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CNN —Deadly floods that have engulfed the northern Italian region of Emilia Romagna, killing at least 14 people, are another sign of the accelerating climate crisis, according to researchers. The floods come after years of severe drought in the region, which has compacted the soil, reducing its ability to abemsorb rainfall. Researchers say the devastation is linked to the climate crisis. The town of Lugo, pictured on Thursday, was left under water following floods that left at least 14 people dead. The climate crisis “is affecting territories with increasingly intense extreme events, with risks to people’s lives, and impacts on the environment and the economy.

Both plants will start production in 2026, employ thousands of people and supply batteries to European car makers. With Taiwan a focal point in tensions between Washington and Beijing, the company also wanted to secure a base overseas. Volkswagen was expected to announce a battery plant location in Europe late last year but said in March it is awaiting more clarity from Europe on subsidies before making a decision. The plant by Taiwan's ProLogium would be its first overseas car battery factory. A second plant could also be constructed in parallel elsewhere, a Northvolt spokesperson said, including in North America.

☆ Executive’s Russian Ties Cause Stir at Italian Energy Company
▼ + stars: | 2023-05-10 | by ( Margherita Stancati | Anna Hirtenstein | ) www.wsj.com time to read: 1 min

Paolo Scaroni has previously served as chief executive officer of both Enel and Eni. Photo: Italy Photo Press/Zuma PressROME—New executives were appointed to top roles in Italy’s leading energy companies on Wednesday, despite fierce opposition from some foreign investors who had challenged the picks made by the firms’ main shareholder, the Italian government. The most controversial appointment is that of Paolo Scaroni as chairman of Enel , the state-controlled utility company. The nomination of Mr. Scaroni, an energy-industry veteran and ally of former Italian prime minister Silvio Berlusconi , drew sharp criticism because of his history of close business dealings with Russia.

☆ Italian corporate activism has a long way to go
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 10 (Reuters Breakingviews) - Fighting opaque governance at Italy’s state-backed companies is proving a tough nut to crack. That’s a victory for the Italian Treasury – the utility’s top investor with 23.6% – which managed to install oil and gas veteran Paolo Scaroni as chairman, along with other board members. The Italian state is in dire need of improving the way it picks its corporate representatives. But to confront Rome, investors will need to make a good case. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Italy pushes to limit executive pay in listed state-run firms
▼ + stars: | 2023-05-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Top managers' multi-million euro salaries and handsome bonuses have come into focus at a time when Italian families are struggling with an inflation rate that neared 9% in April, well above the euro zone average. According to the government draft, the Treasury will work to "contain management costs" when shareholders vote on remuneration policies at state-controlled listed companies. Monte dei Paschi already applies curbs to executives' pay as a bank that was bailed out by the state in 2017. Under terms agreed with European Union authorities, the total remuneration of any MPS executive may not exceed 10 times the average salary of its employees in 2022. Additional reporting by Gavin Jones; Editing by Gavin Jones and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Enel close to Greek renewables stake sale to Macquarie -sources
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

ATHENS, April 27 (Reuters) - Italy's Enel (ENEI.MI) is expected to finalise by May a deal for the sale of around a 50% stake in its Greek renewables unit to Australia-based Macquarie Group (MQG.AX), two sources close to the matter said on Thursday. Enel said in November it was looking for a partner willing to buy part of Enel Green Power Hellas and invest in its development. "The talks with Macquarie for a stake of about 50% are seen concluding in the coming days," one of the sources told Reuters. Macquarie, which holds a 49% stake in Greece's sole power grid operator HEDNO, declined to immediately comment. Under the strategy presented by CEO Francesco Starace in November, Enel decided to exit Romania, Peru and Argentina and to partner with investors in some countries or specific businesses.

☆ The IRA isn’t good for just U.S. stocks. Here are some emerging markets names that will benefit too
▼ + stars: | 2023-04-23 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

The Inflation Reduction Act does more than buoy U.S. clean energy stocks – it's also an opportunity for emerging markets firms. But the IRA also represents an opportunity for emerging markets firms. "This is a win, win, win," said Paul Desoisa, co-portfolio manager of the Global Emerging Markets strategy at Martin Currie, a specialist investment manager at Franklin Templeton. Here are some places where emerging markets firms stand to benefit. Some possible contenders include Korea's Hanwha Solutions, a multinational with a solar energy business Hanwha Qcells, abrdn's Khwaja said.

☆ Gogoro says it wants to create a 'big scale' energy storage solution
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGogoro says it wants to create a 'big scale' energy storage solutionHorace Luke, CEO of Gogoro, discusses its partnership with Enel X and plans to create a "gigantic reservoir" for sustainable energy.

☆ Factbox: Italy's govt nominees for top jobs at Enel, Eni, Terna
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

Their appointments will need to be approved by investors at meetings scheduled for May 9 for Terna, and May 10 for both Enel and Eni. ENEL (ENEI.MI)Flavio Cattaneo, 59, is an experienced manager and entrepreneur who will leave his role as vice president of high-speed train operator Italo to succeed current Enel CEO Francesco Starace. Becoming Enel chairman would be for him a return to the utility where he served as CEO between 2002 and 2005. Scaroni also served as chief executive of energy group Eni between 2005 and 2014. ENI (ENI.MI)The Treasury proposed CEO Claudio Descalzi for a fourth term and picked Giuseppe Zafarana, 59, as chairman for the energy group.

☆ Fast EV Chargers to Nearly Double on U.S. Highways Under Expansion Plan
▼ + stars: | 2023-04-13 | by ( Jennifer Hiller | ) www.wsj.com time to read: 1 min

Italian energy giant Enel SpA said it would nearly double the amount of electric-vehicle fast chargers in the U.S. by 2030, potentially giving a critical boost to Biden administration efforts to switch more drivers to greener cars. If Enel follows through on the plan, which it announced on Thursday, it would add 10,000 public fast chargers, considered one of the key pieces necessary for wider adoption of electric vehicles. Enel said it expects to apply for U.S. government subsidies that have been offered to companies willing to build the necessary infrastructure.

The most surprising appointment was that of the new Enel chief Flavio Cattaneo, a seasoned corporate manager who leaves his role as vice president of high-speed train operator Italo to lead the country's biggest utility. He leap-frogged Stefano Donnarumma, the current chief executive of power grid Terna (TRN.MI), widely seen as Meloni's first choice. Enel shares were down 4% on Thursday, with investors fretting over Cattaneo's lack of expertise in the renewable energy sector. Leading politicians in Meloni's right-wing coalition said this issue was a major stumbling block for Donnarumma, along with pressure from League chief Salvini, a strong supporter of Cattaneo. Besides concessions on Enel, Meloni kept a tight grip on the rest of the main appointments.

☆ Italy’s green star has new, uncertain trajectory
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 13 (Reuters Breakingviews) - In 2021, Enel (ENEI.MI) had the world at its feet. The group remains the world’s largest private operator of renewable energy, and its goal for 75 gigawatts of green power capacity by 2025 leaves the targets of parvenus like BP (BP.L) in the dust. Given Scaroni’s background, it may even seem like a good idea to combine Enel with $53 billion Eni and create an inward-focused national champion rather than a global net zero star. That may make Enel less appealing to international investors than once seemed likely. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Enel agrees to sell two Peruvian assets to China's CSGI for $2.9 bln
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, April 7 (Reuters) - Italy's biggest utility Enel (ENEI.MI) said on Friday it agreed to sell its equity stakes in two Peruvian assets for $2.9 billion to China Southern Power Grid International (CSGI). Enel launched an asset sale plan in November that would narrow its focus to six core countries and cut its debt. At the end of last year, the company's net debt was down to 60.1 billion euros ($65.49 billion) from a peak of nearly 70 billion euros at the end of September. The deal is expected to reduce in Enel's consolidated debt by around 3.1 billion euros this year, with a positive impact of around 500 million euros on reported net profit. Under the agreement, Enel's Peruvian subsidiary will sell its entire stake of 83.15% in power distribution and supply company Enel Distribucion Peru and 100% of Enel X Peru, which provides advanced energy services, it said in a statement.

Prime Minister Giorgia Meloni's administration is determined to oust current CEO Francesco Starace, several sources told Reuters. OPPORTUNITYWith almost 60 Gigawatt (GW) of installed capacity, Enel is one of the world's biggest players in renewable energy. The company, which has been hit by soaring gas prices and government measures capping bills to shield consumers, saw net profit slip to 5.4 billion euros last year, from 5.6 billion euros in 2021. In November Enel unveiled its updated strategy to 2025, pledging to cut net debt by 21 billion euros via asset disposals, while at the same time investing 37 billion euros and increasing installed renewable capacity by 21 GW. You can't have an Italian only Enel, it would be such a step back," de Lamaze said.

☆ Credit Suisse bump trade looks over-optimistic
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 20 (Reuters Breakingviews) - Investors in Credit Suisse’s bombed-out stock are getting a little ahead of themselves. At that level, they’re 7% above the implied value of UBS’s offer, and a wider 13% using the lenders’ U.S.-listed shares, which trade until later in the day. That deal, like UBS’s rescue of Credit Suisse, was also a government-arranged attempt to prop up an ailing bank. Unlike Credit Suisse, Bear Stearns’ shareholders got a vote, giving them leverage to argue for a higher price. Credit Suisse shareholders have little left but hope.

☆ Ryan Reynolds flexes as corporate convert
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 20 (Reuters Breakingviews) - For Hollywood star Ryan Reynolds, dealmaking may be more lucrative than Deadpool. One more transaction like this, and Reynolds could find that he has a real future outside of the acting biz. For Mint, Reynolds has described the marketing strategy as “scrappy”, and he has done some catchy things, like appearing alongside T-Mobile’s chief executive in a video announcing the deal and leaving voicemails for customers. Showing success outside of the lifestyle category – in mobile – is validation for the actor, but a differentiating factor might have been Reynolds’ ownership stake in Mint. Converting that stake into a lucrative deal, twice, suggests that Reynolds could be more than just a pretty face.

☆ Enel self-help plan has one known unknown
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 17 (Reuters Breakingviews) - Enel (ENEI.MI) Chief Executive Francesco Starace’s slim-down plan is not getting enough attention. That prompted the group to start aggressively selling assets in places like Chile, Argentina and Romania to cut debt by 21 billion euros. As of Thursday, it had clinched sales equivalent to around 8 billion euros, while net debt had fallen to 60 billion euros. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation pipelines. If Enel replaces its green champion with someone less competent, investors may stay jittery.

☆ China’s easing moment may be short lived
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 17 (Reuters Breakingviews) - Western central banks’ new hesitation on interest rate hikes has given Beijing more breathing room. The decision came as a surprise, as the central bank has been generously pumping up bank liquidity when rolling over maturing medium-term policy loans. Such a subtler easing approach reinforces Governor Yi Gang’s view that China’s interest rates are at “appropriate” levels for now. Worries about the country’s mounting corporate and household debt help explain why Yi may favor keeping rates steady for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Carlsberg CEO’s big job is to keep glass steady
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 17 (Reuters Breakingviews) - Carlsberg’s (CARLb.CO) new boss is unlikely to tinker with the company’s corporate recipe. The $21 billion Danish brewer on Thursday named Jacob Aarup-Andersen to replace outgoing Chief Executive Cees ’t Hart. A veteran from a rival brewer might have been better placed to introduce new products, and adapt to new industry trends. However, the new boss’s finance pedigree and track record managing businesses suggests that his main job will be to implement the group’s current strategy. It aims to increase revenue by 3% to 5% annually until 2027 and boost operating profit growth above that level.

☆ FedEx delivers, for now
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

TORONTO, March 17 (Reuters Breakingviews) - FedEx (FDX.N) is delivering a timely package to investors. FedEx is expecting to cut its U.S. headcount by some 25,000 year-over-year, by the end of this fiscal year. This division is also the largest by revenue, but it benefits greatly from scale. Operating margins dropped in the quarter to 1% from 4.6% as sales fell. Despite the fact that revenue fell in both the Freight and Ground divisions, those groups' operating margins grew.

☆ Courts Side With Big Companies Including Amazon and Experian in Privacy Appeals
▼ + stars: | 2023-03-16 | by ( Catherine Stupp | ) www.wsj.com time to read: +5 min

Big companies are winning appeals to overturn regulatory decisions that allege they violated European privacy rules, potentially carving out a path for more businesses to challenge similar sanctions. Courts in the U.K., Spain, Italy and Germany sided with companies including Experian PLC, Amazon. The court rejected the regulator’s argument that collecting personal data to create profiles for marketing purposes intrudes on privacy rights. The court said the regulator had “fundamentally misunderstood” the implications of how Experian used data, and that there were no negative effects for individuals. These recent wins will likely embolden other companies to appeal GDPR violations, said Mr. Machin of Ropes & Gray.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Italy's Enel, UK's newcleo link up on nuclear energy technology
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 13 (Reuters) - Italy's biggest utility Enel (ENEI.MI) and 'clean' nuclear technology company newcleo have signed an agreement to work together on the British start-up's technology projects aimed at providing safe and stable power, they said on Monday. "Generation IV nuclear solutions aim to provide a safe and stable power source and to significantly reduce existing volumes of radioactive waste," Enel and newcleo said in a statement. Under the agreement, newcleo has committed to securing an option for Enel as first investor in its first nuclear power plant, which it will build outside Italy. London-based newcleo plans to design and construct the first-of-a-kind mini lead fast reactor to be deployed in France by 2030. Enel currently has over 3.3 gigawatt (GW) of nuclear capacity in Spain and retains a stake of around 33% in Slovak company Slovenské elektrárne, which recently connected to the grid the first of two turbine generators of the nuclear power plant of Mochovce.

☆ Biden to host EU chief as Europe hopes to avoid subsidy race with the U.S.
▼ + stars: | 2023-03-08 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

President of the European Commission, Ursula von der Leyen (L) speaks with US President Joe Biden. President Joe Biden will welcome Ursula von der Leyen to the White House this week, with the European Union's top official eager to gain concessions amid a tense subsidy spat between the two giant trading blocs. "We want to achieve as much non-discriminatory treatment for EU products and companies as possible, avoiding distortions of the level playing field," a spokesperson for the European Commission, told CNBC via email Friday. This could ultimately mean less innovation in Europe and fewer jobs for Europeans too. "I do not think [European Commission President Ursula] von der Leyen will manage to extract meaningful concessions from the U.S. on the IRA.

☆ Italy's Meloni wants woman to head state-controlled company for first time
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

ROME, March 7 (Reuters) - Italy's state-controlled companies should have at least one leader who is a woman, Prime Minister Giorgia Meloni said on Tuesday, ahead of appointments at key firms such as ENI (ENI.MI), Enel (ENEI.MI), Poste Italiane (PST.MI) and Leonardo (LDOF.MI). "The challenge is not how many women sit on a board of directors, the challenge is when will we have the first woman chief executive in a state-controlled company," Meloni said at an event in parliament. Meloni, 46, is Italy's first female prime minister. Her right-wing government, which took office in October, is expected to decide on chairperson and CEO positions at major state-controlled companies by the end of the month, sources have said. Reporting by Alvise Armellini, editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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