Just came across this 'concorso per traduttori esordienti' from Russian to Italian. The website says that 'L'Associazione Premio Gorky dà il via al concorso rivolto ai giovani talenti della traduzione letteraria. Il concorso vuole diventare un buon auspicio per i traduttori emergenti'. See here for the Russian text to be translated (by the end of February) and here for the rules.
Readers in the US translating from German might be interested in this competition for aspiring German to English literary translators (deadline 28 February 2011).
Also, a deadline reminder for the Dryden Prize for unpublished literary translations from any language into English, jointly organised by the British Comparative Literature Association and the British Centre for Literary Translation. The deadline for 2011 is 14 February (postal entries only).