ROME, November 30 (Reuters) – The Italian government has approved new measures worth around 8 billion euros to support businesses hit by the second wave of the coronavirus pandemic.
Much of the package, which the cabinet agreed to in the early hours of Monday, centered on postponing tax deadlines for small companies and self-employed companies by several months.
Rome will also provide a one-time payment of 1,000 euros to workers in the tourism, spa and theater sectors, which have been hard hit by the coronavirus crisis.
Underscoring the scale of the problem, the latest moves come less than two weeks after the government announced stimulus provisions worth around 10 billion euros, offering grants to businesses and food aid for the poor.
Italy was the first Western country to catch the virus in February, with the outbreak only under control after months of nationwide lockdown. After a summer lull, infections spiked again in October, forcing the government to rein in a new one.
As of Sunday, 54,904 people had died from the disease in Italy, the second highest death toll in Europe after Britain. It has also registered around 1.585 million cases.
The Italian economy is expected to contract at least 9% this year due to lockdown measures aimed at curbing the epidemic.
The new measures are not expected to push this year’s budget deficit above the current target of 10.8% of gross domestic product because there is already a slack in spending built into the target.
The government plans to spend an additional 15-20 billion euros early next year to help the economy, which will push up the deficit by 2021, sources said. (Reporting by Giuseppe Fonte; Editing by Crispian Balmer)
At the start of today’s Asian session, New Zealand Finance Minister Grant Robertson wrote to RBNZ Governor Orr and asked him to consider the stability of house prices when considering monetary policy. As a result of lower interest rates, housing prices in New Zealand have skyrocketed and the government has received a negative reaction to inequality. As this demand would imply, the government asked the RBNZ to be careful when considering further cuts in interest rates. The New Zealand dollar has recently strengthened, and the news only helped strengthen the Kiwi.
NZD / USD
Indeed, NZD / USD has been mainly boosted by the US Dollar over the last few sessions, however, based on the news, the pair has surged higher from 0.6929 to 0.6983. The pair later tested the psychological 0.7000 level, but failed to stay above it. On a very short timeframe, NZD / USD then pulled back to the 50% retracement of yesterday’s lows to current highs near 0.6950. Watch for intraday resistance near 0.6975 before attempting to reclaim the 0.7000 level. Support is at the 61.8% Fibonacci retracement level of the previously mentioned timeframe and horizontal support near 0.6937, then yesterday’s lows near 0.6896.
Source: Tradingview, City Index
NZD / JPY
On the 240 minute timeframe, NZDJPY, broke out of the pennant formation on the news and paused after testing recent highs near 72.80. The final target is for the breakout of the pennant formation near 74.75, which is also a long-term horizontal resistance. However, the RSI is overbought and may be ready to retreat for bulls to take long positions. Short term support is at 72.23.
Source: Tradingview, City Index
EUR / NZD
EUR / NZD has been trading lower since mid-October and has recently formed a descending wedge over a 240 minute timeframe. Recently, however, the price broke below the descending triangle and broke lower on the news, testing the lower trend line of the wedge near 1.6947. EUR / NZD has taken back some of the losses and bounced towards horizontal resistance at the base of the triangle near 1.7050. Watch the bears (NZD bulls) add to short positions and look for another test of the lower trend line, now near 1.6900. Resistance above is near 1.7125.
Source: Tradingview, City Index
The New Zealand dollar continues to strengthen compared to other major currencies. The US Dollar move appears to have controlled NZD / USD for the short term, however news from the Asian session helped boost Kiwi strength. Watch for the decline in the New Zealand Dollar to continue buying.
Over the next few days, watch for liquidity drying out into the US holiday. Keep the stops tight as there may be some extended volatility during the US holiday session!
As Covid-19 cases continue to increase day by day, reaching surprising new highs, new eating regulations are introduced at the state and state level and more states report considering day-to-day closings. Without bold Congressional action, restaurant and bar owners are left alone to seek new business approaches in a bid to survive the challenging winter season ahead.
Clearly, the winter time ban on indoor dining is very different from the spring and summer time restrictions that many restaurants and bars were not aware of earlier this year. With no street food options and the usual outdoor picnics, the restaurant faces a dark, gloomy winter. Fortunately, US restaurants have cautionary guidelines for managing winter shade on-site.
“Restaurants in the Northern Hemisphere would be wise to take a page off the guidelines of some of their Southern Hemisphere peers,” Juan Garcia, founder of ratings and restaurant reviews sites. Foodporn Tell me. “In Melbourne, Australia, for example, the entire winter months from July to October are spent in phase four of the lockdown; which means restaurants, cafes, and bars are completely closed to dining customers. This is forcing a transformation never before seen in Melbourne hospitality. ”
Although Melbourne winters don’t come with the snow blankets expected in much of the US, Australians accustomed to sunshine don’t want to eat outdoors in the blistering 50 degree winter weather, so restaurants and bars are forced to find ways to generate income and engenders brand love without bringing visitors to their place.
Importantly, Garcia reports, Melbourne restaurant chefs and employees are becoming social media experts, taking to the platform to provide information and entertainment to customers. The key to this post is to foster a sense of community and intimacy. Many chefs hold videos of their home kitchens or give tours of backyard pantries.
At Maha, an upscale Middle Eastern restaurant in Melbourne, chef Shane Delia is launching his own cooking series during the closing. Every Friday night, Shane walked in Instagram to host live instructional videos to teach various cooking techniques, sometimes with guest chefs.
“This video offers viewers and potential guests a peek behind the restaurant scenes and cultivates a one-on-one relationship with Shane and the guest chefs and cooks he meets every week. Shane often shoots these videos from his own home, inviting the audience into his personal space, which adds an additional dimension of intimacy to the audience and strengthens the relationship between the customer, Shane and the restaurant, “said Garcia. Attica chef Ben Shewry shared some of his legendary recipes over the years “Cook-A-Long Cook-Ins” through social channels.
At Atlas, in South Yarra, Australia, head chef Charlie Carrington has paired an instructional video with an in-house tableware delivery business, where boxes are filled with pre-prepared ingredients. This 30-minute meal allows people to “travel from home,” the brand says. Two weeks after the delivery of the home supplies and the virtual engagement plan, Atlas had the two most profitable days on record, according to reports for Smart Company.
During their winter months, others under the company take over many of the same tactics as restauranteurs in the northern hemisphere, turned their once-occupied restaurant into an ingredient marketplace, offered family meal plans, and created a customer loyalty program. Melbourne’s Shawcross Pizza reported “a huge increase in sales during the pandemic by leveraging its digital channels to drive orders and promote their loyalty discounts,” noted Garcia. Loyalty club members save 25% per order by entering the naughty code ‘FCKCORONA’ at checkout and receive a free meal when they reach an important point count.
Restaurant and bar owners in the US are fighting a public that really cares about eating out. According to a recent finding by market research firm Datassential, 44% of Americans say they “definitely avoid eating out,” a figure that is up 24% since March and 2% since late October. But other opportunities presented themselves to American food business owners.
First, US restaurants may see an increase in orders around the holiday. “Consumers who make different holiday plans are open to using food services this year, especially to complement their meals with side dishes, appetizers and desserts that have been prepared. The cutlery and food delivered can also drive sales, more than just opening for Thanksgiving or other holiday food traffic, ” Datassential shared in their latest report.
Furthermore, many people, especially Gen-Z and Millennial diners, are trying out the new winter outdoor dinner concept. Over 60% of Datassential’s total survey respondents, generation after generation, noted that a cabin, igloo, or greenhouse seating, heated table (such as Japanese kotatsu), and a heated patio covered in plastic or plexiglass is a “very” or “mildly” dining option this winter.
After nine months of quasi-quarantine culture, many long for the days when they could return to the center of social life: restaurants and bars. Some people may be willing to sit on plexiglass cubes because, after all, we all get tired of life spent at home in isolation. But, we also need to hope that there are local restaurants and bars to return to once it’s safe to reopen. Without government help, it’s up to us, the eaters, to support our local restaurants and bars (temporarily advocating for government action), and it’s up to business owners to create experience-hungry customers and communities who want to spend time and money with them – at home and online.
“The key to successfully reopening is the relationship you build with your customers,” said Garcia, who can now watch the Australian market recover from their winter close. “Building a community around your brand means maintaining strength. Remember that, and you will be doing great things in the weeks and months to come. “
Protests against Italy’s COVID-19 restrictions have turned violent in Verona, Genova and Palermo.
The latest wave of Italian protests covid-19 The restrictions continued last night with clashes in the northern cities of Verona and Genova and in the Sicilian capital, Palermo.
Citizen protests – against Italy new rules which requires bars and restaurants to close by 6:00 p.m. and gyms, swimming pools, cinemas and theaters completely closed – continue to be infiltrated by fringe groups intent on causing trouble.
The demonstration outside the Liguria regional headquarters in Genova involved about 500 people including small business owners and entrepreneurs, as well as representatives of the right and left of Genova.
The first part of the protests took place without incident, with Genoese mayor Marco Bucci stopping to speak with demonstrators at 6pm, according to Italian news agency ANSA.
“Some people in the piazza are demonstrating, wearing masks, against the closure of their businesses – gym managers, restaurant owners, bartenders – but I also see people who don’t do that much, are without masks and who create crowds and this is not good” – Bucci told ANSA – “I talked to commissioner and prefect and asked the police to prevent all this.”
Tensions broke out at 8:00 p.m. with the arrival of “ultràs” football hooligans from Genoa and Sampdoria, who chanted slogans including “Libertà” and “If you shut us down, you have to pay us” before hurling smoke bombs, flares and glass bottles at Police.
Many of the protesters broke away from the clashes that spread to surrounding streets in the city center until they were controlled by riot police.
The city of Verona in the northern Veneto region has also witnessed clashes between right-wing demonstrators and police, with fireworks being thrown at officers who responded with tear gas. Protests against the government’s anti-covid-19 measures started near the city’s Arena but turned violent on the Piazza delle Erbe.
Sicily’s capital, Palermo, also witnessed clashes between protesters and police last night. Demonstrations organized by traders began peacefully at 18.00 but turned violent against Corso Vittorio Emanuele. Italian media reported that left-wing protesters threw flares and bottles at riot police.
A firework hit a reporter who was brought in by ambulance. Police pursued protesters who turned over trash bins, flower boxes and benches at Corso Vittorio before dispersing into the alleys of the historic center.
Ministry of Internal Affairs
The violent elements of the protests were not “centrally organized” but were orchestrated by “separate groups of far-right and far-left extremists, football ultras and criminal elements,” according to findings of the national committee for public order and security meetings. , chaired by Italian interior minister Luciana Lamorgese and involving top police, intelligence and security officials, on October 28.
Covid-19 in Italy
The last round of demonstrations, which started a week ago and also saw violent clashes in Rome, Milan, Napoli and Turin in recent days, came as Italy recorded its highest number of COVID-19 cases on October 28 – nearly 25,000 over the previous 24 hours, with 205 coronavirus-related deaths.
On October 27, Italian Prime Minister Giuseppe Conte launched a stimulus package worth € 5.4 billion to support businesses hit by new government restrictions aimed at curbing a second wave of Covid-19.
The package, which includes tax breaks, grants and additional funding for a suspension scheme, comes amid growing social tensions in Italy.
The UK government is squandering an opportunity to move towards a zero-carbon future by pumping billions of stimulus cash into fossil fuels and all ignoring renewable energy, according to a new major report released today.
Contrary to Prime Minister Boris Johnson’s claim that Britain could become “Saudi Arabia of wind power”, a report by the Finnish power company Wärtsilä Energy revealed that Britain had allocated $ 5 billion in stimulus commitments for fossil fuels, while clean energy would receive $ 158 million – Only 3% of injections are intended for hydrocarbons.
The disparity suggests that current stimulus measures, intended to kick-start an economy ravaged by the coronavirus crisis, will strengthen the place of fossil fuels in the energy system, making it harder for the UK to reach its target of reducing its 57% greenhouse gas emissions by 2030.
“The UK has great potential to rebuild the stimulus better. We have the finance and the technology, ”said Ville Rimali, director of growth and development at Wärtsilä Energy, speaking to Forbes.com. “The stimulus can also support a cleaner and more resilient energy system, as well as provide vital new jobs and support the recovery of our green economy from COVID-19. The government has proposed a green budget and this is a once in a generation opportunity to avoid the GHG emissions that enter the economy by 2030. “
That report shows that, according to calculations by the International Renewable Energy Agency, government policy incentives and injections of stimulus for renewable energy can increase private investment by a factor of three to four. Therefore, if the UK government were to use the $ 5 billion stimulus in fossil fuel generation into renewable energy, an investment of $ 16.5 billion could be harnessed, resulting in a 60% renewable energy system. This could, in turn, result in 58% lower carbon emissions from the power sector, putting the UK on track to meet its net zero carbon target by 2050.
Additionally, as a McKinsey management consultant reported Earlier this year, every $ 10 million spent by the government on renewable energy created about 75 jobs, compared with just 27 when that money was spent on the fossil fuel sector.
Report, Aligning Stimulus With Energy Transitions, focused on the potential of the five major countries – the United States, Brazil, Great Britain, Germany and Australia – to reconfigure their energy systems by implementing stimulus packages as large-scale investments in renewable energy.
Wärtsilä describes a series of national stimulus plans that are seen globally as “a once in a generation opportunity for a clean energy revolution” to “boost economic growth, create millions of jobs, and put global greenhouse gas emissions into structural reductions.”
But in the US, too, the difference between fossil fuels versus renewables is stark: the energy stimulus is currently at $ 100 billion USD, of which $ 72 billion has been allocated to fossil fuels. Wärtsilä found that by putting the same amount into renewable energy, the country could build 107 gigawatts of new renewable energy capacity, resulting in a 6.5% increase in the share of renewable power generation – from 17.5% to 24%. Such a stimulus would create 544,000 new jobs in the clean energy sector – 175% more than would be generated in the fossil fuel energy industry.
None of Wärtsilä’s recommendations are surprising: study after study shows that renewable energy is a mutually beneficial investment, providing decarbonization, greater returns and more jobs than any other sector. Economists, climate scientists and politicians have come together to say, in public, that coronavirus stimulus measures should be used to create a “green reset” of the global economy.
For this reason, recent analysis shows that political leaders ignore their own advice, prop up the fossil fuel industry, and urge a return to “business as usual.”
“The leaders now face an obvious choice,” said Sushil Purohit, president of Wärtsilä. “Either shaped by the inherent shocks of a worsening climate emergency or taking action to shape energy systems around the needs and impacts of a clean-zero future.”