Italy's economic ministry post was filled Friday in a bid by Prime Minister Silvio Berlusconi to end a crisis that blew up this month when a key ally resigned and he controversially took personal command of the key portfolio.
The new head of the super-ministry for economy and finance is Domenico Siniscalco, hitherto head of the Treasury and a second-in-command in the economy ministry.
Yielding to pressure from inside his four-party coalition, Berlusconi announced Friday: "My interim period in the economy and finance ministry ends today and I am going to propose the nomination of a new minister to the head of state."
The appointment was confirmed by President Carlo Azeglio Ciampi.
Siniscalco, born in 1954, is a Turin economics professor who has been serving as director-general at the Treasury in Rome, a key post that is the equivalent of No. 2 in the economy ministry, whose incumbent focuses on privatization policy.
Berlusconi had been under pressure from coalition partners to find someone for the post after he took over the portfolio personally following the resignation of Giulio Tremonti nearly two weeks ago.
The appointment Friday was aimed at ending a government crisis after Tremonti's departure under pressure from Deputy Prime Minister Gianfranco Fini, leader of the National Alliance, another coalition member.
Tremonti was close to both Berlusconi and Umberto Bossi, flamboyant head of the Northern League, also a coalition partner.
But Bossi, currently hospitalized, was not able to ride to Tremonti's rescue in the crisis two weeks ago.
Fini expressed satisfaction Friday at Berlusconi's decision and said the new minister would be judged according to the way he observed responsiblity in government in decision-making.
Berlusconi had also come under pressure from his Christian Democrat coalition partners to relinquish the economy post, which they said concentrated too much power in his hands.
But the populist Northern League refused to endorse the new appointment Friday.
"The League refuses to agree to any replacement or any new government appointment," it said.
"Unless Tremonti returns it will not participate in any session devoted to this end," party deputy chief Roberto Calderoli said.
Siniscalco has a degree in law from Turin and a doctorate in economics from Cambridge.
Tremonti was forced out on July 3 at the demand of Fini, who had raised the stakes in the simmering government crisis by demanding a change in economic policy, threatening to quit.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to