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Draft shows that Italy will apply a single threshold of 30% for mandatory bids
A draft decree, seen by on Wednesday, showed that Italy intends to remove the lower thresholds for large companies and instead apply a 30% threshold for all mandatory takeover offers in listed companies. This is part of a larger reform of Italy's decades-old Financial Code. In the absence of a second shareholder with a larger shareholding, a shareholder's stake in a large company must exceed a threshold of 25% to trigger a mandatory bid. Small and medium sized businesses are subject to a second threshold of 30%. Italy classifies a business as SMEs if its capitalisation falls below 1 billion euro ($1.16 billion). The draft decree confirms an April report and sets a 30% threshold for all companies, regardless of their size. Poste Italiane, a state-backed financial conglomerate, is the largest shareholder in Telecom Italia with a 24,8% stake. Poste may be able to buy more TIM shares, without having to make a buyout bid, thereby strengthening its grip on TIM. Rome intends to reduce the time period that is taken into consideration when calculating the bid price for a takeover to six months, from twelve months. Consob, the market watchdog, will be able also to set a date by which a bidder is required to announce their decision to bid. A bidder who does not respond or replies negatively will be banned from making a bid in the next 12 months. A government official stated that the decree was expected to be approved later today by the Cabinet. The administration of Prime Minister Giorgia Mello has stated that it intends to reform Italy's Financial Law after consulting with different stakeholders and industry groups. It is also looking for ways to strengthen the role played by the 200-year old Borsa Italiana. Meloni, who has made a U-turn after decades of policies that favored corporate takeovers and corporate listing in Milan, is encouraging business owners to list without fearing losing control to other parties. On the other hand, asset managers, including large foreign funds advocate rules that prevent a concentration in power. Multiple representatives of Italy's finance industry expressed concerns last year over a measure by the government that gave investors more say in how outgoing boards of companies present a list for candidates for the next terms.
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Non-EU citizens and the EU's new border biometric checks
The new biometric system for entry checks will begin to be used on Sunday, when the long-delayed system is finally operational. Entry/Exit System will require that all non-EU nationals register their personal information, including fingerprints, facial images and other details, upon entering the Schengen area. This includes all EU countries except Ireland and Cyprus as well as Iceland, Norway and Switzerland. The EU can be confident that there won't be long lines at the border as data collection will be introduced gradually at border crossings. Why is the EU making changes? The new system eliminates the need to manually stamp passports on the EU's exterior border. Instead, it creates digital records which link a travel document with a person's id using biometrics. The EU is looking to modernize the management of its borders, stop illegal immigration, combat identity fraud and identify overstayers. It will check if people travelling into the bloc without a Visa adhere to the 90-day rule within a 180-day period. What will happen? Arriving in the Schengen zone for the first, anyone will be required to scan their passports. They will also need to register their fingerprints. The EES database will check the details of travellers on departure to ensure compliance with time limits and register departure. The facial biometric check will be required for all subsequent journeys. Children under 12 years old will be required to register under EES, but only have their photo taken. EES is free for travellers. Where will the checks be done? Arriving at airports, ports and train stations in the Schengen Area. The French border officials will oversee the EES registration at the Port of Dover and Eurotunnel Terminal in Folkestone, as well as the Eurostar Terminal at London St Pancras. The check will not be required again by travellers until they leave their destination. Will EES's introduction cause delays at the border? The EU believes that the EES will not cause any major disruptions because it is being introduced gradually. If processing times are excessively slow, border officials can suspend checks for a short period of time. From October 12, only freight and coach traffic at the Port of Dover as well as Eurotunnel's terminal in Folkestone will be subject to EES inspections. Eurotunnel will begin passenger vehicle checks in November. Dover will follow by the end the year. Eurostar said that it would gradually introduce new border procedures. The British Government has advised that travellers should allow extra time to travel as the new EU system is settling in. Meanwhile, Britain's Road Haulage Association says there could be longer delays at busy times. The biggest test will be the holiday traffic in 2026 at Easter and the summer following when many families travel to the UK for the first time since the introduction of EES. More Changes Coming in 2026 EES is the precursor of another system, which is scheduled to be operational by late 2026: The European Travel Information and Authorisation System. Citizens from outside the Schengen zone will need to submit an ETIAS application, providing personal details and trip details. They will also be required to pay a fee of 20 euros before traveling. The authorization will be valid until the expiration of a passport or for three years. Since April, Europeans visiting Britain must purchase an electronic permit before their trip. (Reporting by James Davey; Editing by Alexandra Hudson)
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Maguire: Texas wind speeds in focus as rare fuel production cut to reach:
Texas's primary power generation system will see a rare decline in fossil fuel generation by 2025 if the output of its massive wind farms increases as predicted in the last quarter of this year. Data from LSEG show that fossil fuel electricity generation in the Electric Reliability Council of Texas, Texas' main energy network, is down 1% compared to the same nine-month period of 2024. The total ERCOT generation has increased by 5% in the past year, thanks to a 14% increase in clean energy generation. Texas solar parks are responsible for the majority of the increase in output in 2025. ERCOT solar production has increased by 45% from the previous year. Wind farms, however, will be a major factor in the generation of clean energy and fossil fuels over the last quarter of this year. This is provided that wind patterns continue to unfold as normal, and they rise dramatically from their recent lows. CLEAN GROWTH LSEG data show that clean energy sources accounted for a record-breaking 46% of ERCOT’s total generation mix in the first nine months of 2025. This generated a record-breaking 7.1 million Megawatt Hours (MWh) power. In 2025, all of ERCOT’s clean energy sources, including wind, solar and nuclear, have reached new heights. Power firms have benefited from the growth in clean energy to boost total power production to a record high of over 15,6 million MWh. Wind farms, with 3.57 million MWh, provided the most clean energy. LSEG data show that solar produced 2.18 million MWh while nuclear reactors generated 1.3 million MWh. Hydro dams produced just over 21,000 MWh. FOSSIL CUTTS The sharp increase in natural gas prices in early 2025 has caused ERCOT generators, who are the largest source of power in ERCOT, to reduce their gas-fired output this year. The gas-fired generation from January to September totaled 6.47 million MWh. This was 4% less than in the same months of 2024, and was the lowest since 2022. The coal-fired generation increased by 11 % from the previous year to 2 million MWh, as utilities increased output from cheaper coal-fired plants to compensate for the shortfall of gas-fired production. The total fossil fuel-fired electricity generation in the first nine month of 2025 fell by 1% compared to the same period in 2024. WIND OF CHANGE ERCOT's power mix tends to change significantly as the seasons shift into winter and fall. Many ERCOT power plants undergo maintenance in October and November to repair the damage caused by the peak summer power demand. As the use of air conditioners that are power hungry decreases during shoulder season, power providers can afford to reduce total operating capacity for fossil fuel plants now until December. The onset of winter in Texas can cause a dramatic drop in the output of solar farms. However, it also causes a significant increase in the output of wind farms when wind speeds are increased at the turbine level. The wind speed tends to drop during summer, resulting in the lowest generation of electricity during the quarter from July to September. LSEG data show that between 2022 and 2024 the ERCOT wind generation increased on average by 17% in the last quarter of the year compared with the previous quarter. This increase in wind generation has also helped to lift the share of wind power in the ERCOT mix of generation from 17% during the third quarter, to 26% during the quarter of October to December. WIND WATCH ERCOT's power trackers will closely follow wind generation forecasts in order to determine the overall system generation requirements through the end the year. LSEG's latest wind models predict that wind generation in the second half of October will be around 20 to 25 percent higher than the wind output recorded during the first week of October. Wind speeds will increase from October, and a higher production from wind farms is expected. This may mean less fossil fuel power plants are needed. This could lead to a rare drop in the overall production of ERCOT fossil fuel plants this year even though total electricity generation continues to grow thanks to increased clean energy output. ERCOT managers must boost fossil fuel generation to fill the gaps if wind output remains patchy or under average. This will result in fossil fuels growing for another year. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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In India, the death toll has risen to 15 following a landslide that hit a bus in Himachal Pradesh
Officials and police announced on Wednesday that the death toll of a landslide which struck a bus in India's Himachal Pradesh state has now reached 15, while one child is still missing. Karam Singh, Assistant Commandant of the National Disaster Response Force, told ANI that two children were injured during the incident on Tuesday night. ANI is a minority shareholder in NDRF. In an X-post on Wednesday, Deputy Chief Minister Mukesh AGNIHOTRI said, "In this horrendous mishap, fifteen people died, including nine men, four women, and two innocent children. Two children were injured, and the search continues for another." ANI's visuals showed a bus mangled in pieces lying on a mountainside road, as rescuers searched through the debris to find the 18 people buried by the landslide. Television images from the scene showed rescue workers using heavy machinery to clear mounds, while others sorted through mud-soaked items. Sandeep Dhawal, a senior police officer from ANI, said that the rains in the area have been heavy for the past two days. This week, heavy rainfall in India's Himalayan area has led to widespread flooding and landslides. In West Bengal's Darjeeling District, at least 23 people died until Monday. Another 50 were killed in Nepal after heavy rains caused landslides and flooding that destroyed homes and roads. (Reporting and editing by Kate Mayberry in New Delhi, Surbhi Misra from West Bengal state's Darjeeling district)
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Staffing shortages at air traffic control for the second day cause delays
The Federal Aviation Administration announced in a Tuesday notice that staffing problems at air traffic control are affecting flights for the second day running. FAA reported that some flights are being delayed at airports such as Nashville and Newark. Newark airport is experiencing delays of up to 30 minutes for arriving flights due to staffing problems. The FAA reported that there were staffing problems at the Atlanta Air Route Traffic Control Center, and it said they could reduce arrivals per hour in Chicago O'Hare. The severe weather also impacts flights in the United States. A total of 13,000 air traffic control officers and approximately 50,000 Transportation Security Administration (TSA) officers are still required to report for work during the shutdown. However, they will not be paid. Instead, controllers will receive a partial pay on October 14. Sean Duffy, Transportation Secretary, said that since the start of the shutdown last week the FAA has seen an increase in sick leave. In some areas the staffing for air traffic has also been reduced by half. We'll make sure that the airspace is safe if we don't use controllers. Duffy told Fox News' "Fox and Friends" Tuesday that they would slow down traffic. FlightAware is a website that tracks flights. It reported Tuesday that more than 2,300 flights were delayed, including 200 in Nashville or about 20% of their flights. The number of controllers and Transportation Security Administration (TSA) officers absent during the 35-day shutdown in 2019 increased as employees missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York to put pressure on legislators to end the standoff.
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Trump Administration considers further $12 billion cut to clean energy funding
According to a list seen by, the U.S. Government is considering canceling an additional $12 billion of clean energy funding. This includes awards for auto manufacturing, carbon capture and other projects. Two major direct air capture hubs, one of which involves the oil company Occidental, are on the list. They received billion-dollar awards under the former president Joe Biden's administration. The list also includes $500 million Last year's award General Motors will convert its Lansing Grand River Assembly Plant to a new facility Michigan Stellantis will invest $335 million to convert the Belvidere Assembly Plant into EVs. Illinois Stellantis will receive $250 million to convert its mid-size electric trucks. Indiana Transmission Plant in Kokomo will produce EV components. The Department of Energy has announced that it will cancel financing of $7.56 billion for hundreds of energy-related projects, claiming they would not generate enough returns for taxpayers. DOE officials weren't immediately available to comment. Occidental GM, and Stellantis have not responded to comments immediately. Russell Vought, White House budget director, said last week in a post to X that the administration will terminate nearly $8 billion of climate-related funding for 16 Democratic-led States including California and New York. (Reporting from Valerie Volcovici, Washington; additional reporting by Chandni in Bengaluru and Nichola in Los Angeles, and David Shepardson, Washington; editing by Chris Reese, Nichola Williams and Nichola Williams.
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Tesla launches lower-cost Model Y to revive sales
Tesla launched a new, more affordable model of its Model Y SUV, starting at just $39,990. The electric vehicle maker is trying to combat falling sales and a shrinking market share in the face of increasing global competition. Elon Musk, the CEO of Tesla, has been promising mass-market cars for years. However, last year, he cancelled plans to build a new $25,000 electric vehicle, as first reported. Musk announced late last year that the vehicle will be priced below $30,000, including U.S. electric tax credits. The credit was terminated at the end last month in the United States. Prices jumped by about $7,500. This helped boost quarterly sales, which reached a record. However, it is expected that the pace of sales will drop for the remainder of the year unless an affordable car can be found. The desire to purchase the car is high. Musk stated in July that people simply don't have the money to purchase it. The more affordable the car is, the better. Tesla posted two videos on X this weekend, igniting interest among fans. The first video features headlights peeking out from the darkness. Another shows what appears to be a spinning wheel for a few moments, followed by the U.S. date format of October 7. The CRUCIAL PLAN FOR $1 TRILLION PAYMENT Musk originally promised that production would begin by the end June. Tesla said that in July it had only produced "first builds" and would not be ready for customers until the end of the year. Tesla is already struggling with the slowing of sales due to its aging product line. Competition has increased rapidly, particularly in China and Europe where Musk's extreme right-wing political views have undermined brand loyalty. Tesla introduced a new version of its Model Y earlier this year. It featured improvements such as a rear-screen touchscreen and light bars. Musk has shifted the focus of his company to artificial intelligence and robotaxis, with a particular emphasis on humanoid robotics. Tesla has announced that it will introduce more affordable vehicles to its lineup, but hasn't provided any details. According to sources, the EV manufacturer also plans on releasing a stripped down version of its Model 3 midsize car. The board of Tesla has set several milestones for the company, including a $1 trillion compensation package for Musk. One of these is delivering 20,000,000 vehicles in the next decade. (Reporting from Abhirup Roy and Akash Sriram, in San Francisco; editing by Peter Henderson and Richard Chang, Srirajkalluvila, and Alan Barona.)
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Owners of Chinese-built vessels face US port fees and costs of $3 billion.
The U.S. will begin charging port fees to certain vessels that have links to China in one week. This move is expected to cost the 10 largest carriers $3.2 billion over the next year, as President Donald Trump tries to counter China's increasing dominance on high seas. S&P reported in a recent report that "while some observers believe that the October 14th deadline may be extended - or even scrapped - as part of wider negotiations, the uncertainty already has carriers unsettled, adding another layer to geopolitical risks for fleet deployment strategies." Trump's administration has said that fees levied on ships owned, built or operated by Chinese entities would help fund the revival of U.S. shipbuilding. The U.S. Congress is moving forward with a law that will direct long-term funding. It has strong bipartisan support. The U.S. trade representative sent out an update to ship owners late last week informing them that it is their responsibility, and not the agency's, to determine if fees are applicable. USTR stated that the onus of determining whether a vessel is liable for the fee lies with the ship owner, and not CBP. The website Pay.gov of the Department of the Treasury also stated that fees are to be paid online, and not at the ports of entry. The higher of $23 per tonnage net or $154 for 20-foot equivalent capacity will be charged to non-Chinese ship operators. Alphaliner, a maritime data and technology provider, said that both fees can only be imposed five times per year on a vessel. USTR has lowered fees significantly from its initial proposals. It also exempted a number of U.S.-based companies and extended timelines for the fees on LNG carriers. USTR also increased fees for non-U.S. made roll-on/roll off auto carriers, with some exceptions. Alphaliner estimates that the Chinese carrier COSCO and its OOCL Fleet are most vulnerable to these fees. COSCO's fees may be up to $1.53 billion in the next year, which is nearly half the $3.2 billion that was projected for the top ten cargo carriers. CMA CGM and many other carriers, such as France's COSCO, have said that they re-deployed Chinese built ships to avoid fees. Beijing responded. Premier Li Qiang has signed a declaration pledging to counter any discriminatory actions on Chinese ships and crews. Trump and Chinese president Xi Jinping will meet at the Asia-Pacific Economic Cooperation summit (APEC), scheduled to take place in South Korea from late October until November 1. In the United States, fewer than ten commercial vessels were built in shipyards last year. China's shipyards, which produce both commercial and naval vessels, produced well over 1,000. Reporting by Lisa Baertlein, Los Angeles; additional reporting by Gus Trompiz, Paris; editing by David Gregorio
New York Times Business News - October 8, 2018
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports.
Tesla unveiled on Tuesday new versions of two of its most popular models: Model Y, and Model 3. These will be sold for $40,000 each and $37,000 separately.
A Los Angeles jury on Monday ordered Johnson & Johnson to pay $966 Million to the family a California woman, who died of a rare cancer. The company had been found liable after a lawsuit claiming that its baby powder products caused cancer.
The New Jersey Attorney General is investigating whether Uber has misrepresented its safety to drivers and passengers.
The European Union executive proposed on Tuesday a steep increase in steel duties as it raced against Chinese competition to protect the steel industry of the EU. This move is likely to impose painful cost on Britain and other trading partners. (Compiled by Bengaluru Newsroom)
(source: Reuters)