Italy PM-Designate Conte Gives Up Bid For Government

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Italian PM-designate Giuseppe Conte has given up his bid to form a government after the country's president vetoed his choice of economy minister. Beppe Severigni, an editor at the Corriere della Sera newspaper in Milan says the coalition went too far in including a strongly anti-EU minister in the cabinet. The global oil price has jumped to nearly $80 a barrel. But will Saudi Arabia and Russia reverse the OPEC led strategy of capping production? John Hall, chairman of Alfa Energy, tells us the global supply of oil is significantly out of balance with demand. Fears are growing that the huge fall in the value of Turkey's Lira currency could become a major crisis for its economy. Jason Tuvey, an expert in emerging markets at Capital Economics, explains why investors have turned sour on Turkey. The New Development Bank, set up last year by the BRICS economies to counter the World Bank and IMF, will hold its annual general meeting this week. Cyril Prinsloo, an economic diplomacy expert at the South African Institute of International Affairs, assesses the bank's lending record. (Photo: Giuseppe Conte leaves after meeting President Mattarella. Credit: Reuters.)