Tuesday , December 12 2017
Breaking News


Italy tops Iran’s trade partners in Europe,


ROME: The latest Eurostat data shared with financial tribune show Italy was Iran’s biggest trade partner in the European Union during the nine months ending September 2017, with bilateral trade reaching €3.45 billion. Eurostat is the Directorate General of the European commission located in luxembourg. Its main responsibilities are to provide statistical information to European Union institutions and promote the ... Read More »

Italy’s economic growth likely to slow,


ROME: Despite performing fairly well ahead of the election, the Italian economy is likely to underperform in 2018, Jack Allen, an economist at Capital Economics, said. During the third quarter, gross domestic product grew 0.4 percent sequentially instead of 0.5 percent growth estimated previously, revised data showed on December 1. The overall growth was driven by an impressive 3.0 percent ... Read More »

Italian ‘Web Tax’ A Step Closer


ROME: Italy’s senate budget committee has approved a proposal to introduce a tax on certain digital sales. Under the proposal, contained in an amendment to the 2018 budget law, businesses and individuals purchasing services from major online platforms such as search engines and social media websites will be required to withhold six percent of the amount and remit it to ... Read More »

Weaknesses , loopholes in customs controls, say EU auditors


ROME: Important weaknesses and loopholes indicate that EU customs controls are not being applied effectively, according to a new report from the European Court of Auditors. This has an adverse effect on EU finances, say the auditors. Goods entering EU Member States from outside the European Union are subject to customs controls before they are released for free circulation within ... Read More »

Italy arrests 7 in migrant-smuggling ring


  ROME: Italian police said Thursday (Oct 19) that they had arrested seven people while breaking up a ring of smugglers who were ferrying migrants from Greece and Albania to Italy. A criminal gang, with a known history of smuggling black-market cigarettes in the southern port city of Brindisi, was using its network to ferry over the migrants, mainly from ... Read More »

India, Italy pledge to renew economic ties


  ROME: India and Italy today pledged to inject “renewed momentum” into bilateral economic engagement, especially in infrastructure, hi-tech manufacturing, textiles and automotive sectors. The India-Italy joint statement issued after the meeting between Prime Minister Narendra Modi and visiting Italian counterpart Paolo Gentiloni called for further strengthening of economic linkages between the two nations. The two leaders committed to work ... Read More »

Italy consumer confidence at 21-month high; business confidence improves

business confidence

ROME: Italy’s consumer confidence strengthened unexpectedly in October to the strongest level in nearly two years, while business confidence improved for the third straight month, survey data from the statistical office Istat showed Thursday. The consumer confidence index rose slightly to 116.1 in October from 115.6 in September. Meanwhile, economists had expected the index to fall to 114.9. Moreover, the ... Read More »

Italy’s Central Bank chief faces growing crisis of confidence


ROME: The crescendo is growing louder to deny Italy’s current central bank Governor, Ignazio Visco, a second six-year term to lead oversight of the country’s banks after his current session ends in November. As reported by Dow Jones, there is increased political pressure in Italy not to reappoint Visco. Critics point to the central bank’s performance in managing the crisis ... Read More »

Italy presents low-key budget ahead of 2018 elections


  ROME: Italy’s government approved on Monday a low-key 2018 budget which includes measures to raise youth employment, tackle poverty and encourage investments ahead of an election in the spring. The financial package aims to lower the budget deficit to 1.6 percent of gross domestic product (GDP) from a targeted 2.1 percent this year, while avoiding painful pre-election belt-tightening measures. ... Read More »

Iran exports 31,000 tonnes of macaroni wheat to Italy


  ROME: Iran has exported 31,000 tonnes of quality durum wheat to Italy for the first time, in another sign that the country’s food security drive is on target. Exports of one million tonnes of surplus wheat to the countries of the region and Europe are scheduled, Managing Director of the Government Trading Corporation of Iran (GTC) Yazdan Seif was ... Read More »

Italy’s underground economy falls to 12.6 pct of GDP in 2015


  ROME: Italy’s underground economy dropped by 5 billion euros to 208 billion euros (about 246 billion U.S. dollars) or 12.6 percent of gross domestic product (GDP) in 2015, Italian statistics agency ISTAT reported Wednesday. This represented a drop of 0.5 percent of GDP compared to 2014. The decrease came after three years of steady growth of the underground or ... Read More »

Italy industrial production grows for fourth month


ROME: Italy’s industrial production increased for the fourth straight month in August, data from the statistical office Istat showed Tuesday. Industrial output climbed a seasonally adjusted 1.2 percent month-on-month in August, faster than the 0.1 percent slight increase seen in July. The growth was forecast to remain stable at 0.1 percent. On a yearly basis, calendar-adjusted industrial production growth accelerated ... Read More »

Italy’s retail sales fall for second month

Retail Sales

ROME: Italy’s retail sales dropped for the second straight month in August, data from the statistical office Istat showed Friday. Retail sales fell 0.3 percent in August from July, when they decreased 0.4 percent. Sales were forecast to grow 0.2 percent in August. Sales of food and non-food products dropped 0.4 percent each in August. On a yearly basis, retail ... Read More »

Italy services growth weakest in 6 months

growth  to hit

ROME: Italy’s service sector activity expanded at the slowest pace in six months in September, survey data from IHS Markit showed Wednesday. The Purchasing Managers’ Index for the services sector dropped to 53.2 in September from 55.1 in September. However, any reading above 50 indicates expansion in the sector. New orders continued to rise in September, though at the weakest ... Read More »

Italy mayor arrested in sign of mob’s northern infiltration


ROME: Police have arrested the mayor of a city near Milan on corruption charges as part of an investigation into the infiltration of the ‘ndrangheta organized crime clan of southern Italy in the north’s business and political establishment. Prosecutors on Tuesday accused Seregno Mayor Edoardo Mazza of being in cahoots with a mafia-linked builder who allegedly got him votes in ... Read More »

Italy boosts growth forecasts


ROME: Italy’s Treasury on September 24 announced a brighter outlook, raising its forecast for economic growth this year and next.  It also announced plans to cut the budget deficit by less than previously promised. The brighter outlook from the Treasury’s Economic and Financial Document (DEF) may help the ruling Democratic Party ahead of national elections early next year if voters ... Read More »

Italy hikes growth forecast, deficit target ahead of election


ROME: Italy on Saturday raised its forecasts for economic growth this year and next and said it would cut the budget deficit by less than previously promised. The brighter outlook may help the ruling Democratic Party ahead of national elections early next year if voters notice an improvement in living standards, though Italian growth continues to lag most of its ... Read More »

UPMC expands in Italy


ROME: UPMC is expanding again, this time in Italy. The health giant announced Thursday it invested in the 75-bed Salvator Mundi International Hospital in Rome with a 50 percent stake. “Given UPMC’s long-standing and successful operations in Italy, we are excited about partnering with RIHM to bring more high-quality services to patients who currently are underserved by both private and ... Read More »

Italy bank cleanup shifts to $150 bln in doubtful loans


ROME: After tackling billions of dollars in bad loans, Italian banks are moving on to a somewhat less risky but possibly trickier category of distressed debt as they seek to clean up their balance sheets. “Unlikely-to-pay loans are the next challenge for banks,” said Riccardo Serrini, chief executive officer of the asset manager Prelios Credit Servicing. “They are usually corporate ... Read More »

Italy’s trade surplus at 1-year high

trade surplus

ROME: Italy’s trade surplus increased to a year-high in July, data from the statistical office Istat showed Monday. The trade surplus rose to EUR 6.56 billion in July from EUR 4.5 billion in June. This was the highest level since last July, when it totaled EUR 7.79 billion. Annual growth in exports eased to 5.1 percent from 8.2 percent in ... Read More »