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☆ 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

☆ U.S. publishing executive killed in Italian boating accident
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 5 (Reuters) - An American publishing executive died after being knocked overboard in a boating accident off the Amalfi Coast in southern Italy, the Association of American Publishers (AAP) said. Adrienne Vaughan headed the U.S. division of British publishing group Bloomsbury (BLPU.L), best known for the Harry Potter novels. "Adrienne Vaughan was a leader of dazzling talent and infectious passion and had a deep commitment to authors and readers. Prosecutors in the southern port city of Salerno are investigating how the accident happened. Italian newspaper Corriere della Sera reported the skipper of the motorboat was placed under investigation and initially tested positive for substance use.

Persons: Adrienne Vaughan, Harry Potter, Vaughan, Italy's, Ansa, della Sera, Giuseppe Borrelli, Corriere, Keith Weir, Angelo Amante, Andrew Cawthorne Organizations: Association of American Publishers, Bloomsbury, AAP, Prosecutors, della, Thomson Locations: American, Amalfi, Italy, U.S, Ravello, Salerno

☆ 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

☆ Italy's MPS sees 2023 profit above 1 billion euros after tenfold rise
▼ + stars: | 2023-08-04 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

FILE PHOTO-The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy August 16, 2018. Like peers, Monte dei Paschi (MPS) reaped the benefits of higher rates which have allowed banks to charge more for loans while what they pay out on deposits lags. To fund the voluntary staff exits by sending people into early retirement, Lovaglio oversaw a 2.5 billion euro ($2.7 billion) capital raise in tough markets last November. Shares in MPS traded 3.5% higher by late morning at 2.568 euros each. Core revenues jumped 10% on a quarterly basis to 941 million euros, leapfrogging expectations, with net interest income nearly doubling from last year and up 15% from the first quarter.

Persons: Max Rossi, Siena, Monte, Luigi Lovaglio, Lovaglio, Andrea Orcel, Valentina Za, Alvise Armellini, Keith Weir Organizations: REUTERS, STATE, MPS, Bankers, Thomson Locations: dei, Siena, Rome, Italy, MILAN

☆ German tourists blamed for toppling 150-year-old Italian statue
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 3 (Reuters) - A group of young German tourists posing for pictures to post on social media have been accused of toppling a valuable statue at a villa in northern Italy, the villa's manager said on Thursday. Golferini said he had lodged a complaint with the local police against all 17 German tourists who were in the group renting the villa. They have left Italy since the incident on Monday that was captured by the villa's surveillance cameras. There was anger in Italy in June when a tourist from England was pictured on social media scribbling the graffiti "Ivan + Hayley 23" on a wall at the Colosseum in Rome. ($1 = 0.9158 euros)Writing by Keith Weir; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Enrico Butti, Bruno Golferini, Villa Alceo, Golferini, Domina, Ivan, Hayley, Keith Weir, Barbara Lewis Organizations: Thomson Locations: Italy, Viggiu, England, Rome

☆ Ferrari nudges up year forecasts after Q2 results, investors unimpressed
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

EBITDA of 2.19-2.22 bln euros this yearForecast on FY EBITDA margin unchanged at 38%FY revenue expected to grow to around 5.8 bln eurosAdj. The Italian company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to grow to between 2.19 billion euros and 2.22 billion euros ($2.40 billion - $2.44 billion) this year, versus a previous forecast of between 2.13 billion and 2.18 billion euros. The expected cash generation was also broadly unchanged, at around 900 million euros versus a previous guidance of up to 900 million euros. Ferrari shares, which are up around 40% this year, erased small daily gains after the results were published. In the second quarter, adjusted EBITDA grew 32% to 589 million euros, in line with analysts' expectations of 580 million euros, according to a Reuters poll.

Persons: Andrew Boyers, Benedetto Vigna, Bernstein, Daniel Roeska, Vigna, Giulio Piovaccari, Gianluca Semeraro, Keith Weir, Sharon Singleton Organizations: Prix, Silverstone Circuit, REUTERS, Ferrari, Daytona, EMEA, Thomson Locations: Silverstone, Britain, MILAN, Italian, personalisations

☆ UniCredit proposes giving audit powers to board
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

UniCredit logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoMILAN, Aug 1 (Reuters) - UniCredit (CRDI.MI) on Tuesday proposed amending its by-laws to give its board audit powers, which would no longer be exercised by a separate body, in a push to make controls more effective, it said. At present the board of directors exercises management and strategic supervision functions, to which it would add the audit one. The new system ensures a greater effectiveness of controls by bringing the "the control body within the board, which would fully appreciate the inputs of the members of the control body through their direct participation in decision-making," Unicredit said. Reporting by Valentina Za Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, MILAN, Intesa, Unicredit, Valentina Za, Keith Weir Organizations: REUTERS, Thomson

☆ Wreck of ancient Roman cargo ship found off the coast near Rome
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

ROME, July 28 (Reuters) - The wreck of an ancient Roman cargo ship from more than 2,000 years ago has been found off the coast near Rome, the arts squad of Italy's Carabinieri police said on Friday. The ship was located off the port of Civitavecchia, about 80 kilometres (50 miles) north-west of the Italian capital, on a sandy seabed at a depth of about 160 metres (525 ft), a statement said. "The exceptional discovery is an important example of the shipwreck of a Roman ship facing the perils of the sea in an attempt to reach the coast, and bears witness to old maritime trading routes," the Carabinieri said. It was not immediately clear whether any attempt would be made to recover it or its cargo from the bottom of the sea. Reporting by Alvise Armellini Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alvise, Keith Weir Organizations: Thomson Locations: Rome, Civitavecchia

☆ Intesa lifts profit outlook after record first-half
▼ + stars: | 2023-07-28 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Intesa posted a 2.27 billion euro net profit for April-June, above a Reuters analyst consensus of 1.82 billion euros ($2 billion), with lower than expected loan loss provision also helping to offset rising costs. Intesa now sees its full year profit "well above" a previous forecast of 7 billion euros, with further growth projected in 2024 and 2025. Under the strategy unveiled in February last year Intesa had originally aimed for a 6.5 billion euro 2025 net profit. Intesa expects to reap more than 13.5 billion euros in 2023 from its net interest margin, and grow it further in 2024 and 2025. "(Intesa's) '24/'25 profit guide is supported by growing net interest income, recovery in commissions, cost reduction and low cost of risk," Jefferies said.

Persons: Intesa, Carlo Messina, Messina, Jefferies, Valentina Za, Keith Weir, Gavin Jones Organizations: MILAN, TECH, Thomson Locations: Italy's, Italy, Europe

☆ Stellantis CEO says Tesla margins hurt as EV maker faces reality check
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

"They were more profitable than Stellantis, now they are less profitable than Stellantis". Tavares said all automakers including Tesla would also have to face growing competition from Chinese EV makers in their domestic markets. "What has been said by the Tesla CEO (Elon Musk), whom I respect totally, is that they prefer growth to profitability. "If we are racing for the bottom in terms of facing the Chinese with price cuts, Tesla will have problems with that strategy before we do, because we are more profitable than Tesla," Tavares added. Tesla kicked off a round of price cuts this year, including in China, putting pressure across the board on automakers and suppliers to contain costs.

Persons: Carlos Tavares, " Tavares, Tesla, Tavares, Elon, Giulio Piovaccari, Keith Weir Organizations: MILAN, Tesla, U.S, Franco, Thomson Locations: Italian, China

☆ 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

☆ Stellantis tops forecasts, looks to cost cuts to keep margins strong
▼ + stars: | 2023-07-26 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

[1/2] A DS 4 automobile, produced by Stellantis, stands on display during its launch event in Paris, France, February 3, 2021. The world's third largest automaker by sales said its January-June adjusted earnings before interest and tax (EBIT) rose 11% to 14.1 billion euros ($15.6 billion), topping the 12.1 billion expected by analysts in a Reuters poll. Milan-listed shares in Stellantis were up 1.6% by 0725 GMT, outpacing a 0.15% rise in Italy's blue-chip index (.FTMIB). He argued that the Stellantis margin performance was still better than those of Tesla (TSLA.O) and GM (GM.N), which he said posted margins of 10.5% and 8.3% respectively. Its first-half EBIT margin fell 60 basis points to 17.5% in North America, the group's most profitable region.

Persons: Benoit Tessier, EBIT, Carlos Tavares, Stellantis, Alfa Romeo, Ram, Natalie Knight, Tesla, Giulio Piovaccari, Gilles Guillaume, Federico Maccioni, Jason Neely, Keith Weir Organizations: REUTERS, Milan, GM, Fiat, Peugeot, Jeep, Thomson Locations: Paris, France, MILAN, Stellantis, North America, China, Europe, Milan

☆ Three dead as Sicily counts losses from 'devastating' fires
▼ + stars: | 2023-07-26 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

Another woman in her late 80s died in the Palermo province after an ambulance was unable to reach her home due to fires in the area. In an overnight message on Facebook, Sicilian President Renato Schifani said "scorching heat and unprecedented devastating fires" had turned Tuesday into "one of the most difficult days in decades". Fires were still burning on the hills around Palermo on Wednesday, with Canadair planes back in operation to try to douse the flames. Large areas of the Mediterranean have been sweltering under an intense summer heatwave on Tuesday, causing deadly blazes across the region. "I hope that tourist flows in the areas affected by the fires will not suffer losses," Civil Protection Minister Nello Musumeci, a Sicilian, told the La Stampa newspaper.

Persons: Renato Schifani, Nello Musumeci, Alvise, Keith Weir Organizations: Facebook, Canadair, La Stampa, Thomson Locations: Sicily, Palermo, Sicilian, Calabria, Catania, Rome, Bari, Puglia

☆ Palermo airport closed, two killed in north as fires and storms batter Italy
▼ + stars: | 2023-07-25 | by ( Federico Maccioni | ) www.reuters.com time to read: +2 min

[1/5] Firefighters work to extinguish a wildfire burning near the Sicilian village of Curcuraci near Messina, Italy, July 25, 2023. Vigili del Fuoco/Handout via REUTERSMILAN, July 25 (Reuters) - Wildfires forced the closure of Palermo airport in Sicily on Tuesday as extreme weather continued to batter Italy, with severe storms causing damage and at least two deaths in the north of the country. The island's main airport of Catania, Italy's fifth-biggest, was closed last week due to a fire in a terminal building and has reopened only for a few flights. On Tuesday, Italy put 16 cities on red alert because of the high temperatures. Italy is one of the European countries most affected by climate change, and suffered deadly floods in May.

Persons: Italy's, Federico Maccioni, Alvise, Keith Weir Organizations: REUTERS, Twitter, Catania, Thomson Locations: Curcuraci, Messina, Italy, Handout, REUTERS MILAN, Palermo, Sicily, Catania, Europe, Milan, Monza, Brescia, New York, Milan's Malpensa, Rome

☆ Wildfires bring death and destruction to Mediterranean
▼ + stars: | 2023-07-25 | by ( Fedja Grulovic And Lamine Chikhi | ) www.reuters.com time to read: +4 min

Without human-induced climate change, the events this month would have been "extremely rare", according to a study by World Weather Attribution, a global team of scientists that examines the role played by climate change in extreme weather. The heat, with temperatures topping 40 Celsius (104 Fahrenheit), is well in excess of what usually attracts tourists who flock to southern European beaches. Neighbouring Algeria deployed some 8,000 firefighters to bring its deadly fires under control, authorities said. Malta, another major Mediterranean holiday destination, suffered a raft of power cuts across the country, affecting its largest hospital, after a week-long heatwave. "I have been through 65 summers in my lifetime... and what I am seeing now is not normal, we can no longer deny it, climate change is changing our lives," Mayor Giuseppe Sala said on social media.

Persons: Rhodes Blaze, RHODES, Ramzi Boudina, Kyriakos Mitsotakis, Rhodes, Lanai Karpataki, Europe's sweltering, Giuseppe Sala, Angeliki Koutantou, Renee Maltezou, Federico Maccioni, Alvise, Lamine Chikhi, Jana Choukeir, Nayera Abdalla, David Stanway, Keith Weir, Janet Lawrence Organizations: REUTERS, Thomson Locations: Algeria, Rhodes, Palermo, Tunisia, Malta, ALGIERS, Sicily, China, United States, Europe, North Africa, Bejaia, Kiotari, Europe's, Milan

But she said more needed to be done to prevent migrants trying to make the perilous Mediterranean crossing via unauthorised means. European Commission President Ursula von der Leyen echoed Meloni's point about offering legal routes into the 27-nation European Union (EU). Europe has pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy, with 100 million euros speficially earmarked for tackling illegal migration. The EU could work with countries such as Tunisia in expanding their production of renewable energy to the benefit of all, she added. Conference host Italy is struggling to cope with the number of unauthorised migrants arriving in centres such as its far southern island of Lampedusa.

Persons: Giorgia Meloni, Meloni, Ursula von der Leyen, von der Leyen, Mohamed al, POPE, Peter's, Pope Francis, COVID, Antonio Tajani, Ahmed Elumami, Foo Yun Chee, Conor Humphries Organizations: European Union, Presidential, Conference, EU, Thomson Locations: Italian, Rome, Europe, Italy, EU, Tunisia, St, Africa, Lampedusa, Tripoli, Brussels

☆ Calabria hit by wildfires, heat in Italy to intensify
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - Firefighters battled blazes in the southern Italian region of Calabria on Sunday and forecasters warned that temperatures were set to soar again in parts of the country over the next day or two. Additional teams of firefighters were called in from the regions of Campania and Lazio, as well as the Sicilian city of Messina. A heat wave has hit southern Europe during the peak summer tourist season, breaking records - including in Rome - and bringing warnings about an increased risk of deaths. Italy is one of the European countries most affected by climate change and suffered deadly floods in May. Parts of northern Italy have also seen intense hail storms as the hot weather broke down there in the last few days.

Persons: Gilberto Pichetto Fratin, Keith Weir, Frank Jack Daniel Our Organizations: Firefighters, Sunday, Energy, La Repubblica, Thomson Locations: Italian, Calabria, Campania, Lazio, Sicilian, Messina, Europe, Rome, Rhodes, Italy, Sicily, Sardinia

☆ Italy's Meloni says Biden never raised issue of Belt and Road membership
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - Italy's Prime Minister Giorgia Meloni, who will visit the White House on Thursday, said that U.S. President Joe Biden had never challenged her on the issue of Rome being part of the Chinese Belt and Road Initiative (BRI). Meloni leads the only major Western country to have joined China's BRI scheme, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. "The president of the United States has never directly raised the question with me," she told a news conference following an international meeting on migration in Rome. The deal was signed in 2019 under the administration of Prime Minister Giuseppe Conte, drawing criticism from Washington and Brussels, and Italy is highly unlikely to renew it when it expires early next year. It has produced little benefit for Italy over the past four years, with exports to China totalling 16.4 billion euros ($18.1 billion) last year from 13 billion euros in 2019.

Persons: Giorgia Meloni, Joe Biden, Meloni, Giuseppe Conte, Angelo Amante, Keith Weir Organizations: Italy's, White, Initiative, Thomson Locations: Rome, China, Asia, Europe, United States, Washington, Brussels, Italy

☆ Tunisia migration deal a model for others, EU's von der Leyen says
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - The European Union's pact with Tunisia can serve as a model for other countries, European Commission President Ursula von der Leyen said on Sunday, as the EU struggles to stem unauthorised flows of migrants across the Mediterranean. The EU and Tunisia last week signed a "strategic partnership" deal that includes cracking down on human traffickers and tightening borders. Europe also pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy and rescue state finances. For partnerships with other countries in the region," von der Leyen told a conference in Rome. New strategic partnerships would incorporate economic development, trade and investment, with mutual advantages in areas such as climate and renewable energy.

Persons: Ursula von der Leyen, von der Leyen, Angelo Amante, Foo Yun, Keith Weir Organizations: European, Thomson Locations: Tunisia, EU, Europe, Rome, Egypt, Morocco

☆ Pope urges world leaders to do more to tackle climate change
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

VATICAN CITY, July 23 (Reuters) - Pope Francis said on Sunday that recent heat waves across many parts of the world and flooding in countries such as South Korea showed that more urgent action was needed to tackle climate change. "Please, I renew my appeal to world leaders to do something more concrete to limit polluting emissions," the Pope said at the end of his Angelus message to crowds in St. Peter's Square. Francis has called on the world to rapidly ditch fossil fuels and made the protection of the environment a cornerstone of his pontificate. On Sunday, the pope expressed solidarity with those who were suffering from the climate crisis and those helping them. Writing by Keith Weir; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Pope, Angelus, Francis, Keith Weir, Hugh Lawson Organizations: CITY, Thomson Locations: South Korea, St, United States, China, Europe, Italy, Greece, Rhodes

TUA Assicurazioni, a non-life company founded in 2003, is valued at around 300 million euros ($335 million), according to the sources. Two sources mentioned German insurance heavyweight Allianz (ALVG.DE), fellow German insurer Talanx (TLXGn.DE) and France's Groupama as potential bidders. One of them also named Italy's Itas as one of up to five parties that could bid in the second round. Talanx has expressed interest in ICCREA's non-life business and is competing with Swiss Helvetia Group (HELN.S), Groupama and Italian cooperative insurer Assimoco. ($1 = 0.8946 euros)Additional reporting by Gianluca Semarero in Milan, writing by Keith Weir Editing by Keith Weir and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: TUA, TUA Assicurazioni, Italy's, ICCREA, Talanx, Rothschild, Mediobanca, Groupama, Gianluca Semarero, Keith Weir, Louise Heavens Organizations: Generali, Cattolica, Allianz, Swiss Helvetia Group, Itas, Thomson Locations: MILAN, Generali, Mediobanca, Talanx, Milan

☆ Italy's migration conference aims to stem flows by helping Africa
▼ + stars: | 2023-07-21 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

The meeting will focus on building partnership for projects in sectors including agriculture, infrastructure and health, an Italian government statement said on Friday. "The conference aims to govern the migration phenomenon, combat human trafficking and promote economic development according to a new model of cooperation between states," the statement said. Meloni, who has led a right-wing coalition since October, has so far floundered in her efforts to stem the increase. At least 94 people died when their ship broke up just off the coast of Calabria in late February. ($1 = 0.8946 euros)Reporting by Angelo Amante; Editing by Keith Weir and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jihed, Giorgia Meloni, Mattei, Kais Saied, Angelo Amante, Keith Weir, Alison Williams Organizations: REUTERS, United Arab, European Union, IMF, Reuters, Eni, Human Rights Watch, Thomson Locations: Italy, Sfax, Tunisia, Middle, Rome, Africa, Europe, Turkey, Libya, Algeria, United Arab Emirates, France, Calabria

☆ Italian police net record 5-tonne cocaine haul off Sicilian coast
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

ROME, July 21 (Reuters) - Italian authorities have seized a record 5.3 tonne cocaine haul being transferred between ships off the southern coast of Sicily, police said on Friday. The consignment had an estimated value of 850 million euros ($946 million) and five people have been arrested, the Guardia di Finanza said in a statement. They stopped the trawler and found large quantities of drugs in a hidden compartment behind some panelling on the vessel. In April, Italian police had found almost 2 tonnes of cocaine floating at sea off eastern Sicily which they believe had been left by a cargo ship for collection. ($1 = 0.8986 euros)Writing by Keith Weir; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Finanza, Renato Schifani, Keith Weir, Alex Richardson Organizations: Police, Thomson Locations: Sicily, South America, Albanian

☆ Italian Antitrust body backs deal to soften fees on digital payments
▼ + stars: | 2023-07-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

SummaryCompanies Deal would allow Italy to drop threat of levyFinancial firms demanded Antitrust assurancesTerms agreed not expected to alter status quoROME, July 20 (Reuters) - Italian Antitrust body has given a green light to a deal negotiated by retailers, banks and payment firms to soften fees on small card transactions as demanded by the government, according to sources and documents seen by Reuters. People familiar with the matter said the parties had finalised the terms of a Memorandum of Understanding (MOU) last month, but financial firms were worried about the risk of future fines for competition law infringements. As a result, the Treasury sought an opinion from the Antitrust authority. The MOU, seen by Reuters, encourages financial companies to launch competitive commercial initiatives on payments not exceeding 30 euros but stops short of demanding firm promises. The Treasury could summon the parties on July 27 to try to formalise the deal, a source said.

Persons: Giorgia Meloni, Rome, Mario Draghi, Keith Weir Organizations: Reuters, Mastercard, Visa, Treasury, Thomson Locations: Italy

☆ 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

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