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The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italy seeks U.S. help to unlock funding for Lukoil refinery, sources say
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

The survival of the ISAB plant in Sicily is under threat due to a European embargo on seaborne Russian oil coming into effect on Dec. 5. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers. Its creditor banks have been wary of dealing with a Russian entity because Lukoil is affected by international sanctions in the United States, but not in Europe. So far, however, there has been no positive response to Italy's request, one of the sources said. A cabinet meeting on Thursday will also discuss steps aimed at helping the ISAB plant, one of the sources said.

☆ Italy seeks new options for TIM with network bid seen on hold
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

The statement also reiterated that Rome was keen to secure control of TIM's network. A government source said Prime Minister Giorgia Meloni had put CDP's bid on hold. Marking a break with the past, Meloni on Friday entrusted the government's broadband strategy to Butti, who has openly criticised CDP's plans for TIM. Economy Minister Giancarlo Giorgetti this month said Butti's plans required extensive discussions within the government, which had "several options" to secure control of TIM's network. TIM, which is expected to hold a board meeting on Wednesday to discuss governance issues, had no immediate comment.

Such a plan met heavy reservations within Giorgia Meloni's new right-wing administration, which decided to put CDP's bid on hold on Monday night, two government officials told Reuters. TIM, which has been under pressure for years due to a hyper-competitive domestic market, had no immediate comment. Economy Minister Giancarlo Giorgetti this month said Butti's plans required extensive discussions within the government, which had "several options" to secure control of TIM's network. Butti, who has openly criticised CDP's plans for TIM, has called on the Treasury-owned lender to take over TIM in full to then sell its service operations, including its Brazil-listed unit. TIM is expected to hold a board meeting on Wednesday to discuss the appointment of a director to replace Renault boss Luca de Meo.

But key officials in Giorgia Meloni's right-wing government have expressed strong reservations about CDP's plans for TIM, making a non-binding bid from the state lender for the network unlikely, three sources told Reuters. Top government officials are expected to meet later on Monday to discuss plans for TIM, among other issues. Marking a break with the past, Meloni on Friday entrusted the government's broadband strategy to Cabinet Undersecretary Alessio Butti, who has openly criticised CDP's plans for TIM. Economy Minister Giancarlo Giorgetti last week reiterated that the government wants to win control of TIM's network which is deemed of strategic interest, adding such a goal can be reached in "several ways". Giorgetti also warned that Butti's plans for TIM needs to be extensively discussed within the government.

☆ Italy's govt has not clarified whether CDP will bid for TIM's grid - union official
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 28 (Reuters) - Italy's government has not clarified with unions whether state lender Cassa Depositi e Presitit (CDP) would submit a preliminary offer for Telecom Italia's (TLIT.MI) landline grid by a Nov. 30 deadline, a union official said on Monday. Maurizio Landini, head of the Italian CGIL union, was speaking after a meeting with the head of staff of new right-wing Prime Minister Giorgia Meloni. Rome was on Monday reviewing optionsfor the future of the former phone monopoly as uncertainty grew about the planned CDP bid, part of a broader plan to combine TIM's network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP's control. Reporting by Giuseppe FonteOur Standards: The Thomson Reuters Trust Principles.

☆ Italy applies 50% windfall tax on energy companies' extra income, draft shows
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Companies Eni SpA FollowEnel SpA FollowROME, Nov 28 (Reuters) - Italy plans to apply a 50% one-off windfall tax next year on income of energy companies that have benefited from the surge in oil and gas prices, a draft of the government's 2023 budget seen by Reuters showed. The levy has a rate equal to 50% of the part of 2022 corporate income which is at least 10% higher than the average income reported between 2018 and 2021. It has a ceiling equal to 25% of the value of net assets at the end of 2021. That version envisaged a 35% tax running from January until July 2023 and calculated on energy companies' profits, rather than income as in the latest draft. ($1 = 0.9637 euros)Reporting by Giuseppe Fonte, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Cabinet undersecretary Alessio Butti will now be in charge of the strategy, according to a decree on Friday seen by Reuters. Butti has been critical of the previous government's plan to cut TIM's 25 billion euro ($26 billion) debt pile by selling its landline grid. The sale is a key plank of CEO Pietro Labriola's strategy to break up and revamp the battered company. The multi-billion euro offer would be part of a broader project to merge TIM's network with smaller rival Open Fiber, which is controlled by CDP. Earlier this month Giorgetti warned that Butti's plans for TIM needs to be extensively discussed within the government.

☆ Italy PM empowers top aide Butti to oversee fast-broadband strategy - draft
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 25 (Reuters) - Italian Prime Minister Giorgia Meloni has given cabinet undersecretary Alessio Butti powers to oversee Rome's strategic policies to develop ultra-fast broadband networks, a government decree seen by Reuters showed on Friday. The multi-billion euro offer would be part of a broader plan to merge TIM's network with smaller rival Open Fiber, which is controlled by CDP. Butti criticised such a plan and called on CDP to take control of TIM as a way to pursue the goal of combining the former phone monopoly network assets with those of Open Fiber. TIM's top investor is French media company Vivendi (VIV.PA) with a 24% stake and the second largest is CDP with a 10% stake. Reporting by Elvira Pollina and Giuseppe Fonte; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Superyacht rentals, private jets and a soccer-themed hotel: Dubai is cashing in on the Qatar World Cup
▼ + stars: | 2022-11-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

A yacht that can be rented to watch the World Cup while sailing around Dubai is docked in Dubai harbor on November 1, 2022, ahead of the Qatar 2022 FIFA World Cup football tournament. Paul Griffiths, CEO of Dubai Airports, in August called Dubai "the major gateway" to the World Cup and predicted it would see more tourists than Qatar itself. Getty Images | A general view of the West Bay area ahead of the FIFA World Cup Qatar 2022 at on November 18, 2022 in Doha, Qatar. "Its tourism infrastructure and straightforward entry requirements make it a convenient base for World Cup fans." Dubai, meanwhile, as a city has more than 140,000 hotel rooms, according to hotel data firm STR.

One of the so-called policy "milestones" in Italy's pandemic Recovery Plan agreed with Brussels in return for around 200 billion euros ($208 billion) of EU funds was the introduction of sanctions for retailers who refuse to accept card payments. "The scheme is formally compliant with the EU-funded plan," Santoro said. The budget also raises a limit on cash payments to 5,000 euros from a previous limit of 1,000 euros from next year. Italy has so far obtained almost 67 billion euros of the roughly 200 billion euros of EU funds it is due through 2026. It is eligible for a further 19 billion euros at the end of this year provided it can complete the 55 targets and milestones set for the second half of 2022.

[1/5] Italian Prime Minister Giorgia Meloni speaks during a news conference to present her government's first budget in Rome, Italy, November 22, 2022. Meloni, a fiery conviction politician, has often spoken out against Italy's reliance on technocrats to solve its economic problems and lambasted alleged interference from "high international finance" and "Brussels bureaucrats". During the election campaign Meloni called in vain for her predecessor Mario Draghi to freeze the sale of a majority stake in ITA. PUSHBACKDeputy Economy and Finance Minister Maurizio Leo, an adviser to Meloni, had proposed splitting his ministry by hiving off the finance department responsible for tax matters. The head of the finance department, Fabrizia Lapecorella, has asked to move to another ministry, two sources said.

The complaint was met with skepticism by election authorities and other political figures who have recognized Lula's victory. The head of Brazil's Senate, Rodrigo Pacheco, said the election result was "unquestionable," while the center-right Brazilian Social Democratic Party (PSDB) called Bolsonaro's challenge "senseless." When the PSDB challenged the result of the 2014 presidential election, the investigation took one year and no irregularities were found. Vice President Hamilton Mourao, on a trip to Portugal, acknowledged on Wednesday that Bolsonaro's challenge was unlikely to succeed but said Brazil's electoral process needed more "transparency." Analyst Andre Cesar at Hold Legislativa consultancy said, however, that the challenge would provide ammunition for an ongoing protest movement of Bolsonaro's hardcore supporters.

☆ Italy to press ahead with plans to sell ITA despite MSC snub
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

ROME, Nov 22 (Reuters) - Italy's government will press ahead with plans to sell a majority stake in airline ITA Airways, the successor to Alitalia, Economy Minister Giancarlo Giorgetti said on Tuesday, after shipping group MSC dropped its interest. "We are open to anybody who wants to participate in the privatisation," Giorgetti told a news conference, adding ITA Airways's data room is "always open." Shipping group MSC, which had partnered with German airline Lufthansa (LHAG.DE) earlier this year to bid for ITA, said on Monday it was no longer interested in the transaction. On the other hand, a Lufthansa spokesman said last week that the German carrier was still interested in buying into ITA. The Treasury plans to privatise ITA through a direct sale while retaining a minority, non-controlling stake in the initial stage.

Enrico Letta said his centre-left Democratic Party would organise street protests on Dec. 17, while former Prime Minister Giuseppe Conte, leader of the left-leaning 5-Star Movement, called the cuts to the citizens' wage "inhuman." The budget allocates over 21 billion euros next year in tax breaks and bonuses to help firms and households pay electricity and gas bills. This comes on top of some 75 billion euros of similar measures approved this year. The curbs on the citizens' wage, which the rightist coalition says discourages people from seeking work, is particularly contentious. Meloni, who has always opposed the citizens' wage, insisted it was wrong "to put people who can work on the same level as those that can't."

☆ Italy govt officials to discuss plans for Telecom Italia on Tuesday
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

ROME, Nov 22 (Reuters) - Government officials will discuss plans for Telecom Italia (TIM) (TLIT.MI) later on Tuesday, Italy's economy minister said, responding to a question about the former phone monopoly's landline grid. Giorgetti was asked whether the new right-wing government backed Italian state lender CDP's plans to submit an offer for TIM's landline grid by the end of the month. CDP's multi-billion euro preliminary offer for TIM's landline grid is part of a plan to combine it with its broadband unit Open Fiber. The long awaited offer is expected to value TIM's landline grid and submarine cable unit Sparkle at between 15 and 18 billion euros including some 12 billion euros in debt, sources have previously said. Negotiations have been complicated by divergences on valuation, with TIM's top investor, French media conglomerate Vivendi (VIV.PA) demanding 31 billion euros to back a sale.

☆ Italy's Meloni to unveil budget with 30 bln euros to lift economy
▼ + stars: | 2022-11-21 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

Expansionary measures total more than 30 billion euros ($30.8 billion), with Rome planning to fund around 70% of the package by driving up next year's budget deficit to 4.5% of gross domestic product (GDP) from 3.4% forecast in September. Some 3 billion euros will come from a windfall tax on profits of energy companies that have benefited from the surge in oil and gas prices, the officials said. Further potential sources of funding are a tax on home deliveries to help shopkeepers hit by Amazon (AMZN.O), and a cut to the nine billion euros previously earmarked in 2023 for Italy's "citizens' wage" poverty relief scheme. SLOWING ECONOMYMeloni will spend more than 21 billion euros next year to help firms and households pay electricity and gas bills, the officials said. One of the most contentious measures in the budget is an amnesty on tax arrears of up to 1,000 euros stemming from before 2016.

☆ Italy names former Treasury official to head ITA Airways
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Remo CasilliROME, Nov 16 (Reuters) - The Italian economy ministry on Wednesday said it would appoint former Treasury official Antonino Turicchi as chairman of state-owned carrier ITA Airways, the successor to Alitalia. At ITA Airways, he will take the place of Alfredo Altavilla, who resigned earlier this month after a clash with several board members over strategy to complete the privatisation of the airline. The exclusivity period ended last month but talks over a potential sale agreement are continuing. Confirming a Reuters report on Tuesday, the Treasury said in a statement it would appoint Turicchi at an ITA Airways shareholders' meeting on Wednesday. Turicchi had recently been indicated by political sources as a potential candidate to replace Alessandro Rivera as director-general of the Treasury.

☆ Italy govt wants Telecom Italia network under state control
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 14 (Reuters) - Italy’s new government wants Telecom Italia's (TLIT.MI) network to be under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday. "We need the network to be under public control", Urso said at a business conference in Rome. Reporting by Elvira Pollina and Giuseppe Fonte, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Russian fighter jets can't control the air over Ukraine, and Russia's attack helicopters are paying for it
▼ + stars: | 2022-11-13 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

The toll has been especially high for Russia's Ka-52, one of its newest attack helicopters. Because it's been the most active, the Ka-52 also appears to be taking the most losses of Russia's helicopters. The AlligatorA Russian Ka-52 helicopter at the Dubai Airshow in November 2021. A wrecked Russian Ka-52 helicopter at Hostomel Airport near Kyiv in July. Russia's helicopters have changed tactics in response to Ukraine's successful use of shoulder-fired missiles and other air-defense systems, but Russian forces still need close air support.

☆ The president of a firm using AI technology to beat the S&P 500 over the last two years shares 8 stocks to buy that have outperformed during previous rate hike cycles
▼ + stars: | 2022-11-13 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

Toggle President Giuseppe Sette shared eight stocks to buy to outperform the rate hiking cycle. Inflation may have slightly cooled last month, but that doesn't mean the Federal Reserve is planning to stop its rate hiking program anytime soon. With the US economy still in the middle of a rate hiking cycle, where's the best place for investors to park their money right now? "It doesn't look like this is a market you want to be holding in, getting back to the single stocks," Sette added. Top 8 stocks to outperform a rate hiking cycleUsing Toggle's methodology, Sette shared eight stocks that have outperformed during a rate hiking cycle, with the current market conditions mirroring the environments in which these stocks have previously succeeded.

☆ Meloni hits back at France in migrants row
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 11 (Reuters) - Italian Prime Minister Giorgia Meloni hit back at France on Friday in a row over who should be responsible for taking in migrants rescued at sea. "I was struck by the aggressive reaction from the French government which from my point of view is incomprehensible and unjustified," Meloni told a news conference, adding that Italy could not be the only destination for migrants from Africa. The Ocean Viking NGO ship carrying over rescued 200 migrants docked at the southern French port of Toulon on Friday after being rejected by Italy, BFM TV reported. Reporting by Giuseppe Fonte, Angelo Amante and Alvise Armellini Writing by Keith Weir, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ European shares ease from eight-week highs as U.S. midterm results pour in
▼ + stars: | 2022-11-09 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 index (.STOXX) fell 0.6% by 0930 GMT, with the retail sector index (.SXRP) down 1.1%. Britain's Marks & Spencer (MKS.L) slipped 3.6%, down the most on the sector index, as it warned of a "gathering storm" of higher costs and pressure on household budgets. Among other stocks, Germany's Commerzbank shed 5.2%, weighing down the banks index by 0.9%. German speciality chemicals maker Lanxess (LXSG.DE) dropped 3.6% as it cut the top end of its forecast range for annual profit on weaker demand. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Uttaresh.V and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Antonio ParrinelloROME, Nov 8 (Reuters) - Italy's efforts to secure financing to keep an Italian oil refinery owned by Lukoil up and running despite new sanctions on Russia kicking in next month have hit obstacles, three people close to the matter said. Lukoil is not under sanctions, but ISAB suppliers and lenders had been wary of dealings with a Russian entity following the Ukraine conflict. A sale to non-Russian buyers would avert the closure of the ISAB plant, which directly employs some 1,000 workers. Lukoil could provide temporary funding for ISAB, based on the minutes of a ministerial meeting held on Oct. 17 to discuss ISAB financing. Rome is also considering buying a minority stake in the refinery to protect Italian interests, one of the sources said.

☆ Italy to scrutinise sale of Lukoil-owned refinery, minister says
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

The ISAB refinery accounts for around 20% of Italy's refinery capacity and directly employs 1,000 workers in one of Italy's poorer regions. Rome has special anti-takeover regulations or so-called "golden powers" to shield companies deemed of strategic importance from foreign interest. Marking a break with previous administrations, Prime Minister Mario Draghi's government has used golden powers to set conditions on scores of deals. Urso has recently said that Prime Minister Giorgia Meloni's administration would continue to use such a rules to preserve the country's national interest. Last month Italian authorities provided Lukoil with a "comfort letter" to help ISAB refinery get bank financing to buy non-Russian oil but lenders have not yet unlocked the much-needed funds.

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