Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.
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Eleven executives from companies including Japan's Mitsubishi and Luxembourg-based International Chemical Investors (ICIG) were convicted for contaminating nearly 200 square kilometres (77 square miles) of drinking water as well as soil through the Miteni plant in the northeastern city of Trissino, France24.com reported. The court sentenced them to prison terms ranging from two years and eight months to 17 years, in the case of two executives at now-folded Italian firm Miteni.
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Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.
The recent bankruptcy of Marelli, a supplier of automotive components, has sent shockwaves through the global automotive industry, MSN.com reported. This event marks one of the first major corporate failures triggered by the new tariffs imposed by Donald Trump's administration. Marelli's collapse directly impacts Stellantis and its renowned brands, including Jeep, Chrysler and Dodge. Marelli, known for its expertise in vehicle lighting and electronic components, had been grappling with financial difficulties for years.
Italian teams Brescia and SPAL have declared bankruptcy and will not participate in the next Serie C season, CNA.al reported. Brescia, after 114 years of history, failed to repay part of its debts, which amounted to around 9 million euros. It was forced to liquidate, after losing the right to compete in professional championships. SPAL is also in the same situation, declaring bankruptcy after investors withdrew. The club had received a -4 point penalty for financial irregularities, which contributed to its relegation from Serie B.
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A civil court in Turin, Italy, has ruled admissible a class action suit against Stellantis concerning potentially faulty airbags made by Japanese automotive parts company Takata, Stellantis and two consumer groups behind the legal action said on Monday, Reuters reported. Affected vehicle owners have 150 days to join the class action, the two consumer groups Codacons and Altroconsumo said in two separate statements. They added that a court hearing on the case had been adjourned to November 21. Similar legal actions against Stellantis have already been launched in France.
The municipality of Costa Serina, located in the heart of the Bergamo Orobie, is facing an unprecedented financial crisis, Notizie.it reported. With less than a thousand inhabitants, the municipality has invested huge sums in the renovation of a school, using funds from the National Recovery and Resilience Plan (Pnrr). However, the situation became more complicated when the Treasury paid out only 1,5 million euros out of the 5 million foreseen by the tender. This delay in payments brought the municipal finances to their knees, forcing the municipality to face the risk of financial ruin.
Italy is seeking 1.2 billion euros ($1.3 billion) from fintech group ION following a probe by prosecutors in the northern city of Bologna into alleged tax evasion over the 2013-2023 period, Reuters reported. The investigation adds to a string of tax evasion cases in Italy targeting U.S. tech companies, which are also at the centre of a wider EU response to the trade war sparked by U.S. President Donald Trump's tariffs.
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The Italian economy will grow by 0.5% this year, far below the government's official 1.2% estimate, the country's central bank said on Friday, cutting a 0.7% forecast it made in December and warning of the impact of U.S. trade tariffs, Reuters reported. The central bank forecast that tariffs announced by U.S. President Donald Trump on Wednesday would have a negative impact of more than half a percentage point on Italian growth in 2025-2027.
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