50,818FTSE MIB · Oct. 5 close · +0.66%

DailyDrop.

1.1204EUR/USD · Oct. 5, 7:30 p.m. · −0.19% · 17-month low during the day
FTSE MIB50,818.00▲0.66%10/5EUR/USD1.1204▼0.19%10/5S&P 5007,722.72▲0.73%10/2WTI—Gold$4,162.30▼1.00%10/2
Politics · ParliamentPress ✓ 6 outlets · vote calendar attributed to the Chamber

Electoral law: government calls a confidence vote on the first three articles. Final vote Thursday, by secret ballot

Minister Ciriani locks in articles 1, 2 and 3 of the text returned from the Senate. The opposition speaks of a “slap in the face for Parliament.” One last hurdle remains: the secret vote on the whole text.

On Monday afternoon in the Chamber of Deputies, Luca Ciriani, the minister for Relations with Parliament, called a confidence vote on the first three articles of the new electoral law, the heart of the reform. It is the last step: the text had already been amended in the Senate, and Montecitorio must approve it without further changes for it to become law. According to the calendar reported by Il Post and la Repubblica, the Chamber votes the confidence motion on the first two articles on Tuesday and on the third on Wednesday; on Thursday, October 8, after the voting statements broadcast live on television from 10:30, comes the final vote, not before 12:30.

The confidence vote is meant to neutralize the snipers. On a locked article, deputies vote by roll call, in the open, and amendments lapse. In July, Il Post and Avvenire recall, it was secret votes that brought down the amendment on preference votes. But the confidence vote does not cover the final vote on the text as a whole, which remains a secret ballot: that is where the majority can still stumble. Giorgia Meloni, according to the press, has tied the fate of the reform to that of the government.

The opposition reacted harshly. “The majority is afraid, it is a slap in the face for Parliament,” is the line reported by ANSA, which describes an open clash in the chamber. For the centre-right, the confidence vote is an ordinary tool for closing a reform that has already passed two readings. In the papers the reform already has several nicknames: Il Post calls it “Stabilicum,” Domani “Melonellum.” In the background, Avvenire reports a “crazy idea” circulating in the majority: bringing the general election forward to the spring. For now it is only a hypothesis, with no official confirmation. The spring calendar is already crowded: ANSA recalls that about two thousand municipalities will vote on the election day. If the text passes on Thursday, it will need the signature of the President of the Republic and publication in the Gazzetta Ufficiale. From that moment the next general election, whenever it comes, will be held under the new rules. If instead the secret vote sinks it, the reform goes back to square one and the majority will have to explain who betrayed it.

Unfold the story and DailyDrop’s take
By the numbers
3articles on which the government called the confidence vote, the first in the text
Oct. 8day of the final vote, by secret ballot, not before 12:30 p.m.
10:30start time of Thursday’s voting statements, live on TV
Economy · IndustryPress ✓ 5 outlets · ruling of the Milan Court of Appeal

Former Ilva: Court of Appeal upholds the stop to the hot area. Taranto’s blast furnaces must be shut down by the end of October

The Milan Court of Appeal has rejected a second request for a stay filed by Acciaierie d’Italia and by Ilva in extraordinary administration. The order to shut down the coke ovens and blast furnaces at the Taranto plant by the end of the month therefore stands; some outlets give October 28. The companies had asked to freeze the stop at least until October 20, when the Court of Cassation will examine their appeals. For the judges, the mere scheduling of that hearing does not change the picture, and the protection of health remains the priority. The hot area can restart only after the asbestos has been removed and with dust emissions within limits. According to Il Post, collective dismissal procedures are now resuming in the supplier network, affecting about 2,500 workers.

Unfold
Word of the day
Hot areaIndustry

The part of a steelworks where pig iron is made: coke ovens, sintering plant and blast furnaces. It is the most polluting part and the hardest to stop, because a blast furnace shut down badly may never start again. At Taranto it is the subject of the stop ordered by the Milan judges.


Economy · FuelPress ✓ 5 outlets · no extension decree in the Gazzetta Ufficiale

Diesel excise discount ends. Higher prices from Tuesday, no extension in the Gazzetta

Monday was the last day of the fixed discount on diesel excise duties. From Tuesday, October 6, the sliding excise duties mechanism returns, explains Corriere della Sera, and ANSA confirms that no extension decree has appeared in the Gazzetta Ufficiale. In the morning Adolfo Urso, the minister for Enterprises, had spoken of an “intention” to extend the discounts, according to RaiNews; in the evening the measure was not there.

Il Sole 24 Ore reports that Eni has already updated its recommended price. According to la Repubblica, the extra tax revenue will come to the aid of the budget, while the government looks for funding for the budget law. The price at the pump also depends on crude quotations: oil stood at 89.97 dollars at 7:30 p.m., according to Borsa Corriere. The exact increase per liter will depend on the price lists of individual distributors in the coming days.

Unfold
Economy · BanksPress ✓ 4 outlets · share-price moves on the stock market

Banking Risiko: Intesa raises its stakes on Mps. On the stock market Mediobanca pays, losing 4%

Piazza Affari spent the day coming to terms with Intesa Sanpaolo’s raised stakes on Monte dei Paschi di Siena. Il Post reports that Mps’s largest shareholder backs the operation by which Intesa wants to take control of the Siena bank. On the stock market both Intesa and Mps rose, while Mediobanca fell by about 4%, according to RaiNews; Unipol took advantage of the climate, writes Il Sole 24 Ore.

Overall the FTSE MIB closed up 0.66%, at 50,818 points, doing better than Paris, weighed down by the collapse of Schneider Electric after the PTC purchase. The financial details of Intesa’s move and the position of Mps’s other shareholders have not yet been confirmed by more than one source: we will report them when they are public.

Unfold

World · Latin AmericaSource ✓ Superior Electoral Court · Press ✓ 5 outlets

Brazil: Flávio Bolsonaro overtakes Lula in the first round. Runoff on October 25

The son of the former president won 47.03% of valid votes against 45.16% for Luiz Inácio Lula da Silva, according to Superior Electoral Court data. No one passed 50%, so there will be a runoff on October 25. RaiNews calls it a surprise: the polls on the eve of the vote had Lula slightly ahead.

Donald Trump called the result a “great victory,” reports ANSA. Il Sole 24 Ore notes that the São Paulo stock exchange rose and the dollar fell against the real. The new president will take office on January 5.

Unfold
In brief
  • Spain: Pedro Sánchez dissolves the Cortes, snap elections on November 29Il Sole 24 Ore · RaiNews · Il Post · ANSA
  • Euro falls to a year-and-a-half low against the dollar; 1.1204 in the eveningIl Post · Borsa Corriere
  • British Airways London-Chicago flight returns to Heathrow over a pressurization problemla Repubblica · ANSA · La Stampa · RaiNews
  • Armored-van heist on the A14 near Foggia: vehicles in flames and nails on the asphaltANSA · RaiNews · La Stampa
  • Flydubai co-pilot to investigators: “I wanted to avenge Gaza”ANSA · La Stampa · la Repubblica
  • Medvedev disqualified in Beijing for hitting a ball at a spectator, Djokovic in the finalIl Post · la Repubblica · ANSA · La Stampa
  • Garlasco: a 2007 psychological evaluation of Stasi, never filed, comes to lightLa Stampa · ANSA · RaiNews
  • Italy Under-21 into the European Championship; Ndour scores from 70 meters against PolandIl Post · la Repubblica · Corriere della Sera · RaiNews
Seven minutes every evening, one front page — see About

Unverified — what we could not confirm

“A woman has died of plague in Siberia.” It is a suspected case. Il Post speaks of an “alleged case” and the Russian authorities have not confirmed the diagnosis. All that is certain is that about 200 people are under observation.
“The diesel discount will be extended.” Minister Urso spoke of an “intention,” but in the evening there was no decree in the Gazzetta Ufficiale (ANSA). The higher excise duties apply from Tuesday.
“The tax burden has risen to 43.7%.” The first version of an ANSA wire gave 43.7%, later corrected to 43.5%. The figure should be read in the official budget documents: for now only one agency reports it.
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEElectoral law: government calls a confidence vote on the first three articles. Final vote Thursday, by secret ballotPolitics · ParliamentFormer Ilva: Court of Appeal upholds the stop to the hot area. Taranto’s blast furnaces must be shut down by the end of OctoberEconomy · IndustryDiesel excise discount ends. Higher prices from Tuesday, no extension in the GazzettaEconomy · FuelBanking Risiko: Intesa raises its stakes on Mps. On the stock market Mediobanca pays, losing 4%Economy · BanksBrazil: Flávio Bolsonaro overtakes Lula in the first round. Runoff on October 25World · Latin America