Giuseppe Conte speaks at a Five Star Movement conference in June 2017. Youtube video screengrab. Image credit: M5sParlamento
Luxembourg blocked $100m in 1MDB inquiry two years ago. Delano’s breakfast briefing.
Conte named Italian PM candidate
The two populist parties set to form a coalition government in Italy, the Five Star Movement and League, have put forward a lesser known law professor with little political experience, Giuseppe Conte, as their nominee for prime minister, reported the Financial Times. Italy’s president was said to be still considering the request on Monday, according to Reuters. Conte teaches public administration law in Florence, explained the Telegraph.
$100m question in 1MDB investigation
Luxembourg authorities have asked Malaysia’s new government for guidance on what to do with funds frozen as part of the money laundering investigation into 1MDB, a Malaysian state investment fund, according to Reuters. Officials in the grand duchy blocked around $100m two years ago, but “until now been able to determine what to do with the funds due to a lack of information from Malaysia,” said the news agency. Mahathir Mohamad became prime minister of Malaysia earlier this month and on Monday set up a task force to look into fraud allegations at 1MDB.
Luxembourg reserve fund earns 3.9% in 2017
Fonds de Compensation, which manages investments for Luxembourg state pensions, “underperformed its benchmark by four basis points” last year, according to Investment & Pensions Europe. It was partially dragged down by poor performance in emerging market equities. FDC also said “it would place more emphasis on sustainability criteria in its decision-making processes” when issuing new money management mandates, the trade publication said.
ArcelorMittal Ukraine strike ends
A four day strike at ArcelorMittal’s Kryvyi Rih site in Ukraine has ended, reported Reuters. The facility’s railway workers had salary and other demands. The news agency said Kryvyi Rih is Ukraine’s largest steel mill and that ArcelorMittal is the country’s largest foreign investor.
Emery set to replace Wenger
Unai Emery will be named the new manager of Arsenal, according to the BBC. Emery has led Paris St-Germain for the past two years. He will replace Arsene Wenger, who managed Arsenal for 22 years.
Harry and Meghan pictures
The Duke and Duchess of Sussex released official photos from their wedding day, which can be seen on the Guardian website.