Entertainment World News Online: November 2015

Monday, November 30, 2015

Ghizzoni: “Piano turning Unicredit Support for shooting and more digital” – BBC

INTERVIEW

Milan , November 30, 2015 – 11:26

Milano “We have chosen a path somewhat inaccessible …”. Followed by a short pause: “But if the problems are not addressed, they do not disappear by themselves ….” Federico Ghizzoni, class ’55, to Unicredit has spent his entire professional career. Since 1980. The CEO has just returned from the road show, “This plan will be able to take it home. And we’ll take him. It is undoubtedly a challenging plan because instead of maximizing profitability in the short we wanted to deal decisively with some problems. Strong cost reduction to improve efficiency and cost-revenue, exit or restructuring of insufficiently profitable activities and finally to the drastic reduction of suffering – with a better relationship between suffering and jobs – which we intend to pursue with determination , as sooner or later all banks will do. All this compresses the income statement in the short term but helps to create significant value in the medium. The market reaction did not surprise me: some investors with short-optic have disinvested but other investors, “long only”, ie with a longer time horizon, have instead bought Unicredit. I am sure that they will be amply rewarded for their choice. “

A savings plan very intense with almost 18,000 staff cuts, made disposals, reorganizations beginning with Bank Austria .. .

“I want to say right away. The assessments have focused a lot, maybe too much, reducing costs. But ours is above all a plan of growth and transformation of the bank. For example, we aim to have one million customers in more than a year, objective already reached in 2015. consolidate our leadership in the European market of corporate and investment banking where we serve over 6,000 corporations and more than 300,000 small and medium. I think the private banking or the Central-Eastern Europe, where we want to continue to be number one. And then there’s the digital revolution is an endless race, and we, investing more than $ 1.2 billion, we want to finish in the top. “

Now the counter the files are a thing of the past.

” 85% of the work is done through internet banking, mobile phones, tablet. We want to get to 90%. Meanwhile, we are completely redesigning the way of banking. Through the use of big data and analysis of information on our customers, we aim by 2017 to instant loan for 40% of credit to households. “

“It will be possible to assess the reliability of customers in a super-fast and provides the loan in a few minutes. The same could happen in the corporate world starting from small businesses. In this case count, as always, management’s assessment and the history of the company, however, will be supplemented by information received and processed in real time on everything surrounding the company, from customers and suppliers. This will increase the supply of credit and its quality. This for us is the digital revolution. “

We will require fewer and fewer people at the counter.

“This is partly true, but there will also be a shift from support areas to business activity real. Over the next two years, for example, only Italian will be at least a thousand colleagues who will make this step. “

But credit to businesses is still in slow motion …

“I would not say. In the three years we hope to provide from 170 to 180 billion of new credit. 100 billion in Italy, 60 businesses and 40 families. Only for mortgages we think that about 250,000 Italian families decide to buy a house with Unicredit. “

You do not seem to be too optimistic …

“The climate, albeit slowly, is changing. The companies, after years of blockade, have resumed investments. Difficulties remain, but the positive signals are strengthened. One year ago on 100 euro loan requested, 90 were used to refinance old debt. Now 30-40 percent serves to growth plans. A turning point. “

But for banks to live with zero interest rates is a competitive scenario ever seen before.

“Until 2018 we think that rates will remain so. But thanks in particular to our presence in Central and Eastern Europe, where net interest income is almost double compared to the other countries of the continent and the demand for credit is more sustained, the group will also grow in the generation of net interest income. ”

About the foreign network, Unicredit bank is perhaps the most international of Italian institutions. Which in a period of turbulence as this, from Turkey to Russia to Ukraine, it is not proving a strength. But …

“The international presence as extensive offers benefits in terms of economies of scale and diversification. Today the economies of Central and Eastern Europe are growing almost twice the euro. There are times when the geographical diversification can create problems, but on a longer time the benefits are much higher than just a domestic presence. A number? Two thousand today from the Central and Eastern Europe has given about 15 billion of profit to the group. Even more so if we include Poland. “

The plan provides for the thing and businesses?

“In Europe we are the first bank in terms of total corporate credit disbursed and by number of customers; We are among the European leaders in trade finance and capital market now we go into all the investment banking major. We want to grow again. But we do not limit our ambitions to businesses. Even in private banking, where only Italy we manage over 100 billion euro of which approximately 30 in the higher-end customers, and that is by 5 million of assets in, we have great growth potential. Going back to the group in three years we aim to grow the total financial assets of our customers from 870 to around 1.1 trillion. “

“With Santander’s all agreed. We expect only the green light from the authorities. Together we will be in Santander in the top ten groups in Europe, with a worldwide network of over 20,000 branches. The new size will allow us to grow even faster in the segment of institutional investors that is more consistent and less cyclical than retail. “

Meanwhile in Italy in the system there is a mountain of sufferings to manage …

“A few have been noticed, but in the next 3 years we reduce our problem loans of 31 billion. In recent years we have made significant accruals and today we have the highest loan coverage in Italy. A major effort to address the problem. Maybe more than they did others. “

And the project for the bad bank system?

“At this point it is a confrontation between the government and Brussels. Or you find a solution within the year or is it better to think of anything else. Discuss, discuss. I do not understand the behavior of the EU legalistic. “

But something has been done with the rescue of Bank brands, Banca Etruria, CariChieti, CariFerrara?

“We wanted to make an intervention system for avoid a disorderly bankruptcy and a disorderly reaction of customers. All of it was interest. From January 1 will enter into force the new rules. “

is hard to resist with Pay- pal who steals the job.

“Now for payments There are app, start-up, money transfers directly with mobile phones. An open field where we have to play a very important paper: security. In uncertain times like these the bank still has a crucial role: it can ensure quality and simplicity along with the security of the service. Unicredit for the payments business is extremely important. Payment is itself a question, tells you who is the customer, his needs. Used very little information so far but indispensable in digital optical “.

How’s your investment in Mediobanca?

“We are satisfied. The development work abroad and also in retail the results are good. “

” We are waiting plan. We asked him stand still and we granted. Expect to see the industrial project that will arrive in December. “

You went through days with the complicated ‘ investigation on the loans and the involvement of the Vice President Fabrizio Palenzona …

“they have been said and heard much things. But now it is clear that the governance of the bank held, I have no doubt to say that again. The opening of the internal I signed myself with the president Giuseppe Vita and the board has been kept constantly informed. Personally, I was ready to make all the decisions of my competence. Then everything is clear both internally and judicial. “

November 30, 2015 (modified November 30, 2015 | 24:47)

IMF promotes the yuan: the Chinese currency in the global reserve currency – TGCOM

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IMF promotes the yuan: the Chinese currency in the global reserve currency

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Video Tgcom24 – Economy

30 November 2015

In the SDR basket will weigh for 10.92%. Are already part of the unit of account of the Fund the dollar, the pound, the euro and the yen

19:38 – International Monetary Fund has promoted the yuan in the global reserve currency. The Chinese currency, thanks to the green light by the IMF executive board, thus enters the basket of currencies that determine the value of the Special Drawing Rights (SDRs). They are already part of the unit of account of the Fund the dollar, the pound, the euro and the yen. The official entry of the yuan will be in October 2016.

IMF promotes yuan: the Chinese currency in the global reserve currency

the yuan basket “better reflects the global economy,” said the director of the Fund, Christine Lagarde . The Chinese currency will weigh for 10.92%, against 41.73% of the dollar, the euro of 30.93%, 8.33% of the yen and the pound dell’8,09%.

The green light given by the board of the IMF is seen as a vote of confidence in the economy cines and . And China, in fact, welcomes the decision of the IMF. The Central Bank, in a statement, ensures that Beijing will accelerate the financial reform and opening up of the market.

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Public debt, interest payments fell by 5 billion in 2015 – The Messenger

Target achieved: in 2015 the interest payments on the public debt will stop 5 billion more in comparison to the level of last year.

The announcement of Maria Cannata, the Ministry of Economy that guide the general direction of public debt, confirming the signs appeared two months ago in the Update to the Def (Document of economy and finances). At that time the total expenditure for debt service were quantified for 2015000000000-70000000000 account a little more than 75 last year.

Cannata spoke at the press launch of a new document, Report on the public debt relative to 2014: the meeting was also attended by the Director General of the Treasury Vincenzo La Via and – for a few minutes at the beginning – Economy Minister Pier Carlo Padoan.

Padoan He wanted to clarify, than the interpretations given to a recent interview, which for 2015 is confirmed the estimate of GDP growth to 0.9 percent, despite the possible adverse effects related to the threat of terrorism.

As for the debt, the minister reiterating that next year will begin to fall in relation to GDP, noted that the path of descent is slowed by very low inflation (expected to “inflate” the nominal GDP which is the denominator of the ratio): for this aspect Padoan said to “count on the ECB.” The minister, along with the same Cannata, then explained how the publication of the report responds to a logic of transparency, but must live with the necessary confidentiality of certain sensitive issues, such as the management of derivatives (contracts for financial counterparties ” ensure “the public debt against serious risks such as a rise in interest rates).

On this subject, the subject in recent months of criticism and requests for clarification, it is unthinkable to impose state secrecy, observed Cannata. But many actions relating to derivatives are likely to remain reserved. For example, the Treasury does not intend to say what the counterparties with which the individual agreements are concluded. In 2015 the management of derivatives should weigh the interest payments to 3.5 billion, the same as last year.

Monday, November 30, 2015, 15:53

BECOME A FAN OF THE MESSENGER

Padoan: real GDP growth confirmed for this year to 0.9% – Il Sole 24 Ore

History Article

This article was published on November 30, 2015 at 13:39.

The real GDP growth this year is ‘confirmed’ 0.9 percent. This was stated by Minister of Economy, Pier Carlo Padoan, during the presentation of the report to the Treasury on debt in 2014. “The real growth is confirmed by our evaluations and not denied as some controversy of the weekend might suggest.” The Italian public debt is “high”, but for Padoan “will begin to ascend from 2016″. Even if, however, “it would be useful that inflation was a little ‘higher. We rely on the European Central Bank, which is insisting on an unorthodox monetary policy. “

The process of privatization will continue
The government is determined not to leave the road of privatization. The process “will continue,” after “Poste Railways have started and will continue.” Pier Carlo Padoan said that “privatization revenues are one-off” and will contribute to the decline in debt.

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Inflation slows in November: -0.4% monthly and + 0.1% per year – The Republic

Milan – Inflation slows in November 2015 to 0.1% on an annual basis, “reduction of two-tenths of a percentage point compared to the value registered in October. ” So Istat, which traces a reduction of two-tenths of a percentage point compared to the value recorded in October (+ 0.3%). On a monthly basis, the consumer price index falls 0.4%. These data arriving in the week leading up to the ECB to decide on possible new measures to support the economy of the Eurozone: the Central Bank’s mandate is precisely to bring prices close to 2%, but the trend is to now far from that goal.

How do you explain the Institute of Statistics, “the slowdown in inflation was mainly due to the reduction in the amplitude of the trend growth of recreational, cultural and personal care (+0 , 4% from 1.4% in October), caused mainly by services Restaurants and hotels (+ 0.7% from + 2.1% the previous month), to which is added the containment of prices Food unprocessed food (+ 3.2% from + 4.1% in October). These developments are partly offset by the slowdown in the fall in prices of non-regulated Energy (-11.2%, from -12.7% in October ) “. Net of unprocessed food and energy prices, the so-called “core inflation” down to + 0.6% (from 0.8 in October); net only energy goods amounted to + 0.8% (from + 1.0% the previous month).

A month after the closing of the year, the inflation for 2015 ( which is that which would occur without changes to December) is stable at + 0.1%. In the survey states that the price of food, care of the house and of the person increased by 0.3% MoM and 1.3% YoY (slowing from 1.5% in October) It is the ‘shopping cart’. Product prices high frequency of purchase did not vary in economic terms, a decrease trend stable at -0.1%. According to preliminary estimates, the harmonized index of consumer prices (HICP) decreased by 0.5% on a monthly basis and increased by 0.1 year on year, slowing from 0.3% in October.

Arguments:: inflation; Prices; istat

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Sunday, November 29, 2015

Work, 3000 Enel places: the agreement signed with the unions – Blasting News

‘ Enel has announced the upcoming intake 3000 young . The main Italian energy company has signed an agreement with the unions category, Filctem-Cgil, Cisl-Flaei, Uiltec-Uil, for creating 3000 jobs that, thanks to contextual early retirement 6000 workers , will help the generational change, which is key to give the Enel Group new energy to cope with the changes required by the crisis in the sector.

Recruitment Enel, the agreement with the unions

The agreement reached by the Enel Group with unions is the most impressive business plan ever written in the history of the company energy and functional ad appears, as in recent days, its intention to focus strongly on renewable energies with Enel Green Power .

In addition to the 3000 jobs , is also provided for the stabilization of workers currently employed with contracts of administration and the recruitment of categories protected.

Confirmed for the coming years also the adherence on the part of Enel , projects of school-work, which have so far participated in 145 high school students, who They will enable young people to gain experience and to have a real employment opportunities .

Early retirements and ‘safeguard clause’

The business plan presented by Enel Group and approved by unions Cgil, Cisl and Uil, provides, in addition the hiring of 3,000 young people , 6000 early retirement that the underwriters of the Agreement defines ‘escort to the board early’ for the period 2016-2020. The 6,000 early retirement will be as provided by law, all paid by the company.

Very important for the insertion into a ‘safeguard clause’, as required by Unions , to ensure workers who use the early retirement from any subsequent amendments to the Law Fornero. It is intended, in this way, to avoid the risk of creating a new wave of esodati .

Markets in suspense: Dragons before deciding on Qe and rates, then the US labor – The Republic

Milan – Waiting to see the data as Black Friday began the Christmas season in the US, next week will be crucial for the global economy: the monetary policy meeting of the ECB is added, in fact a plethora of important macroeconomic data from the United States besides the expected entry of the yuan as a ‘reserve assets’ on international markets. Geopolitical tensions in the Middle East and the related volatility of oil prices are complicating the picture that is next week’s potentially one of the most important moments of the year for global investors.

Euro and ECB. Pending then the ECB meeting on Thursday, when Mario Draghi is expected to announce an expansion of quantitative easing, the euro remains weak near the lows of seven months against the dollar: the expectations of further expansion of unconventional operations of the ECB are high, but one of the options on the table of the Dragons is to cut even the deposit rate, that is what banks pay now (since the rate was -0.2%) when they leave their money parked at the ECB. The Q and prohibits to purchase securities that make less than the limit, but since the fall of spreads now are many bonds were yielding negative in Germany are below zero yields up to seven years. This involves a problem of “scarcity” in the market of securities potentially be purchased by the ECB.

Inflation and US jobs. This week, however, it is also full of events economic: on the front European attention is focused on the flash estimate of consumer prices for November. HICP inflation could earn 0.1 percentage points to 0.2% in November and is expected to be driven mainly by slightly rising prices of food, alcohol and tobacco, thereby offsetting a further decline in the price of energy yearly. The “Core” inflation, meanwhile, should remain broadly stable around its October level of 1.1%. Although inflation in non-energy industrial goods is expected to increase further in the wake of a weaker euro, services price inflation is expected to moderate slightly in November, it is estimated, from 1.3% to its level of July- September 1.2%. On the American attention is taken instead before ISM index, then he gave the most anticipated: the labor market. Estimates indicate that growth of 170,000, with the unemployment rate steady at 5.0%. After the good performance in October, however, it seems unlikely to expect the data to deter the Fed to carry out a rate hike in mid-December.

Monday.
Japan: retail sales, October; industrial production, October; speech Kuroda (BOJ)
Germany: retail sales, October
Italy: consumer prices, in November; industrial producer prices, October
US: Chicago PMI index, November

Tuesday.
Japan: Manufacturing PMI final, November
Italy: PMI manufacturing, in November; monthly unemployment rate, October; final reading of GDP for the third quarter
France: PMI manufacturing final, November
Germany: rate dissocupazione, November; PMI manufacturing in November
Eurozone: PMI manufacturing final, November; unemployment rate, October
UK: PMI Manufacturing, November
US: Construction spending, in October; ISM manufacturing index, November; vehicle sales, November

Wednesday.
Eurozone inflation, October
Use: new jobs, ADP estimate, in November; Productivity third trimestreinale third trim.

Thursday.
France: unemployment rate, third quarter; PMI services, November
Italy: PMI services, November
Germany: PMI services, November
Eurozone Composite PMI final, November; retail sales, October; ECB rate announcement; press conference Draghi
UK: PMI services, November
US: factory orders, in October; ISM non-manufacturing index, November

Friday.
Japan: household confidence, November
Germany: Factory orders, October
Spain : industrial production, October
US: trade balance, in October; employment report, November

The economic week: Dragons charging the ‘bazooka’ – AGI – Agenzia Journalistic Italy

12:02 November 29, 2015

 (AGI) - Rome, Nov. 29 . - And 'the directors of the ECB on Thursday' the appointment of the week more 'expected by the markets. A further lowering of deposit rates, already 'in negative territory, and an extension of the program of' quantitative easing ', extended to bonds of local authorities, are the measures that should be announced by Mario Draghi, struggling with a' Eurozone where inflation and growth continues to lag, especially for the continued decline in commodity prices. In this regard, it will be 'crucial summit on Friday OPEC', although few observers to bet on a change of course. The decision, supported by the Saudis, not to cut production to maintain market share, despite the drop in prices, it is therefore bound to confirmation. From the macroeconomic point of view, the main event arrives Friday ', with data on the US labor market which, together with the' beige book 'published the day before, will offer more clues on the timing of the rise in the cost of money  announced by the Federal Reserve, whose president, Janet Yellen, and 'waiting on the same days from Congress for an audition. The markets, however, seem to have already '' priced 'the hypothesis of a close in December. - Monday 'on November 30 ITALY: inflation in November, producer prices in October GERMANY: Retail sales in October and November inflation SPAIN: retail sales in October, the balance of payments in September GB: the Bank of England publishes the results of stress test US: pending home sales JAPAN: Industrial production in October; says the governor of the BOJ, Haruhiko Kuroda. - Tuesday 'Dec. 1 EUROZONE: October unemployment ITALY: October unemployment, GDP for the third quarter GERMANY: Unemployment in November USA: ISM manufacturing index in November, construction spending in October, Charles Evans speaks Chicago Fed CHINA: PMI Services November - Wednesday 'December 2 EUROZONE: Inflation flash of November, prices October production SPAIN: unemployment in November  US: ADP report on private sector employment, weekly crude stocks, the Fed's Beige Book, the Fed President Janet speak Yellen and Dennis Lockhart of the Atlanta Fed - Thursday 'December 3 ECB rate decision and the extension of the' Q, ', the press conference of President Mario Draghi EUROZONE: retail sales in October FRANCE: unemployment in the third quarter USA: weekly data jobless claims, factory orders in October, ISM services index in November, hearing of Fed Chairman Janet Yellen BRAZIL: Industrial production in October - Friday 'December 4 GERMANY: Factory orders for October USA: new jobs and unemployment November, the trade balance in October, Mario Draghi and William Dudley of the New York Fed Economic Club OPEC: summit in Vienna on production. (AGI).

Enel early retirement for 6,000 employees and assumptions for 3000 young people – Baritalia News

Enel-agreement-reached-for-5-years-3000-new-hires

A historic agreement was signed by the leaders of the trade union industry and energy group Enel through the intermediary of the ministry statement.

The group Enel had the need to reduce labor costs for big budget problems.

The agreement with the trade unions was found on the basis of the early retirement of many workers and the recruitment of many young people.

The Enel thus become a more young and more streamlined which will focus on the development of the industry now cured Enel Green Power of alternative energy.

There will be around 6,000 workers of Enel, close to retirement, will go into early retirement.

The early retirement under the current pension law, can only occur when all the costs are borne by the company that puts in place.

Enel, with the maxi planned for early retirement agreement signed last night with the unions CGIL, UIL. CISL, in five years will have to pay an amount exceeding one billion euro.

With the agreement signed between unions and Enel many workers over sixty will have access to the board and give space to young people.

A night of negotiations between unions and management Enel led to the signing of an important agreement.

Enel Spa, which has 68,000 employees across Italy, has decided to launch one of the biggest plans restructuring of its history with more than 6,000 people over the next five years will go into early retirement.

Enel, in agreement with the CISL, UIL and Cigl has also decided to provide jobs for 3,000 young people.

An important agreement that was signed immediately after the news that Enel Spa in the coming years with Enel Green Power has decided to invest heavily in renewable energy.

To make known the signing of the Agreement have been the same unions that have communicated with the leadership that Enel signed an agreement for the accompaniment retired 6,000 workers and hiring 3,000 new units will mainly be young people.

business plan very innovative in Italy and the first that has such a strong impact on employment will be completed in five years, from 2016 to 2020.

The unions have disclosed the news with the following note: “the agreement calls accompaniment to early retirement for about 6 thousand employees in the next five years (2016-2020), as provided for by article 4 of the law Fornero, and contextual work placement for 3 thousand young people. “

And ‘it expected in the very important agreement also an “escape clause” for the 6,000 employees in the process of access to the board.

The safeguard clause was strongly supported by trade unions to do so that the 6,000 workers who will retire in five years will not suffer penalties from possible changes in the law Fornero.

The unions have also reported that: “The agreement confirms then the agreement on apprenticeships in school-work that, until now, has already enabled 145 young high school to enrich the curriculum with a practical work experience and recruitment opportunities in the Enel Group “.

With the ‘ agreement signed between the unions and the management of Enel puts in place a generational change that will result in the stabilization of some guys already contracted as at the major Italian companies and the hiring of many new young people for a total of 3000 units.

Finally a very good news for the many young people seeking work in a country like ours where youth unemployment has reached in recent years unprecedented levels.

Recruitment for 3 thousand young Enel and early retirement to 6,000 workers – Blasting News

Enel has signed an agreement with the unions Cgil, Cisl and Uil for the early retirement of 6 thousand workers. The agreement provides that many workers over sixty will have access to early retirement to make way for 3 thousand posts work for young people. The agreement signed provides that the ‘ Enel will have to pay in five years, a figure of about one billion Euros.

Enel signed an important agreement with the unions: taking 3 thousand young people

‘ Enel , with more than 68,000 employees throughout Italy, he has decided to undertake a major restructuring plan, with over 6000 employees with an age close to retirement who, over the next five years, could also be included in the plan early retirement stipulated in the agreement signed with the unions and with the provisions on pensions by Law ‘Fornero’ . The new agreement was announced by the trade unions with a Communication which provides the board of 6000 and concurrently the workers’ intake of 3000 jobs that will be especially for young people waiting for work. It is a business plan extremely innovative in Italy, considering the high flow rate of employment 3 thousand assumptions that according to the agreement, should be activated in the 2016 and 2020.

Apprenticeship confirmed to allow young people real work experience

The agreement signed by Enel and the initials of the unions Cgil, Cisl and Uil also provides confirmation of alternation between school and work for the ‘ training that has already resulted in several high school students, to deepen their education with direct experience working in the field, with possible subsequent assumption by the Enel Group . Moreover, a “solidarity pact between generations” which includes the involvement of former employees of Enel for an exchange of experiences with their future employees. Provided further assumptions for the protected categories and stabilization of employees with contracts of administration.

Enel, 3 thousand and 6 thousand young hires retired workers – VEB

Enel , the famous company of electricity and gas, has signed an agreement with the union that six thousand workers will be able to retire early; the project discussed tonight is a lot at stake and will last five years; in this period the company will pay about one billion euro pe accomplish his goal: to renew the company and give space to young workers.

Thanks to the retirement of all those over sixty who are currently part of the 68 thousand employees Enel , more than three thousand young people will be hired in the period, “the agreement provides the accompaniment early retirement for about 6 thousand employees in the next five years (2016-2020), as provided for by article 4 of the law Fornero, and contextual work placement for 3 thousand young people. “

reads the note of the agreement signed with the union, it continues: “The agreement confirms then the agreement on apprenticeship in school-work that, until now, has already enabled 145 young high school to enrich the course of study with a concrete work experience and recruitment opportunities in the Enel Group “.

As for the workers who will retire in recent years, the agreement raggiuto also includes a” safeguard clause “to protect former employees from possible changes in the current law Fornero.

Saturday, November 28, 2015

Enel board for 6,000 workers, hiring for 3,000 young people – Baritalia News