Giuseppe Conte was sworn in on Friday as Italy’s prime minister, heading western Europe’s first anti-establishment government bent on overhauling European Union rules on budgets and immigration.
Mr Conte, a little-known 53-year-old law professor, is backed by the 5-Star Movement which grew out of a grassroots protest network, and the right-wing League who together have issued a budget-busting agenda of tax cuts and higher welfare spending.
The government was formed after three months of political deadlock following inconclusive March 4 elections, with the former rivals striking a last-minute deal on Thursday to avert a fresh vote in high summer amid growing market turmoil.
Widespread voter disenchantment has seen anti-establishment parties upset mainstream politics across the continent, including Germany and France, but it is the first time they will run the government of a major western European country.
Mr Conte made no comment to reporters after his swearing-in ceremony in the president’s 16th century palace in Rome, in a room with a huge gilt mirror flanked by Italian and EU flags.
“I admit that I am choked up and happy,” League leader Matteo Salvini said in a tweet which showed him for once formally dressed with his top shirt button done up for the occasion.
5-Star and the League have a solid majority in both houses of parliament, where the government will face confidence votes early next week in order to be fully empowered.
Italy hosted the European Union’s founding Treaty of Rome 60 years ago, but the once enthusiastically pro-EU Italians have progressively become disenchanted with Europe, blaming its fiscal rules for two decades of economic stagnation.
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[ Italian populists reach last-ditch deal to take power ]
[ Italy's battle for political stability is far from over ]
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The disaffection has grown in recent years as hundreds of thousands of migrants have landed on Italy’s shores from north Africa, fuelling support for the League which accuses the EU of abandoning Italy to deal with the influx on its own.
Italy’s future in the euro zone has dominated the political uncertainty of the last week, with President Sergio Mattarella vetoing the coalition’s original choice for economy minister, the eurosceptic economist Paolo Savona.
That sparked a breakdown of the coalition’s first attempt to form a government and a furious reaction from the coalition leaders.
Mr Savona had advocated a “plan B” to allow Italy to quit the euro if necessary, spooking financial markets. Despite the souring sentiment towards Europe, two opinion polls this week showed between 60 and 72 percent of Italians did not want to abandon the euro.
European Council President Donald Tusk congratulated Mr Conte on his appointment. “To overcome our common challenges, we need unity and solidarity more than ever,” he said in a letter.
European Commission President Jean-Claude Juncker tweeted that the EU’s executive would be “at Italy’s side on its reform path and remain attentive to Italy’s expectations of and proposals for the future of the EU.”
Ironically, after the swearing in at the Quirinale Palace, politicians who early this week were calling for Mattarella’s impeachment were to mingle with him at a reception in its manicured Renaissance gardens to mark the Feast of the Republic.
Financial markets, which sold Italian assets heavily early this week, have recovered as the prospect of a snap election receded. Italy's blue-chip share index FTMIB close up 1.5 percent on the day and Italian bond yields fell for a third day.
Italians exasperated by the weeks of political stalemate were willing to give the coalition a chance.
“I hope that this government will start well, we will see, but at least we should put them to the test,” said Rome pensioner Alberto Lapira.
Mr Salvini will be the interior minister of the new government and 5-Star leader Luigi Di Maio takes a powerful, newly-created joint ministry made up of the labour and industry portfolios.
Both leaders will also be deputy prime ministers and Mr Conte may have a tough time proving he can be more than a puppet in the hands of his powerful political sponsors.
Mr Salvini has promised to increase deportations of irregular immigrants and revamp the asylum system, while Mr Di Maio will aim to implement 5-Star’s flagship policy of a guaranteed income of up to 780 euros per month for the poor.
While markets were relieved by the end of the political uncertainty, their mood will be tested if the coalition begins to follow through on its expensive policy pledges.
Italy, with debts totalling more than 130 percent of its economic output, is the most heavily indebted euro zone nation after Greece and is often described as “too big to fail” as the currency bloc could not bail it out if it were to default.
The 81-year-old Mr Savona enters the government as European affairs minister, less powerful than the economy role but one that still allows him to negotiate with Brussels and speak on EU issues.
His replacement as economy minister is economics professor Giovanni Tria, a little-known figure who has called for changes to EU budget rules and criticised Germany’s large current account surplus, without suggesting Italy should leave the euro.
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
Company profile
Name:+Thndr
Started:+October 2020
Founders:+Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of+$800,000
Funding stage: series A;+$20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
COMPANY PROFILE
Company name: Clara
Started: 2019
Founders: Patrick Rogers, Lee McMahon, Arthur Guest, Ahmed Arif
Based: Dubai
Industry: LegalTech
Funding size: $4 million of seed financing
Investors: Wamda Capital, Shorooq Partners, Techstars, 500 Global, OTF, Venture Souq, Knuru Capital, Plug and Play and The LegalTech Fund
((Disclaimer))
The Liechtensteinische Landesbank AG (“Bank”) assumes no liability or guarantee for the accuracy, balance, or completeness of the information in this publication. The content may change at any time due to given circumstances, and the Liechtensteinische Landesbank AG is under no obligation to update information once it has been published. This publication is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Liechtensteinische Landesbank (DIFC Branch), Liechtensteinische Landesbank AG, or any of its group affiliates to make any investments or obtain services. This publication has not been reviewed, disapproved or approved by the United Arab Emirates (“UAE”) Central Bank, Dubai Financial Services Authority (“DFSA”) or any other relevant licensing authorities in the UAE. It may not be relied upon by or distributed to retail clients. Liechtensteinische Landesbank (DIFC Branch) is regulated by the DFSA and this advertorial is intended for Professional Clients (as defined by the DFSA) who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Meydan racecard:
6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres
7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) | 1,600m
7.40pm: Meydan Classic Trial (TB) Conditions | $100,000 (Turf) | 1,400m
8.15pm: Al Shindagha Sprint (TB) Group 3 | $200,000 (D) | 1,200m
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.