Italian PM Mario Draghi offers resignation after coalition falls apart

Italian Prime Minister Mario Draghi has tendered his resignation after populist coalition partner Five Star withdrew its support in a confidence vote, BBC reported.

The former head of the European Central Bank has led a unity government since February 2021.

In a statement, he said the pact of trust that had sustained the unity government had gone.

However, the president refused to accept his resignation.

President Sergio Mattarella appointed Mr Draghi to lead Italy's post-Covid pandemic recovery, and save the country from endemic instability. He has now called on Mr Draghi to address parliament to provide a clear picture of the political situation.

The effect of President Mattarella's intervention is not entirely clear. Mr Draghi is expected to go to parliament next Wednesday - and with sufficient backing could remain in office.

The extraordinary developments in Rome capped a day of drama triggered when Five Star leader Giuseppe Conte refused to back the government's €23bn (£19.5bn) package of economic aid for families and businesses, arguing Mr Draghi was not doing enough to tackle the cost of living crisis.

Even though the government comfortably won Thursday's vote in the Senate with the help of other parties, the man dubbed "Super Mario" had warned repeatedly that without Five Star's support the government could not continue, BBC reported.

Mr Draghi paid a first, hour-long visit to President Mattarella and, after reflecting on his future, issued his statement of resignation. 

"Today's votes in Parliament are very significant from a political point of view. The national unity majority that supported this government since its creation no longer exists," he said. After addressing ministers he returned to the Quirinale palace to tender his resignation to the president. Avoiding the cameras, he did not use the main door.

Elections were already due early in 2023 and, if the government does collapse, a vote is likely to take place this autumn. Several parties on the right are keen on early elections, but a period of political uncertainty will jeopardise Italy's efforts to tackle a looming energy crisis and pass next year's budget to secure EU funding. 

Right up to the Senate vote, attempts were made to resolve the coalition crisis. Milan's stock market tumbled 3.4% as nervousness spread to investors in the eurozone's third biggest economy.

European Union Economy Commissioner Paolo Gentiloni, who is himself a former Italian prime minister, said earlier the EU's executive was watching developments in Rome "with worried astonishment". The head of Italy's industry group Confindustria said Five Star's decision had shown "total irresponsibility".

Five Star was originally the biggest party in the coalition, but has seen a string of defections and falling support. Former party leader Luigi di Maio accused it of a cynical plan to bring down the Draghi government to revive its own support, while dragging Italy to economic and social collapse, according to BBC.

Parties across the political spectrum have had next year's general election in their sights, especially on the right. Matteo Salvini of the far-right League and Giorgia Meloni of Brothers of Italy are competing for leadership of a potential right-wing coalition.

Ms Meloni called for elections, immediately announcing: "I'm ready to govern." Mr Salvini said a period of political paralysis was unthinkable.

Politicians on the left are less prepared for elections and Democratic Party Secretary Enrico Letta said the focus now had to be on reconstructing a coalition in parliament so that the Draghi government could restart, BBC reported.

Covid: Sore throat now top symptom that could be the virus

The top symptom that could be Covid is a sore throat, according to data from 17,500 people who said they had tested positive for the virus this week, BBC reported.

The next most common ones reported were headache, blocked nose and cough. 

A high temperature or fever and loss of smell or taste - ones which the NHS list high up as likely Covid symptoms - were far less common. 

A hoarse voice, sneezing, tiredness, muscle aches and dizziness scored higher.

The top 20 Covid symptoms, in descending order, according to the data from the Zoe App study are:

  • Sore throat - reported by 58%
  • Headache - 49%
  • Blocked nose - 40%
  • Cough no phlegm - 40%
  • Runny nose - 40%
  • Cough with phlegm - 37%
  • Hoarse voice - 35%
  • Sneezing - 32%
  • Fatigue - 27%
  • Muscle pains/aches - 25%
  • Dizzy light-headed - 18%
  • Swollen neck glands - 15%
  • Eye soreness - 14%
  • Altered smell - 13%
  • Chest pain tightness - 13%
  • Fever - 13%
  • Chills or shivers - 12%
  • Shortness of breath - 11%
  • Earache - 11%
  • Loss of smell - 10%

It fits with what other researchers have been seeing.

The React-1 study has, each month, been sending 150,000 randomly selected people across England swab tests to do at home, according to BBC.

Findings from that show the symptoms people have with Covid have changed as the pandemic has evolved. 

It could be down to how the virus has been changing or mutating over time, scientists believe. 

Several Covid variants have emerged since the original Wuhan strain, with the latest one being Omicron. 

The React-1 researchers, from Imperial College London, say loss of sense of smell and taste appears to be less common with this variant. Instead, people are reporting more cold and flu-like symptoms. 

They looked at original Omicron - known as BA.1 and BA.2 - that was spreading in March 2022. 

Since then, two fast-spreading new subvariants of Omicron called BA.4 and BA.5 have dominated, causing more new infections. 

An estimated 2.7 million people in the UK, or one in 25, are thought to have Covid, BBC reported.

Prof Tim Spector, who runs the Zoe Health Study, said: "Covid is still rampant in the population. 

"Even if people have had a past infection and are fully vaccinated, people are still catching it. 

"Although we all want to make the most of the good weather, people will need to decide for themselves whether going to large events, working from the office or using busy public transport is worth the risk."

Both the Zoe study and the React-1 study had been funded by the government until recently, according to BBC.

Rupee hits life low for fourth straight day as dollar strengthens

The rupee on Thursday hit a fresh low against the dollar, as the latter strengthened against key global currencies, following inflation data released in the US overnight, Economic Times reported.

Hitting a fresh low for the fourth day, the domestic currency touched 79.83 against the US dollar.

Data released overnight showed US CPI inflation came in at 9.1 per cent in June, higher than a consensus estimate of 8.8 per cent.

Sugandha Sachdeva, VP-Commodity & Currency Research at Religare Broking said the unabated red-hot inflation data in the US has raised the case for a full percentage point rate hike at the Fed’s meeting later this month, given the Fed chair’s stance that inflation must be brought down as quickly as possible.

"The aggressive policy course by the US Fed to curb rising price pressures is exacerbating fears of a weakening growth outlook and leading to risk aversion in the markets. Besides, we have seen a relentless rise in the dollar index, while the euro has been hit hard as it tumbled below parity against the dollar for the first time in almost 20 years. This has led to a big moment depicting strength in the greenback as markets are expecting the US Fed to raise rates way more swiftly than its peers," Sachdeva said.

ICICIdirect said the rupee is expected to depreciate amid a strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the Fed may have to raise interest rates much more than expected, even 100 basis points, it said in a note.

"Additionally, consistent FII outflows and concerns on looming recession may hurt the rupee," ICICIdirect said, adding that dollar-rupee July futures are expected to trade in a range of 79.50-80, according to Economic Times.

Provisional data showed foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,839.52 crore on Wednesday.

Jateen Trivedi, VP Research Analyst at LKP Securities said rupee traded with weakness after the inflation numbers in US came higher than expectations. "As the higher inflation shall put added pressure on Fed to raise the rates around 0.75 per cent, the Dollar index rallied above 108.30 level weakening other currencies. Rupee may trade in 79.50-80 range," he said.

Rahul Kalantri, VP-Commodities at Mehta Equities said he expects the dollar index to remain volatile and continue to hold its key support level of 106.40 on a daily closing basis.

All eyes would now be on the ECB meeting lined up next week and that will provide further cues about the rupee-dollar exchange rate. Considering the macro-economic backdrop, the Indian rupee has its eyes set on the 80 to the dollar mark in the near term, Economic Times reported.

Sri Lankan president resigns by email after fleeing to Singapore

Sri Lankan President Gotabaya Rajapaksa has tendered his resignation in a letter sent by email to parliamentary speaker Mahinda Yapa Abeywardenena, according to an announcement from the speaker's office Thursday, CNN reported.

Rajapaksa landed in Singapore on a flight from Maldives earlier after fleeing his country in the wake of anti-government protests.

Abeywardenena has received an email with Rajapaksa's resignation, the speaker's office confirmed to CNN Thursday, but added that "we cannot accept such an email at face value."

"The legality of it needs to be ascertained. It has been shared with the relevant authorities for the verification of the same," the office said. "Once we have official confirmation and it is legally verified, we hope to make a statement regarding it tomorrow [Friday] morning."

Abeywardenena's office added that it is expecting to receive a paper copy of the letter, but that would take longer as it would be sent from Singapore. 

According to a high-ranking government source the letter was emailed after ​Rajapaksa arrived in Singapore​. The source spoke on the condition of anonymity to provide details that have not been shared publicly by officials.

Singapore said Rajapaska had been allowed to enter the country on a "private visit" but had not asked for or been granted asylum.

"It is confirmed that Mr. Rajapaksa has been allowed entry into Singapore on a private visit. He has not asked for asylum and neither has he been granted any asylum. Singapore generally does not grant requests for asylum," the Singapore Foreign Ministry statement read.

Rajapaksa pledged to quit over the weekend after angry demonstrators broke into his official residence, swam in his pool and demanded the end of his family's ruling dynasty. He left the Maldivian capital Malé on board a "Saudi flight," a high-ranking security source in Colombo told CNN. 

CNN believes the source was referring to Saudia flight 788, which left Malé at 11:30 a.m., according to the source. The flight landed in Singapore at 7:17 p.m. local time Thursday, according to the Changi Airport website. CNN has reached out to Saudia, Saudi Arabia's flag carrier, but has not heard back.

Rajapaksa had been in Maldives for one day after fleeing Sri Lanka in the early hours of Wednesday -- the same day he had said he would resign, according to CNN.

But the absence of a formal resignation letter raised questions about the intentions of an apparently self-exiled leader who appointed the prime minister as acting president after leaving his island nation.

Shortly after Rajapaksa left the country, protesters stormed Acting President Ranil Wickremesinghe's office to demand his removal. Wickremesinghe responded by calling a nationwide curfew overnight.

On Thursday, Wickremesinghe granted Sri Lanka's armed forces special powers of arrest, and instructed them to "exercise force" if necessary to dispel protests across the nation, army spokesman Brigadier Nilantha Premaratne said in a televised address.

"In view of the escalation of violent acts, protesters intent on harming the armed forces or public property are earnestly urged to desist from all forms of violence immediately or be prepared to face consequences as members of the armed forces are legitimately empowered to exercise force," Premaratne said.

Rajapaksa formally submits his resignation letter, Speaker Abeywardena said Thursday. 

Previously, parliament had been expected to start the process of selecting a new president on Saturday, with the goal of voting in a new leader by July 20. 

That timeline is now on hold until Rajapaksa officially leaves his post. 

Many protesters have vowed to continue to demonstrate until both men step down.

By Thursday morning, as questions swirled over Sri Lanka's future, a calm had descended on the streets of the commercial capital Colombo.

A lawyer representing the People's Protest Movement said Thursday all occupied buildings, except the Presidential Secretariat, will be handed back to authorities. 

"We want to affirm that this is a peaceful protest and have no intention to resort to any form of violence," Swasthika Arulingam told reporters. 

"This has always been and will continue to be a peaceful movement."

But everywhere there are signs that the country remains on a knife edge, CNN reported.

Amid crippling shortages of fuel, abandoned vehicles line the streets near gas stations. People are no longer able to drive to work, so they cycle instead. Some have taken to sleeping in their cars. 

The Sri Lankan police force said one police officer had been seriously injured during the protests and was receiving treatment in hospital. An army sergeant had also been injured, it added. 

United Nations Secretary General António Guterres on Thursday said he was following the events in Sri Lanka "very closely" and called for a "peaceful and democratic transition."

"It is important that the root causes of the conflict and protesters' grievances are addressed," he wrote on Twitter. "I urge all party leaders to embrace the spirit of compromise for a peaceful and democratic transition."

Pizzahood: Pizzas don’t have to be pricey

Pizza rarely has any haters. But sometimes it is hard to find a good pizzeria that serves good pizzas that are also fairly priced. In such a case, look no further than Pizzahood in Jhamsikhel, Lalitpur. 

The place is simple with a fairly small indoor and outdoor sitting areas and an open kitchen, where customers can see their orders being prepared. What Pizzahood does not have in looks, it makes up in its delicious pizzas. No wonder the place is always packed.   

Their special:

  • Pizzahood special

  • Half + Half

  • Meat lover

Opening hours: 12:30 pm to 8:30 pm 

Location: Jhamsikhel, Lalitpur

Meal and drinks for two: Rs 1,000

Online Payment: Yes

Contact: 9841704566

JSP decides to take action against Baburam and Hisila among nine leaders

The Janata Samajbadi Party (JSP) has decided to take action against federal council Chairman Baburam Bhattarai among nine leaders.

The Central Committee meeting of the Chairman Upendra Yadav faction which started on Wednesday and ended on Thursday decided to take action against federal council Chairman Bhattarai, central executive members Mahendra Raya Yadav, Hisila Yami, Durga Sherpa, Prashant Singh, Ganga Shrestha, Ramesh Yadav, Dan Bahadur Chaudhary and Bhakta Bahadur Shahi.

A central member said that the party has decided to take action against nine executive members of the Bhattarai faction and relieve them of their duties.

The JSP, however, has not made public the decisions.

Minister for Forest and Environment Pradeep Yadav, who is also a central member of the party, said that the decisions made by the Yadav faction would be made public by organizing a press conference in Birgunj tomorrow.

"The two-day meeting has made very tough and important decisions," he said, adding, "The decisions will be made public by organizing a press conference on Friday."

Nepal records 260 new Covid-19 cases on Thursday

Nepal reported 260 new Covid-19 cases on Thursday.

According to the Ministry of Health and Population, 2, 027 swab samples were tested in the RT-PCR method, of which 214 returned positive. Likewise, 1, 817 people underwent antigen tests, of which 46 were tested positive.

The Ministry said that no one died of the virus in the last 24 hours. The Ministry said that 48 infected people recovered from the disease.

As of today, there are 1, 171 active cases in the country.

Nepse surges by 14. 71 points on Thursday

The Nepal Stock Exchange (NEPSE) gained 14. 71 points to close at 2,001.53 points on Thursday.

Similarly, the sensitive index plunged by 1. 78 points to close at 381. 14 points.

Meanwhile, a total of 6,210,908 unit shares of 220 companies were traded for Rs 2. 41 billion.

In today’s market, all sub-indices saw green. Micro Finance topped the chart with 55. 52 points.

Meanwhile, NIBL Pragati Fund was the top gainer today, with its price surging by 9. 98 percent. Prudential Insurance Co. Ltd was the top loser as its price fell by 5. 01 percent.

At the end of the day, total market capitalization stood at Rs 2. 85 trillion.