Latest news with #CatholicJubilee
Mint
7 days ago
- Business
- Mint
Rome's Next Big Tourist Draw Risks Going Bust Before It Opens
(Bloomberg) -- The Aquarium of Rome wanted to open this year to show the millions of pilgrims and tourists flocking to the Italian capital that there's more on offer than ancient history and old churches. Instead, it's become a study in just how hard it is to deliver landmark building projects in modern times. Italian banks Intesa Sanpaolo SpA and UniCredit SpA still have a nominal interest in the struggling enterprise after being forced to write off 95% of their loan exposure to its owner in a previous restructuring. But talks to raise fresh cash from investors, including London-based distressed specialist Zetland Capital, have dragged on for years without conclusion, according to company filings seen by Bloomberg. That casts further doubt over the site's future. The location in Rome's EUR district — a neighborhood first developed in the fascist era and home to the monumental architecture popular back then — has been under construction for almost two decades, and will probably go bust if it doesn't open soon. Potential operating partners are holding off until the financing is secured. The 13,000 square-meter (139,930 square foot) project, meant to house more than 100 marine species, has already cost more than €100 million ($117 million). And it needs at least another €20 million to emerge from financial distress and finish the job, according to corporate filings. Making things worse is a drawn-out legal dispute with the EUR district authority, which is seeking damages from the site operator Mare Nostrum Romae Srl over the constant delays. 'The arrival of a new partner might be the only chance today to unblock the operation,' a spokesperson for EUR SpA, a company controlled by the Italian government that manages the area's development, wrote in a statement to Bloomberg. Representatives of Mare Nostrum and Zetland didn't respond to requests for comment. Spokespeople for Intesa and UniCredit declined to comment. The standoff and the struggle to secure new cash show how ambitious construction deals can quickly become a quagmire for providers of debt finance, especially if relations with local officials sour, creating a vicious circle of legal fears blocking the investment crucial to moving forward. While Italian courts have made progress in recent years to speed up litigation and insolvency processes, they still take longer than other top-rank economies. That's a red flag for international investors, even in distressed situations. The idea of the Rome aquarium was first dreamt up in the early 2000s, and the Ricciardis — a local family of developers — won a concession to build and run the site for 30 years. After a string of setbacks, delays and problems keeping up with its debts, their company Mare Nostrum had been seeking to open the site's doors this year to coincide with a Catholic Jubilee, a festival that's expected to attract 30 million pilgrims to Rome. It's looking ever more likely to miss out on that windfall. Negotiations with Zetland, founded by ex-HIG Capital managing director Ahmed Hamdani, hit a roadblock after it and other prospective backers asked for reassurances over an extension of Mare Nostrum's agreement to run the site that's set to expire in 2039, according to corporate filings by the Italian firm. EUR SpA has said it would be willing to grant a nine-year extension but has imposed conditions including for Mare Nostrum to tie up with firms with deeper pockets and more experience running aquariums. Costa Edutainment SpA, which operates Italy's largest aquarium in Genoa, is interested in the management of the site, once the financial issues are settled, a spokesperson told Bloomberg. Merlin Entertainments, a global manager of leisure parks and other attractions, previously retreated from a similar partnership. While Mare Nostrum cited 'positive prospects' for a legal settlement with EUR in its annual report, the lawsuit's still pending, according to EUR. There's skepticism too about the aquarium's prospects for getting started in 2025. 'It's difficult to expect an opening within the Jubilee year even with a new partner,' EUR said in its statement. --With assistance from Tiago Ramos Alfaro. More stories like this are available on
Time of India
21-06-2025
- Business
- Time of India
Pope Leo warns politicians of the challenges posed by AI
Pope Leo, addressing global politicians, warned of AI's impact on young people, urging its use for human good, not replacement. Speaking during the Catholic Jubilee, he stressed the value of human creativity over AI's static memory and highlighted the importance of protecting meaningful lifestyles and relationships in an AI-driven world. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Pope Leo warned politicians on Saturday of the challenges posed by the rise of artificial intelligence (AI), addressing its potential impact on younger people as a prime at an event attended by Italian Prime Minister Giorgia Meloni and parliamentary delegations from 68 countries, Leo revisited a topic that he has raised on a number of occasions during the first few weeks of his papacy."In particular, it must not be forgotten that artificial intelligence functions as a tool for the good of human beings, not to diminish them or even to replace them," Leo said at an event held as part of the Roman Catholic Jubilee or Holy proponents say it will speed up scientific and technological progress and help people to carry out routine tasks, granting them more time to pursue higher-value and creative U.S.-born pontiff said attention was needed to protect "healthy, fair and sound lifestyles, especially for the good of younger generations."He noted that AI's "static memory" was in no way comparable to the "creative, dynamic" power of human memory."Our personal life has greater value than any algorithm, and social relationships require spaces for development that far transcend the limited patterns that any soulless machine can pre-package," he who became pope in May, has spoken previously of the threat posed by AI to jobs and has called on journalists to use it responsibly.
Reuters
07-04-2025
- Politics
- Reuters
Britain's King Charles, Queen Camilla arrive in Italy for state visit
ROME, April 7 (Reuters) - King Charles and his wife Queen Camilla arrived in Italy on Monday for a four-day state visit during which the British monarch will address the Italian parliament in Rome. It is the 17th official visit by Charles to Italy and his first overseas trip this year as he continues to undergo treatment for cancer. It coincides with the 20th wedding anniversary of Charles and Camilla, who married on April 9, 2005. Their wedding took place the day after the funeral of Pope John Paul II, which Charles attended as then heir to the throne. Charles, who as British king is the supreme governor of the Church of England, had also been due to meet Pope Francis this week, but the meeting was postponed in late March because of concern over the pontiff's health. Pope Francis spent five weeks in hospital suffering from double pneumonia and has now returned to the Vatican. Charles previously met Francis, the head of the Roman Catholic Church, during visits to Italy in 2017 and 2019. In the past, he also met Pope John Paul II and Pope Benedict XVI. His mother, Queen Elizabeth, also visited the Holy See in 2000 during the last Catholic Jubilee year. Charles and Camilla are scheduled to meet Italian President Sergio Mattarella on Tuesday and visit the Colosseum. On Wednesday the king and queen will meet Italian Prime Minister Giorgia Meloni, after which Charles will deliver a speech to parliament -- the first British monarch in history to address a joint parliamentary session in Italy. On Thursday, Charles and Camilla travel to Ravenna in the northeastern Emilia-Romagna region to take part in a ceremony marking the 80th anniversary of the city's liberation from Nazi occupation by Allied forces in World War Two.
Euronews
04-04-2025
- Entertainment
- Euronews
'Caravaggio 2025' already selling out fast in Rome
ADVERTISEMENT One of the most comprehensive exhibitions ever dedicated to Michelangelo Merisi, better known as Caravaggio, is currently open at Palazzo Barberini in Rome — and tickets are selling out fast. Comprised of 24 works spanning just over a decade of the artist's career, the exhibition includes prestigious loans from private and public collections worldwide, with some paintings being displayed in Italy for the first time. Among the highlights is the Portrait of Monsignor Maffeo Barberini , which made its public exhibition debut just months ago, alongside well-known masterpieces like Self-Portrait as Bacchus . Coinciding with the Catholic Jubilee year, which will bring thousands of pilgrims to Rome and the Vatican, the exhibition offers visitors a rare opportunity to explore new discoveries about the artist. But according to Thomas Clement Salomon, the Director of Palazzo Barberini, what sets the show apart is not just the number of works but their sheer quality, and the care with which they've been selected to showcase the essence of Caravaggio's style. Caravaggio's Martyrdom of Saint Ursula, 1610. Palazzo Barberini 'At the heart of his work is his own life — the people he loved, the men, the women, his companions,' said Salomon, in an interview with Euronews. 'Caravaggio was able to capture the most intimate aspects of the human soul with unparalleled emotional depth.' While Caravaggio was recognised later than some of his contemporaries, he is today one of the most studied artists in the world. His realistic style, marked by dramatic contrasts of light and shadow, makes his work both accessible and deeply engaging for both scholars and the general public. The exhibition has already been an overwhelming success, drawing visitors from around the world. 'In just 20 days since opening, we have already sold 240,000 tickets,' said Salomon. 'Caravaggio's style feels remarkably contemporary — he painted life-sized figures, using natural, dark, and unadorned backdrops.' Caravaggio's Self Portrait as Bacchus, 1593-4. Palazzo Barberini Visitors share Salomon's enthusiasm. 'It's exactly what I was expecting,' said one Italian woman. 'It's amazing I've seen Caravaggio's works before, but seeing them all together is breathtaking.' An Australian admirer of the artist said he appreciates Caravaggio's exceptional ability to convey deep emotions. 'His works are dramatic and intense," he said. "The figures are tightly grouped, and the use of light and dark makes his art very accessible." The visitors' love for Caravaggio is intense, and the sellout crowds in the exhibition's four rooms do not deter them. The exhibition runs until 6 July — and with tickets for the next few weeks already sold out, anyone hoping to attend will need to move fast.
Bloomberg
06-03-2025
- Business
- Bloomberg
Rome Has Two Wildly Luxurious New Hotels. Which One Is Better?
Rome, a city already groaning under the weight of overtourism, expects an additional 30 million-plus travelers for the Catholic Jubilee this year. At the same time, a spate of new five-star hotels are jockeying for out-of-towners' attention. Among the boldfaced name brands that have recently planted flags in the Eternal City, the two that have generated the most buzz are the Romeo Hotel Roma and Bvlgari Hotel Roma. Despite having similarly convenient locations in the vicinity of the Piazza del Popolo, they offer dramatically different visions for what hospitality looks like today. Bloomberg Pursuits checked into both—here's how they stack up.
