"Ho una mosca nel bicchiere."

[Ziggyzig]

I thought Ho meant I have and ha means he has .. where does there is come into play?

[mukkapazza]

Literally, the sentence does mean "I have a fly in my glass" and that translation would work here as well... but if you did have a fly in your glass at the family picnic, a lot of people might say out loud "There is a fly in my glass!" That's why we show it both ways :)