Italy's Leonardo, TechnoAlpin sign partnerships for 2026 Games
March 25 (Reuters) - Italy's aerospace and defence company Leonardo (LDOF.MI), opens new tab will provide communication systems to the 2026 Winter Olympic and Paralympic Games, the company and the local organiser Milano Cortina 2026 Foundation said on Tuesday in a joint statement.
Under the partnership, Leonardo will supply radio and multi-technology communication systems, which will help coordinate events and operations during the Games which are spread across a large area of northern Italy.
"Leonardo is supporting a project that strengthens the country's international image while promoting the universal values of sport," Leonardo CEO Roberto Cingolani said.
The organisers also signed on Tuesday a commercial partnership with TechnoAlpin, an artificial snow-making company based in the northern Italian city of Bolzano.
The company will also supply snow-making machines to the organising committee, a role it also fulfilled at the last Winter Olympics in Beijing.
"The partnership highlights our technological know-how and commitment," TechnoAlpin CEO Erich Gummerer said in a statement.
The Olympics will be jointly hosted by the city of Milan and the Alpine resort of Cortina d'Ampezzo next February, with five other locations being used for competition. The Paralympics will take place in March 2026.
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Reuters
2 hours ago
- Reuters
TRADING DAY Good vibrations turn sour
ORLANDO, Florida, June 11 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. 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Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Time Out
2 hours ago
- Time Out
You can eat a tasting menu right on the NASCAR Chicago race track this summer
What's more thrilling than a high-speed NASCAR race? How about carb-loading right where the cars take off? This summer, Chicago Gourmet is rolling out one of its most daring (and delicious) experiences yet: a five-course Italian tasting menu served smack on the NASCAR Chicago Street Race track. On Wednesday, July 2, from 6 p.m. to 9 p.m., the race's start/finish line will transform into the city's most unexpected fine-dining venue, blending Michelin-caliber cuisine with pit-lane vibes. As part of the Chicago Gourmet Festival's new 'Culinary World Series,' the event marks a high-octane kickoff to the city's biggest food celebration and a once-in-a-lifetime chance to toast with wine where tires usually burn rubber. The chef lineup is stacked with Chicago stars, including Fabio Viviani (Siena Tavern, Bar Siena), Tony Priolo (Piccolo Sogno), Joe Frillman and Leigh Omilinsky (Daisies) and Steve Maak (Levy Restaurants). The night's theme: bold Italian flavors, dished out trackside with flair. Diners can expect signature race-day cocktails from Jose Cuervo (the official tequila of the NASCAR Chicago Street Race, naturally) and a "Cup Series" of wine pairings from legendary Italian winery Marchesi Antinori. There's even an emcee—culinary personality, Catherine De Orio—to steer the evening along. Tickets cost $250 per person, and proceeds benefit the Illinois Restaurant Association Educational Foundation, a nonprofit organization that supports the state's hospitality workforce. This isn't Chicago Gourmet's only sports-forward event this year. Friday, July 25, brings a Duck Dog face-off at the Crosstown Classic, and Wednesday, August 20 features led by chefs from Virtue.
Scottish Sun
2 hours ago
- Scottish Sun
Three killer holes at Oakmont including one that cost Tiger Woods a US Open as Rory McIlroy and Co face savage test
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) WELCOME to the torture chamber hosting the world's top stars for the next four days, as the US Open comes to Oakmont for a record tenth time. Some holes are as notorious as the players are famous, with hot favourite Scottie Scheffler calling it 'probably the hardest golf course that we'll play - maybe ever". 11 English ace Justin Rose gets down to business in practice Credit: Alamy 11 Scottie Scheffler is the favourite after three wins in four tournaments Credit: Alamy 11 Bryson DeChambeau asked for patience as he signed autographs Credit: Reuters 11 It's three and far from easy for players at Oakmont this week Back in 2007 legend Tiger Woods took one look at the notorious Church Pew bunker that splits the third and fourth fairways - a 100 yard long stretch of sand featuring 12 three foot high grass ridges - and decided he wanted nothing to do with it. However, reigning champion Bryson DeChambeau will hope to find big-hitting answers. And world no.2 Rory McIlroy aims to build on his maiden Masters triumph. But here's a look at three of the toughest holes any golfer could face - plus the verdict of players on the ominous Oakmont course. Hole 3 (par 4 - 462 yards) THIS difficult par-four provides the first sight of the massive Church Pews bunker down the left-hand side of the fairway. And if you steer too far wide of it, there is a row of deep bunkers down the right waiting to gobble up balls. Rated as one of the toughest holes on the course — just ask Tiger Woods. He made his only double-bogey here in 2007 and ended up finishing one shot behind eventual winner Angel Cabrera. 11 DeChambeau hailed his US Open glory at Pinehurst last year Credit: AP 11 Tiger Woods famously found trouble at Oakmont in 2007 Credit: Getty BEST ONLINE CASINOS - TOP SITES IN THE UK Hole 4 (par 5 - 611 yards) ONE of only two par-fives and considered a must-birdie hole as it is shorter than the 12th — which can play anything from 632 to 684 yards. Church Pews bunker is in play down the left. Going for the green in two means taking on a long, blind shot. DeChambeau and Rose's response to how club golfers would cope at Oakmont US Open course Hole 8 (par 3 - 289 yards) THIS is where The Beast — as Oakmont is known — really shows its teeth. It usually plays into the wind, so most will have to reach for the driver. Johnny Miller made his only bogey when he shot a course-record 63 on his way to the 1973 US Open here. He said it felt like a par! Scheffler's "hardest ever" verdict on the course is more than matched by the assessment of fellow superstar players. Double UPSGA champ Justin Thomas says 'you can look stupid pretty fast' at the US Open venue, and reckons it will 'psyche a lot of guys out before they hit a shot'. But another double Major winner, Xander Schauffele - regarded as a robot at churning out great US rounds after finishing inside the top 15 in all eight attempts - confessed: 'Maybe I'm just sick to enjoy the challenge." 11 DeChambeau watches his practice putt on the 14th green Credit: Getty 11 Scheffler putts on the same hole on the tournament eve Credit: Shutterstock Editorial But is all the talk about this 7,531 yards par 70 being the toughest course on the planet justified? In the words of Dustin Johnson, who won here in 2016: 'Hell, yeah!' Johnson finished four under par nine years ago, on a course playing much easier than usual, because so much rain fell it was nicknamed 'Soakmont'. But only three other players in the 156 man field finished below par - all on one under - and 14 of the 18 holes played above par. Eight of them featured in the top fifty hardest holes among the 990 used on the PGA Tour that year. That did not compare to what happened at the previous US Open at Oakmont, in 2007. That year all EIGHTEEN holes played over par. Angel Cabrera won at five over, a shot clear of Jim Furyk and Woods, who felt he played great that week. Meanwhile, Woods' Pew peril led to caddie Steve Williams suggesting he should throw a few balls in there so Woods could practice escaping from the trap. Woods shook his head and replied: "No way. I don't practice negativity. I'm just going to avoid it. I'll hit away from it every day." The hole that strikes most terror in competitors' hearts is the 289 yards par three eighth, which is likely to be pushed back beyond 300 yards at least once this week. He did, but still only managed to break par once on his way to runners-up spot. But the hole that strikes most terror into the hearts of the competitors is the fearsome 289 yards par three eighth, which is likely to be pushed back beyond the 300 yards mark at least once this week. World No 4 Collin Morikawa did not realise it was a par three the first time he played it in practice. He explained: 'I completely forgot that that was the long par three, and I honestly asked Joe, my caddie, and everyone in the group, do you go for this par four or do you lay up? 'Now that I know it's a par three, I recommend going for it! I'll probably hit driver or three wood and hopefully hit the green. If not, make up-and-down. 'Honestly. it's a hole I'll take four pars right now, and walk away.' Schauffele reckons some players will have bruised egos about using a driver on a par three, but said they had to 'suck it up' to give themselves the best chance of making par. And he reckons TV viewers will love the carnage they are likely to witness over the next few days. He explained: 'I don't think people turn the TV on this week to watch some of the guys just hit like a 200 yard shot onto the green, you know what I mean? 'I think they turn on the U.S. Open to see a guy shooting eight over, and watch him suffer. That's part of the enjoyment of the U.S. Open for viewers. 'My attitude is that you have to stay as calm as possible because we're all going to struggle at times. Maybe that's why I've done so well in this tournament. 11 Sam Burns is a figure of focus as he practices Credit: Shutterstock Editorial 'I think I look pretty level-headed when I play, but internally I might be absolutely just thrashing myself. That happens to me more than you might think. 'I think truly having a good attitude is accepting what just happened, and allowing yourself to be pretty much at zero to hit the next shot.' Thomas believes most of the field will not be able to handle the setbacks as well as the top players. He said: 'Being perfectly honest, and very selfish, I hope it psyches a lot of players out. This course requires tons of patience and discipline, and not everyone can get a handle on that. 'Above all else, Oakmont tests the mental aspect of your game. But with tight fairways, deep rough, difficult bunkers and lightning fast greens it also tests you to the limit technically too. 'If you just get lazy - like on any drive, any wedge shot, any chip, any putt - you can look stupid pretty fast. 'But I understand this place is hard. I don't need to read articles, or I don't need to hear horror stories. I've played it. I know it's difficult." So sit back and enjoy the ride. It is going to be a bumpy one. 11 Collin Morikawa took a snap of Gary Woodland's club Credit: Reuters
