GIGLIO, Italy (Reuters) – Salvage crews shifted the wrecked Costa Concordia cruise ship slowly off a rock shelf on Monday in a painstaking process that looked set to continue into the early hours of the morning.
The most complex and costly salvage operation of its kind ever attempted began at 9 a.m. (0700 GMT) on the Italian island of Giglio after a three-hour delay due to an overnight storm, and progress was slower than originally estimated.
GIGLIO, Italy (Reuters) – Engineering teams began lifting the wrecked Costa Concordia liner upright on Monday, the start of one of the most complex and costly maritime salvage operations ever attempted.
The vast hulk of the 114,500 ton cruise liner has lain on its side for more than 20 months, dominating the tiny port in the Tuscan holiday island of Giglio where it hit rocks on January 13, 2012, killing 32 people.
ROME, Sept 13 (Reuters) – When salvage teams begin hauling
the wrecked Costa Concordia liner upright on the Italian island
of Giglio next week, the financial stakes for insurers will be
almost as enormous as the awe-inspiring feat of engineering.
According to reinsurer Munich Re, the overall
insurance loss from the accident could surpass $1.1 billion. As
much as half of that may be swallowed up by the cost of the
ROME (Reuters) – Italian Prime Minister Enrico Letta warned on Wednesday that political turmoil was driving up Italy’s borrowing costs as uncertainty continued over the future of former premier Silvio Berlusconi.
The fate of the 76-year-old billionaire, who faces expulsion from parliament following a conviction for tax fraud last month, has overshadowed Italian politics for weeks, with his supporters alternating pledges of loyalty with threats to bring down the government if he is forced out.
ROME (Reuters) – Allies of Silvio Berlusconi stepped up warnings on Tuesday that they would bring down Italy’s unstable ruling coalition if center-left lawmakers refuse to delay a hearing over expelling the billionaire former prime minister from parliament.
A cross-party Senate committee, which is deciding whether Berlusconi should be stripped of his seat in the upper house following a conviction for tax fraud last month, resumes talks at 8.00 p.m. (1800 GMT) after an initial meeting on Monday.
MILAN/ROME (Reuters) – The prospect of nationalisation looms large for Italy’s Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) now that the beleaguered lender needs to raise more than twice as much capital as originally planned to meet new European Union requirements.
Italy’s third largest bank said on Monday it would approve a tougher than initially expected restructuring plan on September 24 to comply with European Union demands, confirming investor fears it is struggling to emerge from the euro zone debt crisis.
MILAN/ROME (Reuters) – Italy’s Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) may have to be nationalised unless it can raise more than twice as much capital as originally planned, to meet new European Union requirements.
The bank, the country’s third largest, must find an extra 2.5 billion euro (£2.1 billion) to shore up its finances, the government said late on Sunday, highlighting its continuing weakness after a huge derivatives scandal surfaced this year.
ROME, Sept 8 (Reuters) – Italy’s Banca Monte dei Paschi di
Siena will seek 2.5 billion euros ($3.3 billion) in
fresh capital from investors, more than double its original
plan, under a new bailout to shore up the loss-making bank, the
economy ministry said on Sunday.
The revised plan is the latest measure in a painful recovery
process for Italy’s No.3 bank. Monte Paschi is still grappling
with the aftermath of a massive derivatives scandal which
emerged in the wake of its expensive acquisition of rival
Antonveneta in 2008.
ROME (Reuters) – A special committee of the Italian Senate meets on Monday to consider expelling Silvio Berlusconi following his conviction for tax fraud, a decision that could shatter the fragile ruling coalition and plunge Italy into fresh political crisis.
Senior figures in Berlusconi’s center-right People of Freedom (PDL) party have threatened to pull out of Prime Minister Enrico Letta’s government if Berlusconi is stripped of his seat in the Senate.
ROME (Reuters) – Of all the statistics available on Italy and its varied economic problems, few are as eye-opening as the fact that at around 1 p.m on any given day, three quarters of the population will normally be sitting down to lunch in their own homes.
According to data from statistics agency ISTAT, lunch is the most important meal of the day for 68 percent of Italians and 74.3 percent usually eat it at home, a figure which has grown as a long recession has hit spending on food and eating out.