Latest news with #CassaDepositiePrestiti
The Sun
08-07-2025
- Business
- The Sun
Khazanah explores AI deals with French and Italian sovereign funds
KUALA LUMPUR: Khazanah Nasional Bhd has engaged in high-level discussions with French and Italian sovereign wealth funds to explore potential collaborations, particularly in artificial intelligence (AI). The meetings, held during Prime Minister Datuk Seri Anwar Ibrahim's official visits to Italy, France, and Brazil, aimed to strengthen economic ties and foster innovation. Managing director Datuk Amirul Feisal Wan Zahir highlighted the shared challenges faced by Malaysia, France, and Italy in leveraging AI for global competitiveness. 'We looked at how we can collaborate when it comes to technology innovation, and even some of the mid-tier companies that they have and that we have, and see how we can collaborate further,' he said. Khazanah's partnerships with Italy's Cassa Depositi e Prestiti and France's Bpifrance have already laid the groundwork for deeper cooperation. The sovereign wealth fund's recent financial performance further strengthens its position, with a record net asset value return of 24.6 per cent in 2024. The official visits also included major Malaysian corporations such as Petronas, Tenaga Nasional, Maybank, FGV Holdings, and YTL Power International. Collectively, Malaysia's bilateral trade with Italy, France, and Brazil reached RM50.91 billion last year, underscoring the importance of these economic relationships. - Bernama
Reuters
14-03-2025
- Business
- Reuters
Italy faces EU accounting change that could add billions to public debt
Summary Companies Eurostat investigates government role in Autostrade sale Eurostat has previously reclassified Italian firms Reclassification of Autostrade raises risk of further action Italy sees debt rising through 2026 to almost 138% of GDP ROME, March 14 (Reuters) - European Union authorities are considering an accounting change that would increase Italy's towering public debt, two sources with knowledge of the matter told Reuters, adding the Italian authorities were in negotiation. The change would make Motorway operator Autostrade per l'Italia a public entity, meaning its up to 11.5 billion euros ($12.47 billion) in financial liabilities would be counted as public debt, the sources said. They spoke on condition of anonymity because of the sensitivity of the matter. Unless Italy can dissuade the European Commission's statistics arm Eurostat to abandon the change, it could add as much as half a percentage point of gross domestic product to the country's debt-to-GDP ratio and complicate Italy's pledge to Brussels to reduce it. Proportionally the highest in the euro zone after Greece, Italy's debt reached 135.3% of GDP in 2024 up from 134.6% the year before. Autostrade shot to international attention following a bridge collapse in Genoa in 2018. The company changed hands in May 2022 for 9.3 billion euros when a consortium of investors bought the toll-road group from the Benetton family, ending a legal dispute triggered by the collapse of a bridge Autostrade operated that killed 43 people. Following the deal, it is controlled by state lender Cassa Depositi e Prestiti alongside U.S. fund Blackstone and Australia's fund Macquarie. The Italian state lender, which has 356 billion euros in gross debt, is outside the public administration as it operates with a profit-driven approach, but Eurostat monitors its activities. A third source said that if Eurostat changes Autostrade per l'Italia's status, that implies an increased risk Cassa Depositi e Prestiti will also be reclassified, which would further aggravate the country's public finances. Asked to comment, representatives from Eurostat said the statistical office is in constant dialogue with member states about statistical issues, including the classification of units in the public administration sector. Autostrade per l'Italia's "present classification" is outside the general government sector, they added. GOVERNMENT MANDATE Eurostat officials visiting Italy in November 2022 investigated whether Cassa Depositi e Prestiti had received a mandate from the government to buy the motorway operator, according to a public report outlining Eurostat's findings at the time. Marking its autonomy from the government on strategic decisions, Cassa Depositi e Prestiti said it viewed the purchase as a profitable investment and needed the support of its co-investors to decide on issues affecting the company, the report added. Eurostat also visited Italy in mid-November 2024. Its findings are not expected to be published before August, but one of the sources said Italy had been unable so far to convince Eurostat the government had not prompted Cassa Depositi e Prestiti to invest in the motorway operator. The statistics bureau in recent years forced Italy to classify as inside the general government sector several state-controlled firms, including bad loan manager AMCO. Italy expects its debt to rise through 2026 to almost 138% of GDP due to the lingering effect of a costly state-funded home renovation scheme, even though it has been largely phased out. ($1 = 0.9219 euros)
Argaam
27-01-2025
- Business
- Argaam
ACWA Power signs MoUs with Italian companies
ACWA Power Co. signed several memorandums of understanding (MoUs) with Italian companies to collaborate in project financing, insurance, power generation, water desalination technologies, and establishing a green hydrogen supply chain from Saudi Arabia to Europe. The company signed five strategic MoUs with four Italian companies: Cassa Depositi e Prestiti, De Nora, Italian Export Credit Agency (SACE), and Ansaldo Energia. The last agreement was signed with NOMAC Holding, a wholly owned subsidiary of ACWA Power. These strategic partnerships with Italian institutions span various sectors. Notably, the three-year agreement with Cassa Depositi e Prestiti focuses on projects in countries eligible for official developmental assistance, in addition to supporting cooperation between ACWA Power and Italian companies in global supply chains. The agreement with De Nora explores the integration of advanced water treatment technologies in ACWA Power's desalination projects, including joint efforts to assess sterilization technologies and test advanced systems. The MoU with SACE covers two main areas: insurance and financing solutions to facilitate Italian exports and support their global spread, as well as establishing a framework for ACWA Power to procure goods and services from Italian companies. This will enhance trade and investment between Saudi Arabia and Italy. The two-year agreement between NOMAC Holding and Ansaldo Energia will contribute to expanding service capabilities for the renewal of gas turbine parts, focusing on selected regions, and exploring joint projects in Africa, leveraging facilitated Italian financing. ACWA Power also signed a MoU with Snam, an Italian company, to explore collaboration and joint investment opportunities aimed at establishing a green hydrogen supply chain from Saudi Arabia to Europe. Snam aims to develop multi-modal infrastructure across Europe to enhance energy security and accelerate the transition to net-zero emissions. Under this partnership, ACWA Power will play the role of developer, investor, and operator for green hydrogen and green ammonia production facilities in the Kingdom. The partnership also includes exploring possible collaboration and joint investment opportunities to create an international supply chain for reliable and cost-effective green hydrogen from Saudi Arabia to the European Union (EU). Additionally, the partnership involves studying the potential development of a green ammonia import terminal in Italy to facilitate the transport of green hydrogen from Saudi Arabia to the EU via the South H2 hydrogen corridor - a 3,300-kilometer project extending through Italy, Austria, and Germany into central Europe.
Asharq Al-Awsat
27-01-2025
- Business
- Asharq Al-Awsat
Saudi Fund for Development, Italy's CDP Sign MoU for Development Collaboration
CEO of the Saudi Fund for Development Sultan bin Abdulrahman Al-Marshad signed a memorandum of understanding (MoU) for development cooperation with CEO and General Manager of Italy's National Promotional Institution, Cassa Depositi e Prestiti (CDP), Dario Scannapieco. The Minister of Investment, Eng. Khalid Al-Falih, attended the signing ceremony held in AlUla on Sunday. The MoU aims to establish and enhance cooperation in social and economic development shared between the two countries, facilitating the exchange of expertise. It also focuses on fostering the growth of development sectors that contribute to sustainable development goals (SDGs) and global development efforts, promoting best practices in joint financing and maximizing developmental impact for the growth and prosperity of developing countries worldwide.
