Popular hazelnut and cocoa spread Nutella has become such a global product that the OECD decided to use it as a case study in its latest report on global value chains. Some 250,000 tons of Nutella are now sold across 75 countries around the world every year, according to the OECD. But that’s not what’s amazing about it. Nutella, it turns out, is a perfect example of what globalization has meant for popular foodstuffs: Not only is it sold everywhere, but its ingredients are sourced from all over the place too.

The collective mood of a nation mired in a prolonged economic recession shows many of the symptoms of clinical depression: despair, fatalism, an inability to make decisions, lack of motivation, and irritability. This is one of the impressions I got from a recent trip to Spain and Italy, two nations I know well and visit often. While both countries have recently made small strides on the path to recovery, I nevertheless came away with the strong sense that their economies are in recession and their societies are in depression.

Only the most gullible or optimistic Italians ever believed that the Phoenix Project launched with great fanfare five years ago would allow Alitalia, Italy’s bankrupt flag-carrier, to soar to profitability. Half-year results approved on September 26th showed a net loss of €294m ($386m), taking total losses since the end of 2008 to well over €1 billion. Its share capital eroded, bleeding cash, with only €128m left, including unused credit lines, Alitalia has run into near-terminal turbulence.

The Indian rupee's crash has swept away banker Nupur Sood's dream of a holiday in Venice: instead the 35-year-old will settle for cold beers on the beaches of Goa on India's west coast. "We are pampering ourselves with a leisurely holiday but it will be domestic. I guess it is the only way to compensate," said Sood, who plans to stay next month at the plush Grand Hyatt hotel in Goa, managed by Hyatt Hotels Corp, as a consolation for missing her holiday of a lifetime in Italy.

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May Chau Chung-man is set to become the first Chinese pianist to perform in Italy's renowned Mantua opera house tomorrow, but what's foremost on her mind is how to share her exposure on the European stage with her fellow musicians in Hong Kong. And among her big plans for the city's talents include bringing a group of Hong Kong children and aspiring artists to Italy for a cultural exchange next summer.

The long queues in front of Angola's pavilion at the Venice Biennale bear witness to the extraordinary success that Africa has just had at the "Olympics of the art world". Ever since it was announced that, out of 88 contenders, Angola had won the Golden Lion award for the best national participation, art lovers and journalists from all over the world have been flocking across the Accademia bridge - from the distant main exhibition areas, the Giardini and the Arsenale - to try to see the show.

Relations between Zimbabwe and Italy are set to further improve after the Italian Embassy in Harare launched introductory courses in the Italian language to interested Zimbabweans free of charge with a view to strengthening the growing business and cultural ties between the two countries.