Giovanni Tria (left) is sworn in as Italy’s finance minister by the Italian president, Sergio Mattarella, on 1 June 2018. Photo credit: Ministry of Economy and Finance
The G7 summit may have ended badly, but Eurasian leaders had a happy confab. Delano’s breakfast briefing.
Italy to stick with euro
The new Italian finance minister said his Eurosceptic government was committed to keeping the country inside the euro. “We are not discussing any proposal to exit the euro. The government is determined to avoid the materialisation of market conditions that push us towards an exit in any way,” Giovanni Tria, said in an interview with the Italian newspaper Corriere della Sera, according to the Financial Times.
Italy refuses migrant rescue boat
The new Italian interior minister, Matteo Salvini, closed Italian ports to a ship carrying 629 migrants rescued off the coast of Libya. Salvini said they should go to Malta, reported the BBC. The Maltese government said the location where the migrants were picked up meant they should go to Italy.
Trump blasts Trudeau, set to meet Kim
Donald Trump and the leader of North Korea, Kim Jong-un, have arrived in Singapore in advance of their historic meeting this week, reported the Guardian. Over the weekend, Trump pulled out of the G7 summit communiqué, tweeting that the Canadian prime minister, Justin Trudeau, was “very dishonest & weak”. Trump’s chief economic advisor said Trudeau “stabbed us in the back”.
Eurasian bloc wraps up friendly summit
The leaders of China, Russia and other Eurasian countries had a harmonious conclusion to the Shanghai Cooperation Organisation summit, reported DW. The Chinese president, Xi Jinping, said “unilateralism, trade protectionism and a backlash against globalisation are taking new forms,” but that “we should reject self-centered, shortsighted and closed-door policies.” The Russian president, Vladimir Putin, said he would like to set up a meeting with Donald Trump.
Bitcoin drops on hack news
The value of bitcoin fell more than 11% over the weekend, on the Luxembourg-based Bitstamp exchange, after the South Korean cryptocurrency exchange Coinrail said it was hacked, according to Reuters.
Fund fees to remain competitive
The European head of Vanguard, one of biggest US money managers, told the Telegraph that a price war in the funds sector would continue.