Friday, May 27

Italy Approves $4.9 Billion Package to Curb Soaring Energy Costs


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(Bloomberg) — Italy approved measures to shield companies and consumers from soaring energy prices.

The package is worth 4.4 billion euros ($4.9 billion), Prime Minister Mario Draghi said in a press conference Friday, and will be mostly financed by taxing energy companies that made a windfall from higher power costs. A tax cut will reduce the cost of gas at the pump by 25 euro cents per liter.

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