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Presentation Transcript
LOMBARDY AND VENETO: THE NEXT CATALONIA? & SAUDI ARABIA S ANTI-CORRUPTION CRACKDOWN Shadie Paris and Lucas Pilotti 1
What lead to the public vote? Lombardy and Veneto: referendum on local autonomy held on October 22nd. Context Italy is split between the North and the South + cultural and economic gaps Northeners complains: taxes, migration policy, spending. Leaders in Lombardy and Veneto: Roberto Maroni and Luca Zaia from the Northern League party. 2
What was the outcome of the ballots? Huge victory in terms of yes votes: 95% of voters opted for more power. Focus on turnout: 37% in Lombardy. 57% in Veneto. Northern League party strenghtened on the back of the results. 3
The Italian referendum: a game-changer? Disruptive forces in Europe: Catalonia, Brexit, Scotland now Italy? Northern League s objective has shifted from secession ( Padania ) to autonomy. Regional referendums were legally approved by Italy s constitutional court. As Zaia said, The referendum of Veneto does not question a break in either the supranational right nor with respect to international law, nor with respect to the Italian constitution." 4
Reaction on Italys 10-Year Yield Release of the results 5
What lead to the crackdown? Saudi Arabia in the midst of big economic disruption Oil price in 2014 fell to historically low level : $25/bbl price Failing to attract Foreign Direct Investments (FDI) The world bank Doing business ranking: 22nd in 2013 92nd in 2017 Why? Lack of transparency and unfair treatment to its investors How to cope? Bring Saudi Arabia into globalization with its vision 2030 strategy plan Investment park initiative Neom ($500bn) Deliver revolutionary change, moderating religious strictures and weening off dependence on oil 7
What happened? Royal decree of an anti-corruption commission : 11 princes, 4 ministers and dozens of former ministers and businessmen taken into custody Add credibility for investors The move drew support from President Donald Trump Real anti-corruption war or removing possible challengers to cement his own power?? Outside the borders: Lebanese Prime Minister unexpectedly resigned and is said to be detained by Saudi forces Yemen fired a missile toward Riyadh and it is still not clear who financed the missile launch MBS accused Iran of direct military aggression by supplying missiles to Houthi rebels in Yemen 8
Reaction on the market On Monday: Brent + 3.54% to $64,27 WTI +3.07% to $57.35 10
Reaction on the market Citigroup Inc. Citigroup Inc. down 2.24% as one of the major shareholders under arrest 11
