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ROME Vans Classic Slip On White Online , March 20 (Xinhua) -- Italian Minister of Infrastructure Maurizio Lupi said he would resign from his post after multiple allegations of corruption and kickbacks connected to large-scale public works projects, in what is being cast as the first major scandal of the 13-month-old government of Prime Minister Matteo Renzi.

Lupi's decision came after Italian police arrested four people and announced dozens more were under investigation of illegally manipulating public contracts worth more than 25 billion euros (26.9 billion U.S. dollars) for projects ranging from high-speed railway lines to the soon-to-launch Milan Expo 2015.

Lupi was not among those put under investigation, but his close ties to those named in the massive probe made it more difficult for him to do his job.

To further complicate Lupi's situation, police revealed that one of the four men arrested, a developer named Stefano Perotti, gave the minister's son Vans Toy Story SK8-Hi Black Outlet , Luca, an architect, a Rolex watch valued at 10,000 euros in connection with one of the engineering contracts in question.

Lupi denied any wrongdoing, and he said his decision to step down was for the good of the government.

"I never obtained any favors or received anything inappropriate while serving in this job," Lupi said Online Vans Sk8-Hi CA Vansguard White Grey , adding that his exit would "help strengthen the government."

Leading up to the latest developments, Renzi warned Lupi that he could not continue under the current circumstances. After the resignation was announced, the Prime Minister called it a "wise decision."

Analysts said the developments, which broke late Thursday, had the potential to hurt Renzi's image.

"Italians won't be surprised to find allegations of corruption connected to a political figure, especially after the years of corruption and corruption charges with (former Prime Minister Silvio) Berlusconi Shop Vans Black Outsole SK8-Hi Reissue Blue Black ," Gian Franco Gallo, a political affairs analyst with ABS Securities, told Xinhua. "But Renzi set himself up as the anti-Berlusconi. If he starts getting touched by scandal as well, that would change."

Maria Rossi, co-director of the polling firm Opinioni, agreed Clearance Vans LXVI Sk8-Hi Lite Black White , up to a point. Rossi said if the Lupi situation remained an isolated case, the impacts would be minimal.

"This is a single incident and Lupi hasn't even been directly implicated, at least so far," Rossi said in an interview. "It is clear Lupi's resignation was managed correctly, and Renzi's track record when it comes to scandals has been good. I think if we don't have another unwelcome surprise in another month or two, he'll be fine."

One unwelcome aspect of the situation Vans Old Skool Reptile Light Grey Black For Sale , according to Gallo, is that Renzi must now find a replacement for Lupi and get the candidate approved by parliament. Nobody expects problems, but it does siphon away some political capital Renzi would rather use moving his reform agenda forward.

"This is just another unexpected distraction," Gallo said, adding "the impacts add up."

Credit Suisse's profits more than doubled in the third quarter as Switzerland's second-largest bank benefited from cost cutting, brisk business in emerging markets and the services it provides for wealthy clients.

Net profit rose to 1.025 billion Swiss francs ($1.07 billion) in the July-September period from 454 million francs a year earlier Vans Old Skool Light Grey White Clearance , the bank said Thursday.

"We delivered a good performance," said CEO Brady Dougan of both the investment banking and wealth management divisions.

Dougan said wealth management profits were aided by the cost cutting, but margins remain subdued and revenue was hurt by low interest rates. The investment banking, he said, showed "robust client activity across many of our businesses," particularly with fixed income trading and equity underwriting.

The results are a significant improvement from the second quarter Vans Old Skool Blue White Shoes Australia , when it booked a net loss of 700 million francs after paying the largest penalty ever imposed in a U.S. criminal tax case.

The Zurich-based bank pleaded guilty in May to aiding U.S. tax evaders and agreed to pay about $2.6 billion to the U.S. government and regulators. That allowed it to put to rest the U.S. government's case against it for helping wealthy Americans avoid paying taxes through secret offshore accounts.

Credit Suisse's balance sheet showed it had added 400 employees since the last quarter. But compared with a year ago, when it had 46,400 worldwide staff, the bank reported keeping 45,500 people employed. It has trimmed costs by 3.6 billion francs out of a total 4.5 billion francs in targeted cost reductions that it said it is "on track" to deliver by the end of next year.

Shares of Credit Suisse were trading slightly higher, up 0.4 percent at 25.15 francs Vans Old Skool Canvas Wine Red White Sale , Thursday morning on the Zurich exchange.

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