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ROME, July 26 (Reuters) - Italy announced measures on Wednesday to help families and businesses hit by extreme climate events, as the country reels from a heatwave in the south and fierce storms in the north. A draft seen by Reuters showed that the decree had a cost of 10 million euros ($11.09 million) for state coffers. The government is ready to earmark some 10 million euros to refund airline tickets and hotel reservations to tourists without insurance coverage, Civil Protection Minister Nello Musumeci said. The Lombardy region around Milan has already asked the government to declare a state of emergency and has estimated damage of over 40 million euros, Musumeci said. The state of emergency, one approved by the government, removes bureaucratic obstacles and speeds up procedures to provide financial help.

Persons: Giorgia, Marina Calderone, Nello Musumeci, Musumeci Organizations: heatwave, Labour, Reuters, Civil, Thomson Locations: Italy, Sicily, Catania, Etna, Milan, Lombardy

☆ Italy readies special furlough scheme to save workers from heatwave
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] People cool themselves at the Trevi Fountain during a heatwave across Italy as temperatures are expected to cool off in Rome, Italy, July 20, 2023. REUTERS/Remo Casilli/File PhotoROME, July 25 (Reuters) - Italy is preparing special measures to help construction and agricultural firms keep staff at home during an intense summer heatwave, government officials and trade unionists said on Tuesday. Giorgia Meloni's cabinet will probably discuss the furlough scheme at a meeting on Wednesday, Labour Minister Marina Calderone told the unions at a gathering about the weather emergency. "Nothing is provided to help people working for delivery firms or seasonal workers, or other categories of employees," it said in a statement. Italian hospitals in the regions worst hit by soaring temperatures are seeing a jump in heat-related emergencies, medics have said.

Persons: Trevi, Remo Casilli, Giorgia Meloni's, Marina Calderone, Giuseppe Fonte, Gavin Jones Organizations: REUTERS, Labour, Italy's, heatwave, heatwaves, Thomson Locations: Italy, Rome

☆ 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

In mid-2020 Rome secured the lion's share of a 724-billion-euro kitty aimed at helping EU members emerge from COVID greener and more tech-friendly. Italy's 191.5 billion euros ($210 billion) of cheap loans and grants, to be received in tranches through 2026, was intended for productive investments in the bloc's most chronically stagnant economy. MICRO-PROJECTSMore than half the EU money is meant to go on digitalisation and ecological transition, with the rest devoted to sustainable transport, education, social cohesion and health. The government is still awaiting a 19-billion-euro tranche of the EU funds blocked in March over missed policy targets stemming from 2022. It brings Italy's byzantine rules closer to EU standards, but Gobbato said people will initially find it hard to adapt.

Persons: Flavio Lo Scalzo, Rome, Roberto Perotti, Giorgia Meloni, Mario Draghi, Giuseppe Conte, Carlo Messina, Intesa, Vittorio Soldavini, Davide Carlucci, It's, Gustavo Piga, Rome's, Ilaria, Dentons, Gobbato, Catherine Evans Organizations: REUTERS, Milan's Bocconi University, Treasury, European Central Bank, Technology, Tor Vergata University, Reuters, Thomson Locations: Milan, Italy, ROME, MILAN, tranches, Brussels, Italy's, Italian, Parma

☆ Italy collects around $3 bln from 2023 energy windfall tax
▼ + stars: | 2023-07-10 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Summary Tax take slightly above Treasury estimatesItaly phasing out expansionary fiscal policySpike in energy prices has largely reversedROME, July 10 (Reuters) - Italy has collected around 2.8 billion euros ($3.07 billion) from this year's windfall tax on energy companies, people familiar with the matter told Reuters on Monday. The Treasury in December estimated the levy would yield around 2.6 billion euros. Under the terms set in the 2023 budget, around 7,000 producers and sellers of electricity, gas and petrol products were required to pay the levy. This year's windfall tax replaced a levy in 2022 that reaped a similar amount of money but triggered criticism and refusals to pay from multiple firms. Italy has promised to gradually phase out the expansionary fiscal policy adopted since 2020 in the wake of the COVID-19 pandemic and the energy crisis.

Persons: refusals, Gilberto Pichetto Fratin, Giorgia, Christina Fincher Organizations: Reuters, Treasury, Energy, Thomson Locations: Italy, ROME, Ukraine

Opposition parties are clamouring for a vote in parliament, but Meloni said on Wednesday that was not about to happen and linked the debate to ongoing discussions on a broader reform of European budget rules. "Italy's interest is addressing negotiations on European governance, which covers the entirety of our national interests," she told parliament. "Meloni does not want to leave the anti-ESM front to Salvini and nobody wants to lose face," he told Reuters. Despite irritation in Brussels over the dithering in Rome, EU officials have told Reuters that any attempt by Meloni to link ESM approval to much more significant budget reform will not pay off. Italy, which has the second largest debt mountain in relation to its GDP in the euro zone after Greece, has criticised the suggestion.

Persons: Giorgia, Meloni, Matteo Salvini, Francesco Galietti, Paschal Donohoe, Francesco Saraceno, Crispian Balmer Organizations: ROME, European Union, Treasury, Reuters, European, Rome's Luiss University, Sciences Po, European Commission, Thomson Locations: Italy, Brussels, Rome, Sciences Po Paris, Greece, Rome's

KKR's approach incorporates a value for TIM's fixed landline network that could top 23 billion euros ($25 billion). TIM plans to analyse in depth the terms to be proposed by KKR, one of the sources said. Having already invested 1.8 billion euros in the grid, KKR has bid for a controlling stake in a unit comprising TIM's entire domestic fixed access network and submarine cable business Sparkle. KKR is also ready to let TIM retain a stake in its landline network. Prime Minister Giorgia Meloni's administration will have a say on any deal as Rome can use its "golden powers" rules to set conditions or block bids for strategic assets such as TIM's network.

Persons: Pietro Labriola's, Giancarlo Giorgetti, Giorgia Meloni's, Giuseppe Fonte, Elvira Pollina, Valentina Za, Kirsten Donovan Organizations: KKR, TIM, Telecom Italia, Macquarie, Reuters, Vivendi, Treasury, Thomson Locations: ROME, Rome

☆ Italy rules Pirelli's Chinese top investor cannot choose CEO
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pirelli CEO Marco Tronchetti Provera attends a theatrical performance on the occasion of the 150th anniversary celebration of Italian tyremaker in Milan, Italy, January 28, 2022. Rome's move came after Sinochem notified the Italian government in March of plans to renew and update an existing shareholder pact with fellow investor Camfin, the vehicle of Pirelli's CEO Marco Tronchetti Provera. Rome also ruled Sinochem should pick no more than eight members of Pirelli's 15-strong board, leaving four to Camfin. Pirelli shareholders vote to pick a new board on July 31, with current deputy CEO Giorgio Bruno set to replace Tronchetti Provera, who would stay on as executive vice-chairman. Analysts see the move as an initial step to build an alternative and stable group of Italian shareholders for the company.

Persons: Marco Tronchetti Provera, Flavio Lo Scalzo, China's, tyremaker Pirelli, Rome's, Sinochem, Camfin, Giorgia, Tronchetti Provera, Pirelli's, Giorgio Bruno, Giuseppe Fonte, Valentina Za, Giulio Piovaccari, Louise Heavens Organizations: Pirelli, REUTERS, Reuters, Thomson Locations: Milan, Italy, China, Rome, Camfim

Sinochem was not immediately available for comment, while Pirelli declined to comment. Sources had previously told Reuters that the government was concerned about Sinochem's growing influence on Pirelli, as the proposed pact would have allowed the Chinese group to appoint more board members and potentially choose Pirelli's future CEOs. Founded in 1872, Pirelli is one of Italy's most storied companies. CHANGES NEEDEDMeloni's government refrained from imposing even tougher conditions on Sinochem, including blocking its voting rights in Pirelli. The Chinese group earlier this year confirmed its plans to remain a long-term investor in Pirelli.

Persons: China's Sinochem, Marco Tronchetti Provera, Giorgia, Sinochem, Rome, Camfin, Giorgio Bruno, Tronchetti Provera, Alvise Armellini, Giuseppe Fonte, Giulio Piovaccari, Sandra Maler Organizations: Beijing, tyremaker Pirelli, Camfin, Pirelli, Reuters, Big, Ferrari, Porsche, BMW, Formula, Initiative, Thomson Locations: Beijing ROME, China, Beijing, Italy, Europe, Rome, Milan

☆ Pirelli CEO 'confident' Rome will act to curb Chinese influence over tyremaker
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 15 (Reuters) - Pirelli's CEO (PIRC.MI) said in a recent private meeting that he is "very confident" Rome will use its Golden Power to curb Chinese influence over the Italian tyremaker, deemed a strategic asset, a person with knowledge of the matter said. Italy's right-wing government led by Giorgia Meloni is assessing a new governance agreement at Pirelli between its largest shareholder, China's Sinochem (600500.SS), and fellow investor Camfin, the vehicle of Pirelli CEO Marco Tronchetti Provera. The source said that Tronchetti Provera had expressed confidence at a recent meeting that the situation would be resolved positively. Tronchetti Provera had previously warned Rome, in a hearing with government officials, that the tyremaker's independence is at stake because of Sinochem's growing grip, the Wall Street Journal has reported. A spokesperson for the Pirelli CEO said Tronchetti Provera had no information to enable him to make - and he has not made - any predictions as to what decisions the government might take.

Persons: Giorgia Meloni, China's Sinochem, Camfin, Marco Tronchetti Provera, Tronchetti Provera, Sinochem, Giorgio Bruno, Giorgio Bruno ', Andrea Bruno, Giulio Piovaccari, Giuseppe Fonte, Susan Fenton Organizations: MILAN, Pirelli, Reuters, Wall Street, Camfin, Thomson Locations: Rome, Italy

☆ Italy's Meloni to meet Musk in Rome, sources say
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Italy's Prime Minister Giorgia Meloni is scheduled to meet with Tesla (TSLA.O) CEO Elon Musk in Rome later on Thursday, two government sources said, after holding brief talks with Foreign Minister Antonio Tajani in the morning. One of the sources said Musk's meeting with Meloni will take place as part of a "European tour" by the Tesla chief, who will also meet French President Emmanuel Macron on Friday. Macron said he would promote France to Musk as a possible site for one of the electric vehicle (EV) maker's factories as well as tech regulation. Earlier on Thursday, Musk and Tajani held a discussion on the automotive and aerospace sectors, the minister said in a tweet. Reporting by Angelo Amante, Giuseppe Fonte and Giulio Piovaccari; editing by Federico Maccioni and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Giorgia Meloni, Elon Musk, Antonio Tajani, Meloni, Emmanuel Macron, Macron, Tesla, Tajani, Angelo Amante, Giuseppe Fonte, Giulio Piovaccari, Federico Maccioni, Jonathan Oatis Organizations: Italy's, Tesla, Foreign, Thomson Locations: Rome, France

☆ Italy's Meloni meets Musk in Rome
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Italy's Prime Minister Giorgia Meloni met with Tesla (TSLA.O) CEO Elon Musk in Rome later on Thursday, a government source said, after holding brief talks with Foreign Minister Antonio Tajani in the morning. Talks between Meloni and Musk focused on the low birth rate in Italy, the issue of deregulation in the European Union and the risks related to the use of artificial intelligence, the source said. Another official said the meeting with Meloni was part of a "European tour" by the Tesla chief, who will also meet French President Emmanuel Macron on Friday. Macron said he would promote France to Musk as a possible site for one of the electric vehicle (EV) maker's factories as well as tech regulation. Earlier on Thursday, Musk and Tajani held a discussion on the automotive and aerospace sectors, the minister said in a tweet.

Persons: Giorgia Meloni, Tesla, Elon Musk, Antonio Tajani, Musk, Meloni, Emmanuel Macron, Macron, Tajani, Angelo Amante, Giuseppe Fonte, Giulio Piovaccari, Federico Maccioni, Jonathan Oatis Organizations: Italy's, Foreign, European Union, Thomson Locations: Rome, Italy, France

Media tycoon Berlusconi founded Forza Italia when he entered politics in 1994. "I expect Brothers of Italy to be attractive to Forza Italia members," Lorenzo De Sio, a politics professor at LUISS University in Rome, said. The relationship between Berlusconi and Meloni repeatedly came under strain since they won general elections together last year. That triggered a long process which ended up in a merger between Forza Italia and MSI's heir Alleanza Nazionale in a single party. Althea Spinozzi, fixed income strategist at Saxo Bank, said the risk associated with investing in Italy can decrease with a downsized Forza Italia.

Persons: Marina, Silvio Berlusconi, Giorgia Meloni, Berlusconi, Matteo Salvini's, Meloni's, Giuliano Cazzola, Lorenzo De, Meloni, Alleanza, Brothers, Sergio Mattarella, Yara, Eugenio Pizzimenti, Antonio Tajani, Pizzimenti, Althea Spinozzi, Marina Berlusconi, Angelo Amante, Giuseppe Fonte, Antonella Cinelli, Angus MacSwan Organizations: Forza Italia, Media, Matteo Salvini's League, Forza Italia's, Forza, Reuters, Analysts, LUISS University, Italian Social Movement, Berlusconi's, Alleanza Nazionale, REUTERS, Pisa University, Union, Saxo Bank, Meloni, Thomson Locations: ROME, Italy, Rome, Ukraine, Brussels

The upcoming national strategic fund for "Made in Italy" products will have an initial endowment of 1 billion euros ($1.10 billion) in state cash, the statement said, adding it would also aim to boost procurement of "critical raw materials." A draft seen by Reuters showed that the new vehicle was also entitled to invest in domestic, listed firms not operating in the financial sector. The scheme will aim to raise at least an additional 500 million euros from private investors, according to the document. Run by the state lender Cassa Depositi e Prestiti (CDP), the Patrimonio Rilancio fund was originally intended to provide some 40 billion euros of financing, but has so far invested just around 1 billion. Once the bill is approved by parliament, the government will issue a decree defining how the fund will work.

Persons: Rome, Giorgia Meloni, Adolfo Urso's, Italy's, Alison Williams, Deepa Babington Organizations: Reuters, United Arab, Industry, Patrimonio, InfraVia Capital Partners, Paris, Equity, Thomson Locations: ROME, Italy, Saudi Arabia, Qatar, United Arab Emirates, Azerbaijan, Norway, France

☆ Italy plans state-backed fund to promote AI startups
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

ROME, May 30 (Reuters) - Italy's government plans to set up an investment fund backed by state lender Cassa Depositi e Prestiti (CDP) to promote startups investing in Artificial Intelligence (AI), cabinet undersecretary Alessio Butti said on Tuesday. The upcoming vehicle will "promote study, research and programming on AI in Italy," Butti said in a statement. Many experts say new regulations are needed to govern AI because of its potential impact on national security and education, as well as jobs. A government source told Reuters Rome planned to earmark around 150 million euros ($165 million) to launch the fund. CDP is expected to invest its own resources in the scheme through CDP Venture Capital, a fund with around 3.2 billion euros in assets under management.

MILAN, May 15 (Reuters) - Australian fund Macquarie (MQG.AX) is raising legal hurdles over a plan backed by Italy's Treasury for state lender CDP to join forces with U.S. fund KKR (KKR.N) to buy Telecom Italia's (TIM) landline grid, three sources said. People familiar with the matter told Reuters this month the Treasury would welcome CDP joining forces with KKR for TIM's prized grid, with one source saying government officials ware pushing for CDP to drop its separate proposal. But Macquarie is raising legal issues about a possible alliance between CDP and KKR, three sources close to the matter told Reuters late on Monday. CDP and Macquarie are co-investors in Open Fiber, a smaller rival to TIM. One of them said Macquarie was aiming to improve its offer with CDP ahead of next month's deadline.

MILAN, May 15 (Reuters) - Australian fund Macquarie (MQG.AX) is raising legal hurdles over a plan backed by Italy's Treasury for state lender CDP to join forces with U.S. fund KKR (KKR.N) in a deal to buy Telecom Italia's landline grid (TIM) (TLIT.MI), three sources said on Monday. But Macquarie is now raising legal issues about a possible alliance between CDP and KKR, three sources close to the matter told Reuters on Monday. CDP and Macquarie are co-investors in Open Fiber, a smaller rival to TIM. One of them said Macquarie was aiming to improve its offer with CDP ahead of the June 9 deadline. Separate sources with knowledge of the matter had said this month KKR had expressed its willingness to work further on its bid.

☆ Italy's Treasury ready to back KKR-CDP joint bid for Telecom Italia's grid, sources say
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

ROME, May 5 (Reuters) - Italy's Treasury is ready to back a joint purchase proposal for Telecom Italia's (TIM) (TLIT.MI) grid by U.S. KKR and state lender CDP to end a stalemate over the sale process of the phone group's prized asset, sources told Reuters. In recent talks with involved parties, the Treasury said it would welcome a joint bid for TIM's grid, two sources familiar with the matter told Reuters on Friday. One of sources added the ministry would also be open to involving Infrastructure fund F2i in the process, should talks over a joint bid prove feasible. TIM, CDP, Macquarie and KKR declined to comment, while F2i was not immediately available for comment. Reporting by Giuseppe Fonte in Rome and Elvira Pollina in Milan, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

ROME, May 5 (Reuters) - Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) (BMPS.MI) through one or more share sales on the market, three people briefed on the matters told Reuters. After rescuing MPS at a cost of 5.4 billion euros ($6 billion) for taxpayers, Rome pumped another 1.6 billion into the Tuscan bank last November when it covered 64% of a 2.5 billion euro capital raise. MPS had to raise fresh capital to fund staff exits and replenish its capital reserves after the Treasury failed to clinch a sale of the bank to UniCredit (CRDI.MI) in 2021. Prime Minister Giorgia Meloni said several times that MPS's privatisation should foster the creation of several large banking groups in the country. ($1 = 0.9081 euros)Reporting by Giuseppe Fonte in Rome and Valentina Za in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Adviser to Italy's Treasury tables proposal for windfall tax on banks
▼ + stars: | 2023-05-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

European lenders have consistently beaten expectations in recent quarters as higher rates set by the European Central Bank (ECB) to curb inflation have driven profits higher, while leaving savers disgruntled. Government sources said last week that Economy Minister Giancarlo Giorgetti was working on a windfall tax on banks to fund relief measures for families hit by inflation, which is running above the euro zone average. Giorgetti told parliament that the government "cannot and will not" ignore the fact that banks have seen revenues increase due to higher interest rates, but have not adjusted rates on deposits accordingly. UniCredit (CRDI.MI) CEO Andrea Orcel confirmed on Wednesday that there were discussions ongoing in Italy about a new tax on banks' profits, but there was no certainty it would be introduced. Madrid is planning to raise around 6 billion euros ($6.63 billion) from a windfall tax on energy companies and banks.

☆ 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 wary of raising taxes on web firms, fearing U.S. reaction
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

ROME, May 2 (Reuters) - Italy must be cautious about taxing web companies more heavily as it risks retaliation from the United States, Deputy Economy Minister Maurizio Leo said on Tuesday. A tax on digital companies including U.S. tech giants has been effective since 2020 and is worth some 300 million euros ($329 million) per year. "We cannot go beyond that," Leo told a parliamentary hearing. At the end of 2019, just few weeks before Italy's tax was approved by parliament, Washington said the levy unfairly targeted U.S. firms. Leo told lawmakers the issue should be addressed as part of talks to implement a global minimum tax aimed at stopping big business from hiding profits in tax havens.

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 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 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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