Central Bank: Unicredit and Intesa not covered bond yield (sources) – Corriere della Sera

19:05 MILAN (Dow Jones) – E ‘party of today, the plan for the purchase of covered bonds by the European Central Bank which the Eurotower aims to revive the economy and that, according to rumors, should cover short-term securities French and Spanish. The program is likely, however, ‘to disappoint, with institutions that may not be willing to sell as much as the ECB would like to purchase. And ‘this is the case, at least for the moment, Unicredit and Intesa Sanpaolo, the two major Italian banks by market capitalization. As learned from MF-Dow Jones in fact, the bank led by Federico Ghizzoni not seem interested, at least for the moment, to sell covered bonds to the ECB, but would prefer to postpone postpone any debate on this issue to deal with more ‘calm, eventually, in 2015 Even the Ca ‘de Sass, in this first day of bidding, responded to the sirens Eurotower. Also ’cause, according to what has been learned from MF-Dow Jones, the ECB in recent weeks has probed the ground between the banks of the various countries of the Eurozone, obtaining that should be especially Spain and France sold bonds in Brussels. And certain ‘that the success of the program of purchases of the ECB depends on how the Eurotower will be’ aggressive pricing and quantity ‘in particular at this early stage. How the central bank will succeed ‘to purchase will depend on’ then also the condition of the primary market. Following on the success of the first Tltro anything but exciting, the markets could ill digest another operation subdued by the Institute in Frankfurt. alb / ofb (end) AFX NEWS 2019 04 Oct 2014

Moody’s upgrades the reforms of the government: “Jobs Act is significant … – The Press

 

Moody’s promotes the reform of the government: “Jobs Act is significant flexibility in the face”

 

 The agency revises estimates for GDP: -0.3% in the second quarter of 2014, an increase of 0.5% in 2015 and the Italian system: “The balance sheet is solid, the country has time to jump-start growth”

ANSA

 
  10/14/2014
 
 

“In light of the data in the second quarter, Moody’s expects that the Italian economy will contract by 0.3% in 2014, before rising marginally by 0.5%. ” It’s what we read in a note from Moody’s. Where it is explained that “Italy has a strong budgetary position that is useful to get favorable financing costs, with more time to implement reforms in favor of growth.”

It is precisely focuses on reforms that the report of the rating agency. The acceleration on the reform front, the low cost of refinancing the public debt and the primary surplus allow Italy to mitigate the effects of a return to recession from the perspective of maintaining the current rating. This was underlined by a report released by Moody’s, that – says the agency – there is however no decision on the credit quality Italian (Baa2 with a stable outlook) but just an update to the market.

Moody’s argues that the credit profile of Italy at the time, seen from the negative elements of the weak economy, the fall in confidence and the predictions of a decline in GDP of 0.3% in 2014 . On the other side, there is the government’s action Renzi that the Jobs Act introduced “a significant initiative” on the front of the ‘flexibility’ of the labor market. Moody’s, however, adds that “the reform alone is insufficient to move from a centralized to a decentralized wage bargaining or to increase flexibility in the salary negotiations.”

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ANSA

 14/10/2014

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Stability Law tomorrow in CDM. EU sources: “Could it be … – Rai News

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14 October 2014 On the eve of the launch of the Law of Stability tomorrow that will go before the Council of Ministers, Renzi sure to be in line with what was said by the Minister of Economy Padoan today in Luxembourg: “Italy will retain the deficit / GDP ratio to below 3%, complying with the European rules. ” Ecofin the holder of Treasury has confirmed that structural adjustment will not exceed 0.1% of GDP. To take stock of the situation, the Prime Minister this morning had a telephone conversation with the next president of the European Commission, Jean-Claude Juncker. But there may be a snag: according to European sources the stability law is likely to be in conflict with EU rules and returned to the sender for changes by the Commission in Brussels. The draft budget Italian, sources said, will be judged on the basis of the criterion of a structural adjustment of “at least 0.7% of GDP.”

The gap on the structural deficit
An increase of 0.5 percentage points between commitments and Italian Commission requests that, according to EU sources, would be evaluated “as a serious violation “of the recommendations and hence should lead to” a court in Rome of the stability law, and possibly opening a procedure for excessive debt against Italy. ” In detail, the difference between the correction of the structural deficit Italian today confirmed for 2015, amounting to 0.1% of GDP, and 0.7% required by the European Commission for three years, is remarkable. 0.1% corresponds in fact to 1.6 billion, which become 11.2 billion when it comes to 0.7%. In recent weeks, there was talk of a possible compromise of 0.25%, or approximately 4 billion. The Commission could also reserve to open infringement proceedings for debt overhang. Despite these fibrillation remain the clear words expressed by the Minister at the end of Ecofin Padoan said that “being confident of relations with Brussels.” In the evening you will be dispatched to the stability of the law of the EU Commission, an initial assessment of the Commission is scheduled for November.

Padoan: “In line with Europe”
Italy will keep the deficit / GDP ratio to below 3%, complying with the European rules. he assured the Minister of Economy Pier Paolo Padoan after the Ecofin: “We will continue to stay below and we will move forward in the structural consolidation.” The adjustment of the structural deficit in the Stability Law for 2015, the Council of Ministers will approve tomorrow at 15, it will be 0.1% “confirmed the minister. Then, when asked if the law of stability is in line with the commitments with the Europe Union Minister assures: “What matters is that we continue to be the target of a balanced, there is only a delay due to the fact that in April, when we took the commitments, the growth forecast was 1.1% over today’s high for 2015, the context has highly deteriorated. “

Padoan: “We use the flexibility in the EU rules.” Moody’s upgrades … – The Republic

MILAN – Italy is not a step backwards compared to what is proposed in the paper of Economics and Finance and Economy Minister, Pier Carlo Padoan, Luxembourg confirmed by the improvement in the deficit in structural terms will be ” only “0.1% of GDP. But sprouting rumors about a possible rejection of the maneuver that tomorrow, after the Council of Ministers scheduled for 15, will be sent to Brussels for the examination of the EU Commission. Meanwhile, the estimates come from Moody’s, which provides a contraction in GDP of 0.3% in 2014 and a marginal growth of 0.5% in 2015 The rating agency promotes Jobs Act, described as “significant action” and defines “solid” the budgetary position of Italy.

The minister, at the end of the Ecofin meeting, confirmed the line of recent times and has eased the path to return Italy to a balanced structural budget delayed 2017 A license, with respect to the time schedule specified by Europe, dictated by the economic downturn and the need to give breath to the Italian economy. On this, however, will consume a clash with the European Union, which according to sources quoted by Reuters may also send the item back to the Italian law to affix the necessary corrections.

In April when they were hired consolidation commitments (revised downward correction with a “discount” and 0.25%, from 0.5% of the Fiscal Compact), “The growth forecast was 1.1% higher of what we have today for 2015, the macroeconomic environment is highly impaired “, hence the slower speed of the consolidation, remember Padoan. “I am confident because our relations with the EU are very constructive, we use the flexibility in the rules and have an open dialogue with the Commission,” said Padoan.

All items that will end up in the maneuver from 30 billion that the CDM will launch tomorrow with the Stability Law , which promises to break with the recent maneuvers since it is oriented support to families and businesses with tax relief on income tax and IRAP. In the text of Stability, also, according to the resolution of the parliamentary majority made in the course of the note update Def, Jobs Act must be “included among the measures linked to public finance measures,” in which there must be the “ review the laws for municipal property taxes “. As anticipated Renzi, you should then go towards the unification of the charges related to the house.

Returning to the position taken by Padoan, the Minister relies on the fact that Italy is among the few countries of the Old Continent to respect the “pillar” of the 3% limit of the ratio between the actual deficit and Product: “The 3% limit is respected, we will below and we will go ahead with structural consolidation”, claims still Padoan.

With regard to the general scheme of maneuver, other elements were specified by the Secretary to the Presidency of the Council, Graziano Delrio, which is specified as part of the spending review entrusted to the Regions (4-5 billion), “the current budget of Health will not be touched, or rather you can reason about possible increases “. More hay in the barn to support expansionary measures comes from the “evasion”, while towards the EU “government is ready to respond to surveys,” but “object on a report at 2.9% would be a taste of fussiness obstinacy. ” The holder of Labor, Giuliano Poletti, suggests that there will be the chance to get to anticipate the severance pay in payroll : “It ‘predictable’. The advances of the maneuver, in particular for cutting IRAP 6.5 billion they gloat industrialists: “We realized our dream,” says the president of Confindustria, Giorgio Squinzi.

Moody’s promotes Jobs Act “is a significant initiative” . From the United States came the ratings agency Moody’s, which promotes the action of the government and in particular praised the Jobs Act, described as “a significant initiative” that makes the labor market in Italy “more flexible” although precise , “reform alone is insufficient to move from a centralized to a decentralized wage bargaining or to increase flexibility in the salary negotiations.”

The agency defines “solid” the budgetary position of Italy thanks to a significant “primary surplus” that allows you to have “favorable financing costs” and “more time to implement reforms to promote growth “. Moody’s estimates speak of a contraction of the Italian GDP by 0.3% in 2014 and growth of 0.5% in 2015

Agreement bodies-evasion Ecofin . Coming back to Ecofin, from which he spoke Padoan, the meeting of Ministers of Economy and Finance European Union has led to an agreement on the automatic exchange of information on tax matters in an anti-evasion: an agreement is reached at 27 system which will come into force in 2016, but without Austria who has called for a year to adapt. “Mark always to the end of banking secrecy in Europe,” explains European sources. In essence, today’s law was passed that allows the EU to adapt to the OECD standard on transparency for tax purposes. With this directive, the automatic exchange of information “buy the size as large as possible in Europe, higher than the revised Savings Directive imagined.” Among the EU financial agencies, therefore, will be exchanged, the information in tax matters on individuals, funds and entities, giving rise to “full fiscal transparency in the EU.”

Stability Law, Padoan: correction deficit remains 0.1 points – Reuters Italy

       

LUXEMBOURG / ROME, Oct. 14 (Reuters) – The Italian government now does not give in to pressure from the European Commission and confirmed that tomorrow, at the time of launching the Law of Stability , the correction of the structural deficit will be limited to 0.1 percentage points of GDP in 2015

       

The stance comes from the Minister of Economy, Pier Carlo Padoan, while there are increasing signs of a possible rejection of Europe.

       

“Our relations with the European Commission have always been very constructive. We keep faith with the rules, we exploit the flexibility of the rules and as always we will have an open dialogue with the Commission,” said Padoan at the end of Ecofin.

       

The government has postponed by one year, to 2017, the budget balance net of the economic cycle and one-off. With an economy in recession for the third time since 2008, Padoan said in recent days, fiscal adjustment can cause screwing in a “downward spiral, which could generate new recession and unemployment.”

       

In any case, say political sources, the government is prepared to set aside resources in the budget to increase the correction of a few tenths, in the event that negotiations with Brussels were to have a negative outcome.

       

“The maneuver does not change, but we are not unprepared or we will be surprised,” said today the Secretary to the Presidency of the Council Graziano Delrio.

       

The verdict will come to Brussels in November, with the new estimates of winter. For the moment, a European source warns that Italy must guarantee a “structural adjustment of at least 0.7% of GDP.” As a result, the source continues, a difference of 0.5 points between the commitments Italian and European demands would be rated as a “serious violation” of the recommendations of the EU.

       

The Council of Ministers on the Law of Stability is convened tomorrow at 15.00. The budget of 2015 has an expansive facility: about € 30 billion of funds raised, the increase in the deficit will reach 11.5 to 2.9 from 2.2% of GDP.

       

The measures to combat tax evasion and reduced premiums on gambling should ensure 3 billion, said Delrio to the Corriere della Sera. Read more …

Italy record for the markets of the Far East – Il Sole 24 Ore

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This article was published on 14 October 2014 at 15:08.
The last change is the 14 October 2014 at 15:16.

Italy depopulated in the East. . According to a recent study by TripAdvisor site traffic, travelers from Singapore, India and China show the largest year-over-year growth of interest to Italian destinations. The study also shows which countries are writing the more positive reviews about the hospitality business such as Italian and Italian regions have better housing rated on TripAdvisor. Singapore, India, China and Japan are the four markets that have shown the most significant growth of interest toward Italy in terms of share of their sessions on TripAdvisor, which include views of Italian destinations. This means that Asian travelers are showing a healthy increase of interest in Italy and markets will be inbound soon will head for hotel and B & B, B Italians, as we read in a nite TripAdvisor.

It is also interesting to note that although some countries are not so high in the ranking in terms of overall traffic to destinations on the Italian site, their research on Italy account for a significant percentage of their total assets on TripAdvisor. For example, Switzerland is seventh with regard to the markets that carry more traffic towards Italy on TripAdvisor but 14% of the total assets of Swiss travelers on their site is represented by a display of Italian destinations. As for the reviews, they are travelers to the United States and Malta to be the most favorable in comparison to Italy, having given to the Italian business an average score in the reviews of 4:41 last year. Even Israelis (4.39), Canada (4.36) and the UK (4-35) have awarded high scores to the business of the Bel Paese on TripAdvisor. The Russian travelers have become much more active instead reviewers during 2013, increasing by 257% the number of reviews written about Italy; immediately followed by Brazilians (70%) and Argentina (43%).

The study, as well as analyzing traffic patterns of users, reveals what are the Italian regions to have the best rated accommodation in the last 12 months (September 2013-September 2014) according to the scores given by other travelers in the Reviews.
At the same time it must be stressed that Asian tourists are offsetting – on the front of shopping – the decline in demand of the Russians, caused by the sanctions for the crisis in Ukraine.
For the first time in six years, the European market has a Tax Free Shopping growth below expectations, remaining stable at the level of last year in the first nine months of 2014 the decrease in purchases of Russian tourists, direct consequence of the weakening of the ruble and the delicate political situation that the country is going through, it weighs on the dynamics of shopping in all major European cities, according to estimates by Global Blue, a company specializing in providing services related to foreign tourists shopping yearly meeting with the Centre Altagamma.

The market for Tax Free Shopping in Europe worth 40 billion euro and 72% of this is concentrated in four countries, namely France, Britain, Italy and Germany. If the first nine months of the year, France is still the favorite destination of globe shopper outside the EU (23% of purchases tax free), followed by the UK (18%), Italy securely holds the third position in the ranking of countries Europe’s most appreciated by international tourists, with 16% of the total tax free purchases. Closes ranking Germany, which accounts for 15% of the market of the Old Continent. Starring in the first nine months of this year are Chinese tourists, accounting for 27% of the Tax Free Shopping European and grow del’11% compared to the same period of 2013 Russians mark a decrease of 12%, but retain the second position among the top spenders in Europe. They also reduce purchases of Japanese (-15%), mainly due to the negative effects of the change, and grow to surprise tourists from Kuwait while representing only 3% of the tax free in Europe, recorded a jump of 19%, well beyond expectations.

To analyze in more detail the dynamics of shopping tourists outside the EU, for the first time Global Blue and Bain & amp; Company have developed a common factor together with their respective powers and have observed the gradual shift of purchases to the defined segments ‘Premium’ and ‘Mass’. On the basis of joint analysis, the decline in the segment ‘Luxury’, as a whole, is also due to the different behavior of the various nationalities of globe shopper. If Chinese, Japanese and Americans still appear to be very interested in the world ‘Luxury’ (respectively 71.43% of the Chinese, the Japanese and 78.65% of the 66.44% of Americans show this preference), emerges a clear orientation Buying ‘Mass’ by tourists in the Middle East (58.05%) and Russians (40.63%).
forecast for 2015 sees the resumption of Tax Free Shopping with growth of between 3% and 5%, driven mainly by the Chinese for which is expected to increase between 5 and 10 percentage points. According to Global Blue, is also expected to slow down the decline in purchases of the Russians, which at best could be lower than -5%.
According to Global Blue, Chinese tourists today still represent the most significant opportunity for the development of trade and tourism in Europe, considering that the Old Continent and in particular Italy are preparing to host the next World Exhibition in 2015, which will lead to Milan over 3 million visitors outside the EU, of which a million Chinese. “The World Exposition is an opportunity not only for Italy, but throughout Europe. The way ahead is to attract the globe shopper and think for their courses more widely, making sure to maximize their presence during and after Expo 2015 “, tells Pier Francesco Nervini, VP International Key Accounts to Global Blue Group. “The Chinese have traditions and customs often very different from ours, but they prove to appreciate the peculiarities of European culture and are very attracted to our city. It should intensify the proposed itineraries rich, immersive, relying on a mix of services dedicated just to Chinese tourists, shopping and promotion of excellence of individual territories. “

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Falling prices, deflation increases – ANSA.it

The deflation does not stop, even worse. In September 2014, the price index fell 0.2% compared to the same month of 2013 The notes Istat, stressing that the final figures are worse than the preliminary estimates (-0.1%). On a monthly basis prices fell 0.4%.

The biggest drop in prices on an annual basis (in August was 0.1%) is mainly due – explains the Istat – the accentuation the fall in energy prices not regulated (-2.8%, from -1.2% in August). The worsening of the situation also weighs slowing of the annual growth rates of recreational, cultural and personal care (+0.3% from +0.7% the previous month), became larger with the release of the data Istat definitive. The prices of unprocessed food have fallen less (-0.9%, from -1.8% in August), but could only partially offset the decline in other prices, Istat said. L ‘”core inflation” then drops to 0.4% (from 0.5% the previous month), net of unprocessed food and energy goods, and +0.3% (from +0.4 % in August), net only of energy goods. The monthly decline in the overall index must be – continues the Istat – the first drop in prices for services related to transport (-4.8%) – influenced by seasonal factors – and, to a lesser extent, a decrease in short-term price of non-regulated energy (-0.6%); also contributes the decline in the prices of recreational, cultural and personal care (-0.1%), which are also affected by seasonal factors. The harmonized index of consumer prices (HICP) increased by 1.9% on a monthly basis and decreased by 0.1% on an annual basis (the preliminary estimate was -0.2%), with a decline of one-tenth of percentage point of the decline recorded in August (-0.2%). The national index of consumer prices for the families of workers and employees (FOI), excluding tobacco, decreased 0.4% on a monthly basis and by 0.1% compared to September 2013.

food prices up 0.2% in September
Food prices in September increased by 0.2% on a monthly basis and have a high rate trend null, after three consecutive months of decline (-0.3% in August and 0.6% in July and June). The notes Istat, explaining that the dynamics of food prices must be the performance of unprocessed products which recorded a monthly rise of 0.3% and a “significant reduction of the decline on an annual basis,” passing -0 , 9% from 1.8% the previous month.

Fiat Chrysler Automobile debuted at the NYSE with high hopes – The Messenger

 (AGI) – The contagious euphoria of the debut of the Fiat Chrysler Automobiles in Milan and emblazoned on the square in New York did not last long.
Following the debut of the new company formed by the merger of the Lingotto with Chrysler, we already went back to work, because the road is all uphill and the promises made to investors are quite challenging. Yesterday, the FCA title debuted on Wall Street rise, even though he closed with a drop of 1%. Better performance in Milan, where the title has finished ahead by 1.2%. Standard and Poor’s has assigned a rating to the title “BB” for the long term and “B” for short, in line with Deola “old” Fiat, with a stable outlook. Fiat promises “a new beginning”, as stated by CEO Sergio Marchionne, but also challenges given the number one target that is committed to achieve by 2018 Objectives that also require a supply of capital is not indifferent, impossible to reach Italy, but more down to the square of the NYSE. In this regard, there is already talk of a possible recapitalization, which could already be ventilated at the next Board Ides end of October. And from the operational point of view? The strategy aims to strengthen the FCA in the car market and hinges on the relaunch of Alfa Romeo, a brand that has made many a throat, but Marchionne does not want to give up. The acid test will be in June 2015 with the launch of the new Alfa, born out of a job “silent” that has taken place over the last two years. The new car – Marchionne has anticipated – it will be mid-sized and will mark the beginning of a very productive season for the brand of sports cars, which should make about 5 billion investment and lead to achieve global sales to 500,000 units by 2018 .

 January 14, 2014 09:26 – Last Updated: 09:26

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BECOME A FAN OF THE MESSENGER

Fca debut on Wall Street Video Opens and closes well down 1% – Corriere della Sera

Fiat-Chrysler

Milan , October 13, 2014 – 14:06

     
     
 

Positive debut and subsequent braking for Chrysler to Fiat Wall Street. To debut the title Fca was requested to $ 9.19, an increase of 5.6%, and then retrace around $ 9.07 and finally pass in negative territory at $ 8.86. In Piazza Affari, where Fca took place 111 years after the old Fiat, pricing remained positive until closing at 7,025 (+ 1.2%). A Wall Street Fca closed down 1.00% to $ 8.91 per share.

The day was followed by New York from the top of Fca , President John Elkann and CEO, Sergio Marchionne, who have played the closing bell of trading at 16 (22 Italian), since it is not a real but a hypo equity conversion is not expected the sound of bell off. “The official birth of Chrysler Fiat Automobiles with its debut at the New York Stock Exchange is a historic moment,” Elkann said in a statement. “From the foundation and aspirations of Fiat and Chrysler opens today a completely new phase, which will allow us to deal with the protagonists of the future of the global automotive industry.” For Marchionne it is the “culmination of the work we have done over the past five and a half years to achieve extraordinary union. Fca has established an aggressive growth path, based on the objectives announced at the Investor Day on May 6, “continued the farm manager,” the path we have chosen is not the easiest nor the one that requires the least amount of effort. Yet, like so many milestones, not only represents the end of something, but it is above all a new beginning. This day marks the beginning of our journey as Fca, as one manufacturer overall. “

Defined the financial game, remain symbols, like the flag. So this morning on the Lingotto building in Turin, was hoisted the white flag with the new blue logo of the automotive group, Fca, Fiat Automobiles Crhrysler. And the plate was removed Fiat: the new headquarters of the group is in fact in the Netherlands, while the tax residence is in London.

October 13, 2014 | 14:06

© ALL RIGHTS RESERVED

Fca, the first day on Wall Street. Elkann: “A historic moment” – Quotidiano.net

New York, October 13, 2014 – Sitting volatile for Chrysler Fiat Automobiles on Wall Street in the haunting debut. After opening at $ 9 and have undergone accelerated 5.63%, the title has been traveling for a few seconds in the negative and then rose by 0.78% to $ 9.07. In closing Fca down 1.00% to $ 8.91 per share . Closing highly negative for Wall Street with the Dow Jones lost 1.35% to 16,321.07 points and the Nasdaq -1.46% to 4213.66 points. Negative also the S & amp; P loses 1.65% to 1874.74 points.

The Board of Directors has appointed Fca ogg the president John Elkann and Sergio Marchionne, CEO of Fca . The debut on Wall Street “is a historic moment,” said Elkann. “It ‘s the culmination of the work we have done over the past five and a half years,” Marchionne said in a note

“The official birth of Fiat Automobiles Chrysler, with its debut at the New York Stock Exchange – looking Elkann – is an historic moment . Starting from the foundations and aspirations of Fiat and Chrysler, today opens an entirely new phase, which will allow us to confront the protagonists of future of the global automotive industry . E ‘a big challenge, we are ready to gather with determination. “

” The artist today on Wall Street – Marchionne says – is the culmination of the work that we have done over the past five and a half years to achieve extraordinary union. Fca ruled a path of aggressive growth , on the basis of the objectives announced at the Investor Day on May 6. The path we have chosen is not the most easy nor one that requires less effort. We have embraced the spirit of adventure, we are driven by the strength of those who seek a challenge, we are guided by the values ​​of those who recognize the importance of cultural differences. The listing of Fca marks an important milestone, won with tenacity. Yet, like so many milestones, not only represents the end of something, but it is above all a new beginning. This day marks the beginning of our journey as Fca, as one manufacturer globally. “

ELKANN WHOLE FAMILY – At the ceremony of closing of the trading day on Wall Street to the bell ring as well as the chief executive officer of Fca, Sergio Marchionne, and the president of the group, John Elkann, who participated in the surprise of the latter’s wife, Lavinia Borromeo, and their two children, Leo and Ocean. The family Elkann took the stage of the bell a few minutes after the close of trading.

Fca on Wall Street, Elkann: “historic moment” – La Stampa

 

Fca on Wall Street, Elkann: “historic moment”

 

 The title starts with a bang, then the gains fall. Marchionne: is the culmination of the work we have done over the past 5 and a half years to achieve extraordinary union

ANSA

On the Lingotto building now waving the white flag with the blue logo of the new group Fca

 
  10/13/2014
 
 

Positive debut for Fca on Wall Street. A few minutes after the opening titles have risen to $ 9.19, + 5.63%, after an initial price of $ 9. Then the race was stopped, and the title, which has been traveling for a few seconds in the negative, now rises by 0.78% to 9.07 euro. Start tonic even across the ocean: in Piazza Affari actions are games with a rise of 3.03%, with a maximum of 7,165 euro, before falling to 7.1 euro (+ 2%).

In the meantime, the new board of directors, operating from today, appointed chairman John Elkann and Sergio Marchionne, CEO of Fca. “The official birth of Fiat Automobiles Chrysler, with its debut at the New York Stock Exchange is a historic moment,” says John Elkann. “Starting from the foundations and aspirations of Fiat and Chrysler today opens an entirely new phase, which will allow us to deal with the protagonists of the future of the global automotive industry. It is a great challenge that we are ready to welcome with determination. ”

“Listing today on Wall Street – Marchionne says – is the culmination of the work we have done over the past five and a half years to achieve extraordinary union. Fca has established an aggressive growth path, based on the objectives announced at the Investor Day on May 6. The path we have chosen is not the easiest nor the one that requires the least amount of effort. We have embraced the spirit of adventure, we are driven by the strength of those who seek a challenge, we are guided by the values ​​of those who recognize the importance of cultural differences. The listing of Fca marks an important milestone, won with tenacity. Yet, like so many milestones, not only represents the end of something, but it is above all a new beginning. This day marks the beginning of our journey as Fca, as a single global manufacturer. ”

Printing with you wherever and whenever you want

 

ANSA

 10/13/2014

 10/13/2014

 giampiero coal, maria teresa Marquis E DANIELE LAWN

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Milan Stock Exchange closed down, heavy Luxottica, positive Fca – Reuters Italy

       

MILAN (Reuters) – In contrast with the main European stock exchanges, Piazza Affari closes the first session of the week with a new drop, the sixth in a row, after the attempt to bounce deployed in the morning has not held up to the general weakening of the squares continental and negative opening on Wall Street.

       

I point to a market trader who fails to reverse course suffering particularly difficult economic scenario and the Eurozone which is further detracted from the large correction dell’azionario United States.

       

“You can not go back. E ‘a particularly bad market that tends continually to the letter and sees with terror the bear market on Wall Street whose sharp correction begins to worry,” said a trader.

       

The FTSE Mib index ending down 0.32%, the Allshare 0.36%. Volumes to 2.9 billion euro.

       

The European benchmark FTSEurofirst 300 cancels the initial rises and closes in fractional progress of + 0.02%,

       

A weigh on the FTSE Mib in Milan is particularly LUXOTTICA, which leaves on the ground 9.23% with volumes supported for 5.3 million units, more than seven times the average of the last thirty sessions, in the wake of resignation of AD Enrico Cavatorta, just a few weeks away from those of Andrea Guerra of which had taken place.

       

Different brokers point out that the news, which has triggered a series of downgrades is negative because it highlights the uncertainty of the management structure despite the expectation of good financial results ..

       

Another session to forget for STM that, after -5.5 Friday, lost another 5.4% in a bear market on the chip industry after profit warning launched last week on Wall Street from Microchip Technology and analysts could anticipate the arrival of more bad news from the sector.

       

A catalyze the attention on the market today is also the debut of FIAT-CHRYSLER the dual listing with Wall Street. In Milan the title of the newly formed Dutch holding Fca closed up 1.22% to 7,025, compared with EUR 6.94 EUR Fiat closing Friday. Use the list FCA is increasing to $ 8.95. Read more …

Luxottica, meeting to decide on the resignation of the board – Il Sole 24 Ore

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This article was published on 13 October 2014 at 24:38.
The last change is the 13 October 2014 at 13:42.

Mattinata particularly intense in the offices of Piazzale Cadorna in Milan. After the developments of the weekend, with Enrico Cavatorta who experienced the “will” to “restore the powers of the board of directors CEO,” is currently in an informal meeting to decide what to do at the Board of Directors convened for this evening at 19.00. Some councilors, in fact, would have expressed the will to submit his resignation and others would be considering what to do. The board, therefore, could not reach the natural end of next May to approve the financial statements for the year ended December 31, 2014.

The board of directors currently sit, as well as the owner and president of the group Leonardo Del Vecchio, Vice President Luigi Francavilla, the CEO Enrico Cavatorta, the first son of Del Vecchio, Claudio, and independents Roger Abravanel, Claudio Costamagna, Mario Cattaneo, Elisabetta Magistretti, Marco Mangiagalli, Anna Puccio and Marco Reboa.

The agenda for the meeting of the board was to be the president’s proposal to co-opt Leonardo Del Vecchio Massimo Vian, currently chief operating officer, with the role of co-chief executive officer entrusted with the powers to the area and Operations Product and interim proxies for corporate functions and Markets. All business functions, with all the powers, they will report, therefore, only the two co-CEO. The communication to the market was made yesterday in a statement, in which the company also states that “the process of selecting the co-ceo Markets proceeds on the basis of a list of high-profile candidates. In light of the strong results for the third quarter, Luxottica is possible to proceed in such research in the time needed to make the best decision. “

Undeniable that the turbulence is due to rearrangements family, so much so that it is stated in note that “it is currently studying a reorganization of Delfin Sarl, the parent company of Luxottica Group, with the aim of improving the governance and further separate ownership from management of portfolio companies.” At the same time it is emphasized that Maria Leonardo Del Vecchio, fourth son of the President shall not enter into the category of directors and that the expiry of the board will not be confirmed nor Claudio Del Vecchio “to provide uniformity and consistency in the positions of all members of the family” .

The game on the reorganization of Delfin and family balance is just beginning, but it could have an impact on the Group’s results and the market is aware of the point that this morning in Piazza Affari the title is not could make money and after twenty minutes opened with a calod and 9.5%. In the morning, then, is arrivvato also cut the rating by Equita Sim to “hold” (hold), with a target price which goes from 45 to 40 euro. “After the release of Andrea Guerra in September – wrote analysts at Equita – the news output also Cavatorta, highly respected manager and had to ensure a smoother transition to the new governance structure and management, is negative. Despite a very solid performance of the business, we are concerned that the uncertainty in the structure of top management
and the release of two important figures can lead to some defocusing of the group in the coming months. ” At the moment the Luxottica Group shares yield 7.5%.

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Luxottica to peak in the stock market after the change of leadership. Vian instead of … – Il Sole 24 Ore

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This article was published on 12 October 2014 at 18:50.
The last change is the 13 October 2014 at 11:55.

Luxottica was readmitted to trade in Piazza Affari after an extension of the auction pre-opening nearly half an hour. The opening title has sold 10.08% to 36.9 euro in the aftermath of the resignation of the Ad Enrico Cavatorta (follow the title in real time). Today there will be a meeting of the board which is announced on fire.

Shortly before the opening of the Stock Exchange chairman Leonardo Del Vecchio, Luxottica has decided to propose to the Board to co-opt Massimo Vian to the role of co-CEO with proxies for the area Operations and Product and, ad interim, for those functions and Corporate Markets. It said in a statement.

Del Vecchio also reports that “it is currently studying a reorganization of Delfin ‘safe family that controls the group of eyewear,” with the aim of improving the governance and further separate ownership from management of portfolio companies. ” For this, the patron of the group specifies that the input of the board of directors son, Leonardo Maria, “has never been taken into account” and that the eldest son Claudio, today in the board “will not be reappointed to the natural expiration of the term of office for provide uniformity and consistency in the positions of all members of the family. “

Del Vecchio’s announcement comes after the resignation of Henry Cavatorta. The estimated super manager has left only a month after his appointment to the post of CEO Andrea Guerra. The cause of the rupture between Cavatorta and Del Vecchio always acts just be the new role of the consultant, Francesco milleri, a family friend and close to Del Vecchio’s wife, Nicoletta Gush, would be taking on the management of the company Agordo. The management of the last hours of the delicate game at the top does not seem to like either the board of directors that would also considering to resign.

A little had served long confrontation yesterday afternoon between the CEO and the founder of Luxottica Group, Leonardo del Vecchio. After fifteen years of long and consolidated estimate something between the two broke.

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Luxottica to peak, froze the title. Massimo Vian new co-ad … – Il Sole 24 Ore

History article

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This article was published on 12 October 2014 at 18:50.
The last change is the 13 October 2014 at 09:34.

Luxottica was readmitted to trade in Piazza Affari after an extension of the auction pre-opening nearly half an hour. The title gives opening in the 10.08% to 36.9 euro in the aftermath of the resignation of the Ad Enrico Cavatorta. Today there will be a meeting of the board which is announced on fire.

Shortly before the opening of the Stock Exchange chairman Leonardo Del Vecchio, Luxottica has decided to propose to the Board to co-opt Massimo Vian to the role of co-CEO with proxies for the area Operations and Product and, ad interim, for those functions and Corporate Markets. It said in a statement.

Del Vecchio also reports that “it is currently studying a reorganization of Delfin ‘safe family that controls the group of eyewear,” with the aim of improving the governance and further separate ownership from management of portfolio companies. ” For this, the patron of the group specifies that the input of the board of directors son, Leonardo Maria, “has never been taken into account” and that the eldest son Claudio, today in the board “will not be reappointed to the natural expiration of the term of office for provide uniformity and consistency in the positions of all members of the family. “

Del Vecchio’s announcement comes after the resignation of Henry Cavatorta. The estimated super manager has left only a month after his appointment to the post of CEO Andrea Guerra. The cause of the rupture between Cavatorta and Del Vecchio always acts just be the new role of the consultant, Francesco milleri, a family friend and close to Del Vecchio’s wife, Nicoletta Gush, would be taking on the management of the company Agordo. The management of the last hours of the delicate game at the top does not seem to like either the board of directors that would also considering to resign.

A little had served long confrontation yesterday afternoon between the CEO and the founder of Luxottica Group, Leonardo del Vecchio. After fifteen years of long and consolidated estimate something between the two broke.

© ALL RIGHTS RESERVED

Permalink