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Italy rallied after being hit hard by the pandemic. But it is not out of the woods.
A Bergamo cemetery worker in April (Alex Majoli / Magnum)
In Europe, Italy was hit hardest by the pandemic because it was hit first. Hospitals filled up with patients; one local newspaper was so overwhelmed with obituaries that it published only thumbnail-size ones. The entire country was subject to draconian restrictions, the strictest in the West.
Still, Italy rallied: Infections are now under control, a contact-tracing system is in place, and its economy and borders have reopened, although not to visitors from the United States. Tourist-dependent cities like Rome, Florence, and Venice are still suffering, but Milan, the country’s economic engine, is slowly coming back to life.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Mario Draghi is the best man to be prime minister, he saved Europe, he will save Italy, - Renzi
This is a strong outcome for markets, Bank of America said, and the banking sector should benefit.
Banks have an average upside of 30%, here s why and 3 stocks you need to own - BofA
In its hour of need , Italy has tapped a new leader - Mario Draghi - possibly the only person with the authority to carry the country out of the political and economic crisis it faces.
Saudi Arabia s Crown Prince Mohammed Bin Salman
has announced that a second listing of Saudi Aramco could happen in the coming years as part of his plans to raise funds for the FIP. The Saudi authorities are considering issuing an additional package of shares in the state-owned oil company in order to finance the sovereign wealth fund.
Saudi Arabia s de facto leader expressed the Kingdom s intentions during a conversation with former Italian Prime Minister Matteo Renzi at the fourth virtual edition of the Future Investment Initiative (FII) forum.
Saudi Arabia is hosting this year s event to
attract investors to the kingdom, two weeks after announcing its $6 trillion investment blueprint for the next decade. The FII aims to review the state of the global economy and is known as the Davos of the desert .