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Italy to Seek EU flexibility for Renzi’s tax cuts


ROME: Italian Prime Minister Matteo Renzi will finance 35 billion euros ($39 billion) of tax cuts through lower government spending and an appeal to Brussels for more flexibility on budget targets, according to his economic adviser. “We plan to finance this tax reduction through spending cuts on the one hand, and a little more margin relative to European parameters we ... Read More »

EU parliamentarians vote to revise import ban


BRUSSELS: EU lawmakers voted on Tuesday to revise the 28-nation bloc’s ban on the sale of products derived from seals in an effort to bring the legislation in compliance with global trade rules ahead of an impending deadline. A year ago, the WTO’s Appellate Body confirmed that the EU’s seal import ban, while justified on public morality grounds relating to ... Read More »

Italian exports to US, China up 29%


ROME: Italian food product exports towards the US and China have risen by 29% those to EU nations by 9.7%, according to the agricultural association Coldiretti. The announcement was made on the basis of data from the Italian national statistics institute ISTAT on foreign trade in June. Since the beginning of Expo Milano 2015, Italian food product exports already saw ... Read More »

Italy industry output gains 1.1% on the month, biggest rise in year

aus dairy industry

ROME: Italian seasonally adjusted industrial output rose 1.1 per cent in July, data showed on Friday, a sign the euro zone’s third-biggest economy is set to continue its recovery in the third quarter. The result is higher than all the forecasts in a Reuters’ poll of 22 analysts, which projected a monthly increase of 0.5 per cent in July.   Read More »

APM Terminals offloads Gioia Tauro container hub


HAGUE: Exactly 15 years after landing in Southern Italy’s main container hub, APM Terminals has now decided to sell its 33% stake in the Medcenter Container Terminal based in Gioia Tauro. The company from now will be jointly owned by Contship Italia (Eurogate Group) and Gitaurco Ltd (Msc Group). Terms of sale and price were not officially disclosed. “The sale ... Read More »

World food prices drop in Aug


ROME: World food prices had their most dramatic one-month fall in nearly seven years in August, the United Nations Food and Agriculture Organization reported here the other day, the 16th time in 17 months that the index declined. The overall FAO Food Price Index fell 5.2 percent compared to July, its biggest one- month decline since December 2008, with prices ... Read More »

Italian property company Prelios termed potential merger, acquisition target

property tax notice

ROME: Italy’s Prelios is a potential merger or acquisition target, its CEO said on Friday as the property company detailed a plan to spin off real estate investments to cut debt and focus on its core services business. Prelios, once part of industrial group Pirelli, is going through a shareholder reshuffle and Italian newspaper Corriere della Sera reported last month ... Read More »

Italian woodworking machinery industry rises by 8.6%


ROME: In 2014, the Italian woodworking machinery and tools industry recorded an 8.6% increase from the previous year, reaching a production value of 1,669 million euro. Accordin to Acimall (the Italian Woodworking Machinery and Tool Manufacturers Association), the year under scrutiny closed with moderate satisfaction, as results were definitely more “interesting” in the second half. An excellent trend was recorded ... Read More »

2 Italian firms to invest in Zimbabwe’s energy sector

zim energy sector

HARARE: Two Italian firms met government officials at a recently held expo in Milan on how they could invest in Zimbabwe’s energy sector, Industry and Commerce minister Mike Bimha has said. Addressing journalists last week, Bimha said while he was attending the Milan Expo, he met senior Italian government officials, who spoke about investing in Zimbabwe, with particular interests in ... Read More »

Italy, Germany, Russia deny to establish US leadership in trade with Azerbaijan

nz trade deficit

ROME: Baku, Fineko/ Top 3 and Top 5 of Azerbaijan’s key trading partners did not have internal changes in July: the U.S, which in February became Azerbaijan’s key trade partner for the first time in history and most ex-dynamic counteragent, calmed down as back as in June. By the end of first 7-month term of 2015 Top 3, as a ... Read More »

Investment fund adds Italian company to portfolio


ROME: An investment fund focused on low-energy nuclear reaction technologies, or LENR, has invested in an alternative energy technology business based in Milan, Italy. LENR-Invest in Grand Rapids said this week that it has invested in NichEnergy Srl. The fund said NichEnergy has a proprietary process for producing energy from a nickel-hydrogen reaction that’s protected by two European Union-issued patents. ... Read More »

Italy seizes 49 kilograms cocaine stashed under squid from Argentina


ROME: Italian customs police have seized 49 kilograms (108 pounds) of pure cocaine hidden in a container transporting frozen totani, a kind of squid, on a cargo ship from Argentina. Reggio Calabria prosecutor Federico Cafiero De Raho said Monday that the cocaine, if sold on the street, would have raked in more than 10 million euros ($11 million). The cocaine ... Read More »

Italy introduces new rules to increase certainty of tax law


ROME: The Italian Government has finally approved the long-awaited act on “certainty of law in the relationships between tax authority and tax payers” (Certainty of Tax Law Act). The Certainty of Tax Law Act represents an important piece of the mosaic depicted by the wide tax reform delegated to the Government by Law no. 23 of 11 March 2014. Other ... Read More »

Italy energy group Eni announces huge gas find off Egypt’s coast


ROME: Italian energy group Eni said it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet Egypt’s gas needs for decades to come. The offshore “Zohr” field could hold 30 trillion cubic feet (849 billion cubic meters) of gas, covering an area of about 100 square kilometers, according to ... Read More »

Italian food product exports rise to US and China

agri food

ROME: Italian food product exports towards the US and China have risen by 29% those to EU nations by 9.7%, according to the agricultural association Coldiretti. The announcement was made on the basis of data from the Italian national statistics institute ISTAT on foreign trade in June. Since the beginning of Expo Milano 2015, Italian food product exports already saw ... Read More »

Acimall Says Italian technology for wood did well in 2014


ROME: In a period of economic “confusion”, it was not easy to collect final figures about the trend of machinery and technology for wood and wood-based materials in 2014. Ups and downs during the year caused delays and had an impact on surveys, forcing analysts to extend the period of evaluation. But finally, the last pieces of information have been ... Read More »

Italy to invest $2b in Iran projects as Tehran gets back to business

EOD Airmen destroy explosives

ROME: Italy and Iran have signed a deal which could see investment in Iranian projects worth $2 billion. The agreement aims at reviving trade and economic ties between the countries after Western sanctions against Tehran are removed. The countries plan joint industrial, construction and infrastructure projects, and have already agreed on expanding commercial transactions and promoting relations, a joint press ... Read More »

Former Italy midfielder Ledesma set for Santos move


ROME: Former Italy international midfielder Cristian Ledesma has agreed to join Brazilian club Santos, according to media reports. The 32-year-old, a free agent after ending his nine-year spell at Lazio this summer, will earn a monthly salary of $50,000, reports Xinhua. Santos were also understood to be chasing Queens Park Rangers midfielder Sandro, Liverpool’s Lucas Leiva and Boca Juniors’ Fernando ... Read More »

Azerbaijan presents business opportunities in Italy


ROME: Manuela Traldi, the President of the Italy-Azerbaijan Trade Institute (ITAZERCOM), praised Azerbaijan as being one of Italy’s main trade partners during the presentation “Investments in Azerbaijan: business environment and opportunities,” organized by the Azerbaijan Export and Investment Promotion Foundation АzPromo and ITAZERCOM. The event was held as part of the “Milan Expo-2015” international exhibition, which brings together 145 countries, ... Read More »

Tata group says UK should stay in EU


LONDON: One of the most senior figures at the Indian giant, Tata Group, has said that its major businesses in the UK gain from membership of the European Union. Tata Sons Group executive council member Nirmalya Kumar told the BBC that access to the single market made trade easier with the rest of Europe. Mr Kumar reports directly to Cyrus ... Read More »