Latest news with #MessinaBridge
Indian Express
4 days ago
- Business
- Indian Express
Rome approves construction of world's longest suspension bridge
Despite decades of financial and environmental delays, Italy on Wednesday finally approved the construction of what will be the world's longest suspension bridge, connecting the island of Sicily to the mainland region of Calabria. The 3.7 kilometer bridge will be built on one of the most seismically active areas in the Mediterranean. With the ability to withstand earthquakes, the bridge will break the record currently held by Turkey's Canakkale Bridge across the Dardanelles. The bridge is a part of the Messina Bridge project, a latest attempt by Italian officials, and will create over 120,000 jobs a year. Italian Transport minister Matteo Salvini said the bridge will bring economic growth to the area, as the regions of Sicilia and Calabria are two of the poorest in Europe. Prime Ministr Georgia Meloni Wednesday said that the project has not been easy and that she considers it as an 'investment for the present and future'. 'We enjoy difficult challenges when they make sense,' Meloni said, as quoted by BBC. Meloni government has also set aside 13.5 billion euros ($15.63 billion) over the next 10 years to build it and surrounding facilities. According to the final project, the bridge over the Messina strait will span 3.3km (2.05 miles) and stretch between two 400-metre (1,300 feet) high towers, with two railway lines in the middle and three lanes of traffic on either side. Rome hopes to classify the bridge as a military expenditure, allowing it to count toward NATO's 5% GDP defence spending target. However, the project will require to go through a clearance by Italian Court of Auditors as well as environmental agencies, at both, national and state level. This isn't the first time the project has seen a halt. Since the first time the project was announced, which was approximately 50 years ago, multiple proposals for the bridge have been shelved over the years for different reasons, and it has long faced strong opposition. The opposition includes local residents on either side of the strait, whose properties may be seized, and could legally challenge the decision, meaning the construction of the bridge may be delayed or stalled altogether. Local politicians have expressed their unhappiness amid concerns that huge amounts of taxpayers' money would be siphoned off by the Sicilian and Calabrian mafias, which have a broad influence over politics and society in southern Italy. Local groups have also opposed the bridge, saying its construction would use millions of litres of water a day while both Sicily and Calabria regularly struggle with drought. (With inputs from BBC, Reuters)
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Italy gives final approval for world's longest suspension bridge to Sicily
ROME — The authorities in Rome have given final approval to a €13.5bn ($15.6bn) project to build the world's longest suspension bridge, connecting the island of Sicily to the region of Calabria, on the tip of Italy's boot. The designers claim the bridge – which is due to be built on one of the most seismically active areas in the Mediterranean – will be able to withstand earthquakes. It is the latest attempt by Italian officials to launch the Messina Bridge project — several have tried over the years but plans have later been scrapped due to concerns over cost, environmental damage, safety or potential mafia meddling. Prime Minister Giorgia Meloni has admitted the most recent project has not been easy. However, she said on Wednesday that she considers it an "investment in Italy's present and future". "We enjoy difficult challenges when they make sense," Meloni said. According to the final project, the bridge over the Messina strait will span 3.3km (2.05 miles) and stretch between two 400-metre (1,300 feet) high towers, with two railway lines in the middle and three lanes of traffic on either side. Rome is hoping to classify the bridge as a military expenditure to make it count towards the Nato target of 5% of GDP spent on defence. Transport minister Matteo Salvini, the leader of the right-wing Lega party and a government ally of Meloni, celebrated the milestone, saying that the goal was to complete the bridge between 2032 and 2033. He also claimed the bridge would create 120,000 jobs a year and bring economic growth to the area. The regions of Sicilia and Calabria are two of the poorest in Europe. However, the project will still need to be rubber-stamped by the Italian Court of Auditors as well as environmental agencies, both at national and EU level. Local residents on either side of the strait whose properties may be expropriated will also have to be consulted and could legally challenge the decision, meaning the construction of the bridge may be delayed or stall altogether. It would not be the first time that the bridge's building has been held up. Since the first plans for it were drawn up more than 50 years ago, various ideas for it have had to be shelved for various reasons and it has long faced stern opposition. This has included concerns that huge amounts of taxpayers' money would be siphoned off by the Sicilian and Calabrian mafias, which have a broad influence over politics and society in southern Italy. On Wednesday, local politicians reiterated their unhappiness with the government's decision. Senator Nicola Irto of the Democratic Party (PD) called the project was "controversial and divisive", saying it would divert "crucial resources from local transportation, modern infrastructure, safe schools and quality healthcare facilities". Giusy Caminiti, the mayor of Villa San Giovanni near where the bridge would be built on the Calabrian shore, said her town would be badly affected and urged more time for consultations. Grassroots Calabrian committee "No to the Bridge" slammed Wednesday's announcement and said it was a political manoeuvre, rather than the outcome of a thorough technical evaluation. Local groups that oppose the bridge also say its construction would use millions of litres of water a day while both Sicily and Calabria regularly struggle with drought. Currently the only way for trains to cross the Strait is to have the coaches shunted onto ferries and carried over the sea in a 30-minute journey. — BBC
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Italy gives final approval for world's longest suspension bridge to Sicily
ROME — The authorities in Rome have given final approval to a €13.5bn ($15.6bn) project to build the world's longest suspension bridge, connecting the island of Sicily to the region of Calabria, on the tip of Italy's boot. The designers claim the bridge – which is due to be built on one of the most seismically active areas in the Mediterranean – will be able to withstand earthquakes. It is the latest attempt by Italian officials to launch the Messina Bridge project — several have tried over the years but plans have later been scrapped due to concerns over cost, environmental damage, safety or potential mafia meddling. Prime Minister Giorgia Meloni has admitted the most recent project has not been easy. However, she said on Wednesday that she considers it an "investment in Italy's present and future". "We enjoy difficult challenges when they make sense," Meloni to the final project, the bridge over the Messina strait will span 3.3km (2.05 miles) and stretch between two 400-metre (1,300 feet) high towers, with two railway lines in the middle and three lanes of traffic on either is hoping to classify the bridge as a military expenditure to make it count towards the Nato target of 5% of GDP spent on minister Matteo Salvini, the leader of the right-wing Lega party and a government ally of Meloni, celebrated the milestone, saying that the goal was to complete the bridge between 2032 and also claimed the bridge would create 120,000 jobs a year and bring economic growth to the area. The regions of Sicilia and Calabria are two of the poorest in the project will still need to be rubber-stamped by the Italian Court of Auditors as well as environmental agencies, both at national and EU residents on either side of the strait whose properties may be expropriated will also have to be consulted and could legally challenge the decision, meaning the construction of the bridge may be delayed or stall would not be the first time that the bridge's building has been held up. Since the first plans for it were drawn up more than 50 years ago, various ideas for it have had to be shelved for various reasons and it has long faced stern has included concerns that huge amounts of taxpayers' money would be siphoned off by the Sicilian and Calabrian mafias, which have a broad influence over politics and society in southern Wednesday, local politicians reiterated their unhappiness with the government's Nicola Irto of the Democratic Party (PD) called the project was "controversial and divisive", saying it would divert "crucial resources from local transportation, modern infrastructure, safe schools and quality healthcare facilities".Giusy Caminiti, the mayor of Villa San Giovanni near where the bridge would be built on the Calabrian shore, said her town would be badly affected and urged more time for Calabrian committee "No to the Bridge" slammed Wednesday's announcement and said it was a political manoeuvre, rather than the outcome of a thorough technical groups that oppose the bridge also say its construction would use millions of litres of water a day while both Sicily and Calabria regularly struggle with the only way for trains to cross the Strait is to have the coaches shunted onto ferries and carried over the sea in a 30-minute journey. — BBC
Yahoo
17-03-2025
- Business
- Yahoo
WeBuild SpA (IMPJY) Q4 2024 Earnings Call Highlights: Record Revenue and Strategic Growth Amid ...
Release Date: March 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. WeBuild SpA (IMPJY) exceeded its 2024 revenue target by over 1 billion, achieving 12 billion in revenues, a 20% increase from 2023. The company achieved a record high EBITDA of 967 million, marking an 18% increase compared to the previous year. WeBuild SpA (IMPJY) maintained a net cash position of 1.4 billion, ensuring financial stability despite higher investments. The company secured 100% of its 2023-2025 order intake, entering 2025 with a backlog of 63 billion, one of the highest in the industry. WeBuild SpA (IMPJY) is ranked first among peers in health and safety, reflecting its commitment to employee well-being. Net financial costs increased by 20 million, with financial expenses rising by 55 million due to bond issues and other financial factors. The company faced losses on investments amounting to 32 million, primarily due to a stop loss agreement related to a project in Turkey. Net exchange gains decreased significantly from 34 million in 2023 to 3 million in 2024. The company anticipates a reduction in interest rates, which could impact borrowing costs, but this remains uncertain. Despite strong performance, the company is not yet including the potential impact of the Messina Bridge project in its 2025 guidance. Warning! GuruFocus has detected 4 Warning Sign with IMPJY. Q: Can you update us on the process to finalize the award of the Messina Bridge and your current stake in the EuroLin consortium? Also, could Germany's $500 billion infrastructure plan and Ukraine's reconstruction be opportunities for WeBuild? A: The Messina Bridge project is nearing approval, with the contract expected to start by the end of April. The design and construction phase will last 7.5 years, completing in 2032. Regarding Germany and Ukraine, WeBuild is focusing on markets where it already has a presence and expertise. The company is ready to contribute to Ukraine's reconstruction when peace is achieved. Q: Can you provide more details on the commercial pipeline, particularly the a30 billion potential in new markets, and update us on the Australian market? A: In Australia, WeBuild's investment in Clough is fully integrated, focusing on transmission lines and energy. The collaborative approach in contracts is significant, with major projects like the Northern Water Desalination Plant and Boomba Pumped Hydro Projects. The a30 billion potential includes tenders submitted and new tenders, with a focus on selective growth and cash collection. Q: Will you present a new industrial plan after the Messina Bridge award, and what are the advanced payment terms for this project? A: The new industrial plan will likely be presented at the beginning of next year. The Messina Bridge contract includes up to 20% advanced payments distributed over several years. The project is not yet included in the backlog as the contract is pending final approval. Q: How is the profitability improvement at Lane, and are the effects of the Messina Bridge included in the guidance? A: Lane is shedding legacy project losses and focusing on disciplined order intake and cost reduction. The aim is to reach break-even by 2025. The Messina Bridge is not included in the current guidance. Q: Does WeBuild have an investment grade rating target, and are there changes in contract structuring for 2025? A: WeBuild is committed to achieving an investment grade rating, with plans aligned to meet financial metrics. There are no changes in the percentage of advanced payments or cost pass-through in contracts for 2025. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
