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Italy

Italy, Azerbaijan name priority areas of cooperation

Flag-Pins-Italy-Azerbaijan

BAKU: Azerbaijan’s Foreign Minister Elmar Mammadyarov received the newly-appointed Italian Ambassador to Baku, Auqusto Massari, on August 22. The ambassador presented a copy of his credentials to the Azerbaijani FM. Massari will replace Giampaolo Coutillo  in this post. Massari stated that he will spare no efforts for further development of relations between the two countries. He also briefed Minister Mammadyarov ... Read More »

Italy economic growth optimism rises

employement rises

ROME: Italy’s economic recovery extended for a tenth straight quarter, boosting optimism that growth can become sustainable this year amid a rise in industrial production. Gross domestic product expanded 0.4% in the three months through June, the same as in the first quarter, Rome-based statistics agency Istat said in a preliminary report on Wednesday. That matched the median of 26 ... Read More »

Italy’s Monte dei Paschi posts 3.2b Q2 losses

Italy’s Monte dei Paschi

ROME: Italy’s troubled bank Monte dei Paschi di Siena (BMPS) said Friday it lost more than 3.2 billion euros in the second quarter, after the EU approved a bailout for the stricken lender. The bank’s chief Marco Morelli had warned in July that he anticipated losses due to write downs on bad loans. Founded in Siena in 1472, BMPS has ... Read More »

Italy trade surplus falls in June

trade surplus

ROME: Italy’s foreign trade surplus decreased in June from a year ago, as imports grew faster than exports, figures from the statistical office Istat showed Thursday. The trade surplus dropped to EUR 4.5 billion in June from EUR 4.7 billion in the corresponding month last year. In May, the surplus was EUR 4.3 billion. Exports climbed 8.2 percent year-over-year in ... Read More »

Italy/German yield gap at 2017 lows as ECB steps up Italy bond buys

The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016.   REUTERS/Ralph Orlowski/File Photo

ROME: Italy’s 10-year bond yield fell to a six-week low on Tuesday, closing the gap over top-rated German peers to its tightest this year following signs of outsized buying of Italian debt by the European Central Bank. Data released late on Monday showed the ECB bought far more Italian bonds than it was supposed to in July for its monetary ... Read More »

Italy to improve economy despite IMF’s forecast

Italy IMF

ROME: The International Monetary Fund (IMF) recently up adjusted its forecast for Italy’s economic growth, but warned the growth could not be maintained without healthier development in some areas. The IMF now says it expects the Italian economy to grow by 1.3 percent this year, up from the 0.8 percent forecast at the start of the year and higher than ... Read More »

Tehran, Rome to launch utility cooperation

COOPERATION

TEHRAN: An official at Ministry of Energy reported on formation of a joint working group between Iran and Italy to expand ties in water and electricity sectors. Hamidreza Tashayoei, Head of Export Promotion and Logistics at the Iranian Ministry of Energy, made the remarks at a meeting with Italy’s economy attaché to Tehran Carmelo Ficarra in Tehran. The Iranian side ... Read More »

IMF calls for additional measures on NPLs worth 21% of Italian GDP

gdp

MILAN: Low productivity and investment levels are the challenges that the Italian economy has to face to consolidate growth which in the current state is still moderate and furthermore sustained by expansive monetary policy, low commodity prices and economic reforms, the International Monetary Fund (IMF) said in a report published yesterday. The annual analysis on the Italian economy, which came ... Read More »

Italy tax cuts for hiring young people should be extended

Bangladesh frozen food exporters seek tax cut in upcoming budget

ROME: A temporary measure cutting taxes for Italian employers for a period after they hire young people should be extended, Economy Minister Pier Carlo Padoan said on Wednesday. The government is considering including the tax cuts, which were introduced temporarily as part of a 2015 labour market reform, in its 2018 budget, which is due to be presented in October, ... Read More »

Italian UniCredit frees itself from €17.7 billion bad loans

italy-finance-economy-unicredit-bank

MILAN: Italian lender UniCredit’s balance sheet will soon be free of the dead weight of €17.7 billion of deteriorated credit. The bank announced yesterday that it had signed the definitive agreements with Pimco and Fortress that will allow it to sell the huge portfolio of non-performing loans (NPLs) to securitization vehicles created for the purpose, which will be financed with ... Read More »

Foreign direct investments in Italy up 50% in 2016

Foreign direct investments - FDI

MILAN: The year 2017 started with the foot on the accelerator for Italian exports, boding well for the 215,700 exporting Italian companies surveyed in the 2015-2016 report by Italian Trade Agency ICE on the internationalization of the country, in collaboration with national statistics institute ISTAT. The first data on sales abroad show that exports are up 6.6% in the first ... Read More »

Iran, Italy ink 1.2b euro deal on railway

FreshAer Business Deals

TEHRAN: Iran, following the removal or relaxation of a range of international sanctions, seeks to develop its national railway industry by attracting huge investments from major international players. Iranian and Italian state-run railway companies have signed memorandums of understanding for mutual cooperation on July 11, the Iranian railway company said. A deal worth 1.2 billion euros for building a 135-kilometer ... Read More »

Italian economy and credit quality improve: Bank of Italy governor

improvement

MILAN: The Italian economy has strengthened and credit quality is improving, Bank of Italy governor Ignazio Visco said on Wednesday. But to erase the legacy of the crisis, “more than an economic recovery” is needed. It is necessary to conclude the “process of reforms with the commitment of everyone,” he said, adding that Italian banks, for example, must “recover an ... Read More »

Italy’s former PM Renzi sets out new economic agenda in book

Former Italian PM - Matteo Renzi

ROME: Former Italian Prime Minister Matteo Renzi said he would ask the European Union for less stringent deficit requirements for five years in exchange for a commitment to improve the country’s debt pile if re-elected. Renzi said he would keep the national deficit at 2.9 percent, just a notch under a EU ceiling of 3 percent, but would use an ... Read More »

Italian pasta production rises 1.6% in 2016

Italian Pasta

ROME: Italy has affirmed its status as the world’s largest producer of pasta with 3,324,636 tonnes produced in 2016 (+1.6%) and sales of €4.74 billion (-1.1%), according to the annual report of the Association of the Italian Confectionery and Pasta Industries (AIDEPI), reports Ansa. Italian producers allocated almost 1.9 million tonnes of pasta for exports to foreign markets, an increase ... Read More »

Italy May unemployment rate rises to 11.3%

unemployement

ROME: Italy’s unemployment rate rose in May to 11.3 percent after an upward revision to the previous month’s data, as some 51,000 jobs were lost, national statistics bureau ISTAT reported on Monday. ISTAT revised up April’s rate to 11.2 percent from 11.1 percent. May’s data reversed a recent trend of job growth and falling unemployment. In the three months to ... Read More »

Italian plastics machinery exports up 16% in Q1

exports

ROME: The Italian plastics and rubber manufacturing machinery industry remains to be a vital cog in the international marketplace, with exports up 16.3 per cent. According to the Italian trade association Amaplast – previously known at Assocomaplast – foreign trade data published by ISTAT for the first quarter of 2017 revealed that imports were up 15.3 per cent and exports ... Read More »

Italy tax police search five banks in diamond sales probe

Loose-diamonds-ExecutiveIce

MILAN: Italian tax police seized documents from the offices of five Italian lenders on Wednesday in an investigation over alleged fraud in relation to the distribution of diamonds to bank clients, sources said. The police took documents and computer files from Intesa Sanpaolo, UniCredit, Monte dei Paschi di Siena, Banco BPM and Popolare di Bari, the sources said. All five ... Read More »

Italy’s ports returning to growth, new Silk Road presents good prospects

growth in exports

MILAN: Traffic of goods through Italian ports totaled 484 million tonnes in 2016, the highest level since 2009 (to go even higher you have to look back to 2008: 509 million tonnes). At the global level, maritime transport has gone beyond the 10 billion tonne threshold for the first time, of which the Mediterranean area represents 20%. These figures are ... Read More »

Money laundering dispute: Bank of China paid €20m to Italy

BANK OF CHINA

MILAN: The Bank of China has paid Italy’s tax authorities 20 million Euros ($22.3 million) to settle a tax dispute connected to a money laundering case involving its Milan branch, a source familiar with the matter said on Friday. The payment by Bank of China was made on January 31, before the lender made a separate deal to settle a ... Read More »