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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 »

Former Italian minister probed over €200m Chinese energy projects

wind farm

ROME: A former Italian environment minister is under investigation over whether any illegality was involved in his handling of up to €200m of public funds earmarked for green energy projects in China in the years leading up to the financial crisis. Corrado Clini, who served as director-general of Italy’s environment ministry for two decades before becoming environment minister in the ... Read More »

Problems mount for Italy’s Renzi as economy stumbles


ROME: Italian Prime Minister Matteo Renzi’s mounting problems were compounded on Friday when data showed a long-awaited economic recovery is already losing steam. Not much has been going right for Renzi lately. His approval ratings have plummeted, his governing party is deeply divided, his parliamentary majority is fragile and his economic reforms are struggling to make an impact. After assurances ... Read More »

US investment funds target Italian shipping debt deals


ROME: Distressed debt investors are looking to buy shipping loans from Italian banks, encouraged by legal and regulatory changes that could reduce the chances of them getting embroiled in drawn-out bankruptcy proceedings. U.S. hedge funds including Davidson Kempner, King Street Capital, York Capital and private equity firm Z Capital, have set their sights on an estimated $13 billion of shipping ... Read More »

Croatia among EU states with highest growth of exports

vn eu

ROME: In the first six months of 2015 Croatia maintained in a group of countries with the highest, two-digit export growth rates, according to data released by Eurostat, the statistical office of the European Union, on Monday. In H1 2015, Croatia’s total exports rose by 12% on the year. In the first five months it went up 10%, according to ... Read More »

40 migrants died, 320 others rescued in Mediterranean Sea north of Libya


ROME: At least 40 migrants died at sea and more than 320 others were rescued Saturday by the Italian navy from an overcrowded smugglers’ boat in the Mediterranean Sea north of Libya, authorities said. The navy said because the rescue was still ongoing it couldn’t give exact numbers of dead. “They are still counting the victims,” Interior Minister Angelino Alfano ... Read More »

Thai to develop $500m LNG terminal in Myanmar’s Dawei


ROME: Aug 7 Thailand’s leading construction firm Italian-Thai Development PCL said on Friday it was in talks with Myanmar authorities to build a $500 million liquefied natural gas (LNG) import terminal at Dawei industrial zone in southern Myanmar. The LNG plan is part of $1.7 billion deal to develop the first phase of the long-delayed Dawei project, which includes a ... Read More »