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ROME: Italy’s parliament on Saturday approved the 2025 budget, aiming to both appease EU demands to lower the eurozone nation’s deficit and honour Prime Minister Giorgia Meloni’s pledge to cut taxes. Over half of the package, worth some 30 billion euros ($31 billion), is devoted to cuts to tax and social security contributions for low- and middle-income earners. Rome is having to perform a fine fiscal balancing act, after Brussels took Italy to task earlier this year over its debt worth nearly 3 trillion euros, the second highest as a proportion of gross domestic product (GDP) in the European Union. French stocks outperform on expectations of new budget Meloni’s hard-right coalition has committed to reducing the public deficit to 3.3 percent of GDP in 2025, down from an expected 3.8 percent this year. But the budget comes amid slowing growth, with the ISTAT national statistics office estimating GDP this year to increase just 0.5 percent — half what it forecast in June. The measures approved include making permanent a merging of the lower two income tax brackets, so people earning 28,000 euros a year can pay 23 percent instead of 25 percent. And the budget expands the number of people eligible for a reduction of social or tax charges. Meloni’s far-right Brothers of Italy party is also trying to boost Italy’s flagging birth rate, and the budget allocates a 1,000-euro bonus per newborn for families earning up to 40,000 euros a year. Environmental associations have complained there is little for tackling man-made climate change, though Rome is scrapping a bonus for gas-fired boilers, under pressure from Brussels. Instead, buyers of energy-efficient household appliances will be eligible for a bonus of up to 100 euros — rising to 200 euros for households earning under 25,000 euros. Companies that boost hiring and reinvest part of their profits will be able to benefit from a reduction in the corporate tax rate, which drops from 24 percent to 20 percent. This new measure is partly financed by Italy’s banking sector, which has been asked to contribute a total of 3.4 billion euros for the 2025 and 2026 budgets. They have agreed to postpone tax credits for these two years to provide liquidity to the Italian state, which should repay them later.

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Mumbai: The BMC plans to appoint Veermata Jijabai Technological Institute (VJTI) to conduct a thorough technical audit for the construction of the twin tunnel and box tunnel under the Goregaon-Mulund Link Road (GMLR) project. This third party audit will assess the design, construction, and safety standards of the tunnels, ensuring that the project meets the highest technical and environmental benchmarks. The 4.7-km-long underground twin tunnels, set to be constructed in the third phase of the ambitious GMLR project, will pass beneath the Sanjay Gandhi National Park (SGNP). This vital infrastructure initiative is designed to ease traffic congestion across the city's existing east-west corridors. The twin tunnels will each extend 4.7 km, while the box tunnel will span 1.6 km. These tunnels are designed with a diameter approximately 13 meters and will be dug to depths ranging from 20 to 160 meters. "The construction of the twin tunnels faced challenges when two tribal hamlets, Habale Pada and Nagar Mudi Pada, located within Film City, raised objections," said a senior civic official. "So we decided to realign the tunnels by 600 meters to bypass the tribal farmlands. Additionally, a survey was conducted recently to assess the number of trees that will be affected, as many are situated along the original alignment of the tunnels. We have also consulted VJTI for a third-party technical audit to ensure the project meets the highest safety and environmental standards," he added. The realignment of the twin tunnels in the GMLR project, necessary to bypass tribal farmlands in Film City, will increase the original project cost by Rs 250 crore, bringing the total to Rs 6,551 crore. Prime Minister Narendra Modi launched the project on July 13, with excavation set to begin using a TBM. Civic officials assure that construction will not harm the environment of the SGNP, including its flora, wildlife, Aarey, and Tulsi lakes. The, GMLR project, expected to cost Rs 14,000 crore, will be completed by 2028, cutting travel time between Mulund and Goregaon from 75 to 25 minutes and easing congestion on key city routes. The 12.2 km road will seamlessly connect the Western Express Highway at Goregaon the Western Express Highway at Goregaon to the Eastern Express Highway at Mulund, improving connectivity. The GMLR project is expected to play a crucial role in reducing traffic bottlenecks on key routes like the Santacruz-Chembur Link Road, Andheri-Ghatkopar Link Road, and Jogeshwari-Vikhroli Link Road, offering a smoother, faster commute for residents and commuters.

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U.K.-based Vodafone Group has cleared dues of around ₹11,650 crore or about 109 million pound that it raised against shares of Vodafone Idea, according to a regulatory filing. Vodafone Group had pledged almost the entire stake in VIL to raise the debt. The pledge was created in favour of HSBC Corporate Trustee Company (U.K.) for the debt raised by Mauritius and India-based entities of Vodafone Group. "On 27 December 2024, HSBC Corporate Trustee Company (U.K.) Limited acting as the security trustee for the lenders has released the pledges pursuant to repayment of the outstanding dues owed to the lenders by the Vodafone Promoter Shareholders. "Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released," the filing said. "Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released," the filing said. The shares are valued at around ₹11,649 crore as per the closing price of ₹7.41 apiece of Vodafone Idea stock on Friday. Vodafone Group holds a 22.56% stake, while the Aditya Birla Group holds 14.76%. The government has a 23.15% stake as of September 30, 2024. Published - December 28, 2024 10:39 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit telecommunication serviceNo current member of the New York Knicks was with the team in 2021, when the Knicks suffered a five-game loss to the Atlanta Hawks in an Eastern Conference first-round series. But Trae Young is still with the Hawks, which should be more than enough to ensure Wednesday's NBA Cup quarterfinal clash between Atlanta and host New York carries with it the most intense postseason-like environment of the knockout rounds. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.