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Italy Cuts Growth Outlook as Energy Costs Weigh on Economy

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Italy is set to lower its economic growth forecasts as rising energy prices continue to pressure its economy, Economy Minister Giancarlo Giorgetti said. The government is expected to trim this year’s GDP growth estimate to around 0.5%–0.6%, down from 0.7%, while next year’s outlook may also be reduced slightly. The slowdown is largely attributed to external and temporary factors, particularly the ongoing energy crisis.

The weaker growth outlook complicates Italy’s efforts to reduce its budget deficit below the European Union’s 3% threshold. With the deficit already projected at 3.1% in 2025, slower expansion could limit fiscal room and make it harder to meet agreed targets. Despite these challenges, officials maintain that recent data does not indicate any structural weakness in the economy.

Italy has urged the European Union to consider temporarily easing its budget rules if geopolitical tensions, especially involving Iran, worsen further. While existing mechanisms allow flexibility during severe downturns, current conditions do not yet meet that threshold. Meanwhile, Italy remains under EU scrutiny for its deficit, restricting its ability to introduce major relief measures.

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Italy Declares Emergency After Landslide Disrupts Key Adriatic Transport Route

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Italy has declared a state of emergency and pledged initial funding to repair major transport links disrupted by a landslide in Petacciato. Infrastructure Minister Matteo Salvini announced an initial allocation of 10 million euros to restore damaged rail and motorway connections along a crucial north-south corridor.

The landslide, triggered by heavy rainfall in a region prone to hydrogeological instability, forced the closure of the A14 motorway and a key rail line linking Bologna to Taranto. Around 50 residents were evacuated, while thousands of motorists faced long detours and rail services were suspended or rerouted.

Authorities said conditions have stabilised, with partial reopening of roads and rail services expected to resume soon. However, a collapsed bridge will keep a main road closed for up to seven months, potentially impacting the region’s tourism season.

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Migrant Tragedy Near Italy Leaves Dozens Missing at Sea

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Two merchant ships near Italy rescued 32 migrants and recovered the bodies of two others after a boat attempting to cross from Libya toward Europe capsized over the Easter weekend, according to rescue charities. Survivors were later transferred to an Italian coast guard vessel and taken to the island of Lampedusa, while authorities had not immediately commented on the incident.

Rescue groups Mediterranea Saving Humans and Sea-Watch said survivors reported that the vessel had initially carried 105 people, with 71 believed lost at sea. Video footage released by Sea-Watch showed migrants clinging to an overturned orange boat as rescuers approached to assist them.

Harsh weather conditions in the Mediterranean this year have complicated migration crossings, reducing departures from North Africa but increasing risks for those who attempt the journey. The International Organization for Migration estimates at least 683 people have died along the central Mediterranean route so far this year, making it one of the deadliest migration corridors globally.

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Meloni’s Gulf Visit Focuses on Energy Security and Regional Stability

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Italy’s Prime Minister Giorgia Meloni began a surprise diplomatic tour of Saudi Arabia, Qatar, and the United Arab Emirates, marking the first visit by a European Union leader to the Gulf since the outbreak of the U.S.-Israeli war with Iran in February. During her stop in Jeddah, Meloni is expected to meet Saudi Crown Prince Mohammed bin Salman, with discussions centered on regional security and strengthening ties with Gulf partners facing rising tensions and Iranian attacks.

The visit aims to reassure Gulf allies while safeguarding Italy’s energy needs as fuel prices rise and supply disruptions grow. Italy relies significantly on the region for energy, with Qatari liquefied natural gas previously covering about 10% of its gas consumption and Middle Eastern oil accounting for roughly 12% of imports. Ongoing conflict has disrupted shipments, including suspended LNG deliveries due to instability around the Strait of Hormuz and damage to part of Qatar’s export capacity.

To offset potential shortages, Italy is expanding energy partnerships beyond the Gulf. Meloni recently visited Algeria to secure additional gas supplies and plans a future trip to Azerbaijan, another key supplier. Italy also expects LNG deliveries from the United States’ Golden Pass facility starting in June, as Rome works to diversify energy sources and maintain supply stability amid escalating geopolitical uncertainty.

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Paintings by Renoir, Cézanne and Matisse Stolen from Italian Museum

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Three paintings by renowned French artists Pierre-Auguste Renoir, Paul Cézanne and Henri Matisse have been stolen from a museum in northern Italy, police confirmed on Monday. The artworks, estimated to be worth around $10 million in total, were taken from the Fondazione Magnani Rocca near the city of Parma during the night of March 22–23.

According to Italy’s Carabinieri police, thieves forced entry through the museum’s main entrance and stole Cézanne’s Tasse et Plat de Cerises, Renoir’s Les Poissons, and Matisse’s Odalisque sur la Terrasse. Italian broadcaster Rai reported the value of the stolen works at about 9 million euros, though authorities have not officially confirmed the figure.

Museum officials said the robbery was completed in less than three minutes, suggesting a highly planned operation. The Fondazione Magnani Rocca houses a prestigious private collection assembled by late musicologist Luigi Magnani, featuring masterpieces by artists including Titian, Francisco Goya, Claude Monet, Peter Paul Rubens and Giorgio Morandi.

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Italian Watchdog Clears MPS Board Slates Ahead of Key Shareholder Vote

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Italy’s market regulator Consob has ruled that all three slates of nominees submitted for the board of Monte dei Paschi di Siena (MPS) are fully legitimate, according to a source familiar with the matter. The decision follows a complaint filed by MPS’s current board over a slate presented by small investor PLT Holding, which aims to secure another term for CEO Luigi Lovaglio.

Consob, working closely with the European Central Bank, dismissed the complaint and confirmed that none of the candidate lists violate regulations. The regulator also clarified that its decision is final, aiming to remove uncertainty after MPS previously described its discussions with authorities as preliminary.

The ruling comes ahead of the April 15 shareholder vote to appoint a new board and CEO, with governance advisers preparing voting recommendations. While PLT supports Lovaglio’s continuation, the current MPS board is backing Fabrizio Palermo, CEO of utility company Acea, and a third slate has been submitted by fund manager association Assogestioni.

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Italian Voters Reject Meloni’s Judicial Reform

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Giorgia Meloni faced a major political setback after Italian voters rejected her proposed judicial reforms in a national referendum. Around 54% voted against the changes, dealing a blow to her right-wing coalition ahead of upcoming elections.

Despite the defeat, Meloni said she would not resign, acknowledging the result while expressing regret over the missed opportunity to modernize Italy’s justice system. The vote saw strong turnout, reflecting deep divisions between the government and the judiciary.

The outcome has weakened Meloni’s political momentum and boosted opposition forces, with centre-left parties now aiming to unite. Analysts suggest the referendum result may reshape the political landscape as the country heads toward future elections.

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Italy Monitors Damaged Russian LNG Tanker Drifting in Mediterranean

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Italian authorities are considering how to handle a damaged Russian liquefied natural gas tanker, Arctic Metagaz, which is drifting in international waters in the Mediterranean Sea after an alleged drone strike. The vessel, carrying LNG from Murmansk in northern Russia, was reportedly attacked by Ukrainian naval drones, though Ukraine has not claimed responsibility.

The tanker remains afloat between Malta and the Italian islands of Lampedusa and Linosa, with the Italian Navy and support vessels escorting it while monitoring the situation. All 30 crew members were evacuated after the attack, and officials say the ship’s hull is still intact, although it suffered significant damage above the waterline.

Italian officials are reluctant to allow the tanker to dock at their ports due to safety concerns, describing it as a potential hazard because of the gas it carries. Authorities are considering options, including having the ship’s Russian operator hire a specialist company to tow it away, while nearby countries continue to monitor the drifting vessel.

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Italy’s Meloni Criticises U.S.-Israeli Strikes on Iran

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Italian Prime Minister Giorgia Meloni on Wednesday strongly criticised the U.S.-Israeli air strikes on Iran, calling them part of a dangerous global trend of unilateral interventions “outside the scope of international law.” Speaking to parliament, Meloni highlighted growing instability in the international system and compared the Middle East conflict to Russia’s 2022 invasion of Ukraine, warning that such interventions could have wider destabilising effects on global security.

Meloni emphasised that Iran must not be allowed to develop nuclear weapons, citing the potential collapse of the international non-proliferation framework and the dramatic security risks it would pose to Italy and Europe. While most European nations have largely refrained from criticising the U.S. and Israel directly, Meloni’s remarks signal a firmer stance by Rome amid ongoing air strikes that have disrupted around one-fifth of global oil and gas supplies.

To protect strategic interests and Italian citizens in the region, Meloni noted that Italy is providing air-defense assets to Gulf allies affected by Iranian strikes. She stressed that the deployment also safeguards approximately 2,000 Italian soldiers stationed in the Gulf, reflecting Rome’s dual concern for regional security and the safety of its nationals abroad.

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Italy Misses 2025 Deficit Target, Pressure on PM Meloni

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Italy’s 2025 budget deficit came in at 3.1% of GDP, slightly above the European Union’s 3% ceiling, according to ISTAT. While lower than 2024’s 3.4%, the miss casts doubt on Rome’s plan to exit the EU’s Excessive Deficit Procedure early, which could have eased spending constraints ahead of the 2027 elections.

The eurozone’s third-largest economy grew by 0.5% in 2025, matching the government’s revised forecasts, though growth remains below 1% for the fourth consecutive year despite EU recovery funds. The 2026 deficit is targeted at 2.8%, with the government hoping for modest improvement amid lingering fiscal challenges.

Italy’s public debt also exceeded expectations, rising to 137.1% of GDP from 134.7% in 2024, above the government’s 136.2% target. With debt levels remaining the second-highest in the eurozone after Greece, the Meloni administration faces mounting pressure to control spending while promoting economic growth.

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