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She told reporters she would spend more than nine billion euros on an anti-inflation package in a decree next week. The government raised Italy's GDP growth forecast for this year to 3.7% from 3.3% on the back of stronger expected expansion in the third quarter, while leaving the 2023 forecast unchanged at 0.6%. RECORD INFLATIONThe Treasury's targets will form the framework for the 2023 budget that Meloni will present to parliament this month for approval by the end of the year. Public finances this year have gone better than forecast, with value added tax revenues and excise duties boosted by inflation and surging energy prices. Giorgetti said Italy's public debt, proportionally the highest in the euro zone after Greece's, will fall steadily from the 150.3% of GDP level registered in 2021 to 141.2% in 2025.

Labriola met Meloni's chief of staff Gaetano Caputi at the prime minister's office in Rome, the sources said, without providing further details. Under the potential deal, CDP, which owns a 10% stake in TIM, would merge TIM's infrastructure with that of smaller rival Open Fiber to create a national network champion under its control. Butti's appointment as cabinet undersecretary has sparked speculation over a potential bid, pushing TIM's shares to a two-month high on Wednesday. TIM's board is also expected to kick-off the process to select a minority partner for its enterprise service arm. It could use these to stop any deal for TIM's assets.

BRUSSELS, Nov 2 (Reuters) - Italy is attempting to weaken a pledge 10 European governments intend to make on Thursday to stop export credit support for fossil fuel projects, according to draft documents and sources familiar with the matter. A group of ministers plan to make a joint statement on Thursday committing to end public trade and export finance support for overseas fossil fuel projects by the end of 2022. Three sources familiar with the discussions told Reuters Italy had asked to remove the list specifying which fossil fuel activities would lose such support. That report said no new fossil fuel extraction projects can be developed if the world is to limit global warming to 1.5 Celsius above pre-industrial levels. An Export Finance for Future report in May said the 10 countries involved had committed 29.8 billion euros ($29.50 billion) in export credit support for fossil fuel projects from 2015-2020.

☆ Khvicha Kvaratskhelia: Napoli’s Georgian sensation billed ‘Kvaradona’
▼ + stars: | 2022-11-01 | by ( Ben Morse | ) edition.cnn.com time to read: +11 min

But none have been more famous – or loved by Napoli fans – than Diego Maradona. “I have a video of Napoli fans chanting the names of the players before the game against Liverpool. “But Kvaratskhelia is shrugging defenders off the ball.”According to Badalashvili, the reciprocated love Kvaratskhelia and the Napoli fans have for one another is what jumps out to him most. His surname is already ‘Kvaradona.’ Napoli fans gave him the nickname ‘Kvaradona.’ And when I spoke with Napoli fans, they said when they see Kvara, they see Maradona.”Kvaratskhelia attempts a shot against Rangers in the Champions League. In the cities in Georgia, you will see very many people in shirts of Kvara: either Napoli shirts or Georgian national team.

ROME, Oct 31 (Reuters) - Italy's new government on Monday delayed the application of a justice reform required to obtain European post-pandemic funds and scrapped a COVID-19 vaccine mandate for health workers. Both moves mark discontinuity from the previous administration of Mario Draghi, who imposed tough COVID curbs and pushed through the contested justice reform aimed at speeding up Italy's slow judicial proceedings. Speaking at a news conference after cabinet approved the measures, Meloni accused her predecessors, Draghi and Giuseppe Conte, of taking an "ideological" approach to COVID and said she would do things differently. It would have been hard to start in a worse way," said Enrico Letta, head of the centre-left Democratic Party. The decision to delay the reform, which Meloni said was taken at the request of all Italy's prosecutors' offices, sparked criticism from the opposition, lawyers, and experts.

Gross domestic product grew by 0.5% in the third quarter from the second and 2.6% year on year, national statistics bureau ISTAT said. Both preliminary readings were around half a percentage point higher than expected in Reuters survey of analysts, while the Treasury had said last month it expected a third quarter contraction. The government plans to raise next year's budget deficit to 4.5% of GDP, up from the 3.4% projected last month under current trends, a senior official said. Italian inflation hit 12.8% in October, the highest level since the country's EU-harmonised index was launched in 1996. Full year growth this year will come in at 3.7%, Federico forecast, above Rome's official 3.3% target.

☆ Giorgia Meloni, Italy's prime minister, says: 'Don't call me Mr.'
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 28 (Reuters) - Italian Prime Minister Giorgia Meloni said on Friday she did not want to be called "mister", backtracking on a government circular that said this would be her official title. A statement issued by Meloni's office said that although the "mister president" title had been advised as the most suitable by the government's protocol experts, she did not want to use it so it should be ignored. Before Meloni's second thoughts, the government circular went a step further, declaring her official title should also include "Signor", or Mister. "The title to be used is ... Mr President of the Council of Ministers," said the circular issued by her office and distributed to all government ministries. While Meloni's rise to power shattered a glass ceiling for Italy's women politicians, she is not known as a feminist.

Lukoil's ISAB refinery in Sicily stands to be hit by an embargo on seaborne Russian oil that comes into force on Dec. 5, putting at risk jobs in Italy's poorer south and the country's refining capacity. Although Lukoil is not affected by the sanctions, the ISAB plant has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees the refinery needs to buy oil from alternative suppliers. The sources said the government was trying to find ways to ensure the plant can receive financing from lenders and remain operational. The goal is to allow ISAB to buy elsewhere the oil it needs, two of the sources said. A sale to non-Russian buyers would avert the closure of the ISAB plant, which accounts for around 20% of Italian refining capacity and directly employs some 1,000 workers.

☆ Italian auto groups view 8.4% pay hike request as too high, union says
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 26 (Reuters) - Four auto groups believe pay increase requests proposed by Italian unions, including a 8.4% annual rise for next year, is too high, the UILM union said on Wednesday as talks got underway. The FIM-CISL, UILM, Fismic, UGLM and AQCF unions also requested wage increases of 4.5% for 2024 and 2.5% for 2025 to help workers recover purchasing power lost due to a Europe-wide spike in consumer price inflation. He added Stellantis considered the new contract it is discussing with unions a "valuable tool" to achieve its competitiveness ambitions in Italy. Unions and the companies have scheduled seven more meetings to be held between mid-November and mid-December. Reporting by Giulio Piovaccari Editing by Cristina Carlevaro, Mark Potter and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Earnings from the companies will offer a glimpse into how corporate America is holding up in the face of decades-high inflation and tighter financial conditions. "There is a positive view (on technology earnings)," said Giuseppe Sette, president of AI investment platform Toggle. FEDWATCHToggle's Sette noted that it is not yet a done deal that investors are shifting towards a more dovish Fed. Advancing issues outnumbered decliners by a 5.16-to-1 ratio on the NYSE and by a 4.03-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and one new low, while the Nasdaq recorded 41 new highs and 76 new lows.

Earnings reports from companies including Microsoft (MSFT.O) and Google-owner Alphabet (GOOGL.O) will offer further clues on the strength of corporate America amid higher Treasury yields and an aggressive Federal Reserve tightening cycle. Shares of the two companies, which report after market close, were up about 0.2% each in premarket trading. Register now for FREE unlimited access to Reuters.com Register"There is a positive view (on technology earnings)," said Giuseppe Sette, president of AI investment platform Toggle. Leading premarket gains among Dow components, Coca-Cola Co (KO.N) rose 2.4% after the company raised its annual revenue and profit forecasts, banking on steady demand amid price increases. 3M (MMM.N), on the other hand, fell 2.8% as it cut its full-year revenue and profit forecasts due to a stronger dollar.

"Anyone who believes it is possible to trade Ukraine's freedom for our peace of mind is mistaken," Meloni said. The government is Italy's most right-wing administration since World War Two and former close ties between Moscow and both Berlusconi and Salvini have raised concerns over its foreign policy. Italy's Prime Minister Giorgia Meloni, Deputy Prime Minister and Infrastructure Minister Matteo Salvini and Foreign Minister Antonio Tajani attend the lower house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 25, 2022. Meloni's supporters gave her a standing ovation after her 70-minute speech, with some chanting: "Giorgia, Giorgia". A similar ballot is expected in the upper house Senate on Wednesday, where Meloni also enjoys a clear majority.

☆ Italy's far-right leader Giorgia Meloni forms new government
▼ + stars: | 2022-10-21 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

A presidential palace official announced that Ms Meloni and her Cabinet would be sworn in on Saturday. Meloni’s Brothers of Italy, a party with neo-fascist roots, secured the most votes in Italy’s national election last month. Meloni made no public comments before leaving the Quirinal presidential palace. Giorgia Meloni, center, leaves the Quirinale Presidential Palace in Rome on Friday. Berlusconi and Salvini are long-time admirers of Russian President Vladimir Putin; Meloni staunchly backs Ukraine in its defence against the Russian invasion.

"When you run a business, if you keep hearing on the news that gas supplies are at risk, you've got to do something. It's not like you can start screaming and stamping your foot when they actually do halt flows for two hours a day," Checchi told Reuters. Higher prices contributed to the 16.2% rise in manufacturing turnover Italy reported in July on a calendar adjusted basis, but volumes also increased by 1.7%. "We invested 10 million euros to build two cogeneration plants and save 4 million euros this year," he said, adding Italcer saved another million by reducing the tiles' thickness to 8.5 from 10 millimetres. Italian business lobby Confindustria has warned of an "economic earthquake", saying the new government will struggle to offset the hit from energy prices on firms like Draghi managed to do without hurting Italy's fragile public finances.

☆ Low-key 'fixer' Giorgetti named Italy's economy minister
▼ + stars: | 2022-10-21 | by ( Gavin Jones | ) www.reuters.com time to read: +6 min

read moreTim Jones, euro zone analyst for market consultancy firm Medley Advisors, said "long-time League fixer" Giorgetti was a better fit. I don't know if I'd be able to be economy minister." As industry minister, he helped block a number of Chinese takeover bids in strategic sectors of Italy's economy. "He backed Maroni when he got rid of Bossi, he backed Salvini when he got rid of Maroni and then he backed Draghi who undermined Salvini," said the source, asking not to be named. Tellingly, when Meloni proposed Giorgetti as economy minister, Salvini said he should be counted as an external figure, rather than part of the League's quota of ministers, a party source said.

☆ Italy OKs process to grant state guarantees for Enel credit facility - source
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowMILAN, Oct 19 (Reuters) - Italy's Treasury has given a preliminary go-ahead to a request by utility Enel (ENEI.MI) to tap state guarantees for an up to 16 billion euro ($16 billion) credit facility provided by a pool of banks, a source with knowledge of the matter said. The preliminary green light from the ministry sets in motion a process that entails numerous approval steps and stretches over several weeks. Register now for FREE unlimited access to Reuters.com RegisterUnder the process, the boards of the banks in the pool will need to approve the credit facility. Italian state exports credit agency SACE will need to clear the guarantees which will then need a final green light from the ministry itself. Europe's biggest utility has asked to tap a state guarantee scheme Rome has designed to help domestic companies hit by surging energy prices.

The entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, in Siena, Italy, August 11, 2021. Rome failed to meet an initial EU deadline when talks to sell MPS to UniCredit (CRDI.MI) collapsed a year ago. One of the sources said UniCredit and Banco BPM are still seen in Rome as the best options for MPS. Investor commitments cover more than half of the up to 900 million euro portion of MPS's share sale that will not be funded by the state. Five years after spending 5.4 billion euros to rescue MPS Italy is having to pump another 1.6 billion euros into the bank.

Leader of Brothers of Italy party Giorgia Meloni attends the fourth voting session to elect the new speaker, at the lower house of parliament, in Rome, Italy, October 14, 2022. Giorgetti, the industry minister in Mario Draghi's outgoing government, is considered to be one of the League's most moderate and pro-European figures. Coalition sources said energy-related matters are likely to remain in the hands of the ecological transition ministry. The frontrunner to succeed technocrat Roberto Cingolani in the job is Gilberto Pichetto Fratin, a coalition source said. Brothers of Italy's Adolfo Urso, previously head of the parliamentary committee on security, is the frontrunner for the position, one source said.

☆ Credit Agricole, AXA to bid this week for Banco BPM's insurance deal-sources
▼ + stars: | 2022-10-18 | by ( Andrea Mandala | ) www.reuters.com time to read: +2 min

Credit Agricole has bought 9.2% of Banco BPM this year with a view to expanding their strategic partnerships beyond consumer finance. Insurance and asset management, which Banco BPM has put at the core of its profit strategy, are seen as the obvious candidates. Banco BPM, AXA, Credit Agricole and Generali all declined to comment. Banco BPM CEO Giuseppe Castagna recently said the bank was in no rush to select an insurance partner. In August Banco BPM had indicated it would take a decision by the end of the year.

☆ EU Commission to propose potential 'dynamic' gas price cap
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterThe Commission is recommending potential interventions in the Dutch Title Transfer Facility (TTF) price that is widely used in Europe for contracts and hedging. The EU executive would "as a last resort" propose establishing a market "dynamic" price at which natural gas transactions can take place in the TTF spot market under specific conditions. Other EU gas trading hubs would be linked to the corrected TTF spot price via a dynamic price corridor. "As a result of falling gas prices, this proposal shows that the appetite for ambitious reform, such as a price cap, is fading," said Georg Zachmann, an energy expert at think tank Bruegel. The proposals will need approval by EU governments, which have bickered for more than a month since the Commission first proposed a price cap only on Russian gas in early September.

Up to 200 million euros of the capital will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. Local banking foundations in Tuscany - charitable organisations overseen by Italy's Treasury - have already put in some 30 million euros. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of only 8.6% over Wednesday's closing price stripped of subscription rights.

Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. If MPS gathers less than the maximum 2.5 billion euros, the state's contribution will be proportionally reduced so as not to exceed 64% of the total. At least 100 million euros will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of just 8.6% over Wednesday's closing price stripped of subscription rights.

Newly elected Senate Speaker Ignazio La Russa gives his first speech in the upper house of parliament in Rome, Italy, October 13, 2022. REUTERS/Yara NardiROME, Oct 13 (Reuters) - Italy's new rightist coalition got off to an inauspicious start on Thursday when it split over the election of the Senate speaker, who clinched the post despite a revolt by Silvio Berlusconi's Forza Italia party. The right-wing bloc, which includes Brothers of Italy, Forza Italia and Matteo Salvini's League, have promised to bring political stability to the country after years of short-lived governments. "I will try with all my efforts to be the speaker for everybody," La Russa told the senators, as opposition chiefs denied they were responsible for his election. Former businessman Carlo Calenda, leader of the centrist Action party, denied his senators provided La Russa with the votes he needed.

By late on Wednesday six banks, including global coordinators Bank of America (BAC.N), Citigroup (C.N), Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI), had signed the guarantee contract, the sources said. Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. The eight banks due to underwrite the MPS issue are willing to backstop only a third of the 900 million euro private portion of the capital raising, one of the sources said. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. The Tuscan bank has so far secured support from its insurance partner AXA (AXAF.PA), local banking foundations and asset manager Anima Holding (ANIM.MI).

Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. They have demanded written commitments from investors for an amount roughly equivalent to half the overall figure, accepting pledges which are not in writing for the rest to get to two thirds of the total, the source added. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. MPS and the banks expect to be able to get to a deal on the underwriting contract later on Wednesday, although sources had previously not ruled out preparations taking until Thursday. A January 2030 bond yielded 41.42% after spiking to 45.44% from 39.95% at closing on Tuesday.

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