Politicians searched for a quick way to ease Italy's embattled central bank chief out of office as news reports on Sunday said criminal probes of his dealings were widening.
Bank of Italy governor Antonio Fazio has been resisting calls for his resignation since summer, when news broke of an initial criminal probe into takeover bids by Italian bankers.
Milan daily Corriere della Sera reported on Sunday that Rome prosecutors are investigating Fazio's dealings in connection with insurance company Uni-pol Assicurazioni SpA's bid for Banca Nazionale del Lavoro SpA, a major Italian bank. The newspaper did not cite its sources.
Months earlier, Fazio was put under investigation for alleged abuse of power for his role in Banca Popolare Italiana's failed takeover war with Dutch bank ABN Amro Holding NV for Banca Antonveneta SpA, another Italian bank.
On Saturday, state radio reported that Fazio was being investigated by Milan prosecutors for suspected insider trading in connection with the Popolare bid.
Fazio has repeatedly denied any wrongdoing and has resisted calls for his resignation.
Meanwhile, political support for Economy Minister Giulio Tremonti's efforts to end Fazio's life term as governor has been building.
A special Cabinet meeting has been set for today to deal with the mounting banking scandal and is expected to pave the way for legislation to reform Italy's clubby banking industry, including rules for the governor's appointment and term.
Italian financial daily Il Sole 24 Ore reported on Sunday that Tremonti has so far won preliminary support from the European central bank for a transition term for Fazio after planned passage of legislation that would limit an Italian bank governor's tenure to five years.
News reports said Tremonti will ask the government to link the legislation to confidence votes in both chambers of parliament in the next few days to improve passage of the banking reform before the holiday break.
Premier Silvio Berlusconi's government holds a comfortable majority in parliament, and opposition lawmakers from the center-left have indicated that they would consider joining the ruling coalition for wide consensus on the reforms.
The Bank of Italy's Superior Council, which has the power to revoke Fazio's mandate, also was expected to meet today. A majority of council members must agree it is time to send the governor packing.
INSURRECTION: The NSB said it found evidence the CCP was seeking snipers in Taiwan to target members of the military and foreign organizations in the event of an invasion The number of Chinese spies prosecuted in Taiwan has grown threefold over a four-year period, the National Security Bureau (NSB) said in a report released yesterday. In 2021 and 2022, 16 and 10 spies were prosecuted respectively, but that number grew to 64 last year, it said, adding that the Chinese Communist Party (CCP) was working with gangs in Taiwan to develop a network of armed spies. Spies in Taiwan have on behalf of the CCP used a variety of channels and methods to infiltrate all sectors of the country, and recruited Taiwanese to cooperate in developing organizations and obtaining sensitive information
Seven hundred and sixty-four foreigners were arrested last year for acting as money mules for criminals, with many entering Taiwan on a tourist visa for all-expenses-paid trips, the Criminal Investigation Bureau (CIB) said on Saturday. Although from Jan. 1 to Dec. 26 last year, 26,478 people were arrested for working as money mules, the bureau said it was particularly concerned about those entering the country as tourists or migrant workers who help criminals and scammers pick up or transfer illegally obtained money. In a report, officials divided the money mules into two groups, the first of which are foreigners, mainly from Malaysia
SILICON VALLEY HUB: The office would showcase Taiwan’s strengths in semiconductors and artificial intelligence, and help Taiwanese start-ups connect with global opportunities Taiwan has established an office in Palo Alto, one of the principal cities of Silicon Valley in California, aimed at helping Taiwanese technology start-ups gain global visibility, the National Development Council said yesterday. The “Startup Island Taiwan Silicon Valley hub” at No. 299 California Avenue is focused on “supporting start-ups and innovators by providing professional consulting, co-working spaces, and community platforms,” the council said in a post on its Web site. The office is the second overseas start-up hub established by the council, after a similar site was set up in Tokyo in September last year. Representatives from Taiwanese start-ups, local businesses and
‘DETERRENT’: US national security adviser-designate Mike Waltz said that he wants to speed up deliveries of weapons purchased by Taiwan to deter threats from China US president-elect Donald Trump’s nominee for US secretary of defense, Pete Hegseth, affirmed his commitment to peace in the Taiwan Strait during his confirmation hearing in Washington on Tuesday. Hegseth called China “the most comprehensive and serious challenge to US national security” and said that he would aim to limit Beijing’s expansion in the Indo-Pacific region, Voice of America reported. He would also adhere to long-standing policies to prevent miscalculations, Hegseth added. The US Senate Armed Services Committee hearing was the first for a nominee of Trump’s incoming Cabinet, and questions mostly focused on whether he was fit for the
RSS