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Italy to set up AI fund of 1 billion euros, PM Giorgia Meloni says
Economic Times
·
1y ago
Medial
Italy is planning to establish a 1 billion euro investment fund to support Artificial Intelligence (AI) projects, according to Prime Minister Giorgia Meloni. The fund, backed by CDP Venture Capital, could potentially raise an additional 2 billion euros from the private sector. Italy aims to use its presidency of the Group of Seven to address the impact of AI on jobs and inequality, while implementing regulations to support the industry. The government plans to present legislation in the coming weeks and create a supervisory body to oversee the national AI strategy.
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Africa and AI to be key G7 issues for Italy, Meloni says
Reuters
·
1y ago
Medial
Italy's Prime Minister, Giorgia Meloni, has highlighted Africa and the risks associated with artificial intelligence (AI) as key themes during Italy's presidency of the Group of Seven (G7). Meloni expressed concern about the impact of AI on the labor market and called for a special session on the topic before the leaders' summit in June. Additionally, she emphasized the importance of supporting African development to address migration by focusing on cooperation, investments, and strategic relationships. The ongoing conflicts in Ukraine and Gaza are expected to dominate Italy's G7 presidency as well.
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Controversy in Italy over potential deal with Musk's SpaceX
Economic Times
·
7m ago
Medial
The potential cybersecurity deal between Italy and Elon Musk's SpaceX has stirred controversy, with Italian opposition questioning the government's negotiations. Reports suggested a possible contract worth 1.5 billion euros for secure telecommunications, but Italy's government denied signing any contracts. The discussions reportedly occurred during Giorgia Meloni's visit to Florida, possibly involving Donald Trump, leading to political backlash. Italy's government clarified ongoing talks with SpaceX without confirming agreements, amidst media speculation and political criticism.
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Microsoft to invest 4.3 billion euros in Italy for AI infrastructure and cloud capacity
Economic Times
·
10m ago
Medial
- Microsoft to invest 4.3 billion euros ($4.75 billion) in Italy for AI infrastructure and cloud capacity - The investment will be spread over the next two years - Microsoft's biggest investment in Italy so far - Aims to strengthen AI capabilities and cloud services in the country - Reflects Microsoft's commitment to Italy's technological growth and innovation
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Italy claims 1 billion euros in unpaid taxes from Google
Economic Times
·
1y ago
Medial
Italy has requested that Google pay 1 billion euros ($1.07 billion) in unpaid taxes and penalties. The claim comes seven years after Google settled a tax dispute with authorities in Rome. Italy's Revenue Agency has initiated an adversarial process with Google, which could lead to a settlement or judicial litigation. The investigation was launched in December 2022 and covers the years 2018 to 2022. The country alleges that Google did not pay taxes on revenues generated in Italy, based on the company's digital infrastructure. If a settlement is reached, this approach may be applied to other multinational web companies under investigation.
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Italian state lender to invest 1 billion euros in 5 years in AI
Economic Times
·
1y ago
Medial
The venture capital arm of Italy's Cassa Depositi e Prestiti (CDP) plans to invest 1 billion euros ($1.1 billion) over the next five years in artificial intelligence (AI) and cybersecurity. The investment fund aims to support startups in the AI sector and provide funding for companies ready to expand internationally. Additionally, a portion of the investment will be dedicated to technological transfer and university research projects. The initiative is part of Italy's broader push to address the impact of AI on jobs and inequality, and restore its leading role in the international economy.
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Stellantis pledges invest $2.1 million in Italian production in 2025 during talks with government
Livemint
·
7m ago
Medial
Stellantis, the world's fourth-largest automaker, plans to invest 2 billion euros in Italian production and another 6 billion euros in the supply chain next year. The announcement comes as the company aims to boost its operations in Italy after the recent merger between Fiat Chrysler and PSA Peugeot. Stellantis will launch more than a dozen new models in its Italian factories by 2032, including a Fiat Pandina city car and hybrid vehicles from Jeep and Alfa Romeo. However, economic development minister Adolfo Urso expressed concerns over new European rules requiring the production of electric vehicles.
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Italy could extend its web tax if global minimum tax deal fails
Reuters
·
1y ago
Medial
Italy may maintain and modify its own digital services tax if an international agreement on taxing large corporations falls through, according to Economy Minister Giancarlo Giorgetti. The global minimum tax deal, which aims to reallocate taxing rights on approximately $200 billion in profits from digital giants to the countries where they operate, is encountering difficulties in negotiations, particularly with the US. Italy's 2019 budget introduced a 3% levy on revenue from internet transactions for digital companies with sales of at least 750 million euros, and Italy could expand this tax if the international agreement collapses.
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Microsoft says to invest 3.2 billion euros in AI in Germany
Economic Times
·
1y ago
Medial
Microsoft announced plans to invest 3.2 billion euros ($3.44 billion) in Germany over the next two years, focusing on artificial intelligence. The investment will mainly be allocated towards setting up data centers and training individuals in AI. Microsoft's chairman, Brad Smith, expressed confidence in Germany and its economy. German Chancellor, Olaf Scholz, welcomed the investment as a sign of confidence in the country. The exact locations of the investments were not disclosed, but Microsoft is primarily considering the western Rhineland region and the Frankfurt banking hub.
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Italy fines first city for privacy breaches in use of AI
Economic Times
·
1y ago
Medial
Italy has fined the city of Milan for privacy breaches in its use of artificial intelligence (AI) technology. This is the first time a city has been penalized under the country's privacy laws concerning AI. Milan's use of AI-powered surveillance camera systems violated the privacy rights of its citizens, leading to a fine of 800,000 euros. The incident highlights the growing concerns over the ethical and privacy implications of using AI in public spaces.
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Gujarat Titans, Healthcare Global backer CVC Capital sets issue price for IPO at 14 euros
VCCircle
·
1y ago
Medial
CVC Capital Partners has set the issue price for its initial public offering (IPO) at 14 euros per share, aiming to raise 2-2.3 billion euros. The IPO is set to take place on Euronext Amsterdam and is expected to be one of Europe's largest this year. Several companies in Europe have recently taken advantage of improving investor sentiment to go public, including Spanish beauty group Puig.
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