- S.Korea Woori Investment Eyes European Bank
- Russia May Cut Oil Supply: Report
- Japan Plans $91 Billion Economic Package
- Commerzbank Race for Dresdner Nears Finish
- Japan Inflation Hits Decade High, Production Rises
- Australia's Centro Posts $1.8 billion Year Loss
- Asian Markets Rally, Japan Surges 2.4%
- Novell Profit Beats Wall Street Expectations
- Marvell Reverses Losses as Sales Jump 28%
- Web Extra: Toyota Hits The Brakes
- Fast Message - We Answer Your Questions
- Fall Forecast: America's Stock
- How to Springboard Off Other Segments
- Moving With the Market
- For Lightning Round - Think Sectors, Not Stocks
- This Show Is About Education
- Pops & Drops: Amylin, Las Vegas Sands...
- The Right Way to Watch Mad Money
The Italian government approved a so-called "Robin Hood" tax on oil companies to fund aid for low-income households hit hard by increased food and energy prices.
Premier Silvio Berlusconi's government has included the measure in a three-year budget plan approved Wednesday in a Cabinet meeting.
Economy Minister Giulio Tremonti told reporters that the money gained from the tax will be used in part to help senior citizens buy food and pay less for electricity. The association of Italy's oil companies denounced the measure as "punitive."
The budget plan must be approved by both houses of Parliament. It features cuts to reduce Italy's public spending as well as development measures, including a plan to restart the country's nuclear power program.
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes