Youth unemployment ever so bad – The Time

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Youth unemployment jumped to historic highs: ever so since 1977 while the percentage of jobless Italy is at the top of Europe, after Greece and Spain. The scenario that emerges from Istat is bleak and certifies the failure of policies for the labor market adopted by the government. As well as it shows that nothing vangolo massive doses of flexibility, if companies march gauge for lack of orders. The Istat report comes by return after the critical analyzes of the IMF and the ECB which places our country in the bottom of the EU and the negative data SVIMEZ condemning the South in a “permanent underdevelopment.”

Now the statistics bureau said that the unemployment rate of the aged 15-24, rose in June to 44.2%, up 1.9% on the month previous. The calculation excludes young inactive, that is, those that are not occupied it ‘seeking work, in most cases because they engaged in studies. More generally, the number of unemployed increased by 1.7% (+ 55 thousand). After falling in April (-0.2%) and the stationary of May, in June the unemployment rate grew by 0.2% from the previous month, reaching 12.7%.

In the last year the number of unemployed increased by 2.7% (+85 million) and the unemployment rate by 0.3 percentage points. Fall while in June the employed 0.1% (-22 thousand units) after strong growth in April (+ 0.6%) and the decline in May (-0.3%).

The government minimizes indeed sees these negative signs the green shoots of recovery. Labour Minister Giuliano Poleti is optimistic: “The numbers in June confirms that we are dealing with data subject to the fluctuations that characterize a stage when the economic recovery begins to manifest. Then he states that “even in the face of such basic stability, it is clear a process of change in the quality and composition of employment.” The figure for the first half 2015 “is in fact an increase of 250,000 activations of permanent contracts, rose from 696,000 in 2014 to 947,000 in 2015 (+ 36%), compared with a limited increase in terminations passing from 633 to 664 thousand (4.9%). ” Poletti emphasizes that over the past year, “the share of permanent contracts to total activations grew from 16.1% to 21.9%. Finally, there is a strong increase of the transformation of fixed-term contracts of indefinite duration, in the period from January to June pass from 129,000 in 2014 to 183 in 2015 (+ 41.8%). ” The union, however, gives a different reading of the data. For CGIL the Jobs Act to be amended. Forza Italian numbers Istat “nail Renzi.”

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Laura Della Pasqua

Work: Unemployment rises again, records among young people – AGI – Agenzia Journalistic Italy

21:46 July 31, 2015

(AGI) – Rome, July 31 – Youth unemployment jumped aimassimi history: ever so ‘since 1977. The unemployment rate of the aged 15-24, that’ the proportion of the total unemployed active (employed and unemployed), and ‘amounted to 44.2% in June, an increase of 1.9% on the previous month. This was announced by Istat, noting that young people excluded from the calculation are inactive, that ‘those who are not busy I’ looking for work, in most cases because ‘involved in the studies. The number of young inactive decreased by 0.5% in the monthly comparison (-23 thousand). The rate of inactivity ‘between 15 and 24 fell by 0.2 percentage points, reaching 74%. With reference to the average of the last three months, for young people aged 15-24 is growing, the unemployment rate (0.8 percentage points), while fall is the employment rate (-0.2 points) and the rate of inactivity ‘( -0.1 points). Piu ‘in general, the number of unemployed – detects Istat – and’ increased by 1.7% (+ 55 thousand). After the drop in April (-0.2%) and the stationarity ‘of May, in June the unemployment rate grew by 0.2% from the previous month, reaching 12.7%. In the twelve months the number of unemployed and ‘increased by 2.7% (+85 million) and the unemployment rate by 0.3 percentage points. Fall while in June the employed 0.1% (-22 thousand units’) after strong growth in April (+ 0.6%) and the decline in May (-0.3%). The employment rate, 55.8%, decreases of 0.1%. Compared to June 2014, employment down by 0.2% (-40 thousand). “The numbers in June confirms that we are dealing with data subject to the fluctuations that characterize a stage when the economic recovery begins to occur,” said Labour Minister Giuliano Poletti: “However, it remains important to emphasize that, even in the face of such substantial stability ‘as recorded by ISTAT and’ a clear process of change in the quality ‘and in the composition of employment. ” The figure for the first half 2015 “is in fact an increase of 250,000 activations of permanent contracts, rose from 696,000 in 2014 to 947,000 in 2015 (+ 36%), compared with a limited increase in terminations passing from 633 to 664 thousand (4.9%). ” Compared with the past year, “the share of permanent contracts to total activations grows so ‘from 16.1% to 21.9%. Finally, there is a strong increase of the transformation of fixed-term contracts of indefinite duration , that in the period from January to June pass from 129,000 in 2014 to 183 in 2015 (+ 41.8%). ” Different view of the union: “It ‘s still possible to radically change the Jobs Act and enact real active policies, a damping system that meets the needs of the labor market, and a plan that will create new jobs,” said the confederal secretary of the CGIL, Serena Sorrentino.
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In June, it occupied 22 thousand less than in May. Unemployment rose to 12.7% – Il Sole 24 Ore

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This article was published on July 31, 2015 at 10:19.
The last change is the July 31, 2015 at 16:24.

The exploit of April does not repeat itself: even in June the employed fell by 0, 1% (after falling 0.3% in May), 22 thousand less than in the previous month. Especially young people employed between 15 and 24 fell by 2.5 percent. The employment rate down 0.1 points on May, reaching 55.8%. Compared to June 2014, employment was down by 0.2% (-40mila units), while the rate appears unchanged. Have monthly data Istat to reveal even a picture of lights and shadows for the Italian labor market.

Unemployed: + 55 thousand on May + 85 thousand of June 2014
On a monthly basis, the number of unemployed has increased by 1.7% (55 thousand) and of 5.2% if you look only at young people (+ 34 thousand). Above all, the unemployment rate – which had fallen by 0.2% in April and had remained steady in May – increased by 0.2 percentage points to 12.7 percent. In the twelve months the number of unemployed has risen by 2.7% (85 thousand) and the unemployment rate by 0.3 points. The youth unemployment rate rose to 44.2% in June and is at its highest since the beginning of time series monthly and quarterly, in the first quarter of 1977. But “the increase in the number of unemployed in the last 12 months – explains ‘Istat – is associated with an increase in participation in the labor market, as witnessed by the reduction in the number of inactive. “

Inactive down: -18mila last month
A reduction undeniable: inactive people between 15 and 64 years last month declined by 0.1% (-18mila), resuming the trend started earlier this year that it was interrupted in May. The inactivity rate amounted to 35.9%, down 0.1 percentage points compared to May. If you look at twelve months, the inactive are at least 131 thousand (-0.9%) and the inactivity rate was down by 0.2 points.

Renzi: “Well that’s come back disheartened believe it,”
Commenting on the figures at the end of the Council of Ministers, the Prime Minister Matteo Renzi has acknowledged that there are “aspects positive and negative, “and that there is” still much to do. ” He stressed that since the beginning of ‘grow both employed and unemployed people “explaining it this way:” Those who are disheartened return to believe, increases the number of people who found their jobs, but also those He is looking for him. This is the signal of a small re-start. ”

Taddei: in Q2 employment effects
“The occupation follows economic growth, hardly the opposite happens,” notes the Treasurer of the Democratic Party Filippo Taddei, that “it should be emphasized how fast it dropped the number of workers laid off from the beginning of 2015 and 2014: it is more than 110 thousand employees in more effective at work. It is normal to be so when the economy gets back into gear before they return to work laid off, then open spaces to the unemployed. It is unreasonable to issue a definitive opinion on the effects of the labor reform or the economic policy of the government at this time. ” “In advanced economies – continues – employment increases followed with a delay of six months economic growth. For the Italian economy, where growth is distributed in the first six months of 2015, this means that we will see stronger effects on increasing employment in the second half of 2015 “.

Poletti “fluctuation typical of the recovery”
If the opposition, Forza Italy in Sel, rages attack the government and spoke of “dramatic figures “even the Labor Minister Giuliano Poletti provides a more reassuring:” The June numbers confirm that we are dealing with data subject to the fluctuations that characterize a stage when the economic recovery begins to manifest itself. ” “The employment rate remains substantially unchanged,” adds Poletti, and the decline of the inactive ‘is a sign of the growing confidence of the citizens on increasing opportunities in the labor market. ” Not only Poletti recovers data on the increase in permanent contracts and those on CIG, concluding that “basically, we can say that 111 thousand workers, technically employed but employees at zero hours today have returned to work full-time.”

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Istat, has records of young unemployed is 44.2%, never so much since 1977 – TGCOM

13:24 – The provisional Istat data for June confirm the ‘ Emergency Unemployment in Italy . The most worrying situation concerns the young : 44.2% are unemployed, up 1.9% over May, and the figure is the highest since the beginning of time series monthly and quarterly, in first quarter 1977. At the global level, the unemployment rate in our country has increased compared to May by 0.2 points, reaching 12.7%.

Unemployment still Growth

Guido Caianiello

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Employment and unemployment – In the twelve months, the increase in the number of unemployed was 2.7% (85 thousand) and the unemployment rate rose by 0.3 percentage points. Employed, however, they fell by 0.1% (-22mila) of May and 0.2% (-40mila) on the previous year. This is the second economic downturn of employed after that of May (-0.3%). In April, however, there was growth of 0.6%.

The inactive – In June the inactive are 131,000 less than in the same month of 2014 (-0.9%) and there is also a slight decrease compared to May (-0.1%). Istat noted that the increase in unemployment over the past 12 months (+ 85 thousand) is “associated with an increase in participation in the labor market, as witnessed by the reduction in the number of inactive”.

Poletti: “Unemployment rate basically unchanged” – “The numbers in June confirms that we are dealing with data subject to the fluctuations that characterize a stage when the economic recovery begins to occur,” said Labour Minister Giuliano Poletti. “The employment rate – adds – remains basically unchanged.”

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Istat

In June compared to May -22mila occupied. Unemployment rose to 12.7% – Il Sole 24 Ore

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This article was published on July 31, 2015 at 10:19.
The last change is the July 31, 2015 at 12:35.

The exploit in April does not repeat itself: even in June the employed fell by 0, 1% (after falling 0.3% in May), 22 thousand less than in the previous month. Especially young people employed between 15 and 24 fell by 2.5 percent. The employment rate down 0.1 points on May, reaching 55.8%. Compared to June 2014, employment was down by 0.2% (-40mila units), while the rate appears unchanged. Have monthly data Istat to reveal even a picture of lights and shadows for the Italian labor market.

Unemployed: + 55 thousand on May + 85 thousand of June 2014
On a monthly basis, the number of unemployed has increased by 1.7% (55 thousand) and of 5.2% if you look only at young people (+ 34 thousand). Above all, the unemployment rate – which had fallen by 0.2% in April and had remained steady in May – increased by 0.2 percentage points to 12.7 percent. In the twelve months the number of unemployed has risen by 2.7% (85 thousand) and the unemployment rate by 0.3 points. But “the increase in the number of unemployed in the last 12 months – says Istat – is associated with an increase in participation in the labor market, as witnessed by the reduction in the number of inactive.”

Inactive down: -18mila last month
A reduction undeniable: inactive people between 15 and 64 years last month declined by 0.1% (-18mila), resuming the trend started earlier this year that it was interrupted in May. The inactivity rate amounted to 35.9%, down 0.1 percentage points compared to May. If you look at twelve months, the inactive are at least 131 thousand (-0.9%) and the inactivity rate was down by 0.2 points.

Poletti “fluctuation typical of the recovery”
If the opposition, Forza Italy in Sel, rages attack the government and spoke of “dramatic figures », he is the labor minister Giuliano Poletti to provide a more reassuring:” The June numbers confirm that we are dealing with data subject to the fluctuations that characterize a stage when the economic recovery begins to manifest itself. ” “The employment rate remains substantially unchanged,” adds Poletti, that “basically, we can say that 111 thousand workers, technically employed but employees at zero hours today have returned to work full-time.” A figure derived from data on CIG, passed “from 475 million authorized in the first half of 2014 of 365 million hours authorized in the same period of 2015, a decrease of 30.3% on an annual basis. Hours actually used Cig (draw) in the first quarter 2015 amounted to 93milioni (40% of the total authorized) corresponding to 159mila standard work units. In the same period last year the hours used amounted to more than 158milioni corresponding to 270 thousand units of labor standards. ”

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Fca: boom ago and raises the target 2015 (MF) – BBC

08:14 MILAN (AFX) – A net profit up 69% to 333 million, driven by sales in North America, Europe and especially the strengthening of the dollar, revenue growth to 29.2 billion and net industrial debt decreased by 600 million to 8 billion. These are a summary of the numbers of the second quarter Fca, released yesterday dall’a.d. Sergio Marchionne, who not only beat the estimates of brokers (consensus expected revenues of 26.4 billion, net profit of 283 million plus a net industrial debt to 8.5 billion) but above all enabled the Lingotto revised upwards the target for 2015. Fca, explained yesterday Marchionne, now, you read about MF, expects revenues this year to over 110 billion share (compared to the previous 108 billion), an EBIT of 4.5 billion ( a window including from 4.1 to 4.5 billion) and a net profit in a range between 1 and 1.2 billion. Not surprisingly, the title has chalked up an excellent performance on the stock market closed trading on the Milanese listing at 13.98 euro with an increase of 5.7%. Marchionne also explained that currently there are no plans “immediate” for the sale of Magneti Marelli as had been suggested on the press a few weeks ago. Sign that if the sale of the subsidiary active in the components is not a priority ‘for Fca, at the same time the management will take seriously into account the sale in case of a concrete offer. red / cas (end) AFX NEWS 3108: July 13, 2015

Eni, the collapse of oil weighs on the budget – The Time

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The collapse in oil prices is being felt on the accounts of Eni . The second quarter ended with net result is a loss of 0.11 billion, while adjusted net profit fell 84% to 0.14 billion euro. The Group however proposes interim dividend of 0.40 euro per share (0.56 in 2014). The ad Descalzi explained that “actions taken helped limit the effects of the fall in oil prices, both in economic terms and in terms of cash.” The half year with a net profit of 0.59 billion (-70%) and an adjusted net profit of 0.79 billion (-62%).

To Enel the result for the period was up 10% to 1.833 billion while net ordinary income rises by 3.4% to 1,604 billion. The group says that the results in growth in Latin America and the Iberian Peninsula and the good performance of renewables, offset the decline in margins in Italy and Eastern Europe. Revenue growth to 37.632 billion (+ 4.2%). “The reorganization of the group launched last year, is already recording signs of improvement in cash flow,” commented the CEO Francesco Starace.

Mediaset back in profit in the first half with a profit of 24.3 million, while revenues stable for 1.7 billion. Weakness Italian (revenues down 1.257000000000 to 1.243000000000 between 2014 and this year) was offset by the momentum Spanish (468,000,000 to 478,000,000). For General satisfactory results, as pointed out by the Greek to Mario. In the half year the group recorded a net profit up sharply to 1.3 billion (+ 21.6%) and operating profit up 11.3% to 2.8 billion, the best of the past eight years. Gross premiums exceeding 38 billion (+ 7.3%) thanks to the increase in life premiums (+ 10.6%). Greek estimate an “improvement in net income for this year.” Finmeccanica today announced that it returned to profit in the first half of the year and that it has approved a major reorganization that centralizes the management of the various divisions of the group and promotes the sale of non-core assets. The net result is ordinary in late June to 111 million by the loss of 39 million a year ago. Confirmed the forecasts for the full year 2015. Revenues were up 4.6% to 5.973 billion.

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LDP

Eni announces results for the second quarter and first half of 2015 – The Informer Naval

San Donato Milanese, 30 July 2015 – The Board of Directors of Eni, today announces its results for the second quarter and the first half of 2015 (not audited).

Operational Highlights

• Oil and gas production: 1.754 million boe / g + 10.7% in the quarter; 1,726 million boe / d in the half 9%, organic growth records in the 2000s ¹ . Excluding the impact of higher product sharing contracts + 7.1% (+ 5.2% in the first half)

• Revision guidance production full year from + 5% to over 7%;

• The start / ramp-up of fields contributed 105,000 boe / day productions the half year mainly in Angola (West Hub and Kizomba Satellites Phase 2), Congo (Nene Marine) and USA (Hadrian South and Lucius);
• Avviat or July the giant field Perla gas offshore Venezuela, with a time to market industry-leading;

• confirmed on next start the Goliat oil field in the Norwegian section of the Barents Sea;
• In semester exploratory proven resources of 300 million boe per unit cost of 1.7 $ / boe;

• Firmat the agreements in Egypt for new development projects in oil & amp; gas and revision of some oil contracts in place;

• Signature of agreements for the sale of LNG project offshore Jangkrik in Indonesia starting in 2017.

Financial Highlights

• Cas h flow from operations ² : € 3.37 billion in the quarter (€ 5.68 billion in the first half), stable compared to 2014 despite the sharp deterioration of the scenario;

• Net financial debt at € 16.5 billion at the end of June; leverage at 0.26 (0.22 at 31 December 2014);

• Adjusted operating profit excluding Saipem: -41% in the quarter to € 1 , 50 billion (-51% to € 2.91 billion in the first half); G & amp; P, R & M and Chemicals positive in both reporting periods in 2015;

• Adjusted operating profit: -72% to € 0.76 billion in the quarter (-63% to € 2.33 billion in the first half)

• Adjusted net profit excluding Saipem: € 0.45 billion in quarter (-46%); € 1.05 billion during the period (-47%);

• Adjusted net profit: € 0.14 billion in the quarter (-84%) ; € 0.79 billion during the period (- 62%);

• Net income: – € 0.11 billion in the quarter; € 0.59 billion during the period (-70%);

• Proposal interim dividend of € 0.40 per share.

Claudio Descalzi, Chief Executive Officer, commented:

“In the first half of this year we have achieved excellent results in all the industrial business we have allowed to revise upwards some of the objectives of the strategic plan presented in March. In the upstream sector we achieved a record growth of production and we contained costs significantly. In addition, the recent start of production of the field Perla, Venezuela, and the upcoming launch of Goliath, Norway, will provide an important contribution in the second half of the year. The business of mid- downstream have all had positive results, thanks to strong progress in the restructuring of our refining and petrochemicals, to success in the renegotiation of gas contracts and to further work on the efficiency. These actions have helped to limit the effects of the fall in oil prices, both in economic terms and in terms of cash. Despite the halving of oil prices, we achieved € 5.7 billion in cash flow, in line with the first half of last year, which funded almost all of the investments made during the period. This is a particularly relevant, as we operate in an industry that today has as its main challenge the self-financing of investments. These results above expectations allow us to confirm the proposal to the Board of Directors at the upcoming 17 September of an interim dividend of € 0.40 per share. “

In same time, the Board of Directors of Eni approved the interim report as of June 30, 2015 pursuant to art. 154-ter of TUF, which was simultaneously transmitted to the external auditors. The publication of the interim report is expected in terms of law, together with the outcome of the audit.

Financial Highlights

Second Quarter.	The trim.	Second Quarter.	Var . Second Quarter%. 15 vs 14	RESULTS (a)	(€ millions)	The half
2014	2015	2015				2014	2015	Var. %
2728	1567	762	(72.1)	Adjusted operating profit (b)		6219	2329	(62.6)
2563	1,407	1502	(41.4)	Adjusted operating profit without Saipem		5926	2909	(50.9)
883	648	139	(84.3)	Adjusted net profit		2074	787	(62.1)
0.24	0.18	0 , 04	(83.3)	– per share (€) (c)		0.57	0.22	(61.4)
0.66	0.41	0.09	(86.4)	– for ADR ($ ) ( c) (d)		1.56	0.49	(68.6)
831	600	448	(46.1)	Adjusted net profit without Saipem		1981	1048	(47.1)
658	704	(113)	..	Net profit		1961	591	(69.9)
0.18	0.20	(0.04)	..	– per share (€) (c)		0.54	0.16	(70.4)
0.49	0.45	(0.09)	..	– for ADR ($ ) (c) (d)		1, 48	0.36	(75.7)
636	769	214	(66.4)	Net income without Saipem		1913	983	(48.6)
3589	2304	3374	(6,0)	Net cash provided by operating activities		5740	5678	(1,1)
(a ) Profit attributable to Eni’s shareholders.
(b) For the definition and reconciliation of earnings on an adjusted basis, which excludes’ gains / losses and special items, see paragraph “Reconciliation of reported operating profit and net profit to adjusted basis’.
(c) Fully diluted. The dollar amount is converted based on the average exchange rate quoted by the ECB.
(d) One ADR represents two shares .

Adjusted operating profit
In the second quarter of 2015 Eni’s adjusted operating profit € 1.50 billion excluding the results Saipem loss of € 0.74 billion, down 41% from the second quarter of 2014 due to the decline in performance of E & amp; P (- € 1.5 billion, equal to 49%) driven by the drop of about 44% of the price of oil, the impact of which was mitigated by rising production, lower costs and the depreciation of the euro against the dollar (-19%). The reduction of the E & amp; P was partially offset by the significant improvement in the performance of R & M and Chemicals (+ € 0.36 billion) due to efficiencies and optimization combined with a recovery in margins has achieved a return to profitability .
Saipem recorded in the second quarter 2015, the adjusted loss of € 0.74 billion due to write down of work in progress and receivables in view of the weak backdrop of the oil industry.
On a consolidated basis the ‘adjusted operating profit for the quarter was € 0.76 billion, a decrease of 72% which was affected by the negative scenario effect for € 1.6 billion, partly offset by productivity growth and efficiency gains of € 0.6 billion.
In the first half of 2015, adjusted operating profit excluding Saipem (- € 0.58 billion) was € 2.91 billion, a decrease of 51% due to a decrease of 61% of the performance of the E & amp ; P (- € 3.9 billion) caused by the sharp drop in oil prices, the effects of which were partially offset by the improvement in the areas R & M and Chemicals (+ € 0.8 billion) and to a lesser extent in the sector G & amp ; P (+ € 0.07 billion).
On a consolidated basis, adjusted operating profit of the first half was € 2.33 billion, a decrease of 63%. Overall the effect on adjusted operating scenario has accounted for € 3.8 billion, partly offset by productivity growth and efficiency gains for € 0.8 billion.

Adjusted net profit
In the second quarter of 2015 adjusted net profit excluding Saipem was € 0.45 billion, a decrease of 46% compared to the second quarter of 2014 due to the decline in operating profit, the decrease in the fair value of shares of Snam and Galp (loss of € 53 million compared to income of € 99 million in the comparative period), as well as the increase in the tax rate (2 percentage points) due to lack of exploitation of the aforementioned tax charges on investments and the higher incidence of countries with higher taxation, the effects of which were partially offset by the lower share of profit before tax of the Group of the E & amp; P. On a consolidated basis, adjusted net profit for the quarter was € 0.14 billion, a decrease of 84% and a tax rate increasing to 147% due to lack of exploitation of these tax write-down of Saipem.
> Adjusted net profit for the first half of 2015 to € 1.05 billion excluding Saipem decreased by 47% compared to the first half of 2014 (- € 0.93 billion). On a consolidated basis, adjusted net profit for the period was € 0.79 billion, a decrease of 62% and a tax rate increased to 83%.

Cash flow from operations
In the first half 2015, net cash flow from operating activities of € 5.68 billion and coupled with cash from divestments (€ 0.64 billion) covered most of the requirements for the payment of dividends (€ 2.02 billion) and capital expenditures (€ 6.24 billion). Net debt ³ to 30 June 2015 amounted to € 16.48 billion, an increase of € 2.79 billion over the end of 2014.
Compared to the situation 31 March 2015 , net debt increased to € 1.34 billion due to the payment of the final dividend in 2014 of Eni and investments for the period, partially offset by the net cash flow from operating activities (€ 3.37 billion), which discounts lower trade receivables sold under factoring due after the close of the reporting period as compared with 31 March 2015 (- € 0.26 billion).
The leverage ⁴ – ratio of net debt Net shareholders’ equity including minority interest – increased to 0.26 at June 30, 2015 compared to 0.22 at December 31, 2014, due to the increase in net debt, mitigated by the increase in total equity due to ‘positive effect (+ € 3.5 billion) of losses on foreign currency translation of financial statements of subsidiaries with the dollar as the functional currency (dollar / euro + 7.8% in the surveys of closure at the end of 2014 and 30 June 2015) . Compared to the situation on 31 March 2015, the leverage is increased by 0.04 for the reduction of foreign currency translation (- € 1.8 billion) because of the euro (+ 4%).

Interim dividend 2015
Based on the results of the first half of 2015 and forecasts for the full year, the interim dividend proposal to the Board of Directors on September 17, 2015 It will be € 0.40 per share ⁵ (€ 0.56 in 2014) to be paid starting from 23 September 2015, with record date September 21, 2015.

1 ) With the exception of the second half of 2012 for the resumption of Libyan production.
2) Net cash flow from operating activities.
3) Information on net borrowings composition is furnished on page. 33.
4) In this press release are accompanied by explanatory notes and meaning of the alternative performance indicators in line with the CESR / 05-178b. For the definition of these alternative performance indicators v. p. 33.
5) Dividends no longer attract any tax credit and, depending on the receiver, is subject to withholding tax as tax on distribution or are partially added to the taxable income.

Operational Highlights

Second Quarter.	The trim.	Second Quarter.	Var.% Second Quarter. 15 vs 14			The half
2014	2015	2015		KEY OPERATING		2014	2015	Var. %
1584	1697	1754	10.7	Production of hydrocarbons	(thousand boe / day)	1,583	1,726	9.0
813	860	903	11.1	– Oil	(thousands of barrels / day )	817	882	8.0
120	130	132	10.0	– Natural gas	(million cubic meters / day)	119	131	10.1
19.09	25.62	22.39	17.3	Sales worldwide gas	(bcm)	45.85	48.01	4.7
7.75	8.47	8.35	7.7	Electricity sales	(TWh)	16.00	16.82	5, 1
2.38	2.04	2.29	(3,8)	Sales of products Petroleum Network Europe	(million tons)	4.54	4.33	(4,6)
1.36	1.43	1.33	(2,4)	Production petrochemicals	(million tons)	2.80	2.76	(1.6)

Exploration & amp; Production
The production of hydrocarbons in the second quarter of 2015 was 1.754 million boe / d, an increase of 10.7% (1.726 million boe / d in the first half; + 9%). Excluding the price effect on PSAs, production recorded an increase of 7.1% (+ 5.2% in the first half) due to the contribution of new start and ramp-up of fields started at the end of 2014 mainly in Angola, Congo, the United States, Egypt and the United Kingdom and to higher production in Libya. These increases were partially offset by declines of mature.

Gas & amp; Power
In the second quarter 2015 natural gas sales were $ 22.39 billion cubic meters, up 3.30 billion cubic meters (+ 17.3%) compared to the second quarter 2014. Sales in Italy increased by 45.5% to 10.58 billion cubic meters due to higher sales hub (PSV) and higher volumes sold in the civil segment due to climate, partially offset by a decline in sales to wholesalers and thermoelectric. Sales in the European markets of 8.37 billion cubic meters were down by 7.1%, mainly in Germany as a result of the divestment of the stake in GVS in 2014, and in the Benelux due to lower sales to wholesalers. Considering the first half, the comparison between 2015 and 2014 recorded an overall growth of Eni’s by 4.7% to 48.01 billion cubic meters.

Refining & amp; Marketing
In the second quarter of 2015, the margin indicator Eni (Eni Refining Margin Standard – SERM) has quadrupled in value in relation to the particularly depressed in the second quarter 2014 due to the fall in the price of Brent and of ‘appreciation of gasoline in a context of non-availability of production facilities for maintenance stops. But that still leaves the structural weaknesses of the European refining industry linked to weak demand, overcapacity and the competitive pressure from refiners of Russia, Asia and the United States with more efficient cost structures. Sales of petroleum products in the markets in Italy were 1.50 million tons in the second quarter, showing a decrease of 6.2% mainly due to the strong competitive pressure. The market share was 24.3% in the second quarter 2015, a decrease of 1.9 percentage points over the same period last year (26.2%). Retail sales in the rest of Europe in the second quarter 2015 were essentially stable.

Chemistry
The Chemicals benefited from restructuring and conversion of the business carried out in prior years and the improved margins of commodity (in particular the chain ethylene-polyethylene-styrene) incurred by the temporary shortage of product due to unplanned downtime of equipment, from a recovery in domestic demand and the depreciation of the euro that has made less competitive imports.

Change euro / dollar
The results of the second quarter and first half of 2015 benefited from the depreciation of the euro against the dollar ( -19.4% and -18.5% respectively in the two periods of comparison).

Develop business

At the beginning of July was started the giant field Perla gas offshore Venezuela, one of the most significant start-up in 2015 for Eni. The oil field operated by a joint venture with Repsol has been developed with a time-to-market of only five years, a time that ranks among the best in the industry through the use of prefabricated modules for the construction of treatment plants in ground, to minimize the construction work.
Pearl has a potential of 480 billion cubic meters of gas in place (3.1 billion barrels of oil equivalent) and full field plateau was planned in three phases for reduce and dilute investments: Phase 1 ( Early Production ) has a plateau production of about 13 million cubic meters / day (approximately 40,000 boe / day net to Eni) increased from 8.4 million cubic meters / day initially planned, the Phase 2 provides a plateau of about 23 million cubic meters / day by 2017 (approximately 73,000 boe / day net to Eni) and Phase 3 a final plateau of about 34 million cubic meters / day in 2020 (corresponding to approximately 110 kboe / d net to Eni).
The development of the field has been made possible by the signing of the Gas Sales Agreement with PDVSA for the three phases production until 2036. The gas will be used mainly by PDVSA in the domestic market.

It ‘been finalized an agreement with KazMunayGas for transfer to Eni of 50% of the rights of exploitation of the subsoil for research and production of hydrocarbons in block Isatay, located in the Kazakh waters of the Caspian Sea. The block, which is estimated to have a significant mining potential, will be managed by a joint operating company between Eni and KMG. Eni will provide the venture its proprietary technologies. The closing will take place in the coming months with the approval of the transaction by the Republic of Kazakhstan.

have been signed between the partners in the project development of Jangkrik gas discovery (Eni 55%, operator) and PT Pertamina two agreements for the sale of LNG to be produced from the field to a total volume of 1.4 million tons / year starting in 2017. These agreements are an important step forward for the finalization of the development Jangkrik, which represents one of the first gas projects in deep water in Indonesia developed a pattern of accelerated execution.

In Ghana, with the ratification by the competent authority, it was awarded the final investment decision for the development of the integrated project to Oil and gas OCTP (Eni operator, 47.22%). First oil is expected in 2017; the first gas in 2018. Peak production of 80,000 boe / day is expected for 2019.

In Egypt was signed with the competent authorities of the country an oil deal that provides for investments of $ 5 billion ( 100%) in the coming years aimed at the implementation of development projects of oil and gas reserves in order to exploit the potential local mining. In this area it was set out with counterparties changing some parameters and terms of existing oil contracts, whose economic effects are retroactive to January 1, 2015 were recognized in the accounts at June 30, 2015. The agreement includes the development of new forms of Recovery of overdue trade receivables owed by Eni supplies of hydrocarbons against state companies.
were also awarded three Concession Agreement to operate in the block in the Western Desert Southwest Melehia and blocks Karawan and North Leil offshore Mediterranean.

In Myanmar, following the participation in the International Competitive Bid, have been awarded two Production Sharing Contract (PSC) for the exploration of two offshore blocks MD-02 and MD-04.

In Norway have been awarded following competitive bid two exploration licenses: (i) the operatorship of PL 806 with a share of 40% in the Barents Sea; and (ii) the PL 044C with a share of 13.12% in the North Sea.

In the United Kingdom were granted four exploration licenses located in the Central North Sea and was completed the acquisition of three licenses in the southern North Sea.

In Angola has obtained an extension of three years of the exploration period the Block 15/06 where it was launched in late 2014, the West Hub project work.

Discoveries ‘near-field’: i) oil discoveries in Egypt and gas concession in Melehia with the well Melehia West Deep in the Western Desert and gas exploration prospect in Nooros, the license of Abu Madi West, Nile Delta; ii) in Libya finds gas and condensate in the contract area offshore D involving the exploration prospect Bouri and Bahr Essalam North South, both times in the vicinity of producing fields; iii) in Indonesia the assessment activities Merakes gas discovery in the deep offshore Block East Sepinngan (Eni operator, 85%), made it possible to significantly increase the volume estimates of gas in place. Evaluates the possibility of accelerated development of the discovery to maximize synergies with the nearby offshore field Jangkrik, also operated by Eni.

In the period included the following production startups:
(the ) Kizomba Satellite Phase 2, in block 15, offshore Angola, with a total of about 190 million barrels of oil recoverable reserves and an expected peak production of 70,000 barrels / day;
(ii) Cinguvu as part of the West Hub Development in Block 15/06 in Angola that includes the development of several discoveries modular block to support the production plateau. The field Cinguvu is the second to go into production after Sangos started in 2014. The two fields produce about 60,000 barrels / day;
(iii) Nene in Congo in Block Marine XII, just eight months upon obtaining the residence production at an initial level of 7,500 boe / day by leveraging synergies with the front-end loading and infrastructure of the deposits of the area. The complete development of Nene will happen in stages and involves the installation of production platforms and the drilling of 30 wells, with a plateau estimated at more than 120,000 barrels / day;
(iv) in the Gulf of Hadrian South Mexico with a daily production estimated at 10 million cubic meters of gas and 2,250 barrels of liquid hydrocarbons (approximately 16,000 boe / day net to Eni) and field Lucius with an estimated daily production of about 7,000 boe net to Eni;
(v) West Franklin Phase 2 in the UK and Eldfisk 2 phase 1 in Norway.

Offer to repurchase the convertible bond into shares Galp Energia
As part of its offering of € 1.028.100.000 maturing in 2015, convertible into ordinary shares of Galp Energia SGPS SA, Eni, as issuer, has accepted the offer of sale by the holders of the bonds for a nominal amount total of € 514.9 million in exchange for payment in cash. The operation was performed on the basis of a competitive auction process. The purchase price of the bonds validly tendered was set at € 100 400 for each € 100,000 nominal value of the bonds. The settlement date was June 4, 2015. Eni paid, in addition to the purchase price, interest accrued and not paid until the settlement date. Bonds repurchased by Eni will be deleted in accordance with related regulations, while bonds that have not been offered for sale and / or repurchased will remain outstanding and subject to its regulation.

Versalis
signed a technological cooperation agreement with EVE Ecombine and Rubber Institute for the development of an innovative integrated technology platform that aims to market a new range of elastomeric materials with high mechanical performance and low environmental impact.
signed an agreement with the Indian company Reliance Industries Ltd for the marketing of styrene-butadiene rubber.

Corporate Social Responsibility
In May 2015 was awarded to the Eni ” Corporate Social Responsibility Award ‘for its contribution to sustainable development in the territory in which they operate and in corporate social responsibility. The values ​​that have distinguished Eni included the promotion of human resources, environmental protection, community development, culture and technological innovation.

Eni and the Politecnico di Milano have renewed until 2018 collaboration agreement aimed at supporting, in accordance with criteria of economic, environmental and social innovations border processes and technologies in the oil & amp; gas.

Outlook

The outlook for 2015 is characterized by moderate strengthening of global economic growth led by the United States. Remain risks to the strength of the recovery in the euro area, the extent of the slowdown in China and other emerging economies and financial stability.

The IMF: first a solution on the debt or no aid to Greece – Il Sole 24 Ore

History Article

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This article was published on July 30, 2015 at 19:14.
The last change is the 30 July 2015 at 20:34.

The International Monetary Fund does not intend to participate in the third rescue program of Greece (86 billion euro ) until a solution is found on the sustainability of Greek debt. A public debt accumulated mainly towards the countries of the Eurozone. ‘To ensure debt sustainability in the medium term, difficult decisions are needed on both sides. Greece on the side of reform, to its European partners on the side of the Greek debt, “he said, on condition of anonymity, an official of the Fund. “Needless to pretend that only one party can solve the problem. It is clear that it will take time before the parties are ready to make these decisions “, stressed the source.

It is a new tile sull’accidentato obstacle course to get to the salvation of Greece. Shortly before the Financial Times had quoted a confidential document of the Fund in which it is explained that Athens does not meet the requirements to go-ahead to the aid for the high level of debt and the slow implementation of reforms. According to the document seen by the Financial Times, the IMF staff yesterday exposed the matter to the board of the organization in Washington at a meeting which lasted two hours, creating new uncertainties on the Fund’s involvement in the rescue of Athens.

However, says the FT, this position does not exclude the fact that the IMF take part as of now in the negotiations initiated in Athens, but implies that for months could postpone the decision on its participation in rescue, potentially even up to ‘next year. This uncertainty explains the financial daily, would have an impact especially on Germany, where it is always considered “impossible to get the approval of the Bundestag to the new bailout of € 86 billion without the support of the IMF.” One more arrow over Schaeuble to return to the office and ask for the temporary exclusion of Athens from the Eurozone so that it would become a currency variable geometry.

The decision of the IMF – later confirmed as told by a senior albeit under strict anonymity – adds in any case a substantial difficulties in the negotiations just started from creditors with the Greek Government. At the moment there are no official political reaction, but the first consequence is that it might be more complicated for some parliament (from the German) give the green light. The IMF position is consistent with the arguments so far: will participate directly in the new program only in a second step after that Athens will have agreed on a comprehensive set of reforms and when he has found with the governments of the euro zone agreement on debt relief. This orientation of the Fund will cause problems for European governments have always indicated that the debt will be discussed in the fall and now will have to accelerate.

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Fca: leaps quarter net profit (+ 69%), 2015 target upwards – ANSA.it

TURIN – Net profit increased by 69%, revenues by 25% and 2015 target revised upwards. Fca The board, which met in London under the chairmanship of John Elkann, approved the accounts record in the second quarter, the title of the Italian-American automaker flying stock market (+ 5.7%) and Standard & amp; Poor’s revised its outlook from ‘stable’ to ‘positive’, confirming the rating of ‘BB-’. With the possibility that proceedings on the group, should be removed deed restrictions that limit the flow of cash between Fca Fca and Us, “can be raised over the next 12 months in a step to ‘BB’.” “I have no bad news to be announced,” said the financial analysts to Sergio Marchionne, who speaks of “satisfactory results”. And, after confirming that the recovery plan of Alfa Romeo – “we will surprise you” – and that the listing of the Ferrari will be “in the fourth quarter of 2015″, denies the rumors in recent days on the sale of Magneti Marelli. “There is no immediate plan to sell it. He is doing a phenomenal job – claims about the company’s components Fca – and then work to develop it.” The accounts, therefore, all positive. Fca closed the second quarter of 2015 with net profit of 333 million euro, an increase of 69% compared to 197 million euro in the second quarter 2014. Revenues at 29.2 billion euro, an increase of 25%, an increase of EUR 5.9 billion compared with 23.3 billion euro in the same period of 2014. The industrial debt at June 30, decreased by 0.6 billion euro compared to the first quarter. Liquidity remains at 25.4 billion euro. Here then improve, and also significantly, targets – on which the announced transactions involving Ferrari have no impact – of the current year: revenues of over 110 billion euro, compared with about 108 expected before; Adjusted EBIT equal to or more than 4.5 billion euro, from a range of between 4.1 and 4.5 billion euro; Adjusted net profit of between 1 and 1.2 billion euro, with a basic earnings per share adjusted in a range between 0.67 and 0.77 euro. Deliveries of cars globally, according to the plates provided, are about 4.8 million. The only sore point, if they just want to find one, is the “marked weakness” of the Latin American market, where sales dropped by 32%. But Sergio Marchionne reassured analysts: “We have identified the areas of intervention,” he says, to “return to profitability” in this area. Another weak point are the calls of self, which in the United States concerned since 2009 about 11 million cars and for which in recent days has reached an agreement with Fca NHTSA – the American authority in charge of security in the car world – from about $ 105 million. “We have to adjust to 100% – said Marchionne – on this we will do better.”

POINT 2-Fca, leap Naphtha margins, but need a lot of work to get to Ford, GM – AD – Reuters Italy

(Rewrites, adding statements Marchionne)

MILAN, July 30 (Reuters ) – Fiat Chrysler (Fca) surprised the market with margins in North America, well above expectations, but admits that to achieve competitors Ford and GM there is still much work to do.

He said the CEO Sergio Marchionne in the conference call on quarterly results, which proved to be better than expected and have pushed the shares to rise by more than 5%.

“We must not fall in love with these numbers, “said the CEO in respect of data for NAFTA. “They are an indication, we still have much work to do to bridge the gap” with competitors.

Fca has improved in North America, mainly due to the fact “that we have become smarter about pricing,” said Marchionne.

The CEO sees the break-even by the year in Brazil, where he is now suffering from the economic crisis and for the costs of start-up of ‘system of Pernambuco.

Maserati volumes in 2015 may be slightly lower 2014, but by the first half of next year there will be the launch of the SUV Levante.

In the area of ​​integration with other large groups, Marchionne has guaranteed not to have changed his mind, since April 29, when he strongly emphasized the need for consolidation in the sector.

More …

South Italy, SVIMEZ: recession in 7 years, GDP worse than Greece – Reuters Italy

       

ROME (Reuters) – In 2014, the southern Italian regions recorded the seventh consecutive year of recession, while the gap in GDP per capita between the South and Center-North touched the highest for 15 years.

       

He says the SVIMEZ, Association for the Development of Industry in Southern Italy, in anticipation of the Report 2015, presented today.

       

According to the study, in 2014 GDP fell by 1.3%, a slowdown compared to 2.7 in 2013. But last year the GDP in the Centre-North was -0.2% , with a difference between the two areas of more than 1%.

       

“The worst performance of Southern GDP in 2014 is mainly due to a more favorable trend in domestic demand, both for consumption and investment,” said the association in a statement.

       

If you look then to the gross domestic product per capita, the gap is the highest level since 2000: in 2014 the GDP of an inhabitant of the South amounted to 53.7% of the national value.

       

Considering the period 2001-2014, the South Italy has recorded a decline in GDP of 9.4%, compared to 1.7% in Greece.

       

The report also indicates a decrease in consumption, which last year in the South fell by 0.4%, and a total of about 13% over the period 2008-2014, more than double the national average (-5, 5%).

        
       

On the site it.reuters.com news Reuters in Italian. The top news also on www.twitter.com/reuters_italia

       
          © Thomson Reuters 2015 All rights assigns Reuters.

Perfume becomes entrepreneur – BBC

Square AFFAIRS

Milan , July 29, 2015 – 19:35

     
     
 

Alessandro Profumo and managers of Equita Sim win control of one of the most renowned companies the financial Milan, the former Euromobiliare Sim, noting the majority from the bottom York Jc Flowers.

Under the agreement, the outgoing president of the Monte dei Paschi di Siena and former managing director of Unicredit, create a vehicle for the acquisition of Equota attended by Francesco Perilli, Fabio Deotto, Matteo Ghilotti, Stefano Lustig and Andrea Vismara. Managers involved in the operation also will buy an additional stake of the company through Manco, who already ‘participates in the capital of the sim. Perfume will ‘president, while Perilli remains CEO. Thierry Porte ‘, managing director of J. C. Flowers, joined Equita in 2007, will hold the post of vice president with the new shareholding structure.

” This partnership fits perfectly with my plan of action in support of the Italian media company, “he said Perfume. Perilli, for his part, noted that due to the operation “Equita again become a reality completely independent and fully Italian capital.” Profumo, 58, announced on July 24 the release by MPS after three years at the top, where from August 1 is replaced by Massimo Tononi. Last March Profumo announced in an interview with Corriere the project to become an entrepreneur: “I want to build a structure that provides capital and support to entrepreneurs who want to grow and become medium large. Italy is full of entrepreneurs with passion and method they want to make the jump. “
Is the last hour, finally, news of co-option, and indeed the return of perfume on the board of Eni for Luigi Zingales, who resigned on July 2.

29 July 2015 (modified July 29, 2015 | 19: 49)

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Holiday homes, the queen price remains Santa Margherita – ANSA.it

Santa Margherita Ligure followed by Forte dei Marmi and Capri. There are variations in the localities “in command” and also in the top ten in housing prices in tourist areas.

The range is still very large, ranging from 14 500 euro per square meter of upper bounds the lower ends of Serra San Bruno (VV) and Porto Rosa (ME) with minimum values ​​of housing devices used in the order of 400 €.

Location meter price variation on
square position 2014

1. Santa Margherita Ligure (GE) = 14.500

2. Forte dei Marmi (LU) = 14.000

3. Capri (NA) = 13.500

4. Madonna di Campiglio (TN) = 12.700

5. Courmayeur (AO) = 11.400

6. Cortina d’Ampezzo (BL) = 11.000

7. Selva di Val Gardena (BZ) = 9.800

8. Porto Cervo (OT) = 9.600

9. Anacapri (NA) = 9,300

10. Porto Rotondo (OT) = 8,700

11. Sirmione (BS) 8,500 na

12. Corvara (BZ) 8,400 -1

13. Sestri Levante (GE) 8,300 +1

14. Alassio (SV) 8,200 -2

14. Ortisei (BZ) 8,200 +1

14. Sorrento (NA) 8,200 -2

US stocks, indexes slightly up, waiting for Federal Reserve notes – Reuters Italy

July 29 (Reuters) – US indices slightly rise today, in view of a statement from the Federal Reserve that could give clues as to the timing of a rate hike.

Investors are focused on the outcome of the two-day Fed meeting, with the markets divided on whether it can take positions hawk or dove. No move on rates is expected this week.

In a recent appearance before Congress, the Fed President Janet Yellen did not rule out a possible rate hike in September but has not even hinted that it is a sure thing. The statement is expected at 20 hours Italian.

The recent fears over crisis greek debt and the drop in Chinese markets prompted some investors to bet that the Fed will keep interest unchanged until the end of the year.

“If the Fed continues to be relatively neutral tones probably markets will continue to stabilize,” says the strategist at Societe Generale Alvin Tan.

At around 17, the Dow Jones rises 0.48%, the S & amp; P 500 of 0 , 44%, and the Nasdaq composite 0.19%.

Akamai Technologies lost more than 7% after forecasts for the quarter fell short of expectations.

The expected results after the close of Wall Street include Facebook, MetLife and Whole Foods Market.

Twitter loses 12.9% at year lows after the company reported that the average monthly number of users has increased at a slower pace since listing in 2013. More …

The ultimatum of Alitalia in Fiumicino: “Without serious investments leave the airport” – The Republic

Milan – Without a serious investment plan for the relaunch of Fiumicino, Alitalia will leave the airport in Rome. The warning comes by directly by CEO of the former national airline, Silvano Cassano, who says: “If Fiumicino will continue to focus on low cost airlines and mediocre services – said in a statement -, Alitalia will be forced to shift its growth elsewhere “. A tough stance that comes along with the counting of the damage suffered by the carrier as a result of the fire that broke out on May 7 last year at Fiumicino airport: Alitalia has since lost 80 million Euros, but can calculate “the total amount of damage only when the airport will start operating to pre fire. “

On the other, the statements come in another day of tension for salo Rome: Alitalia has blocked all of its flights take off for a fire in a pine forest near Fiumicino. Via Twitter, the company has said: “Fire near airport #fiumicino. Placed block all takeoffs. They follow updates”.

According Cassano “Fiumicino airport is not yet an appropriate infrastructure to serve as the hub of a company with our ambitions.” The manager then reiterated that the recovery plan of the company is “complex, in one of the sectors to greater competition in Italy and around the world”, but the problems of the Roman airport “stem from years and years of inadequate investment and planning and are now Structural hope less attention to finance and more attention to the market and the needs of the passengers. ” Because of the fire, he continues to, “we had a difficult period, but we gave up in any controversy and we focused entirely on the service to passengers, to reduce the inconvenience.”

Now, however, Alitalia is ready to go on the offensive determined to obtain compensation for damages “for the cancellation of thousands of flights and for a multitude of operational problems that have highlighted the fragility of the airport infrastructure as a whole. The recent reopening Terminal 3 has in fact decreed the end of the emergency phase but not the end of many problems and limitations that still have heavy impact on airport operations. ” Cassano then recalled that “Alitalia is the only airline to have its hub in Fiumicino and possessed 50% of the total number of flights the airport”.

Arguments:

Alitalia

Fire Fiumicino

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