Shortly after coronavirus forced Italian Prime Minister Giuseppe Conte to lock down the country, lawmaker Massimiliano Capitanio took an unusual call at his office in Rome.
It was an appeal for help from a hospital at the epicenter of the outbreak in northern Italy. Its administrators direly needed faster internet connections and computers to deal with the flood of patients. Capitanio — who sits on parliament’s telecommunications committee — called the country’s phone companies to help out.
To Capitanio, the pandemic was a wake-up call to fix Italy’s creaking internet. Now Conte has stepped in with a plan to kick-start investment by merging the country’s two biggest landline networks.
“Some families still don’t own a computer,” said Capitanio. “The government has been forced to step in and tackle this social emergency.”
Europe’s internet infrastructure is riddled with gaps and bottlenecks, exposed over the past seven months by surging hospital admissions to the rise of home working and explosion of e-commerce. Governments are now deciding how to intervene, after predicting the introduction of faster networks could lead to an annual benefit of 113 billion euros ($133 billion).
In Italy, the state investment vehicle Cassa Depositi e Prestiti SpA is expected to obtain a significant stake in a unified national network and give former monopoly Telecom Italia SpA confidence to speed up a roll-out of faster fiber-optic connections by removing rival Open Fiber SpA.
The plan tears up a guiding principle of the European project that more competition leads to better services. It’s part of a new pattern of engagement with industry that suggests Europe is watering down its anti-monopoly principles in response to China’s state-led expansion and Donald Trump’s America First agenda.
Building more robust infrastructure would stimulate stricken economies and spur the
Coty Inc. (COTY) – Get Report said on Thursday that it was expanding its division for Kylie Jenner’s skincare products, Kylie Skin, to France, Germany, the U.K. and Australia.
The direct-to-consumer Kylieskin.com websites will ensure faster delivery of products. They’ll also enable customers to shop using their local languages and currencies, avoiding additional customs fees and duties, the New York beauty-products company said in a statement.
At last check Coty shares jumped 8% to $3.60.
“The launch of the Kylie Skin international websites also reinforces Coty’s strategic commitment to strengthening the direct-to-consumer business model,” said Simona Cattaneo, president of luxury brands at Coty. “We continue to see collections sell out quickly.”
“I always wanted to bring my skincare line to more consumers around the world and this will allow for an easier shopping experience and faster delivery,” Jenner, a fashion designer and entrepreneur with a big social-media following, said in the company statement.
Initial product assortment for the direct-to-consumer websites in both Europe and Australia will include Coconut Body Scrub, Vanilla Milk Toner, Walnut Face Scrub, Hydrating Face Mask, and more.
“All products are cruelty-free, vegan, gluten free, paraben and sulfate free and suitable for all skin types,” Coty said.
Kylie Skin launched in 2019 in the U.S. Jenner started up Kylie Cosmetics in 2015.
In July, Coty shares rose after the company named beauty industry veteran Sue Nabi chief executive.
Nabi’s appointment at the time placed the number of women CEOs in the S&P 500 at 28, or just 6% of the broadest benchmark of U.S.-listed companies.
- Geely, the parent company behind Polestar and Volvo, recalled about 2,200 Polestar 2s over a software defect, Reuters reported via Swedish financial paper Dagens Industri.
- The defect can cause the cars to lose power and stop running, even while they are driving.
- The recall only affects Polestar 2s in China and certain parts of Europe. Cars in the US and Canada are not affected.
- Visit Business Insider’s homepage for more stories.
The brand-new, Tesla-challenging Polestar 2 EV just got hit with a major recall. Don’t worry if you’re in North America, though. The recall is only for cars in China and certain parts of Europe.
Geely, the parent company of Polestar and Volvo, recalled about 2,200 2s over a software defect, Reuters reported on Saturday, citing Swedish financial outlet Dagens Industri. The defect caused “several cars” to lose power and stop running, even while they were being driven.
All Polestar owners were informed on Friday to correct the problem at their nearby dealerships, according to Dagens Industri.
“There have been no accidents or personal injury,” a Polestar spokesperson told the outlet. “Brakes, steering and other systems are working as they should.”
When asked for additional comment, a Polestar spokesperson told Business Insider that the recall does not affect any US or Canadian cars, only cars in China and select EU markets.