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☆ Intesa Sanpaolo chairman sees limited impact from Italy windfall tax
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 1 (Reuters) - The chairman of Intesa Sanpaolo (ISP.MI) sees no cause for alarm over the impact of the windfall tax on Italian banks and said it would probably cost Italy's biggest bank less than 1 billion euros ($1.08 billion). The windfall tax, which wrongfooted bank investors when announced in August, is a one-off measure targeting gains from higher interest rates. The Treasury expects to draw less than 3 billion euros from the measure, sources have said. Gros-Pietro said dividends would inevitably be affected by any impact of the tax on profit but that Intesa investors would still be well rewarded.

Persons: Stefano Rellandini, Intesa, Gian Maria Gros, Pietro, Gros, Elvira Pollina, Giulio Piovaccari, Keith Weir, Alvise Armellini, Louise Heavens Organizations: REUTERS, House, Treasury, Thomson Locations: Milan, Italy

☆ Outrage in Italy as mother bear is shot dead, leaving cubs to fend for themselves
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO-Mother bear 'Amarena' walks in a street with her two cubs in San Sabastiano Dei Marsi, Italy, August 26, 2023, in this still image obtained from a social media video. Gemma Di Pietro via Acquire Licensing Rights Read moreROME, Sept 1 (Reuters) - The death of a mother bear shot near a national park in central Italy, leaving two cubs to fend for themselves, has drawn condemnation from animal rights groups and politicians. It was not clear why the bear was shot, but hunting bears is against the law in Italy. The National Park of Abruzzo, Lazio and Molise is home to around 50 brown bears, a species found in central Italy. The uproar over the shooting of the bear follows an argument over an incident in April when a bear killed a 26-year-old runner in northern Italy.

Persons: Amarena, dei Marsi, Gemma Di Pietro, Lav, Gilberto Pichetto Fratin, Luciano Sammarone, Angelo Bonelli, Claudia Cristoferi, Alvise Armellini, Nick Macfie Organizations: Sabastiano Dei, Facebook, Police, Environment, La Repubblica, Green Party, Thomson Locations: Sabastiano, Italy, San, ROME, Abruzzo, Lazio, Molise

☆ Spain soccer kiss: Society cannot allow abuse of power, Bonmati says
▼ + stars: | 2023-08-31 | by ( Pietro Lombardi | ) www.reuters.com time to read: +1 min

"This is not a good moment in Spanish football," Bonmati said after winning the UEFA women's player of the year award. "As a society we cannot allow the abuse of power in a work relationship," the 25-year-old Barcelona and Spain midfielder said, expressing her support for Hermoso and all women in the same situation. I hope we continue working so that this society improves," she said. On Wednesday, Spain's acting Equality Minister Irene Montero told Reuters that Spanish society must break a "pact of silence" and stop normalising sexist behaviour. Reporting by Pietro Lombardi; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Hannah Mckay, Aitana Bonmati, Bonmati, Luis Rubiales, Jenni Hermoso, Spain's, Irene Montero, Pietro Lombardi, Nick Macfie Organizations: Soccer Football, FIFA, England, Rights, Spanish, UEFA, Reuters, Thomson Locations: New Zealand, Spain, Australia, Sydney, Spanish, Barcelona

[1/2] The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. Under the revised terms, Eni and Repsol can supply the state company with fuels, potentially helping Venezuela ease an intermittent scarcity that has led to long lines at gasoline stations in recent years. Eni and Repsol were not immediately available to respond to a Reuters request for comment. Crude received by Eni and Repsol under their swap deal has mostly been sent to Repsol's refineries in Spain. The field is run by the Petrosucre joint venture between Eni and PDVSA.

Persons: Afolabi, Repsol, PDVSA, Joe Biden's, Perla, Marianna Parraga, Francesca Landini, Pietro Lombardi, Mircely, Matt Spetalnick, David Holmes Organizations: Eni, Nigeria International Petroleum Summit, REUTERS, Companies, U.S . State Department, Kuwait Petroleum, Repsol, U.S . Treasury, PDVSA, Perla, Washington, Thomson Locations: Nigeria, Abuja, HOUSTON, Venezuela, Europe, Venezuelan, PDVSA's, Italy's Milazzo, Kuwait, U.S, Spain, Chevron, American, Venezuela's Gulf, Colombia, Milan, Madrid, Maracay, Washington

☆ Factbox: When is Venice Film Festival 2023 and what can we expect?
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] The 79th Venice Film Festival - Awards Ceremony - Venice, Italy, September 10, 2022 - Director Laura Poitras poses with the Golden Lion Award for Best Film. REUTERS/Guglielmo Mangiapane/File Photo Acquire Licensing RightsAug 28 (Reuters) - The Venice International Film Festival is the oldest film festival in the world, with its 80th edition opening this week. WHEN IS THE VENICE FESTIVAL? The festival opens on Aug. 30 with the premiere of Italian World War Two film "Comandante", directed by Edoardo De Angelis. There are several categories making up the official selection of films shown, the top being those competing for the coveted Golden Lion award.

Persons: Laura Poitras, Guglielmo Mangiapane, Edoardo De Angelis, El Conde, Pablo Larrain, Luc Besson, Ferrari, Michael Mann, Nikolaj, Saverio Costanzo, Maestro, Bradley Cooper, Stefano, Allem, Timm Kroger, David Fincher, Bertrand Bonello, Priscilla, Sofia Coppola, Agnieszka Holland, Pietro Castellitto, Ava DuVernay, Matteo Garrone, Giorgio Diritti, Holly, Szumowska, Michal Englert, Michel Franco, Stephane Brize, William Friedkin, Woody Allen's, Roman Polanski, Henry Sugar, Wes Anderson, Harmony Korine, Travis Scott, Crispian Balmer, Mark Heinrich Our Organizations: Golden, Film, REUTERS, Society, Hollywood, Thomson Locations: Venice, Italy, VENICE, Spanish, Chile, Denmark, Austria, Switz, Canada, France

☆ Spanish king nominates conservative Feijoo for premiership bid
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

MADRID, Aug 22 (Reuters) - Spain's King Felipe on Tuesday nominated the leader of the conservative People's Party (PP), Alberto Nunez Feijoo, to face a parliamentary vote for prime minister, according to lower house speaker Francina Armengol. No single party or bloc earned an outright majority of seats in the snap general election. Earlier on Tuesday, acting Prime Minister Pedro Sanchez said that he believed his Socialist party would be able "to gather the parliamentary support needed" to form a government. Her appointment was seen as a nod to smaller regional parties, whose support Sanchez would need in a potential bid should Feijoo fail. If no candidate secures a majority within two months of the first vote, new elections have to be called.

Persons: King Felipe, Alberto Nunez Feijoo, Francina, Feijoo, Feijoo's PP, Pedro Sanchez, Armengol, Esquerra Republicana, Sanchez, Pietro Lombardi, David Latona, Andrei Khalip, Mark Porter, Mark Heinrich Our Organizations: People's Party, Socialist, Sanchez's Socialists, ERC, Thomson Locations: MADRID, Balearic, Catalonia

☆ Telecom Italia's quarterly core profit rises as domestic revenues edge up
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

which was above a company-provided analyst consensus of 1.3 billion euros. TIM's net financial debt rose to 26.1 billion euros ($28.57 billion) as of June 30 from 24.6 billion euros in the same period last year. The company confirmed its financial targets for 2023, including a stabilisation of service revenue and core earnings at the domestic level. The government has special vetting powers on any deal involving TIM's grid and wants to join KKR's bid to keep a strategic oversight on Italy's main telecommunications infrastructure. The grid sale has faced heavy reservations from TIM's top investor, Vivendi (VIV.PA), which is demanding a higher valuation to back a deal.

Persons: Yara, Pietro Labriola, Giorgia, Elvira Pollina, Urvi, Chris Reese, Leslie Adler Organizations: REUTERS, Telecom Italia, KKR, TIM, U.S, TIM's, Vivendi, Thomson Locations: Rome, Italy, Milan, Bengaluru

Ferrovial has been providing artificial intelligence services to its businesses and employees since April after two years of work on an AI solutions centre in Spain. Ferrovial is working with Microsoft AI products, but has its own, completely isolated version, and is building the framework for an AI service that will help its various businesses. The company is also using AI tools on its highways to detect cars going the wrong way, objects or people on the road, and is working on perfecting the sensors. In parallel, Ferrovial is working on ways to communicate directly with motorists using its U.S. toll roads and give them more information than just the rates. AI will also help it contact potential users to offer discounts and attract more traffic.

Persons: Ferrovial, Luis Carlos Pietro Fernandez, Fernandez, Corina Pons, Andrei Khalip, Conor Humphries Organizations: Heathrow, Reuters, Microsoft, Thomson Locations: MADRID, Spain, Highways, Madrid, Netherlands, United States, Heathrow, Britain's, New, JFK

☆ Azimut to start marketing funds to UniCredit clients in Q1
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Italian asset manager Azimut (AZMT.MI) said its partnership with UniCredit (CRDI.MI) was on track and would start contributing to net profit from early next year, when it begins marketing products built for the bank's clients across its branches. UniCredit, which sold its asset management operations in 2017 to boost capital, has turned to Azimut as it works to grow its fee income by bringing back in house parts of the business. "We have entered into stage two of the ... strategic partnership with UniCredit," CEO and CFO Alessandro Zambotti said in a statement, as Azimut posted a 15% yearly rise in first-half net profit. Under the deal unveiled in December, Azimut will set up in Ireland an asset management business tailored to UniCredit clients' needs which the bank has an option to acquire for a token price within five years. Azimut has said it expects to reap a 0.5% profit margin on the sales of new products to UniCredit clients.

Persons: Azimut, UniCredit, Alessandro Zambotti, Andrea Orcel, Pietro Giuliani, Enrico Sciacovelli, Valentina Za Organizations: UniCredit, Wednesday, Thomson Locations: Italian, Ireland

☆ Venice Film Festival unveils a star-studded lineup amid strike
▼ + stars: | 2023-07-25 | by ( Marianne Garvey | ) edition.cnn.com time to read: +2 min

CNN —The Venice Film Festival has unveiled its lineup amid the ongoing SAG-AFTRA actors and WGA writers strike. While the movie lineup is filled with A-list actors and big-name directors, it remains unclear which talent will be allowed to actually attend the festival amid the strike. Festival director Alberto Barbera said in his opening speech if the strike is still ongoing there will likely be premieres without the film’s cast on the red carpet. In the meantime, producers can apply for SAG-AFTRA waivers so the stars of their films can attend and not break strike rules. See the full in competition lineup for the 2023 Venice International Film Festival below.

Persons: Bradley Cooper, Sofia Coppola, Yorgos Lanthimos, Michael Mann, Ava DuVernay, ”, Edoardo De Angelis, Pierfrancesco Favino, “, Bayona, Cooper’s, “ Maestro, Cooper, Emma Stone, Damien Chazelle, Jane Campion, Martin McDonagh, Laura Poitras, Alberto Barbera, Barbera, ” Edoardo de Angelis, ” Stefano Sollima “, ” Bertrand Bonello “, ” Luc Besson “ El Conde, ” Pablo Larrain “, ” Pietro Castellitto “, “ Ferrari, ” Michael Mann “ Finalmente, ” Saverio Costanzo “, Agnieszka Holland “ Holly, ” Matteo Garrone “, ” David Fincher “ Lubo, ” Giorgio Diritti “ Maestro, ” Bradley Cooper, ” Michel Franco “, ” Ava DuVernay “, Lanthimos, Priscilla, ” Sofia Coppola “, ” Nikolaj Arcel, Allem, ” Timm Kroger, Malgorzata Szumowska, Michal Englert Organizations: CNN, WGA, “ Society, SAG Locations: Venice, J.A, La

That would cost the EU its figurehead in international climate negotiations and the politician who drove through Europe's toughest measures yet to cut planet-warming emissions. The move was at odds with the U.S., and faced ire from some EU countries who felt it gave too much away. Ribera's role at the helm of Spain's green agenda is on the line after a snap election on Sunday ended with gridlock. The EU wants to pass at least two more green policies before EU elections next year - the nature law and electricity market reforms. Spain - whose current government typically backs ambitious EU climate policies - holds the EU's rotating presidency, and will chair EU countries' negotiations on all new laws until 2024.

Persons: gridlock, Frans Timmermans, Michael Bloss, Timmermans, Teresa Ribera, Linda Kalcher, Ribera's, She's, Kalcher, Ribera, Emmanuel Macron, Pablo Simon, Carlos, Kate Abnett, Pietro Lombardi, Jonathan Oatis Organizations: EU, European, UN, Green, U.S, SECOND, gridlock, People's Party, Carlos III University, Thomson Locations: Spain, lurch BRUSSELS, Dutch, Santiago, Chile, Ribera, Europe, Italy

☆ A New Spin on Spin: Reviving a Bolognese Folk Dance
▼ + stars: | 2023-07-21 | by ( Brian Seibert | ) www.nytimes.com time to read: +1 min

Two men arrive on the dance floor, holding hands. This is the polka chinata, or crouched polka, a nearly defunct Bolognese folk dance. He had made other works using folk dance, but he had never heard of an Italian couple dance for men. He sought out Giancarlo Stagni, a dance teacher in Castel San Pietro Terme, near Bologna. Stagni told him that the number of people who danced the polka chinata had shrunk to just five.

Persons: ”, Alessandro Sciarroni, Sciarroni, “, Giancarlo Stagni, Stagni Locations: Italian, States, PS21, Chatham , N.Y, Italy, Castel San Pietro Terme, Bologna

With polls indicating a PP/Vox coalition government as the most likely outcome of next Sunday's national election, the reversal signals what could be a broader shift in Spain's climate change policy. "We are going to continue building bike lanes," he told Reuters. Vox has also pledged to repeal Spain's climate law, which establishes an obligation to create LEZs in cities. "Bike lanes have to be useful and not generate social alarm, so each municipality has to analyse the most appropriate location," a PP official told Reuters. Valladolid has been awarded 10.6 million euros to create an LEZ and about 4 million for bike lanes.

Persons: Teresa Ribera, Vox, Alberto Gutierrez, Miguel Diaz, Santiago Abascal, Pedro Sanchez, Sanchez, Cristina Monge, LEZs, Carmen Moriyon, Frans Timmermans, Belén Carreño, Pietro Lombardi, Andrei Khalip, Charlie Devereux, Angus MacSwan Organizations: People's Party, Elche, Vox, Reuters, United Nations, Socialist, University of Zaragoza, EU, Brussels, Cars, European Environment Agency, Thomson Locations: MADRID, VALLADOLID, Valladolid, Gijon, Castello, Europe, Spain

☆ Another twist in the 40-year-old missing ‘Vatican girl’ case
▼ + stars: | 2023-07-15 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +8 min

It gained further international attention with the release last fall of Netflix’s “Vatican Girl” docuseries by filmmaker Mark Lewis. Among the documents was correspondence between Agostino Casaroli, then Vatican secretary of state, and a Colombian priest who had been the spiritual guide and confessor of the Orlandi family. Now the Orlandi family fears that the Vatican dossier does not include investigatory leads they hoped the Rome prosecutor would follow – primarily that the Vatican was somehow involved. The teenager was the daughter of a prominent Vatican employee and lived inside the fortified walls of Vatican City, where her mother still lives. Laura Sgro, the attorney for the Orlandi family, said at the press conference that the authorities had also cleared the uncle.

Persons: Rome, Orlandi, Netflix’s, Mark Lewis, Pietro Orlandi, La7, Agostino Casaroli, Laura Sgro, Mario Meneguzzi, Emanuela’s, ”, ” Pietro Orlandi, Natalina Orlandi, Emanuela, Andreas Solaro, Pope Francis, angelus, “, Natalina, Meneguzzi, Pietro Orlandi’s, Alessandro Diddi, Sgro, Enrico de Pedis Organizations: Rome CNN, Vatican, Catholic, Foreign Press Association, Getty, Dei Catholic, Rome police, Rome, CNN, Pontifical Teutonic College Locations: Rome, Italy, Colombian, AFP, Piazza Navona, Vatican City

☆ Pope approves Shanghai bishop as Vatican chides China for lack of consultation
▼ + stars: | 2023-07-15 | by ( Philip Pullella | ) www.reuters.com time to read: +1 min

VATICAN CITY, July 15 (Reuters) - Pope Francis has approved a new bishop of Shanghai as the Vatican chided China for transferring him there without consultation, in violation of bi-lateral accords. A Vatican statement on Saturday said the pope had named Bishop Joseph Shen Bin to head the vacant Shanghai diocese position. It is the latest dispute between the Vatican and China over the transfer of a bishop. In November, the Vatican accused Chinese authorities of violating the 2018 pact by installing a bishop in a diocese not recognised by the Holy See. For the first time since the 1950s, both sides recognised the pope as supreme leader of the Catholic Church.

Persons: Pope Francis, Bishop Joseph Shen Bin, Cardinal Pietro Parolin, Shen, Parolin, Philip Pullella, Frank Jack Daniel, Mike Harrison Organizations: CITY, State, Conservative, Catholic Church, Thomson Locations: Shanghai, Vatican, China, Haimen, Jiangsu province

ATHENS/ROME, July 13 (Reuters) - Southern Europe sweltered under a fierce heatwave on Thursday, with a warning that temperatures could hit record highs for the continent next week. Health authorities issued a top, red alert warning for 10 Italian cities for the next two days, including Rome, Florence, Bologna and Perugia. Weather forecasts and official records are based on the air temperature which is significantly lower than the land surface reading. The record European temperature of 48.8C was registered in Sicily in August 2021 and could be exceeded next week, according to the European Space Agency. "With this solitude and this heat emergency, we see an explosive mix," he told a press conference.

Persons: Europe's sweltering, Luca Lombroso, Marco Impagliazzo, It's, Michele Kambas, Pietro Lombardi, Emma Pinedo, Keith Weir, Crispian Balmer, Emelia Organizations: Italian Meteorological Society, Health, Agency's Sentinel, European Space Agency, Catholic, Thomson Locations: ATHENS, ROME, Southern Europe, Islands, Italy, Cyprus, Greece, Athens, Europe's, Lodi, Rome, Florence, Bologna, Perugia, Spain, Extremadura, Sicily

☆ Citi banker not joining Spain's Naturgy as CEO, sources say
▼ + stars: | 2023-07-11 | by ( Pietro Lombardi | ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Ignacio Gutierrez-Orrantia, one of Citigroup's (C.N) top bankers in Europe, will remain at the bank, sources familiar with the matter told Reuters on Tuesday, following media reports that he was set to join Spanish power utility Naturgy (NTGY.MC) as CEO. On Sunday, he had called Naturgy's chairman and CEO Francisco Reynes, two of the people said. Naturgy and Citi declined to comment. After rival Iberdrola (IBE.MC) appointed Armando Martinez as CEO last year, Naturgy’s leadership structure, with the power concentrated in the hands of Reynes, had become an anomaly among large Spanish energy companies. Reporting by Pietro Lombardi, Jesus Aguado and Andres Gonzalez Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ignacio Gutierrez, Gutierrez, Citigroup's, Francisco Reynes, Naturgy, Iberdrola, Armando Martinez, Pietro Lombardi, Jesus Aguado, Andres Gonzalez, Mark Potter Organizations: Reuters, Citi, Thomson Locations: Europe, Spanish, Middle East, Africa

☆ EU-funded hybrid car prototype explodes in Italy, killing two people
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

ROME, June 29 (Reuters) - Two people have died after a hybrid car prototype that was being developed and tested with European Union funds blew up last week in the southern Italian city of Naples. The Life-Save project aimed to turn cars with conventional combustion engines into hybrid vehicles, running at least partly on solar energy. One vehicle equipped with the experimental technology caught fire last Friday, seriously injuring the two people who were on board. Maria Vittoria Prati, a researcher at Italy's National Council of Research (CNR), died of complications from third-degree burns on Monday. The other occupant, research apprentice Fulvio Filace, died overnight, a spokesperson for the Cardarelli hospital in Naples told Reuters on Thursday.

Persons: Maria Vittoria Prati, Fulvio Filace, Filace, Pietro Rinaldi, Prati, Alvise Armellini, David Evans Organizations: European Union, National Council of Research, Reuters, CNR, University of Salerno, Thomson Locations: Italian, Naples, Italy

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

The executive, who was expected to make a visit this month, walked through the WF Central mall in Beijing, China on Tuesday, photos circulating on social media showed. The photos showed Arnault with his daughter, Dior CEO Delphine Arnault, and son Jean Arnault, who works for Louis Vuitton, as well as Dior's China president Monika Figlewicz. Other Beijing residents, posting on social media site Xiaohongshu, reported seeing Arnault at luxury department store SKP. LVMH, which owns labels ranging from Hennessy cognac to fashion houses Dior and Louis Vuitton, declined to comment. "The Chinese are very important clients," Louis Vuitton CEO Pietro Beccari told Reuters in an interview last week.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, Gonzalo, Read, Dior, Delphine Arnault, Jean Arnault, Louis Vuitton, Monika Figlewicz, Hennessy, Pietro Beccari, Pharrell Williams, Casey Hall, Brenda Goh, Mimosa Spencer, Conor Humphries Organizations: Viva Technology, Porte de, REUTERS, WF, Reuters, Tiffany, Thomson Locations: Porte, Paris, France, SHANGHAI, PARIS, China, Beijing, China . China

☆ Pope offers prayers to family of 'Vatican girl' who went missing 40 years ago
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pope Francis leads the Angelus prayer from his window at the Vatican, June 25, 2023. Vatican Media/Handout via REUTERSVATICAN CITY, June 25 (Reuters) - Pope Francis on Sunday offered prayers and solidarity to the family of a Vatican schoolgirl who went missing 40 years ago in one of Italy's most enduring mysteries. The case has drawn renewed worldwide attention following the release of the Netflix series "Vatican Girl" late last year. Pietro Orlandi was standing with a group of supporters holding up photographs and banners that called for "truth" and "justice". In April, Pope Francis called the allegations "offensive and unfounded insinuations".

Persons: Pope Francis, Emanuela Orlandi, Francis, Pietro, Pietro Orlandi, ANSA, Pope John Paul II, John Paul II, Alvise Armellini, Emelia Sithole Organizations: Vatican, Handout, REUTERS VATICAN CITY, Netflix, Thomson Locations: Rome, St Peter's, Italian

☆ Telecom Italia grid talks leave Vivendi in a bind
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters Breakingviews) - Telecom Italia (TLIT.MI) is moving ahead with the long-awaited sale of its grid. The 5.5 billion euro Italian group has entered exclusive talks with private equity powerhouse KKR (KKR.N), and wants a binding offer by Sept. 30. Vivendi however is valuing the NetCo at 31 billion euros. A 26 billion euro price tag would imply an EV/EBITDA multiple of 14 times. That’s almost three times that of Vodafone (VOD.L) or Telefonica (TEF.MC), assuming the grid’s EBITDA at 1.8 billion euros, according to Barclays estimates.

Persons: Pietro Labriola, Il Messaggero, That’s, – Labriola, Pamela Barbaglia, Pierre Briancon, Oliver Taslic Organizations: Reuters, Telecom, KKR, Vivendi, hardball, Telecom Italia’s, Vodafone, Telefonica, Barclays, Twitter, Intel, Thomson Locations: Rome, York, French

☆ Telecom Italia sounds out buyers for stake in enterprise unit -Bloomberg News
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Telecom Italia (TLIT.MI) is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros ($6.6 billion), Bloomberg News reported on Thursday, citing people familiar with the matter. Telecom Italia did not immediately respond to a Reuters' request for comment. The company set out to launch a sale process for a minority stake in its enterprise service arm last year. The enterprise business unit combines the phone group's connectivity services as well as cloud, cybersecurity and internet of things (IoT)operations. The telecom company rejected a nonbinding bid by CVC Capital Partners last year for a stake of up to 49% in its enterprise business.

Persons: Pietro Labriola, Bloomberg, Akanksha, Jacqueline Wong Organizations: Telecom, Bloomberg, Telecom Italia, CVC Capital Partners, Thomson Locations: Bengaluru

CNN —The Vatican said Thursday it will hand over evidence in the disappearance of a 15-year-old daughter of one of its employees 40 years ago to the Rome city prosecutor. Emanuela Orlandi, who was the daughter of a prominent Vatican employee and lived within the walls of the holy city, disappeared in the summer of 1983 while on her way home from a music lesson in central Rome. Her father, Ercole Orlandi, who died in 2004, worked for the Institute for the Works of Religion in the Holy See. Her mother, Maria Orlandi, still lives in the family apartment in Vatican City. A year later, the Vatican agreed to exhume the tomb of two princesses thought to be buried in the cemetery of the Pontifical Teutonic College inside the Vatican City.

Persons: Emanuela Orlandi, Alessandro Diddi, ” Pietro Orlandi, Antonio Masiello, Diddi, ”, “, Pietro Orlandi Orlandi, Ercole Orlandi, Maria Orlandi, Pietro Orlandi, Castel Sant ’ Angelo, Pope, Angelus, Orlandi, Mark Lewis, Mehmet Ali Agca, John Paul II, ’ Organizations: CNN, Vatican, Dei Catholic, Institute, Religion, Pontifical Teutonic College, Vatican City Locations: Rome, Vatican, St, Piazza Navona, Vatican City, Italy

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

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