ROME //Italy's new prime minister yesterday announced he had formed a government, choosing technocrats over bickering politicians to enact reforms aimed at saving the nation from financial disaster.
Mario Monti, an economist, is to serve as economy minister as well as premier as he seeks to implement what he called "sacrifices" to heal the country's finances and get the economy growing again.
The 68-year-old former European Union competition commissioner and his new cabinet ministers were sworn in early yesterday evening, formally ending the government of Silvio Berlusconi and his 17-year run of political dominance.
Mr Monti said he would lay out his emergency anti-crisis policies in the Senate today, ahead of a confidence vote. A second vote, in the lower Chamber of Deputies, was to follow, probably tomorrow.
He stressed that economic "growth" was a priority. In explaining why he chose ministers from outside the ranks of Italy's fractious political parties, Mr Monti said consultations with party leaders led him to conclude "that the non-presence of politicians in the government would help it".
Mr Monti has said Italy could beat the crisis if its largely polarised citizenry - often bitterly divided over Mr Berlusconi's long tenure - would pull together.
He has also met with union leaders and employers' representatives.
"I hope that, governing well, we can make a contribution to the calming and the cohesion of the political forces," said Mr Monti.
The shift in power to a technocratic government has caused bickering within Mr Berlusconi's conservative People of Freedom Party, which endorsed Mr Monti.
But Mr Berlusconi's main coalition ally, the Northern League, has said it would stay in the opposition during Mr Monti's government.
Commentators welcomed the ministerial line-up and Mr Monti's decision to take the economy job.
"He obviously wants to be in control of what is the most critical area," said the Mizuho chief European economist, Riccardo Barbieri.
The new administration was formed in less than three days, piloted by the president, Giorgio Napolitano, after market confidence in Italy collapsed.
The process was being closely watched by markets nervous about Italy's ability to break out of a financial crisis centred on its huge public debt and painfully slow growth.
Underlining how much was at stake, yields on Italy's 10-year bonds went through 7 per cent again yesterday, the level at which Greece and Ireland were forced into bailouts.
Euro zone defences are not big enough to fund a similar operation for Italy, its third largest economy.
Mr Napolitano, who engineered the swift government transition, nominated Mr Monti for the premiership on Sunday night.
The president has called for an extraordinary national effort to win back the confidence of markets, noting that Italy has to refinance about €200 billion (Dh991bn) of bonds by the end of April.
* Associated Press, with additional reporting by Reuters
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
UAE currency: the story behind the money in your pockets
Company%20Profile
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Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
COMPANY%20PROFILE%20
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WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
Company%20profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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.
Killing of Qassem Suleimani
Result
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m; Winner: Brraq, Ryan Curatolo (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m; Winner: Bright Melody, James Doyle, Charlie Appleby
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m; Winner: Naval Crown, Mickael Barzalona, Charlie Appleby
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m; Winner: Volcanic Sky, Frankie Dettori, Saeed bin Suroor
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m; Winner: Star Safari, William Buick, Charlie Appleby
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m; Winner: Zainhom, Dane O’Neill, Musabah Al Muhairi
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The%20specs%20
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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