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Italy

Italy posts March non-EU trade surplus of €4.143b

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ROME: Italy posted a trade surplus of 4.143 billion Euros with countries outside the European Union in March, compared with a surplus of 4.033 billion Euros in March 2016, official statistics agency ISTAT said on Thursday. Exports rose 15.1 percent year-on-year, while imports rose 19.1 percent, ISTAT said. Net of energy products, Italy would have posted a trade surplus of ... Read More »

Italy to raise taxes to shrink budget deficit

increase taxes

ROME: The Italian government said it would raise taxes on tobacco and gambling and crack down on evasion of value added tax to help it reduce this year’s budget deficit, as demanded by the European Union. The emergency deficit cuts, worth €3.4 billion, or 0.2% of gross domestic product, were approved by the cabinet on April 11. But the Government ... Read More »

Italy trade mission eyes to restore exports to India

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ROME: Over 150 business, trade groups, banks and universities will take part in the two-day Italian business mission to New Delhi and Mumbai from April 26-28, seeking to kickstart exports to India after a slowdown in 2012-2013. This mission departing tomorrow is promoted by the Ministry of Foreign Affairs and the Ministry for Economic Development , and organized by Confindustria, ... Read More »

Italy, Canada affirm trade bonds in face of Trump protectionism

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OTTAWA: One day after Donald Trump called Canada a “disgrace” for policies that hurt American farmers, Prime Minister Justin Trudeau said he plans to be respectful and engage with the United States on a fact-based approach to solve problems. “I will stand up for Canada’s interests, I will stand up for Canadians,” Trudeau said Friday during a news conference alongside ... Read More »

Italian dairy exports rise 92% between 2006-16

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ROME: Italian dairy product exports have risen by 92% in the period 2006-2016, compared to a 72% rise for total Italian agri-food exports. This result has been achieved despite a continued erosion in domestic consumption (-11% in the period 2011-2016), according to a study by Agrifood Monitor, presented at the Cibus Connect fair in Parma. Cheese remains the biggest export ... Read More »

Saffron Energy starts first production at Italy gas field

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ROME: Saffron Energy started first production at its Italy gas field on 13 April, just seven weeks after the natural gas producer floated on AIM. The explorer expects commissioning and ramp-up leading to flow rates in the range of 30-40,000 standard cubic meters (scm) per day, which is equivalent to 190-250 barrels of oil equivalent per day (boepd), at its ... Read More »

Italy greenlights plan to cut deficit by €3.4b

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ROME: Italy has approved plans to cut its budget deficit by an extra £2.88 billion (€3.4 billion) in an effort to placate its EU partners and the European Commission. The measures were only agreed by Prime Minister Paolo Gentiloni’s centre-left cabinet following heated debates, which offered a taste of the bigger challenges yet to be faced in the autumn with ... Read More »

Italy owns second largest online gambling market in Europe

Italy gambling market

ROME: Italy’s online gambling market is the second largest in Europe thanks to a 25% rise in operator revenue last year. Figures released this week by the Milan Polytechnic University show Italy’s regulated online gambling market revenue totaled €1.026b in 2016, a full one-quarter higher than 2015’s total. The University believes this makes the Italian market second only to the ... Read More »

Italy puts a country wide ban on Uber services

Italy puts a country wide ban on Uber services

ROME: Uber’s latest regulatory roadblock happens to be the entire country of Italy. In a court ruling issued today, all of Uber’s services were banned in the European country after a Rome judge ruled in favor of Italy’s major taxi associations that the ride-hailing service amounted to unfair competition. That means Uber’s Black, Lux, Suv, X , XL, Select, and ... Read More »

Italy court halts TAP pipeline work in Italy

Italy pipeline

MILAN: An Italian administrative court has halted work to remove olive trees standing in the path of a strategic pipeline that will bring central Asian gas into Europe, in a move that could further delay the project, a document showed. In a ruling on Thursday the court accepted a request by the regional government of Italy’s southern Apulia region to ... Read More »

Italy’s budget deficit stable at 2.3% in Q4

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ROME: Italy’s public budget deficit was stable at 2.3 percent of gross domestic product in the fourth quarter, the same as in the fourth quarter of 2015, official statistics agency ISTAT said. The 2016 deficit was confirmed at 2.4 percent of GDP, statistics office ISTAT said. The figure was first released in March. The third-quarter deficit was revised up to ... Read More »

Italy, Germany trade hits new heights in 2016, hikes 3.5%

Italy, Germany trade hits new heights in 2016, hikes 3.5%

ROME: Trade between Italy and Germany reached a new record in 2016, rising 3.5% from the previous year to €112.1 billion. The ongoing growth trend after an increase in 2015 confirms Germany’s role as Italy’s leading trade partner for both exports and imports. According to data from national statistics office ISTAT (which for accounting reasons differs from those of Berlin’s ... Read More »

Italy’s Saipem doubles its 2017 technology budget to €60 mln

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ROME: Oil and gas services group Saipem is doubling down on technology and innovation, in order to combat the many uncertainties the industry faces. Saipem’s new center in Marghera opened on March 23: the goal is to unite Saipem’s underwater robotics unit Sonat Sonsea/Sonsub’s expertise with the know-how that Tecnomare Industriale (specialists in the development of underwater technologies) has to ... Read More »

Italy, Russia to hold talks to strengthen trade ties

Italy Russia

MOSCOW: Russian Foreign Minister Sergey Lavrov will hold talks with his Italian counterpart, Angelino Alfano. Their meeting in Moscow will be the second one since Alfano was appointed to the position in December 2016. Lavrov and Alfano first held talks on the sidelines of the G20 group ministerial meeting in Bonn in February. “The Russian Foreign Ministry attaches great importance ... Read More »

Italy non-EU trade surplus narrows in February

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ROME: Italy’s foreign trade surplus with non-EU countries decreased in February from a year ago, as imports grew faster than exports, figures from the statistical office Istat showed Friday. The trade surplus shrank to EUR 1.7 billion in February from EUR 2.6 billion in the corresponding month last year. In January, the trade balance showed a deficit of EUR 890 ... Read More »

Italy introduces tax breaks to attract wealthy foreigners

Italy introduces tax breaks to attract wealthy foreigners

ROME: Italy’s new tax strategy aimed at attracting wealthy foreigners will seriously dent the advantages offered by other countries. The new flat rate tax, unveiled in Italy’s 2017 budget in March, is set at the rate of €100,000 per annum and will apply to all worldwide income for foreigners who wish to use Italy residency for tax purposes. Additionally family ... Read More »

Italy Economy Minister calls new measures to recover €6b evaded VAT

Italy Economy Minister Pier Carlo Padoan

ROME: Economy Minister Pier Carlo Padoan convened Italy’s top tax collection officials to put in place new measures to recover some €6 billion in revenue from fighting VAT evasion over the next two years, hoping to close a tax gap that in 2014 totaled about €40 billion euro. The plan is to fight all types of VAT fraud, by requiring ... Read More »

SIgnificant growth in the value of Italian exports

growth in exports

ROME: Istat published the data regarding 2016. According to the analysis made by Fruitimprese, there was a substantial growth in the value of exports, which exceeded €4.75 billion, a 4.9% increase compared to 2015 and a record for the sector. Volumes exceeded 4.25 million tons, a 6.1% increase. The balance is slightly over €1 billion with a 43.6% increase compared ... Read More »

Italy: Third largest asparagus exporter in Europe

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ROME: Shipments to foreign countries continue to grow, a testament to the increasing popularity of asparagus in the past few years. In 2016, total asparagus exports exceeded 8,500 tons, 40% more than in the previous season. The value reached almost €29 million, 50% more than in 2015, also thanks to an average price of €3.40/kg, among the highest of the ... Read More »

Piazza Affari ends week slightly down

Piazza Affari ends week slightly down

MILAN: Things have gone well for almost all of Europe; raving about Italy’s January exports would be a tad over the top. But the more-than-13-point surge in exports of ‘Made in Italy’ products (better than Germany and France’s performance) has at least partially reassured the outlook for the entire Italian economy. With domestic demand still at weak levels, reduced growth ... Read More »