Italy’s deficit breached the European Union’s ceiling last year in the biggest fiscal setback for Prime Minister Giorgia Meloni’s government since she took office in 2022, Bloomberg News reported. The shortfall was 3.1% of gross domestic product, according to data published on Friday by the national statistics institute in Rome, confirming a preliminary estimate. Read more. (Subscription required.)
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Italy has approved European Union‑mandated measures to create a more uniform framework for alternative investment funds, especially credit funds, whose importance has grown as a source of financing for companies outside of the banking system, Reuters reported. Italy's move to align its rulebook with EU standards comes amid mounting financial stability concerns over the $2 trillion global private credit market, which is showing signs of strain in the U.S. In the EU, however, policymakers are intensifying efforts to expand nonbank financing for companies to help the real economy.
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Italian exports to the United States rose by more than 7% last year, data showed on Tuesday, despite tariffs imposed by President Donald Trump in July which had triggered fears of a major dampening impact, Reuters reported. Imports from Italy, the European Union's third-largest economy, are subject to a 15% tariff imposed on most EU goods, with additional duties threatened against pasta makers amid an anti-dumping probe from the U.S. Commerce Department. Nonetheless, Italian exports to the U.S.
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Italian administrators overseeing Europe’s largest steelworks have sued its former owner ArcelorMittal, seeking €7bn in damages, as the plant struggles for survival, the Luxembourg Times reported. According to a complaint filed with a Milan court this month and seen by the Financial Times, Acciaierie d’Italia is seeking compensation for what it alleges was ArcelorMittal’s “mismanagement” of the steelworks, formerly known as Ilva.
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Italy's foreign ministry said on Thursday the United States had sharply lowered proposed duties on several Italian pasta makers following a reassessment of their U.S. activities, Reuters reported. In October, the United States said that 13 Italian pasta companies would face an extra 92% duty - on top of the regular 15% rate on most EU imports - from January 2026, accusing two producers in particular, La Molisana and Garofalo, of selling pasta at unfairly low prices. However, after a review, the U.S.
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Italy's Economy Ministry has ordered an in-depth review of existing safeguards against cryptocurrency risks, which are seen potentially rising, the Bank of Italy and other financial regulators said on Thursday, Reuters reported. "An in-depth review has been launched to assess the adequacy of existing safeguards for direct and indirect investments in crypto-assets by retail investors," the regulators said in a statement.
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The Eurogroup — the meeting of finance ministers from eurozone countries — today will discuss whether the Italian government's use of discretionary or "golden" powers to block UniCredit's acquisition of a competitor was justified, EuroNews.com reported. Italy’s golden power is a national security filter for deals in strategic assets such as defence or energy and functions like a veto. The government is allowed to intervene directly in the market and stop deals that it believes are not beneficial to the country.
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Mainland businessman Li Yonghong’s company, Rossoneri Sport Investment Co., Ltd., which previously owned Italian football club AC Milan, is facing a liquidation petition filed by creditor General Fantasy Limited, with a hearing set for next January, TheStandard.com.hk reported. Li acquired AC Milan through his Chinese-led consortium in 2017. However, the company later failed to repay debts after signing a bond subscription agreement with five investment fund firms.
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