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Italy

Italy’s Central Bank chief faces growing crisis of confidence

ITALY CB CHEIF

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

ITALY

  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

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

ITALY

  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

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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

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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

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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

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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

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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

UPMC

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

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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 »

Italy Q2 unemployment rate 11.2% vs 11.3% exp

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ROME: The Italian Quarterly Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous quarter. Any improvement in unemployment always welcome. Just be aware of disguised employment, as we see in the UK, muddying the picture. EURUSD steady at 1.1973 as is EURGBP at 0.9067 as we wait on UK ... Read More »

Over 50 kg cocaine seized from Italian port

cocaine

ROME: Italian Police on Tuesday seized 52.7 kilos of cocaine hidden inside coal sacks in a container ship at the port of Gioia Tauro with a market value of at least 10 million euros. The narcotics had divided into 49 ‘loaves’, were shipped from Paraguay and were destined for Israel’s port of Haifa, police said. Police said they used scanning ... Read More »

Russia sanctions disrupt Italy bank’s €5b loan deal

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MILAN: Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia. Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation ... Read More »

Italy, Azerbaijan name priority areas of cooperation

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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

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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 »