Tag Archives: Euro zone

Italy will set up a virtual pavilion on Alibaba’s e-commerce platform | Instant News


ROME, November 23 (Reuters) – Italy on Monday signed a partnership with Chinese e-commerce giant Alibaba Group to build virtual stores for Italian products, in a move aimed at boosting business-to-business (B2B) exports amid COVID-19 pandemic.

The “Made in Italy Pavilion” will serve as a permanent online exhibition where Italian companies will be able to show their products and catalogs to buyers around the world.

The project will initially target about 300 Italian companies, the Italian trade agency said in a statement, with a focus on small and medium-sized enterprises in the food and beverage, clothing and design sectors, and industrial technology.

SMEs are the backbone of Italy’s economy, with about 5.3 million companies employing more than 15 million people, a Prometeia research center study shows.

“I am sure our company will not only fulfill this task but will realize that this is a necessary and easy step to take,” said Foreign Minister Luigi Di Maio in an online presentation on the initiative.

In September, Italian exports grew 2.1% year-on-year, said the national statistics bureau Istat, fueling hopes that foreign trade could revive an economy that is expected to contract at least 9% this year due to the coronavirus.

Alibaba, which does business in about 190 countries, saw sales for the post-COVID-19 November “Singles’ Day” shopping extravaganza reach $ 74 billion, making it the world’s largest sales event.

“The pandemic has taught us that we need to accelerate the digitization process … to sell Positano sandals, Sicilian ceramics and grappa from Friuli everywhere,” said Rodrigo Cipriani Foresio, general manager of Alibaba group’s southern Europe. ($ 1 = 0.8404 euros) (Reported by Angelo Amante, edited by Gavin Jones and Emelia Sithole-Matarise)

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German stocks – a factor to watch for on 23 November | Instant News


BERLIN / FRANKFURT, 23 Nov (Reuters) – Here are some of the factors that could move German stocks on Monday:

CORONA VIRUS

Germany must extend its measures to contain the COVID-19 pandemic until December 20, according to senior politicians and a draft proposal obtained by Reuters.

German Finance Minister Olaf Scholz plans to take at least 160 billion euros in new debt by 2021 to help prevent the economic impact of the COVID-19 pandemic, said three people with knowledge of the matter.

Germany could start giving injections of the COVID-19 vaccine as soon as next month, Health Minister Jens Spahn was quoted as saying.

German Chancellor Angela Merkel has urged COVAX, an initiative set up to provide a COVID-19 vaccine to poor countries, to immediately start talks with producers.

A special envoy for the World Health Organization predicts a third wave of pandemic in Europe as early as 2021, if the government repeats what he says is a failure to do what is needed to prevent a second wave of infections.

Germany reported 10,864 new COVID-19 infections and another 90 deaths.

Asian stocks rose, with the broad regional index hitting record highs on hopes for a coronavirus vaccine soon, but concerns over the impact of the economic lockdown and uncertainty over US stimulus limited gains.

GERMAN BANK

Deutsche Bank is seeking takeovers and joint ventures to help achieve its goal of becoming a force in the European payment processing industry, The Financial Times reported, citing a senior executive.

GERMAN STOCK EXCHANGE

Institutional Shareholder Services proxy advisor said new owner Deutsche Boerse would support him in a legal battle against the Securities and Exchange Commission which will help shape the market for shareholder advice, the Financial Times reported.

GERMAN TELECOM

Germany needs to reach a consensus within the government that telecommunications vendors pose a national security threat to exclude its equipment from the national 5G network, according to a draft law reviewed by Reuters.

SIEMENS

Siemens Mobility and Deutsche Bahn have started developing a hydrogen-powered fuel cell train and fueling station that will be piloted in 2024 with the aim of replacing diesel engines on Germany’s local rail network.

VOLKSWAGEN

Electric grid company 50Hertz and Stromnetz Berlin launched a program in collaboration with Volkswagen and Bosch subsidiaries to find out how electric car batteries can help stabilize the grid.

Separately, a group representing major auto makers, including Volkswagen, filed a lawsuit to block a Massachusetts state ballot initiative seeking to dramatically expand access to vehicle data.

VONOVIA

The current lockdown to contain the spread of the coronavirus pandemic has no impact on rent payments, Rolf Buch, Chief Executive of Vonovia, Germany’s largest real estate company, told Die Welt.

HELLOFRESH

The company said it had agreed to buy Factor75, a fully prepared food provider in the US, for up to $ 277 million in cash.

BILFINGER

Private equity firm CVC has joined the race for Germany’s Bilfinger, Bloomberg reported, citing people with knowledge of the matter.

OVERSEAS STOCK MARKET

Dow Jones -0.8%, S&P 500 -0.7%, Nasdaq -0.4% at close.

Japanese market is closed, Shanghai shares + 1.3%.

Time: 5:48 GMT

ECONOMIC

* Germany’s November Markit flash PMI is due at 0830 GMT. Manufacturing is seen at 56.3, services at 47.0, composite at 50.0

Diary

TOP NEWS REUTERS (Reported by newsrooms of Berlin, Frankfurt and Gdansk)

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UPDATE 1-Italy’s Benettons appoints the chairman of a new holding company in a road dispute with the government | Instant News


(Add details, background)

ROME, November 22 (Reuters) – Italy’s Benetton family has ousted Gianni Mion as head of its parent company Edizione, replacing him with well-connected business professor Enrico Laghi, the company said on Sunday, while trying to resolve a long-running dispute. above its toll road unit.

The wealthy family, who own 30% of the Atlantia infrastructure group, have been embroiled in a feud with the Italian government since a bridge in Genoa run by highway operator Atlantia Autostrade per l’Italia collapsed in 2018, killing 43 people.

Laghi will oversee Edizione in relation to the companies he invests in including Atlantia – which controls Autostrade – Autogrill, and others.

His appointment will be formally approved by Edizione’s shareholder meeting on November 30, the company said in a statement.

Mion was reappointed last July to serve a three-year term as chairman of Edizione, but relations between the family and their veteran advisers have soured as negotiations with the government over the future of the Autostrade have struggled to make progress.

Rome has threatened to revoke Autostrade’s license since the bridge disaster and has put the Benettons under pressure to sell their stake in the unit to make room for state-backed investor Cassa Depositi e Prestiti (CDP).

Laghi, who was once a temporary administrator for ailing national airline Alitalia and has strong ties to the CDP, could help broker the deal, sources told Reuters on Saturday.

Talks between Atlantia and a consortium of investors led by the CDP have dragged on for weeks, and got complicated this month when former Atlantia and Autostrade chief Giovanni Castellucci was placed under house arrest during an investigation into the Genoa disaster. (Reporting by Gavin Jones, editing by Francesca Landini and Barbara Lewis)

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Italy reported 28,337 cases of the new coronavirus as of Sunday, 562 deaths | Instant News


ROME (Reuters) – Italy has registered 28,337 new coronavirus infections over the past 24 hours, the health ministry said on Sunday, down from 34,767 the previous day.

FILE PHOTO: A medical officer is seen as a patient suffering from the coronavirus disease (COVID-19) is treated at the Maggiore hospital in Lodi, in Lodi, Italy. Italy faces a shortage of medical workers as the coronavirus emergency worsens. 13 November 2020. REUTERS / Flavio Lo Scalzo – FILE / Photo Files

The ministry also reported 562 deaths related to COVID 19, down from 692 on Saturday and 699 on Friday.

There were 188,747 coronavirus swabs performed on the last day, the ministry said, compared with 237,225 previously.

Italy is the first Western country to hit the virus and has seen 49,823 deaths from COVID-19 since the outbreak emerged in February, Europe’s second highest death toll after Britain. It has also registered 1.409 million cases.

While Italy’s daily death toll has been the highest in Europe over the past few days, increases in hospital admissions and intensive care residences have slowed.

The number of people in hospital with COVID-19 reached 34,279 as of Sunday, an increase of 216 from the previous day. That compares with a daily increase of 106 on Saturday.

The number of patients in intensive care rose by 43, following an increase of only 10 on Saturday, and now stands at 3,801.

As the second wave of the epidemic in Italy accelerated, until about a week ago, the number of patients in hospitals increased by about 1,000 per day, while intensive care occupancy increased by about 100 per day.

The northern region of Lombardy, which is centered in Italy’s financial capital Milan, remained the hardest-hit region on Sunday, reporting 5,094 new cases.

The southern region of Campania, which only has about 60% of the population of Lombardy, recorded the second-highest number of new cases, at 3,217.

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UPDATE 2-Italy EconMin talks with CEO Vivendi over media law, Mediaset dispute – source | Instant News


* Vivendi said the bill would violate European Union principles

* The French group clashed with Mediaset Italy

* EconMin supports the agreement between Vivendi and Mediaset

* Italy is preparing for broader media reform (Adds details and background)

ROME, November 20 (Reuters) – Italian economy minister Roberto Gualtieri spoke with Vivendi’s chief by phone on Monday to discuss concerns of French media groups about a bill that could potentially limit his activities in Italy, said sources close to the matter.

Gualtieri also told Arnaud de Puyfontaine that he hoped a solution could be found for the prolonged dispute between Vivendi and Italian commercial broadcaster Mediaset, the source added, asking not to be named.

Vivendi holds a 29% stake in Mediaset, which is controlled by the family of former Italian Prime Minister Silvio Berlusconi, and a 24% stake in the former Italian telephone monopoly, Telecom Italia.

The talks came as Berlusconi offered an olive branch to Gualtieri and Prime Minister Giuseppe Conte, saying Italy’s opposition Forza party could vote in favor of Rome’s new measures to cushion the impact of the coronavirus crisis.

Rome has drafted a bill, which is being discussed in parliament, that would require Italy’s communications watchdog to investigate up to six months companies operating either directly or through other entities in the country’s telecommunications and media sectors.

The source said Gualtieri had informed de Puyfontaine that the bill was a temporary measure ahead of new media regulations. The call was “friendly and constructive”, he added.

Vivendi and Mediaset declined to comment.

The French media firm told Italy last week it was ready to file a formal complaint with the European Commission over the bill, a letter seen by Reuters showed.

Gualtieri said in a television interview on Friday that he had asked for clarification following the letter, without providing further details.

The bill comes after the European Union’s top court ruled in September that an Italian law setting limits on market share to prevent excessive power concentration in the telecommunications and media sectors contravenes EU rules.

The decision strengthens Vivendi’s hand in its dispute with Mediaset, but the draft bill, if approved, will give the Italian group time until broader reforms are implemented.

The two companies have continued discussions since the EU court ruling but have so far failed to reach a compromise, multiple sources with knowledge of the matter said. (Reporting by Giuseppe Fonte; Additional reporting by Elvira Pollina; Editing by Giselda Vagnoni, Stephen Jewkes, Jane Merriman and Jan Harvey)

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