in Ukraine. A spokesperson for the Venice municipality told Reuters the city "will carefully read the proposed decision published today by the Center for UNESCO's World Heritage Committee and will discuss it with the government".

Persons: Manuel Silvestri, Geert De Clercq, Augustin Turpin, Federica Urso, Leslie Adler Organizations: REUTERS, UNESCO, Heritage Centre, UN, Reuters, Center, World Heritage, Thomson Locations: Venice, Italy, Danger, Riyadh, Odessa, Ukraine, Timbuktu, Mali, Syria, Iraq, Libya, Kyiv, Lviv, Paris, Rome

☆ Stellantis wants Italy government support to hit million model mark
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Companies Stellantis NV FollowMILAN, July 26 (Reuters) - Stellantis CEO Carlos Tavares said a production target of one million vehicles in Italy it is discussing with Rome was well within reach but it could not be a one-sided commitment and the government must support it. "We are not afraid of the one million mark," Tavares told reporters in a post-earnings roundtable. According to some forecasts its output in Italy will likely rise to over 800,000 units this year. Fiat Chrysler, which merged with France's PSA in early 2021 to create Stellantis, last produced over one million vehicles in Italy back in 2017. Reporting by Giulio Piovaccari Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Tavares, Rome, Tavares, Adolfo Urso, Alfa Romeo, Giulio Piovaccari, Keith Weir Organizations: Italy's Industry, Fiat, Alfa, Fiat Chrysler, France's PSA, Thomson Locations: Italy, Rome

☆ Italy's doValue spells out cost savings from AI adoption
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

ROME, July 20 (Reuters) - Italy's biggest debt recovery firm doValue (DOVA.MI) expects the use of artificial intelligence (AI) in its non-performing loans (NPLs) repayment business to reduce its servicing costs by between 8% and 11% from next year. Exploiting AI will also increase by 4% the annual NPL recovery rate per asset manager, the group said in a statement on Thursday. Its new AI solution will be implemented in Spain in the third quarter of the year and in the rest of the group by the end of 2023, doValue told Reuters in an emailed comment. DoValue also said it had already fully implemented in Italy a search engine based on text mining which will save the company 35-40% of the time needed to recover soured loans. The firm manages about 120 billion euros of assets under management across Italy, Spain, Portugal, Greece and Cyprus.

Persons: doValue, DoValue, Federica Urso, Keith Weir Organizations: Reuters, Thomson Locations: Spain, Italy, Portugal, Greece, Cyprus

☆ Italy's antitrust investigates inflated prices for Colosseum tickets
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

ROME, July 18 (Reuters) - Italy's antitrust authorities are going into combat over Rome's Colosseum, opening an investigation into ticketing operations that have seen tourists paying inflated prices to visit the ancient Roman arena where gladiators once fought. The antitrust authority said tickets were being bought "en masse through the use of automated purchasing systems". A ticket normally costs 18 euros ($20) but the official website on Tuesday showed there were just three places left until Aug. 7. Carlo Rienzi, the head of consumers rights body Codacons, said "secondary ticketing" was costing Italy millions of euros. "We ask the government to introduce new provisions capable not only of blocking secondary ticketing, but also of imposing very heavy penalties on those sites," Rienzi said in a statement.

Persons: Carlo Rienzi, Codacons, Rienzi, Federica Urso, Elvira Pollina, Crispian Balmer, Angus MacSwan Organizations: Thomson

Zuppi will meet Biden on Tuesday at the White House where they will discuss the suffering caused by the war, humanitarian aid and "the Papal See’s focus on repatriating Ukrainian children forcibly deported by Russian officials," the White House said. The Kyiv government estimates nearly 19,500 children have been taken to Russia or Russian-occupied Crimea since February 2022, in what it condemns as illegal deportations. The International Criminal Court (ICC) in March issued an arrest warrant for Russian President Vladimir Putin, accusing him of the war crime of illegally deporting hundreds of children from Ukraine. Earlier in June, he visited Kyiv and met with Ukrainian President Volodymyr Zelenskiy. The plan calls for restoring Ukraine's territorial integrity, the withdrawal of Russian troops and cessation of hostilities, and the restoration of Ukraine's state borders.

Persons: Cardinal Matteo Zuppi, Pope Francis, Joe Biden, Zuppi, Biden, Vladimir Putin, Grigory Karasin, Francis ., Kirill, Russia's, Maria Lvova, Volodymyr Zelenskiy, Zelenskiy, Philip Pullella, Costas Pitas, Federica Urso, Grant McCool Organizations: CITY, U.S, White, Criminal Court, ICC, Federation Council, Church, Thomson Locations: Ukraine, Russia, Washington, Crimea, Kherson, Russian, Ukraine's, Zuppi, Moscow, Kyiv

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