ITALIAN SUBSIDIARIES. Going strong in the Southeast. Testing times for transatlantic ties. Have you checked your insurance?

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1 June Vol.4 No. 2 A periodic publication from the ITALIAN SUBSIDIARIES Going strong in the Southeast Global Euro Testing times for transatlantic ties Hurricane Season Have you checked your insurance? gates of paradise Ghiberti s Masterpiece in Atlanta

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3 .4 Business Affari Italian subsidiaries in the Southeast.8 Business Affari Global Euro INDEX.13 Business Affari Americas Hub.18 Business Affari Made in Italy colors.20 Business Affari Real estate investments in Italy.22 Legal Legale 2007 Hurricane Season.25 Culture Cultura Renaissance Masterpiece.28 Fiera Milano Desk.30 New Members.32 Trade Shows and Exhibitions in USA and Italy.1

4 Board Members Honorary President: President: Executive Vice-President: Vice-President: Treasurer: Secretary: Directors: Staff: Executive Director: Trade Officer: Marketing Services : Hon. Gianfranco Colognato Giampiero Di Persia Marco Ferri, Esq. Francesco Facilla Roberto Degl Innocenti Joseph L. Raia, Esq. Sara Bragagia Michele Cometto Chandler R. Finley, Esq. Arthur Furia, Esq. Amedeo Guazzini Paolo Romanelli, M.D. Nevio Boccanera Silvia Cadamuro Francesca Tanti A periodic publication from the Italy-America Chamber of Commerce Southeast Cover: Ansaldo Breda ETR 500. Italian transportation technology. Sustaining Members: Contributing to this issue of.it Editing and Supervision: Alessandro Rancati Chandler R. Finley Project Management: Nevio Boccanera Content: Nevio Boccanera Silvia Cadamuro Miriam Campanella Paola Cantarini Paola Conte Raul Dick Simone Gasperoni Francesca Tanti Translations: Krystle Cacci Paola Conte Francesca Tanti Graphic Design: Vanessa Heinicke Sales Team: IACC staff (contact us at or info@iacc-miami.com) Aicon Yachts CIM USA, Inc. Greater Miami Skin & Laser Center Imola Tile Overseas Transport USA Corp. ATC International CMC Group, Inc. GTS 3000, Inc. Italia Import & Export Center Palladio Holding, Inc. Beghelli USA Comobar Hogan & Hartson, LLP Italian Shoemakers, Inc. Poltrona Frau CAME Americas Automation, LLC Ferragamo Latin America, Inc. Holland & Knight MDB Consulting & Leasing Studio Legale Pelosi & Partners Cefalo s / Marcanio s Fidicom Floris Litta Modignani Di Pietto Holtzman & Equels HSBC Bank USA Napapijri Orso Italian Specialty Food Italian Trade Magazine does not guarantee the accuracy or completeness of any information provided, and is not responsible for any errors, omissions, or misrepresentations. The views and opinions expressed in the articles are strictly those of the authors and may not reflect the opinions of.it.2

5 Giampiero Di Persia President Editorial In this edition of.it, readers will find a summary of research, recently edited by the Italy-America Chamber of Commerce (IACC), regarding the presence of subsidiaries of Italian businesses in the southeast of the United States. The results of this census give measure to a major entrepreneurial network that employs thousands of local workers and contributes not only to Italian exports, but also the economic progression in Florida, Georgia, and other southeastern states. The institutions have the duty of supporting this network for it is a leader of the pack for thousands of small and medium-sized businesses that aspire to consolidate a firm presence in an extremely competitive market like that of the United States. To best represent these demands, the Chamber of Commerce is preparing itself to face the challenges it expects in the coming months. Last February, our membership elected a new Board of Directors, whose representatives will remain in office until March of I am convinced that this new Board will be able to contribute greatly to the Chamber of Commerce and to the entrepreneurs that it represents. Among those seated on the new Board are esteemed professionals Marco Ferri, Chandler Finley, Arthur Furia, Joseph Raia and Paolo Romanelli; well-known entrepreneurs and managers are also serving, like Sara Bragagia, Michele Cometto, Roberto Degl Innocenti, Francesco Facilla, and Amadeo Guazzini. With these members, our developed staff, and the help of many members who voluntarily make their time and resources available, the IACC will surely be in a position to repeat the outcomes of the last two-year period one that made us mark surprising growth in terms of activity and total sales. A big thank you goes to the Consul General Gianfranco Colognato who ends his term in Miami in upcoming days. Without his continued support and stimulation, reaching such goals would have been quite arduous for us. Also, a warm homecoming is extended to Ambassador Rocca, who gives us the pleasure of returning to the Miami seat after 14 years. He has enthusiastically contributed to the IACC since its birth, and we are certain that he will help it to become a more solidified entity. The objectives that we have put before us are many, including the widening of membership bases in the different territories of the Southeast, the negotiation of the best comprehensive benefits package for our partners, to a more refined coordination of the subjects who form the Sportello Unico (Consulate General of Italy, IACC, Italian Trade Commission). To conclude, I would like to invite our readers to check our website periodically to stay updated on coming events. In October, we will have the pleasure of inviting all of you to the grand opening of our new office in one of Miami s landmarks: One Biscayne Tower. In questo numero di.it i lettori potranno trovare un sunto della ricerca redatta recentemente dalla Camera di Commercio, sulla presenza di filiali di aziende italiane nel Sud Est degli Stati Uniti. I risultati del censimento danno la misura di una rete imprenditoriale di primo piano, che impiega migliaia di lavoratori locali e contribuisce non solo all export dell Italia ma al progresso economico della Florida, della Georgia e degli altri stati del Southeast. Le istituzioni hanno il dovere di sostenere tale rete, in quanto testa di ponte per migliaia di piccole e medie imprese che aspirano a consolidare la propria presenza in un mercato estremamente competitivo come quello statunitense. Per rappresentare al meglio queste esigenze la Camera di Commercio Italo-Americana si prepara ad affrontare, con rinnovato entusiasmo, le sfide che la aspettano nei prossimi mesi. Lo scorso febbraio e stato eletto, dai nostri soci, un nuovo Consiglio d Amministrazione, che rimarra in carica fino a marzo Sono convinto sia una Board di grande valore, che certamente potra dare molto alla Camera di Commercio ed agli imprenditori che rappresenta. Nel nuovo Consiglio siedono stimati professionisti quali Marco Ferri, Chandler Finley, Arthur Furia, Joseph Raia e Paolo Romanelli ed affermati imprenditori e manager come Sara Bragagia, Michele Cometto, Roberto Degl Innocenti, Francesco Facilla, Amedeo Guazzini. Con loro, con il nostro staff potenziato e con l aiuto dei tanti soci che mettono volontariamente a disposizione tempo e risorse, la IACC sara sicuramente in grado di ripetere i risultati dello scorso biennio, che ci hanno fatto segnare una crescita sorprendente in termini di attivita`e fatturato. Un ringraziamento sentito va al Console Generale Gianfranco Colognato che termina il suo mandato a Miami proprio in questi giorni. Senza il suo continuo sostegno e stimolo, raggiungere tali traguardi sarebbe stato per noi molto più arduo. Un caloroso bentornato va all Ambasciatore Rocca, che ci riserva il privilegio di tornare nella sede di Miami dopo 14 anni. Ha contribuito con entusiasmo alla nascita della IACC e siamo certi che la aiutera a consolidarsi. Gli obiettivi che ci siamo prefissi sono tanti: dall allargamento della base associativa camerale nei diversi territori del Southeast, alla negoziazione di migliori e maggiori benefici per i Soci, fino al potenziamento del coordinamento dei soggetti che formano lo Sportello Unico per le imprese. Per ultimo, vorrei invitare i nostri lettori a controllare periodicamente il web site della Camera ( per rimanere aggiornati sui prossimi eventi. A ottobre avremo il piacere di invitarvi tutti all inaugurazione dei nostri nuovi uffici in un edificio-simbolo di Miami: il One Biscayne Tower..3

6 Business Italian Subsidiaries in the Southeast by Nevio Boccanera The Italy-America Chamber of Commerce has recently issued a census regarding subsidiaries of Italian corporations operating in the Southeast of the United States including Florida, Georgia, South Carolina, Alabama and Mississippi. This complex project was developed to monitor the influx of Italian investments in this fast growing area of the United States. Even though it may be often difficult to track and pinpoint the movements of the many Italian investors who have opened facilities in this market, a positive trend has undoubtedly been observed for a few years now. The same growth of this chamber of commerce that in two years has seen an increase of its income by 93% reflects the energy and zest of our entrepreneurial community and the interest with which Italy seeks business opportunities in this area of the USA. To give light to concrete and useful aspects of our continuously growing business community we devoted various months of our time and part of our manpower resources which became engaged in conducting over 140 telephone in- terviews leading to the detection of 178 Italian companies. Based on our esteems, the subsidiaries of Italian companies employ a total of 3,916 recruits with an average of 22 employees per company. The business sectors represented vary greatly; however, the majority of them can be divided into ten industries: furniture (16.85%), machinery (12.35%), industrial parts (11.25%), transportation (8.45%), fashion and apparel (7.90%), tiles (7.3%), yacht industry (7.3%), constructions (7.3%), telecommunications (5.6%), chemical products (5.05%). Among them, some of the most renowned Made in Italy brands stand out. Ferretti Group, a yacht building company, is the most conspicuous Italian employer in the area with its 440 workforce members in its South Florida shipyards. Astaldi follows with 280 employees, Pirelli with 250 and Mapei with 150. Out of 178 companies 115 are located in Florida; 45 in Georgia and 15 in South Carolina. Alabama and Mississippi close the list with 1 and 2 companies each..4

7 Top Five Italian Employers Company Category State N. of employees n Ferretti Group yachts FL 440 n Astaldi construction FL 280 n Pirelli tires GA 250 n Mapei materials for FL 150 For our study, we also decided to consider the region where the Italian headquarters of each company are based. As predicted, the North and Center regions of Italy are the ones with the highest level of activity in the Southeast. Lombardy leads the group of Italian investors with 51 companies, the 28.8% of the total; Emilia-Romagna and Tuscany stand right after with 27 companies each, Veneto follows with 21, and Lazio and Piedmont with 14 each. Campania is the first Southern region to appear in the statistics with 3 companies. Although this research does not claim to be exhaustive, the information greatly contributes to give value to the presence of the Italian entrepreneurial community among the American institutions. The community is clearly larger than the one displayed here; in fact, we did not take into account the hundreds of Italian-owned businesses engaged in hospitality, real estate, fashion, tourism and much more. 25.0% % construction n Aquafil fibre products GA % % 115 Florida Georgia South Carolina Mississippi Alabama Italian Subsidiaries Location in the Southeast 65.0% The study also excluded the hundreds of Italian singlebrand retail stores mainly engaged in the fashion sector. Their distinctive signs are easily noticed in all the malls of the most important cities of the Southeast, but their headquarters are usually located in other areas of the United States, mostly in New York. The Italy-America Chamber of Commerce would like to use this census as a valuable tool aimed at giving an additional economic and social weight to our entrepreneurs needs. The 178 companies interviewed all deserve part of the merit for the over $ 4 biillion in value of Italian exports to the US, passing through customs districts within the Southeastern regions. Indeed these Italian companies operating abroad have contributed considerably to the 2006 Italian economic recovery. As stated by the President of Unioncamere (Association of Italian Chambers of Commerce), Mr. Andrea Mondello, during the 2007 annual report of last may in Rome, 2006 was a business upswing mainly brought about by the export trade. Unfortunately, we are still far away from the coordination capabilities that characterize the Spanish and German entrepreneurial communities. Obtaining this goal is a long and uphill journey. From the same Uniocamere Report in fact, it appears that, in comparison to 1989, the Italian gross domestic product has grown approximately 25 percentage points, less than the 37.6 points for France, 31.5 points for Germany, 47.7 points for the United Kingdom, and especially 67.3 points for Spain. Our Italian-American Chamber of Miami is deeply committed to giving its contribution toward the improvement of the Sistema Italia. Our dutiful thanks go to all the entrepreneurs that have been supporting our Made in Italy promotional effort for years. For further information on this Italian companies survey, contact us at info@iacc-miami.com..5

8 Affari Censimento aziende italiane nel Southeast di Nevio Boccanera La Camera di Commercio Italo Americana di Miami ha recentemente ultimato un censimento delle aziende italiane presenti con una propria filiale nel territorio del Sud-Est degli Stati Uniti. L area presa in considerazione coincide con gli Stati della Florida, Georgia, South Carolina, Alabama e Mississippi. L intero progetto nasce dall esigenza di monitorare il flusso di investimenti italiani in una parte degli USA in grande crescita. Spesso risulta difficile seguire le operazioni dei tanti investitori italiani che si sono affacciati su questo mercato e dare dei numeri precisi, ma senza dubbio il trend positivo era percepito gia da alcuni anni. Con questa ricerca abbiamo tentato di dare delle indicazioni concrete. Si tratta di un progetto che ha impegnato le nostre risorse per alcuni mesi. In totale sono state effettuate oltre 140 interviste telefoniche ed e stata registrata la presenza di 178 aziende italiane. I dati emersi sono estremamente interessanti e confermano la qualita dei nostri investimenti. Secondo le nostre stime, le filiali delle imprese italiane prese in considerazione impiegano complessivamente 3916 lavoratori con un numero di dipendenti medio pari a 22 persone. I settori rappresentati sono i piu disparati, ma sostanzialmente la maggior parte delle aziende puo essere riconducibile a 10 comparti: arredamento (16,8%), macchinari (12,3%), componentistica (11,2%), trasporti (8,4%), moda e accessori (7,9%), ceramica (7,3%), industria nautica (7,3%), costruzioni (7,3%), telecomunicazioni (5,6%) e prodotti chimici (5%). Tra le aziende di maggiore dimensione sono presenti nomi molto conosciuti del Made in Italy : il produttore di yacht, Ferretti Group, e di gran lunga il piu importante datore di lavoro italiano del Southeast con 440 impiegati nei suoi cantieri di Fort Lauderdale e Miami. Seguono la societa di costruzioni Astaldi con 280 impiegati, la Pirelli con 250 e la Mapei con 150. Ben 115 aziende, il 64,8% del totale, sono ubicate in Florida, segue la Georgia con 44 filiali e il South Carolina con 15. Mississippi e Alabama chiudono la lista con 2 ed 1 azienda italiana rispettivamente. Nella nostra ricerca abbiamo voluto identificare anche la provenienza regionale italiana delle sedi centrali delle aziende. Come da previsioni, le regioni del Centro-Nord la fanno da padrone con la Lombardia a guidare la classifica dei nostri investitori nel Southeast, con 51 aziende, il 28,8% del totale. Seguono Emilia-Romagna e Toscana con 27 aziende ciascuna, Veneto con 21, Lazio e Piemonte con 14. La prima regione del Sud e la Campania con 3 aziende. Ovviamente, la ricerca non pretende di essere esaustiva, considerate alcune difficolta oggettive nel reperimento dei dati, ma sicuramente contribuisce a valorizzare la presenza della comunita imprenditoriale italiana nei confronti delle istituzioni americane. Una comunita che ovviamente e molto piu ampia di quella circoscritta alle filiali delle nostre aziende e che si compone di centinaia di piccoli e grandi imprenditori in settori come la ristorazione, le costruzioni, la moda, il turismo. Basta camminare per Miami Beach per rendersi conto di quanto sia estesa e qualificata la presenza italiana. Nella ricerca poi, non abbiamo preso in considerazione le centinaia di negozi monomarca italiani, soprattutto nel reparto moda, ben visibili nei centri commerciali delle principali citta del Southeast. Tali negozi sono infatti, quasi sempre, riconducibili a reti di franchising o a societa con sede in altri Stati degli USA, in particolare New York. La nostra Camera di Commercio intende utilizzare questo censimento come un prezioso strumento per dare maggior peso alle esigenze degli imprenditori italiani. A queste 178 aziende va buona parte parte del merito degli oltre 4000 milioni di dollari di esportazioni italiane che annualmente entrano nel mercato USA, attraverso i distretti doganali del Southeast. E`proprio alle aziende che operano all estero che va riconosciuto un indubbio contributo alla ripresa economica italiana nel Una crescita trainata largamente dall export, come ha sottolineato il presidente di Unioncamere, Andrea Mondello, in occasione della presentazione del Rapporto Unioncamere 2007, lo scorso maggio a Roma. La concorrenza è agguerritissima ed è quindi indispensabile fare sistema, imitando le buone pratiche di comunita come la spagnola, la francese o la tedesca, che ormai da anni si muovono in maniera coordinata sui mercati internazionali. Il gap da colmare è ancora molto. Sempre dal Rapporto Unioncamere emerge che, considerando i livelli del 1989, l Italia ha visto crescere il proprio prodotto di circa 25 punti percentuali, meno di quanto rilevato nel caso di Francia (37,6 punti in più), Germania (31,5 punti) e Regno Unito (47,7 punti) ma, soprattutto, molto distante da quanto ha potuto mettere a segno la Spagna (67,3 punti). Dalla Camera di Commercio di Miami stiamo provando, con sempre maggiori soddisfazioni, a contribuire al progresso del Sitema Italia. Un ringraziamento doveroso va a tutti quegli imprenditori che da anni ci sostengono nel nostro sforzo di promozione del Made in Italy. Per maggiori informazioni sul censimento delle aziende italiane presenti nel Sud-Est degli USA si prega di scrivere all indirizzo info@iacc-miami.com..6

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10 Business Global Euro: testing times for transatlantic ties? by Miriam L. Campanella, Lecturer of International Political Economy - University of Turin (miriam.campanella@unito.it) Transatlantic relationships are often overshadowed by press reports about political bickering and commercial frictions. Figures published by Daniel Hamilton and Joseph Quinlan from the Center for Transatlantic Relations (CFTR) shed a different light on the transatlantic economy. Two-way trade and capital flows which are currently worth $3 trillion or around 60% of the world s GDP employ 14 million workers both in the EU and the US. The flow of trade and investment between the world s two largest economies are thriving. In 2005, the US invested in China only 23% of what it invested in Belgium despite all the clamor about the new Asia Giants. Even in a slow-growth country like Germany, investment from the US was four times higher than in China. As Daniel Hamilton, director of the Center for Transatlantic Relations at Johns Hopkins University said: Everyone talks about China but the action is actually somewhere else. During the first half of this year, U.S. companies invested $51 billion in Europe - up 53% in Although the jump was partly due to a U.S. tax change allowing companies to repatriate foreign earnings, the U.S. continued to invest more in Europe than in China. Total U.S. investment in China last year was $1.6 billion, with about a quarter of investments in Belgium. The report adds that U.S. investment in Germany was about four-and-a-half times larger than U.S. investment in China last year, and that U.S. companies earned $106 billion in Europe last year. These figures compare to only $50.4 billion in Asia. Europe also is a key investor in the U.S. European investment in the U.S. totaled $108 billion in 2005, a 76% jump from the previous year. European subsidiaries in the U.S. earned $77 billion in 2005, up from $14 billion in To an important degree, corporate Europe s earning boom has been Made in America. A major risk to transatlantic economy is that the relationship is being taken for granted. As promising as the Angela Merkel s initiative at re-launching the transatlantic free-trade area sounds, global imbalances and the correction of the US external deficit could severely test the economic and political relations between the two sides of the Atlantic. Globalization has indeed increased international trade and capital mobility while at the same time, increasing the potential to provide the benefits of more efficient international allocation of production and capital, and greater cross-border risks. In the last ten years, global financial integration has set larger and more persistent global account imbalances in motion. This is shown in the build-up of huge trade and current account deficits, especially in the US, and of significant surpluses in Asia and oil countries (Chart 1). Correcting such imbalances will imply consequences, both in the countries that must reduce their external gaps and in those that are only linked to these adjusting economies through trade and finance. Although Europe is not a major contributor.8

11 to current global account imbalances, and maintains trade and financial linkages with surplus and deficit groups of countries, the region might end up vulnerable to such imbalances. Europe s major point of vulnerability is indeed the euro, as this single currency occupies the second position after the US dollar, and it continues to climb in reverse relation to the dollar s fall. As the US correction has taken the dollar s way, the euro has started to climb continuously (Figure 1). Euro economies are likely to feel consequences in several ways. In addition to trade linkages and net capital flows, Lane and Milesi-Ferretti (2006) stress that a weak dollar will have an impact on the balance sheets of European firms, governments, and households, which are highly vulnerable to the changes in exchange rates and asset prices. The dollar s slide will reflect mainly on those European economies mostly exposed to the US dollar with implications for the value of their external holdings. Despite that the United States, in terms of its overall international investment position, accounted for only 17 percent of the aggregate cross-border holdings of Europe in 2004 (reflecting the predominance of intra-european cross-holdings in the total), it is easily the most important extra-european destination for European investors. According to ECB data, for instance, it accounted in 2004 for 39 percent of the foreign equity holdings of euro area investors and 34 percent of the foreign bond holdings (the shares for FDI and other investment are lower at 22 percent and 14 percent respectively) - Lane and Milesi Ferretti, The United States is the principal extra-european destination for outward investment from Europe, with the scale of this engagement having grown rapidly over the last two decades. These financial linkages provide a potentially important transmission mechanism by which fluctuations in financial returns in the United States affect the wealth of European investors. Even though the level of dollar exposure is relatively low for most European countries, as is the case for Austria, Finland, Greece, Italy, and Portugal, with Belgium, France, and Germany having at an intermediate level exposure, Ireland, Luxembourg and the Netherlands with a much higher level could suffer a heavier impact. A recent ECB Monthly Report (February 2007) explains the early signs associated with the effects of the sliding dollar, and the deterioration in price competitiveness in euro areas. Between the first quarter of 1999 and the fourth quarter of 2006, price competitiveness in euro area economies has deteriorated by 4.3%, a measure corresponding to the appreciation of the euro real exchange rate (REER). In the same way as for the valuation effect, deterioration in price competitiveness differs substantially across euro countries. At one end of the spectrum, countries like Germany, Austria and Finland that made improvements in their price competitiveness have experienced a In USD billions moderate decline. At the other end, the deterioration in Ireland and Spain has been particularly strong. Differences in rate of inflation have made the difference. The countries that appeared to have improved their price competitiveness since 1999 are those that also recorded the lowest rates of inflation during this period, while inflation in Ireland, Greece, Spain and Portugal has been well above the euro area average. On balance, the impact of euro exchange rate fluctuations vis-à-vis the dollar affects various euro-member economies, while exposing deeprooted weaknesses. On the political level, different degrees of vulnerability could trigger frictions and conflicts within the euro areas, with affected countries ready to place the blame on the Euro s monetary authorities, and eventually on the other side of the Atlantic. Recently, this scenario showed a clash erupting between Euro-Group, the gathering of 12 finance and economic ministers, and the ECB s President. Jean-Claude Juncker, President of Euro-Group attacked the ECB on exchange rate policy, threatening his resignation. Around this time the French presidential candidate, Nicolas Sarkozy criticized the ECB President Jean-Claude Trichet in a television interview for allowing the euro to appreciate against other currencies, while the Americans push the dollar down to favor growth. What should be done to defuse this negativity? Popular wisdom would hint at cooperation and coordination as the one best way to fix transatlantic impending issues. Some analysts argue that cooperation is difficult to implement, and after all does not offer sizeable results. The recipe is rather simple: as the euro climbs au pair with the dollar to the global standing, Euro zone economies should be up to their legal tender: developing into world-class economies Emerging Asia (Excluding China) (a) China Japan Oil producing countries (b) Euro Area United States (reversed sign) (a) Defined as Hong Kong, India, Indonesia, Korea, Malaisia, Philippines, Singapore, Taiwan, Thailand Source: IMF WEO (b) Ten top oil producers (Algeria, Kuwait, Mexico, Nigeria, Norway, Russian, Saudi Arabia, United Arab Emirates, Venezuela) Source: IMF WEO Chart 1. Current account balances in US dollars..9

12 Affari Euro Globale di Miriam L. Campanella, Assistente alla Cattedra di Economia Politica Internazionale - Universitá di Torino (miriam.campanella@unito.it) Le relazioni transatlantiche sono spesso oscurate da servizi stampa focalizzati principalmente su battibecchi politici e antagonismi commerciali. I dati pubblicati da Daniel Hamilton e Joseph Quinlan del Centro Relazioni Transatlantiche (CFTR) hanno invece collocato l economia transatlantica su un piano differente. Gli scambi commerciali e i movimenti di capitale in entrambe le direzioni hanno attualmente un valore di $3 trilioni o di circa il 60% del PIL mondiale offrendo lavoro a 14 milioni di lavoratori sia nella comunita europea che negli Stati Uniti. I movimenti commerciali e d investimento tra le due piu grandi economie mondiali stanno crescendo in maniera consistente. Infatti, nonostante il clamore sui nuovi giganti asiatici, nel 2005 gli USA hanno investito in Cina soltanto il 23% di quello che hanno investito in Belgio. Anche in una nazione a lenta crescita come la Germania, gli investimenti da parte degli USA sono stati 4 volte superiori a quelli in Cina. Secondo le parole di Daniel Hamilton, direttore del Centro per le Relazioni Transatlantiche della Johns Hopkins University: Si parla sempre della Cina, ma in verita l azione è da un altra parte. Durante i primi sei mesi di quest anno, le compagnie americane hanno investito $51 miliardi in Europa, il 53% in piu rispetto allo stesso periodo del Sebbene tale balzo sia in parte dovuto a un cambiamento, una tantum, sul sistema di tassazione americano che ha concesso alle compagnie di rimpatriare guadagni fatti all estero, gli Stati Uniti continuano ad investire in maniera piu consistente in Europa che in Cina. L anno scorso il valore totale degli investimenti americani in Cina e stato di $1.6 miliardi, soltanto un quarto rispetto a quelli effettuati in Belgio. Secondo lo stesso rapporto, lo scorso anno, gli investimenti americani in Germania sono stati circa 4 volte e mezzo superiori a quelli fatti in Cina con guadagni, da parte delle compagnie americane, che hanno raggiunto in Europa i $106 miliardi, rispetto ai soli $50.4 miliardi in Asia. L Europa a sua volta puo essere considerato un investitore chiave negli USA. Nel 2005 infatti, gli investimenti europei negli Stati Uniti hanno raggiunto la cifra totale di $108 miliardi, registrando un aumento del 76% rispetto all anno precedente. Nel 2005, societa europee affiliate nel territorio statunitense hanno guadagnato $77 miliardi rispetto ai $14 miliardi del Si puo quindi dire che il boom dei guadagni corporate Europei e stato in gran parte Made in America. Uno dei maggiori rischi dell economia transatlantica tuttavia e quello di dare per scontata questa relazione. Sebbene promettente nelle premesse, l iniziativa di Angela Merkel rivolta al rilancio del mercato libero nell area transatlantica, gli squilibri globali e il risanamento del deficit estero americano, potrebbero mettere a dura prova le relazioni economiche e politiche tra le due sponde dell Atlantico. La globalizzazione ha sicuramente aumentato il commercio internazionale e la mobilita dei capitali, incrementando però allo stesso tempo i benefici derivanti da una piu efficiente allocazione, a livello internazionale, della produzione e dei capitali, come di maggiori rischi relativi agli investimenti stranieri. Negli ultimi 10 anni, l integrazione finanziaria globale ha dato origine ad un continuo e sempre piu vasto squilibrio nei conti correnti mondiali, come e mostrato dalla crescita dell enorme deficit commerciale e dei conti correnti, specialmente negli USA, e dal significativo surplus in Asia e nei paesi produttori di petrolio. (Grafico 1). La correzione di questi squilibri avra necessariamente conseguenze non soltanto su quei paesi direttamente interessanti alla riduzione del debito estero, ma anche su quelli legati commercialmente e finanziariamente alle economie in via di risanamento. L Europa, che nell insieme non contribuisce in maniera molto rilevante agli squilibri globali, e che mantiene legami commerciali e finanziari con paesi in surplus e allo stesso tempo in deficit, puo finire, tuttavia, per diventare particolarmente vulnerabile al processo di aggiustamento in corso. Il suo punto di maggiore vulnerabilita e senza dubbio l euro, che, occupando la posizione di seconda moneta globale, dopo il dollaro USA, si presta a ottenere tutta la rivalutazione corrispondente alla perdita di valore del dollaro. Con una politica di risanamento dei conti esteri USA che ha preso la via del dollaro, l euro ha cominciato a valorizzarsi in maniera costante (Figura 1). 1,35 1,30 1,25 1,20 1,15 1,10 1,05 1 0,95 0,90 0,85 0, Figure 1. Euro-dollar exchange rate (source: ECB-European Central Bank) 1,35 1,30 1,25 1,20 1,15 1,10 1,05 1 0,95 0,90 0,85 0,80.10

13 Le conseguenze dell apprezzamnto dell euro si faranno sentire in modi differenti sulle economie europee. Oltre che sui legami commerciali e sui movimenti di capitali netti, Lane e Milesi-Ferretti (2006) rimarcano il fatto che un dollaro debole avra un impatto anche nei bilanci delle aziende, dei governi e dei privati tutti altamente vulnerabili ai cambiamenti del tassi di cambio ed ai prezzi dei beni. La caduta del dollaro avra ripercussioni principalmente su quelle economie europeee piu esposte al dollaro Usa, con implicazioni sul valore delle loro partecipazioni estere. Sebbene gli Stati Uniti nel 2004, in termini complessivi incidessero soltanto per il 17% sull insieme delle partecipazioni estere incrociate, riflettendo la predominanza della pertecipazione incrociata intra-europea, gli Stati Uniti sono di gran lunga la destinazione piu importante per gli investitori europei al di fuori dell Europa: per esempio, secondo i dati della Banca Centrale Europea(BCE) nel 2004 hanno rappresentato il 39% delle partecipazioni straniere di capitale netto da parte di investitori dell area euro e il 34% delle partecipazioni obbligazionarie straniere (le azioni per FDI e altri investimenti sono minori, rappresentando il 22 % e il 14 % respettivamente) (Lane e Milesi Ferretti, 2006). Gli Stati Uniti sono stati la principale destinazione extra-europea per gli investimenti fuori dall Europa, in maniera sempre crescente nel corso degli ultimi due decenni. Questi legami finanziari forniscono un importante meccanismo di trasmissione, attraverso il quale le fluttuazioni dei rendimenti finanziari negli USA influenzano il benessere degli investitori europei. Sebbene il livello di esposizione al dollaro sia relativamente basso per molti paesi europei-ad un livello intermedio nel caso di Austria, Finlandia, Grecia, Italia, Portogallo, Belgio, Francia, e Germania, e ad un livello piu alto nel caso di Irlanda, Lussemburgo e Paesi Bassi- tali paesi potrebbero comunque subire conseguenze pesanti. Primi segnali relativi all effetto della caduta del dollaro sull erosione della competitivita di prezzo nell area euro sono segnalati nel recente rapporto mensile della BCE (febbraio 2007). Tra il primo quadrimestre del 1999 e l ultimo del 2006 la competitivita dei prezzi in tali aree ha subito un peggioramento del 4.3 %, una misura corrispondente all apprezzamento del tasso di cambio reale dell euro. Allo stesso modo dell effetto di rivalutazione, il peggioramento a livello della competitivita di prezzo differisce in maniera sostanziale nei diversi paesi europei. Da un lato, Germania, Austria e Finlandia hanno sperimentato un declino lieve, avendo provveduto a migliorare la loro competitivita a livello di prezzo, mentre dall altro, in Irlanda e Spagna il peggioramento e stato particolarmente forte. Differenze nel tasso d inflazione hanno fatto la differenza. I paesi che, gia dal 1999 sembravano avere migliorato la loro competitivita a livello di prezzo, sono quelli che poi, durante lo stesso periodo, hanno registrato il tasso d inflazione piu basso, mentre in Irlanda, Grecia, Spagna e Portogallo l inflazione e stata molto superiore a quella media registrata nell area euro. Tutto sommato, l impatto della fluttuazione del tasso di cambio dell euro rispetto al dollaro influenza variamente le economie dell area euro, mettendo in evidenza allo stesso tempo debolezze fortemente radicate. Da un punto di vista politico, diversi gradi di vulnerabilita potrebbero innescare frizioni e conflitti all interno dell area euro, con i paesi maggiormente colpiti pronti a riversare le responsabilita sulle autorita monetarie europee ed eventualmente anche sul altra sponda dell Atlantico. Recentemente questo scenario si e evoluto in uno scontro tra l Euro-Group, il raggruppamento dei 12 ministri finanziari ed economici che fanno parte dell area euro, e il Presidente della BCE. Jean-Claude Juncker, Presidente dell Euro-Group ha attaccato la BCE sulla politica del tasso di cambio, minacciando le sue dimissioni, nello stesso momento in cui, l allora candidato presidenziale francese, Nicolas Sarkozy, in una intervista televisiva, aveva criticato il Presidente della BCE, Jean-Claude Trichet, di favorire una valutazione dell euro rispetto alle altre divise, a differenza della politica americana orientata verso una svalutazione del dollaro allo scopo di favorire la crescita economica. Cosa deve essere fatto per impedire queste conseguenze negative? Sebbene la saggezza popolare suggerisca cooperazione e coordinamento come migliore metodo per risolvere i problemi incombenti, alcuni analisti obiettano che la cooperazione non solo e difficile da raggiungere, ma che tutto sommato non offre risultati rilevanti. La soluzione e piuttosto semplice: se l euro si sta candidando con successo a diventare una moneta globale, spetta alle economie dell area euro essere alla sua altezza, diventare cioè economie di classe mondiale..11

14 REDILCO International Real Estate 1560 Lenox Avenue, Suite 102 Miami Beach, Florida Brokers: Camillo Coppola de Dominicis Alessia Marelli Phone: Fax: MIAMI BEACH Murano 1000 Pointe Drive. Panoramic view of the water and Fisher Island, fully furnished, oversized window terrace, European kitchen, one assigned parking space plus valet. 2 bed, 2 ½ bath $1,999,000 MIAMI BEACH 1032 Euclid Ave. Charming completely remodeled two-story townhouse, with new appliances, fireplace, wood floors, back garden and private entrance. 2 bed, 1 ½ bath $640,000 MIAMI BEACH 5757 Collins Ave. Located in one of the most elegant buildings, all marble floors, wrap around balconies,2 pools, gym, spa, washer/dryer. 2 bed, 2 bath $820,000 MIAMI BEACH th street (#211). Beautifully renovated and fully furnished cherry wood floors with marble bathrooms, heart of SOBE, a short walk to Lincoln Rd. and beaches, POOL. 1bed, 1 bath $279,000 Coconut GRove 2611 Tigertail Ave. Located in the heart of the Grove, 3 Floor townhouse, terrace, garden, 2 parking spaces, and gated community. 3rd floor can be used as third bed or office. 2 bed, 2 ½ bath $530,000 or for rent $2,300/mo MIAMI BEACH Sunny Isles. Luxury pre-construction building, right on the water, wrap around balconies, great location, beautiful views, steps from the beach. 2 and 3 bedrooms KEY BISCAYNE 881 Ocean Dr. (#23G). Beautifully decorated and remodeled luxury apartment, bay and ocean views, marble floors, Italian décor Pool, exercise room, and balcony. 2 bed, 2 bath $3,800 a month MIAMI BEACH 1460 Ocean Drive (#409). Great location! Walk across the street to the beach. Fully furnished (also available for 7 month lease for $1600). 1 bed, 1 bath $1,300 a month MIAMI BEACH 325 Meridian ave. (#2). 3 level townhouse, quiet street, walking distance to beach, 2 parking spots. 2 bed, 2 bath, plus den. $2,500 a month

15 Business Americas Hub by Simone Gasperoni The Miami-Dade Aviation Department has recently published the 2006 statistics on goods and passengers reported to the Miami International Airport (MIA). A strong international vocation arose from this information. Miami is, in fact, the fourth place pertaining to the quantity of cargo (freight and mail) moved and the sixteenth place pertaining to the quantity of passengers transported among airports in the United States. If one can exclusively take into consideration international traffic, then MIA would come to be number one in the country for the movement of goods and third for the movement of passengers. In 2006, MIA reached the record figure of 1,677,384 international freight tons (up 6% from 2005), followed by John F. Kennedy International Airport (JFK) in New York and the Los Angeles International Airport. Always in agreement with the statistics released from the Miami-Dade Aviation Department, the MIA has an international passenger traffic number to be almost 15 million people. In first place, however, we find JFK in New York with 19.1 million passengers followed by Los Angeles International Airport with 17.5 million people. These numbers, therefore, confirm the strong vocation to the internationalization of the Miami port created by the strategic location of the city. This is further confirmed by the ongoing completion of the infrastructural enhancement program that will add 130 gates to the airport, 100 of which will be reserved for international use. At the world level, Miami places itself in a respectful position. It is, in fact, the eleventh top airport for the movement of goods and the 28th top airport for number of passengers. In 2006, between domestic and international flights, 32.5 million passengers were transported; nearly 89,000 passengers daily. These results are linked to the complex and enormous investments that have been made over time. Such investments have contributed to make Miami International Airport modern, efficient and of secure economic impact. Some sectors as hospitality, banking, finance and business, took an incredible advantage from the presence of the MIA airport and received overall revenue quantifiable in $19.1 billion. In addition to that, the Miami-Dade County aero transportation sector, strictly connected with the MIA, has created more than 240,000 jobs in all of South Florida this corresponds to 1 out of every 4 jobs in this area of the state. There are many future projects for MIA. Among the most important of these is the Capital Improvement Program (CIP) with a value of 6.2 billion dollars. The objective of the CIP is to further develop the overall efficiency of the airport, which includes enhancing the terminals, the access infrastructure, and the structures for loading and unloading goods. Furthermore, with the future North and South terminals expected from the completion of the first phase of the CIP and intended to be added on to those terminals already in service, the total surface area of MIA will reach 7.4 million square feet more than double the area from With this strategy of renewal, the MIA aims at continuously updating and improving its structure to reflect international standards and to better react to the more and more sophisticated global competition. The growth rates on the cargo and passengers movement analyzed during the last few years confirm that all the efforts made over time have produced positive results and have provided the bases for Miami International Airport to become a global hub..13

16 Affari Hub Internazionale di Simone Gasperoni Il Miami Dade-Aviation Department ha recentemente pubblicato le statistiche riferite al traffico merci e passeggeri registrato nel corso del 2006 dall aeroporto internazionale di Miami (MIA). Dai dati emerge una forte vocazione internazionale dello scalo. Se infatti Miami e al quarto posto per quanto riguarda il movimento cargo e al 16mo per quanto riguarda il movimento passeggeri fra gli aeroporti statunitensi, se prendiamo in considerazione esclusivamente il traffico internazionale, il MIA passa ad essere il primo degli Stati Uniti per movimento merci ed il terzo per passeggeri. Nel 2006, infatti, l aeroporto di Miami ha raggiunto la cifra record di 1,677,384 tonnellate movimentate (+6% rispetto al 2005), seguito dal JFK di New York e dal Los Angeles International Airport. Sempre in accordo con le statistiche rilasciate dal dipartimento aeronautico della contea di Miami-Dade, un tasso di crescita, pur se di poco inferiore al precedente, si registra anche nel traffico passeggeri internazionali con quasi 15 milioni di persone. Al primo posto troviamo il JFK di New York con 19,1 milioni di passeggeri seguito dal Los Angeles International Airport con 17,5 milioni di persone. Questi numeri, quindi, confermano la forte vocazione all i nternazionalizzazione dello scalo miamense, determinata dalla location strategica della citta. A conferma di cio si pensi che al termine del programma di miglioramento infrastrutturale attualmente in corso e in via di completamento l aeroporto sara dotato di 130 gates di cui ben 100 riservati alle tratte internazionali. A livello mondiale, Miami si colloca su posizioni di tutto rispetto, e infatti l undicesimo aeroporto per movimentazione merci e il 28mo per numero di passeggeri. Nel 2006 tra voli domestici ed internazionali sono transitati dal MIA 32,5 milioni di persone, ovvero ben passeggeri giornalieri. I risultati raggiunti sono legati anche a molteplici ed ingenti investimenti che si sono susseguiti nel corso del tempo. Tali investimenti hanno reso il Miami International Airport un aeroporto moderno, efficiente e di sicuro impatto economico. Stime indicano, infatti, come l indotto annuale sul turismo, sul settore bancario, finanziario e del commercio e calcolabile in 19,1 miliardi di dollari ed e stato quantificato che l intero comparto aereotrasporti della Contea di Miami-Dade, di cui il MIA e il soggetto principale ha creato, direttamente e non, piu di 240,000 posti di lavoro in tutto il Sud della Florida, cio corrisponde ad un posto di lavoro su quattro. I progetti futuri sono ancora tanti. Fra i piu importanti annovveriamo il programma di miglioramento infrastrutturale (Capital Improvement Program) che, con un valore di 6,2 miliardi di dollari, ha come obiettivo quello di sviluppare ulteriormente l efficienza complessiva dell aeroporto, migliorando i terminal, le infrastrutture di accesso e le strutture per il carico e lo scarico merci. Non solo, con i futuri terminal North e South, previsti dal completamento della I` fase del programma, che si andranno ad aggiungere a quelli ad oggi in servizio, la superficie del Miami International Airport raggiungera gli oltre 680,000 mq. Estensione piu che doppia rispetto a quella del In questo modo il MIA si sta continuamente aggiornando agli standard internazionali in maniera tale da rispondere ad una competizione globale sempre piu sofisticata. I tassi di crescita registrati nel corso degli ultimi anni per il movimento cargo e passeggeri confermano che gli sforzi che si sono susseguiti nel tempo stanno dando i risultati sperati e hanno posto le basi per fare del Miami International Airport un hub globale..14

17 Business Strengthening business ties: two IACC delegations to Italy by Francesca Tanti Last month, the Italy America Chamber of Commerce Southeast, in collaboration with other Italian Chambers in North America and business organizations in Italy, organized two important trade missions to our Peninsula. The first one brought 22 buyers from Canada, North America and Mexico, all working in the food & wine sector, to the Italian region of Tuscany. More specifically, this delegation stopped in Grosseto, Siena and Livorno, cities worldwide renowned for their high-end foodstuff and unique agricultural products. From May 19th to the 27th, these delegates, including 2 Floridian buyers, Marco & Son Wine Importing & Distribution from Tampa, and PDF Foods from Delray Beach, were offered the opportunity to carry out dozens of one-on one business meetings with selected Italian companies and, even local products tasting. In succession, from June 5th to June 10th a second trade mission to Italy took place, this time involving the furniture, home furnishing and lighting sectors. Organized with the same intents and on the same bases of the previous one, this mission brought a North American delegation of importers and designers to the Italian region of Veneto. Thank also to the essential collaboration of Centro Estero Veneto (a regional trade agency), the US buyers met and visited previously selected furniture and home furnishing manufacturers, benefiting of this unique opportunity of becoming knowledgeable in their product lines and establishing with them new valuable business contacts. Among the 13 delegates, 4 were from the Miami area: Howard Design Group and Oppenheim Architecture Design, representing the designer side of this sector, while Details at Home and L Excellence Design, the resale one. Both trade missions were organized on the same format: a tailored agenda of individual business meetings with producers/manufacturers previously selected by the American delegates within a broad list of about 60 Italian vendors. These workshops also included additional visits to local companies and industrial sites as well as plant tours arranged upon the buyers request. The chance to have a first hand experience of unique product lines and manufacturer/producers techniques, which track back in generations, it is of inestimable value from an educational and professional point of view. At the end, the success of this type of initiative was undeniable, and, for years to come, it will surely provide an additional motivation to all the Chambers and agencies involved in the promotion and organization of this type of trade mission. Indeed, we are strongly driven and committed to offering always the best possible services to our membership and being continuously active and engaged in the Floridian reality as well as the Italian one..15

18 Happenings 1.PORT OF OLBIA AND PORT EVERGLADES: SISTER SEA- PORTS AGREEMENT (From left) - President Paolo Piro, Port of Olbia and Golfo Aranci, and Mayor Josephus Eggelletion, J r., Broward County, congratulate after the signing of the sister seaports agreement between Port of Olbia and Port Everglades. This is just the beginning of a long lasting collaboration between the two ports, made it possible by the Italy-America Chamber of Commerce. (March 13, 2007) 2. SERATA SARDA Almost one hundred IACC members and guests gathered at the Italian Consulate to celebrate the signature of the Agreement between Port of Olbia and Port Everglades. The event was accompanied by a typical Sardinian food and wine tasting. (March 15, 2007) 5. IACC ANNUAL MEETING The IACC held its 2007 Annual Meeting at the Palms Hotel in Miami Beach. The past two years of positive financial trend and fast growth should continue also in Our membership s support is one of the most essential reasons of our success. (March 29, 2007) 6. LAMBORGHINI: QUEEN OF THE NIGHT The traditional Italian National Day, celebrated at the Biltmore Hotel in Coral Gables, had an undisputed protagonist: the Lamborghini Gallardo Police Car, in the Italian State Police colors. Directly shipped from Italy to honor our National Day, this one-of-a-kind car was a true example of the highest Italian technology and most exquisite design. The Lamborghini was undoubtedly the most admired guest of the night. (May 31, 2007) 9. ITALIAN COOKING SHOW The first Italian Cooking Show was a great success. The class was sold-out: 30 students enjoyed the demonstration of 5 delicious different dishes, all tied together by a common ingredient: basil. (May 30, 2007) a. Our Sponsors (from left): Costantino Cicchelli, Academia Barilla; Daniele Busca, Mia Cucina; John Lorenzo, Comobar 2000; Italo Mario Siervo, Vigneti d Italia; Giancarla Bodoni, Escopazzo Restaurant; Gianluca Fontani, ManAdv; Tommaso Cardana, Piazza; Mattia Mazzega, Oro Companies; Nicola Carro, Quattro Restaurant; Paolo Orsolini, Orso Italian Specialty Food. 9. ITALIAN COOKING SHOW b. Top Italian Chefs (from left): Nicola Carro, Quattro Restaurant; Fabrizio Carro, Quattro Restaurant; and Giancarla Bodoni, Escopazzo Restaurant, with the host of the event, Mr. Daniel Busca from Mia Cucina, sole Miami distributor of leading Italian kitchen manufacturer Scavolini..16

19 happenings 3. PREMIO ROMA (From left) Mr. Claudio Angelini, Director Italian Cultural Center in New York, Mr. Aldo Milesi, President Premio Roma, Ms. Lourdes M. Cuzan, International Affairs City of Coral Gables, Hon Gianfranco Colognato, Consul General of Italy. Premio Roma aims at encouraging the cultural exchange between Rome and other cities abroad, and awards personalities who have excelled in the promotion of the Italian culture. This year Miami has been chosen as the hotspot in the US to present the contest. Official winners proclamation will be held on July 10. (March 14, 2007) 4. ABICC GALA DINNER 2006 Nobel Peace Prize winner, Dr. Mohammad Yunus was the recipient of this year Association of Bi-national Chambers of Commerce Award for his leadership in accelerating economic and social development in Bangladesh and other countries around the world. He created a revolutionary banking practice model able to provide millions of indigent people with an opportunity to develop their dreams and skills, and thereby come out of poverty. His speech about micro-credits inspired more than 400 participants. From left: IACC Executive Director, Mr. Nevio Boccanera; Mr. Giuliano Rovelli, Oasi Handling; Dr. Mohammad Yunus; Ms. Laura Deiana; Oasi Handling Mr. Lorenzo Pozzan and Mrs. Sara Bragagia, LPJ. (March 15, 2007) 7. CONVENTION FIERA MILANO REPRESENTATIVE OFFICES IACC Fiera Milano representative Ms. Silvia Cadamuro joined the 2007 Fiera Milano International Representatives Convention held in Italy (May 7-9, 2007) 8. FAREWELL TO HON. COLOGNATO The IACC has acknowledged the Consul General, Hon. Gianfranco Colognato for his precious support to the Chamber during his mandate. (from left): Mr. Nevio Boccanera, IACC Executive Director; Giampiero Di Persia, IACC President; Hon. Gianfranco Colognato; Francesco Facilla, IACC Vice President; Roberto Degl Innocenti, IACC Treasurer; Amedeo Guazzini, IACC Director; Joseph L. Raia, IACC Secretary; and Giovanni Turturiello, Vice Consul. (May 30, 2007) 9. ITALIAN COOKING SHOW d. Reception: many guests gathered at MiaCucina for an after-class of fine Italian food and wine tasting. 10. Francesco Bellucci Memorial Tennis Tournament The Crandon Park Tennis Center in Key Biscayne hosted our traditional Tennis Tournament, dedicated to the memory of our member and friend Francesco Bellucci. It was, as always, a nice occasion to meet and play with other members in an informal set. A big thank you goes to the sponsors: Trattoria Sole, Pizzeria Blu, Spuntino Bakery and Catering, Via Quadronno, Prime Line Distributors, Neslé Waters North America, G.T. Sport, Racket World, Graspa Group, Afram Import & Export, Levy Advertising, and our co-organizer Dennis E. Britt. 9. ITALIAN COOKING SHOW c. Class: guests following the cooking demonstrations..17

20 Business Colors made in Italy by Paola Conte With imposing ceremonies, the 400th anniversary of Jamestown s foundation, that is, the foundation of the first English settlement in the New World, was celebrated this year. In Florida, however, it is well known that this supremacy does not belong to the Virginia s village, whereas to the Spanish site of Saint Augustine, founded along the cost of the Sunshine State in There, sightseers can still visit the oldest building left by the European settlers: a modest white house that was restored through special lime paint created by Mr. Emilio Cianfoni, one of our fellow citizens. The Oldest House in USA - St. Augustine, FL For four generations the Cianfoni s family has being committed to the production of lime, carrying on a tradition that tracks back to the Roman time. Since then, lime has become an essential component in the finishing of buildings in our peninsula. Cianfoni referred exactly to this tradition when he created a lime paint specifically tailored for historical and residential building in subtropical climates, which he named Calcem. Cianfoni s research started with his career as a restorer, reaching its climax when he became the head restorer at the Vizcaya Museum and Gardens in Coral Gables. Since his arrival in the United States he had noticed a certain lack of interest in the preservation of the historical buildings original character, painting included. In buildings restoration, laytex- based synthetic paint is often used, causing the historical identity of constructions to be altered. On the other hand, in Italy, restoration still relies on a solid tradition, based on fundamental principles that Cianfoni exported overseas and put in concrete form with Calcem. In this perspective, painting rises to the same rank of any other architectural element that should be restored with caution and dedication to avoid jeopardizing the buildings historical identity. In his approach to restoration, the maker of Calcem has been inspired from this idea. Without any doubt, Cianfoni emphasizes, the success of my paint results from a general return to raw materials. The beginning of the 80 s saw a prominent trend of using Linoleum instead of wood, Plexiglas instead of glass, and Formica instead of marble, with the result of losing the beauty and uniqueness of raw materials. Afterwards, we assisted to a radical change of course that led to a distinct appreciation for the originality and authenticity of raw materials. Following this trend, Cianfoni s lime paint reproduces the brightness and warmth of old paints, becoming more and more appreciated in restoration as well as in modern private constructions. Among the buildings restored with Calcem we can count several ones in the historical district of San Juan in Puerto Rico, the Tower at the Central Station in San Diego, and Vizcaya Villa in South Florida, along with VIPs private mansions like Celine Dion, Cher, and Sylvester Stallone. These dwellings are often of Mediterranean style, with clear architectural elements from the Italian tradition, very much appreciated in the Miami area. South Florida undergoes a deep fascination with Italy, and this is reflected in the buildings or streets names in certain areas, like for instance Coral Gables, in the myriad of Italian restaurants scattered throughout the entire territory, and in the life style inspired from that of the most famous Italian Riviera. This same looking up to and rediscovering of the Italian tradition have supported Cianfoni in his innovative approach to restoration. His family environment, his educational background, his artistic production under Marcello Venturoni s mentoring, and his long-lasting experience as a restorer, all brought about the creation of Calcem and a new restoration approach in total respects with the building s historical heritage. This time the Italian entrepreneurship did not import only a Made in Italy product to the Unites States, but a renewed understanding and a different approach to the art of restoration, respectful of each building s historical identity, far from any artificial contamination. Architectural structures simply need to be preserved and brought back to their original beauty in full respect of the mankind as well as the environment. The art of restoration is after all part of the Italian artistic legacy admired and imitate all around the world..18