Latest news with #Italiangovernment
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
Yahoo
21-05-2025
- Business
- Yahoo
Lufthansa Cargo to market capacity on ITA Airways, add Rome hub
Lufthansa Cargo in mid-June will start selling cargo capacity and handling shipments on ITA Airways, the Italian carrier in which Deutsche Lufthansa AG acquired a 41% stake in January for nearly $350 million. The deal allows Lufthansa Cargo to make Rome its cargo hub for Southern Europe. Lufthansa's cargo subsidiary will start marketing ITA cargo capacity under its own designated airway bill from Sao Paulo and Rio de Janeiro, as well as from Buenos Aires, Argentina, to Rome, on June 16, according to a news release on Monday. On all other routes, both airlines will initially operate under two separate airway bill numbers. Lufthansa Cargo will gradually take over the sale of ITA's belly space on all routes, following necessary regulatory approvals. The addition of ITA will increase global belly capacity available to Lufthansa Cargo customers by almost 20%, while giving them an even denser network of city pairs to choose from, the company said. Lufthansa Cargo operates 12 Boeing 777 long-haul cargo jets and four Airbus A321 converted freighters in regional service. It received a new freighter from Boeing during the first quarter. An additional six aircraft are chartered from AeroLogic, a joint venture with DHL, and operated by AeroLogic on behalf of Lufthansa Cargo. Lufthansa Cargo also manages the belly cargo for Lufthansa Group's passenger airlines, with the exception of Swiss International. 'Along with our partner ITA Airways, we are excited to offer our customers even more attractive routes, additional capacities and solutions to and from Europe as well as worldwide to meet their transportation needs. … In addition to Frankfurt, Munich, Vienna and Brussels, Rome will be our 5th hub that will help us offer flexible and quality solutions to our customers. Our customers will benefit from even more reliable, faster connections to and from southern Europe,' said Lufthansa Cargo CEO Ashwin Bhat. Lufthansa Group has expressed interest in increasing its share of ITA Airways. The Italian government is the airline's majority shareholder. ITA has a fleet of 99 aircraft, including 22 long-haul Airbus jets, and flies to 70 destinations around the world. Last week, Lufthansa Group made changes to Cargo's executive leadership, moving Frank Bauer from chief financial officer and labor director to chief operating officer and installing Gregor Schleussner, currently head of finance, controlling and accounting at sister airline Eurowings, as CFO and chief human resources officer, effective July 1. Lufthansa Cargo's revenue grew 21% year over year in the first quarter to $938.8 million, while adjusted earnings before interest and taxes increased to $70 million from a $24 million loss, thanks to increased yields, strong demand from China and lower costs. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. RELATED READING: Lufthansa handles some cargo for ITA Airways ahead of pending deal Lufthansa Cargo bolsters China partnerships as trade grows Lufthansa Cargo introduces freighter service from Vietnam to US The post Lufthansa Cargo to market capacity on ITA Airways, add Rome hub appeared first on FreightWaves.
Yahoo
08-05-2025
- Politics
- Yahoo
Orthodox Church leader says faith is humanity's safeguard against the 'impending robotocracy'
ATHENS, Greece (AP) — The spiritual leader of the world's Orthodox Christians has said that religious faith should serve as humanity's safeguard amid rapidly advancing technology and what he described as the 'impending robotocracy.' Ecumenical Patriarch Bartholomew, 85, said that Orthodox tradition preserves 'valuable human-centric wisdom' essential for navigating a world of accelerating technological change and automation. His comments during an event at Athens University reflect growing concerns across major branches of Christianity — and ongoing dialogue between them — about artificial intelligence's potential impact on human dignity and social structures, as well as the dangers posed by autonomous weapons systems. 'In a world of rapid change, an upheaval of values, and dizzying technological advances — from artificial intelligence to the impending robotocracy — our Church proclaims that 'there is nothing more sacred than the human being, with whom God Himself shared His nature,'' Bartholomew said. The patriarch, who is based in Istanbul, Turkey, made the remarks late Wednesday in a speech published on Thursday. Religious tradition, the patriarch said, 'upholds the absolute priority of the person over systems … and the need for an education that cultivates and supports the spiritual nature of humanity.' While not opposing technological advancement, Bartholomew emphasized the need for innovation to remain human-centered. The comments echo similar concerns raised by other Christian leaders, who increasingly frame their responses to AI and robotics through theological perspectives on human uniqueness, free will, and spiritual nature. In guidance issued by the Vatican in January, the Catholic Church said applications of AI 'must all be evaluated to ensure they respect human dignity and promote the common good.' The head of the Anglican Church traveled to Rome last year to sign the Call for AI Ethics — an initiative backed by the Italian government and supported by tech giants IBM and Microsoft. Bartholomew, who is on a weeklong visit to Greece, met Thursday with Prime Minister Kyriakos Mitsotakis days after they both attended the funeral of Pope Francis.
Winnipeg Free Press
08-05-2025
- Science
- Winnipeg Free Press
Orthodox Church leader says faith is humanity's safeguard against the ‘impending robotocracy'
ATHENS, Greece (AP) — The spiritual leader of the world's Orthodox Christians has said that religious faith should serve as humanity's safeguard amid rapidly advancing technology and what he described as the 'impending robotocracy.' Ecumenical Patriarch Bartholomew, 85, said that Orthodox tradition preserves 'valuable human-centric wisdom' essential for navigating a world of accelerating technological change and automation. His comments during an event at Athens University reflect growing concerns across major branches of Christianity — and ongoing dialogue between them — about artificial intelligence's potential impact on human dignity and social structures, as well as the dangers posed by autonomous weapons systems. 'In a world of rapid change, an upheaval of values, and dizzying technological advances — from artificial intelligence to the impending robotocracy — our Church proclaims that 'there is nothing more sacred than the human being, with whom God Himself shared His nature,'' Bartholomew said. The patriarch, who is based in Istanbul, Turkey, made the remarks late Wednesday in a speech published on Thursday. Religious tradition, the patriarch said, 'upholds the absolute priority of the person over systems … and the need for an education that cultivates and supports the spiritual nature of humanity.' Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. While not opposing technological advancement, Bartholomew emphasized the need for innovation to remain human-centered. The comments echo similar concerns raised by other Christian leaders, who increasingly frame their responses to AI and robotics through theological perspectives on human uniqueness, free will, and spiritual nature. In guidance issued by the Vatican in January, the Catholic Church said applications of AI 'must all be evaluated to ensure they respect human dignity and promote the common good.' The head of the Anglican Church traveled to Rome last year to sign the Call for AI Ethics — an initiative backed by the Italian government and supported by tech giants IBM and Microsoft. Bartholomew, who is on a weeklong visit to Greece, met Thursday with Prime Minister Kyriakos Mitsotakis days after they both attended the funeral of Pope Francis.
Associated Press
08-05-2025
- Politics
- Associated Press
Orthodox Church leader says faith is humanity's safeguard against the 'impending robotocracy'
ATHENS, Greece (AP) — The spiritual leader of the world's Orthodox Christians has said that religious faith should serve as humanity's safeguard amid rapidly advancing technology and what he described as the 'impending robotocracy.' Ecumenical Patriarch Bartholomew, 85, said that Orthodox tradition preserves 'valuable human-centric wisdom' essential for navigating a world of accelerating technological change and automation. His comments during an event at Athens University reflect growing concerns across major branches of Christianity — and ongoing dialogue between them — about artificial intelligence's potential impact on human dignity and social structures, as well as the dangers posed by autonomous weapons systems. 'In a world of rapid change, an upheaval of values, and dizzying technological advances — from artificial intelligence to the impending robotocracy — our Church proclaims that 'there is nothing more sacred than the human being, with whom God Himself shared His nature,'' Bartholomew said. The patriarch, who is based in Istanbul, Turkey, made the remarks late Wednesday in a speech published on Thursday. Religious tradition, the patriarch said, 'upholds the absolute priority of the person over systems … and the need for an education that cultivates and supports the spiritual nature of humanity.' While not opposing technological advancement, Bartholomew emphasized the need for innovation to remain human-centered. The comments echo similar concerns raised by other Christian leaders, who increasingly frame their responses to AI and robotics through theological perspectives on human uniqueness, free will, and spiritual nature. In guidance issued by the Vatican in January, the Catholic Church said applications of AI 'must all be evaluated to ensure they respect human dignity and promote the common good.' The head of the Anglican Church traveled to Rome last year to sign the Call for AI Ethics — an initiative backed by the Italian government and supported by tech giants IBM and Microsoft. Bartholomew, who is on a weeklong visit to Greece, met Thursday with Prime Minister Kyriakos Mitsotakis days after they both attended the funeral of Pope Francis.
