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☆ 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.

☆ Italy unlikely to renew China deal, but needs time, official says
▼ + stars: | 2023-05-04 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

ROME, May 4 (Reuters) - Italy is highly unlikely to renew its Belt and Road Initiative (BRI) deal with China, which expires early next year, but needs time to discuss the issue with Beijing, a senior government official said. By contrast, Chinese exports to Italy rose to 57.5 billion from 31.7 billion over the same period, according to Italian data. The government official said Rome would use this lack of economic development as an argument for not renewing the deal. "There is no political will on my part to favour Chinese expansion into Italy or Europe," she said. (This story has been corrected to show that data refers to Chinese exports to Italy, not Chinese imports from Italy, in paragraph 6)($1 = 0.9037 euros)Reporting by Crispian Balmer; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Italian foreign minister threatens to cancel Paris trip over French criticism
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

ROME, May 4 (Reuters) - Italian Foreign Minister Antonio Tajani has threatened to cancel a trip to Paris on Thursday unless France clarifies comments by the French interior minister that were critical of Italy's prime minister, an official said. The French minister, Gerald Darmanin, told RMC radio earlier that Italian leader Giorgia Meloni was "unable to solve the migration problems on which she was elected" and accused her of "lying" to voters that she could end the crisis. An Italian government official, who declined to be named, said the trip would not go ahead without a "decisive and definitive" clarification from France on Darmanin's "offensive and totally unacceptable" statement. A French government source said they were trying to find a way to diplomatically reverse the comments by Darmanin, who is seen as particularly close to French President Emmanuel Macron. Reporting by Angelo Amante and Crispian Balmer in Rome and John Irish and Tassilo Hummel in Paris, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Torrential rain lashes northern Italy, killing at least two people
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

ROME, May 3 (Reuters) - Torrential rain lashed Italy's northern Emilia Romagna region over the last 24 hours, causing extensive flooding and killing at least two people, rescuers and media said on Wednesday. An elderly cyclist drowned when he was swept away by flood waters in the town of Castel Bolognese, Ansa news agency reported. The rain follows months of drought which raised concerns about the low water level in the Po, Italy's largest river, which runs West to East through the northern part of Emilia Romagna. An aerial view shows a flooded area after heavy rains hit Italy's Emilia Romagna region, in Massa Lombarda, Italy, May 2, 2023. Vigili del Fuoco/Handout via REUTERSFootage released by the fire brigade showed extensive flooding in an area between Bologna, Emilia Romagna's capital, and the city of Ravenna on the Adriatic coast.

[1/9] A demonstrator throws a tear gas during the traditional May Day labour march, a day of mobilisation against the French pension reform law and for social justice, in Nantes, France May 1, 2023. Sophie Binet, leader of the hardleft CGT union, said the pension reform had left Macron isolated. Macron says the French reform is needed to keep one of the industrialised world's most generous pension systems in the black. French pension payments as a share of pre-retirement earnings are comfortably higher than elsewhere and a French man typically spends longer in retirement than those in other OECD nations. Trade unions say the money can be found elsewhere.

☆ Italy signed up to China's Belt and Road Initiative. Now it's having second thoughts
▼ + stars: | 2023-05-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

At the time, analysts said that by joining the project, Italy was undermining Europe's ability to stand up to Beijing. Two years down the line and with a new government in place, Rome is now having another think about its ties with China. China sees Taiwan as a breakaway province, while Taiwan sees itself as separate from China, having ruled itself since splitting from the mainland in 1949 following a protracted civil war. If Italy chooses closer ties to Taiwan that will surely jeopardize its relations with China. "I believe they might not decide anything," Menegazzi said, suggesting the Italian government will continue its Belt and Road participation for now.

☆ World's longest bridge could transform Sicily. But not if the Mafia and earthquakes get in the way
▼ + stars: | 2023-04-30 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +9 min

Since then, various plans, including a short-lived idea for a tunnel, have come and gone – like water under the bridge. If built, the bridge across the Straits of Messina would span two miles (3.2 kilometers) and would be the longest suspension bridge in the world. When Salvini became transport minister, he made it his priority, betting his legacy on the bridge. “The bridge over the Strait of Messina is a project that can break ground immediately. The recent arrest of Cosa Nostra boss Matteo Messina Denaro after 30 years on the lam in Sicily represented a victory.

Even gaining qualifications in Italy didn't help Abhishek, a 26-year-old migrant from India who got a master's degree in mechanical engineering at Turin's Polytechnic University last year. Italy, which is also contending with an exodus of skilled nationals to stronger economies, needs qualified immigrants to fill growing skilled labour shortages, many economists say. In 2023, work permits will be granted to around 83,000 non-EU migrants, according to government data, less than a third of the 277,000 who applied for them. Barbera at Turin University said the lack of migrants in skilled professions has become entrenched and hard to reverse. "Migrants in Italy have virtually no access to the middle class," he said.

☆ Italian tourism video ridiculed for using footage of Slovenia
▼ + stars: | 2023-04-25 | by ( ) edition.cnn.com time to read: +1 min

Rome CNN —Italy’s tourism ministry is facing ridicule after an official video to attract tourists to Italy used footage of people in Slovenia drinking Slovenian wine. Art historian Tomaso Montanari called the advertising campaign “grotesque” and an “obscene” waste of money, while the video was lampooned by users of Italian social media platforms. Oops – wrong countryThe most controversial footage shows a group of young people smiling on a sunlit patio drinking wine in what is presented as a typical Italian scene. The Armando Testa communications group was not immediately available to comment. Italian Tourism Minister Daniela Santanche, a member of Prime Minister Giorgia Meloni’s far-right Brothers of Italy party, called critics of the video “snobs” and said the depiction of Venus as an influencer was aimed at attracting young people.

☆ Official promo video for Italy tourism features Slovenia
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +1 min

ROME, April 25 (Reuters) - Italy's tourism ministry has faced ridicule after an official video to attract tourists to Italy used footage of people in Slovenia drinking Slovenian wine. Art historian Tomaso Montanari called the advertising campaign "grotesque", and an "obscene" waste of money, while the video was lampooned by users of Italian social media platforms. The most controversial footage shows a group of young people smiling on a sunlit patio drinking wine in what is presented as a typical Italian scene. The Armando Testa communications group was not immediately available to comment. Italian Tourism Minister Daniela Santanche, a member of Prime Minister Giorgia Meloni's far-right Brothers of Italy party, called critics of the video "snobs" and said the depiction of Venus as an influencer was aimed at attracting young people.

☆ Giorgia Meloni: Will Italy's PM stop the boats or will the boats stop her?
▼ + stars: | 2023-04-23 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +6 min

Rome CNN —The key campaign promise that brought Giorgia Meloni and her far-right coalition to power in a landslide victory in last September’s election was a vow to do what no one else had done before: stop migrant boats using Italy as a gateway into Europe. On the campaign trail she promised to halt all migrant boats from landing on Italian shores, no matter who was on them and what drove them to risk their lives. Liberal European leaders stood to gain from the prospect of Meloni’s promise to stop the boats, and many hoped she could pull it off. He says to most Italians, the migrant crisis is still something they hear about, not something that impacts them directly. Meloni has taken tough action over migrant boats since taking power but faces fierce opposition.

☆ Sale of Italy's MPS should help create several big banks, says Meloni
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi (MPS), of which the government owns 64% following a 2017 bailout, is seen playing a pivotal role in the consolidation expected among Italy's mid-sized lenders. After failing to clinch a sale of MPS to UniCredit (CRDI.MI) in 2021, the government is expected to seek another bank interested in buying its stake in the Tuscan lender. The government has just decided to renew Luigi Lovaglio's mandate as MPS chief executive for another term. We confirmed Lovaglio at the helm of Monte dei Paschi, the CEO successfully led the last capital increase, and now we must work to bring Monte back to the private market," Meloni said. "The government will not intervene, it is alert to check that there are no situations that jeopardise the national interest," Meloni told the newspaper.

☆ Italy's Treasury says it freezes assets of Russian fugitive
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, April 22 (Reuters) - Italy's Treasury said it has frozen the assets held in the country by Russian businessman Artem Uss, who dodged Italian authorities trying to extradite him to the United States and fled to Russia last month. His electronic tracking tag sent out an alarm when he left the house but he had disappeared by the time police arrived at the villa. Uss told Russia's RIA news agency earlier this month that the U.S. charges against him were politically motivated. His escape has embarrassed the government and Prime Minister Giorgia Meloni has also criticised the initial decision to grant Uss house arrest. Italy's justice minister has begun disciplinary action against three judges who granted the house arrest, two sources with direct knowledge of the matter said earlier this week.

☆ Italy narrows asylum rights in new clampdown on immigration
▼ + stars: | 2023-04-20 | by ( Crispian Balmer | ) www.reuters.com time to read: +2 min

The bill, which still needs the approval of the lower house to become law, was drawn up after a shipwreck off southern Italy in February that killed more than 90 migrants. Prime Minister Giorgia Meloni has said the legislation, which includes tougher jail terms for human smugglers, is intended to dissuade people from putting their trust in traffickers and trying to reach Italy illegally. Among the most contested measures is a decision to eliminate "special protection" residency permits that authorities can offer migrants who don't qualify for asylum, but who face humanitarian risks back home, or have family ties in Italy. The government said the system was being abused, noting that in 2022 authorities had handed out 10,506 special protection permits against 7,494 permits offering refugee status and 7,039 that granted a separate form of international protection. The bill also halts state-funded Italian language courses and eliminates legal advice services for migrants hosted in official reception centres.

They are among the discordant calls made by Spanish and EU bureaucrats as Spain's drive to hand out 77 billion euros ($84 billion) in grants from EU pandemic recovery funds becomes mired in complexity, according to interviews with business associations, government officials, companies and consultants. Spain is the EU pilot project for disbursing grants from the largest stimulus package in the bloc's history, an overall pot of 724 billion euros, including loans. A year into the disbursement process, about 23.5 billion euros had been awarded as of December last year, according to the latest figures published by the government last month. That's a sluggish pace, given the EU and Spain have set a deadline of the end of this year to award all 77 billion euros. Meanwhile, only about 9 billion euros have actually reached the businesses awarded funds, according to calculations by the Esade Centre for Economic Policy, a Madrid-based think-tank that tracks the pandemic recovery cash.

☆ Italy’s Senate Signs Off on Meloni’s Migrant Crackdown
▼ + stars: | 2023-04-20 | by ( Gaia Pianigiani | ) www.nytimes.com time to read: +1 min

Italy’s Senate on Thursday passed the first comprehensive immigration package by the hard-right government of Prime Minister Giorgia Meloni, which would curb integration efforts, create new government-controlled migrant centers to house those waiting on asylum applications and more detention facilities, as well as establish harsher punishment for people smugglers. Under the new policies, migrants will have to stay in the centers until their asylum applications are processed, which can take up to two years in Italy. While they wait, they will not be able to seek independent lodging and will have a hard time beginning any organic form of integration into communities. Italy is also planning information campaigns in the migrants’ countries of origin to dissuade them from leaving, in exchange for extra visa quotas. Ms. Meloni leads a coalition whose main parties have strong anti-immigrant agendas.

☆ Italian minister Francesco Lollobrigida 'ethnic replacement' claim sparks fury in Italy
▼ + stars: | 2023-04-19 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +3 min

Rome CNN —The brother-in-law and close political ally of Italian Prime Minister Giorgia Meloni has warned that Italy’s low birth rate and an increase in irregular immigration could lead to “ethnic replacement,” sparking anger from the country’s opposition. Francesco Lollobrigida remarks comes in response to a recent report which found Italy has one of the world’s lowest birthrates with fewer than 400,000 births in 2022. Yes to helping births, no to ethnic replacement. Meloni’s spokesperson did not immediately respond to a request for comment, and she has yet to make a public statement. Matteo Salvini, a junior partner in Meloni’s coalition of far-right and center-right parties, had previously tweeted about the threat of “ethnic replacement” in 2017, and Meloni had used the term in political speeches in 2016.

☆ Rome foot-dragging can help EU kick bad aid habits
▼ + stars: | 2023-04-18 | by ( Rebecca Christie | ) www.reuters.com time to read: +7 min

Italian Prime Minister Giorgia Meloni is trying to pry out 19 billion euros in EU pandemic aid. Economic conditions have changed a lot since it launched its 800 billion euro pandemic recovery plan in 2020. With 191.5 billion euros requested in grants and loans, it is in line to receive more EU pandemic aid money than any of its peers, and 67 billion euros has already changed hands. EU member states approved public borrowing of about 800 billion euros to fund the aid programme. Total commitments come to only about 508 billion euros, according to a dataset maintained by the Brussels-based Bruegel think tank.

☆ Italy can cut massive public debt with migrant inflows, Treasury data shows
▼ + stars: | 2023-04-13 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The Treasury estimates that a 33% increase in registered migrants in Italy would lead to a fall in public debt in 2070 by "over 30" percentage points more compared to a no-migrants-growth scenario. "Given the demographic structure of migrants entering Italy, the effect on the resident population of working age is significant," the Treasury said. The DEF also said migrant inflows can offset the negative impact on public debt of a shrinking population. Births in Italy dropped to a new historic low below 400,000 in 2022, national statistics bureau ISTAT said last week. Italy's public debt is targeted in the DEF to fall to 140.4% of gross domestic product (GDP) in 2026 from 142.1% this year.

☆ 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.

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.

☆ Analysis: Italian first! Meloni's nationalists defend cultural identity at risk of irking EU
▼ + stars: | 2023-04-12 | by ( Angelo Amante | ) www.reuters.com time to read: +5 min

[1/2] General view of the Colosseum next to a subway's construction sites in Rome, Italy, February 16, 2023. Almost six months after taking office, Prime Minister Giorgia Meloni's right-wing government is pushing out bills that promise to promote national identity, defend the traditional family, protect cultural heritage and hold back migrants. Recent proposals include a bill to safeguard the Italian language and a ban on lab-grown food. "Italian mines are made up of culture, gastronomy, language, arts, fashion, history, archaeology and monuments. "Identity messages are meant to tell the electorate that Brothers of Italy will not give up its line," analyst Panarari said.

☆ Italy adopts state of emergency over migrants
▼ + stars: | 2023-04-11 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

The state of emergency will be backed by initial funding of 5 million euros ($5.45 million), the ministry for sea and civil protection said, and will last for six months. "Let it be clear, we are not solving the problem, the solution can only depend on responsible intervention by the European Union," said Nello Musumeci, the civil protection minister. The measure will allow Giorgia Meloni's right-wing government to more quickly repatriate those not allowed to stay in Italy, boosting identification and expulsion orders, a government source said. The government, in office since October, has pledged to curb mass immigration but some 31,300 migrants have arrived in Italy so far in 2023, interior ministry data shows, up from around 7,900 in the same period last year. ($1 = 0.9176 euros)Reporting by Angelo Amante, editing by Gavin Jones and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ At least 20 migrants missing after a boat sinks off Tunisia
▼ + stars: | 2023-04-08 | by ( Tarek Amara | ) www.reuters.com time to read: +1 min

TUNIS, April 8 (Reuters) - At least 20 African migrants were missing on Saturday after their boat sank off Tunisia as they tried to cross the Mediterranean to Italy, a judicial official said, amidst a sharp rise in migrant boats from the North African country. The coast guard rescued 17 others off the southern city of Sfax from the same boat, two of whom are in critical condition, Sfax court judge Faouzi Masmousdi said. In recent weeks, dozens have gome missing and died in repeated drowning accidents off the Tunisian coast. Italian Prime Minister Giorgia Meloni said on Friday that Europe risks seeing a huge wave of migrants arriving on its shores from North Africa if financial stability in Tunisia is not safeguarded. Tunisia had received equipment from Italy in the past years, but Ammar said it was outdated and not sufficient.

☆ Italy set to confirm deficit targets for this year and next -sources
▼ + stars: | 2023-04-07 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The government is also expected to keep its 3.7% deficit goal for 2024. All figures in the document are still subject to changes as talks within the Prime Minister Giorgia Meloni's government continue, the sources cautioned. Italy is due to receive roughly 200 billion euros in grants and cheap loans through 2026, making it the bloc's largest beneficiary in absolute terms. However, the government is falling behind both on targets and milestones agreed with Brussels in return for the aid, and on spending money already received. ($1 = 0.9163 euros)Reporting by Giuseppe Fonte, editing by Gavin Jones and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

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