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– Many slogans against the government, the Bank of Italy and Consob. The savers trapped by the failure of the four banks have fallen back on the streets in Rome in a demonstration organized by the Committee of the victims decree saving banks ask for guarantees refunds. Over a hundred people took part in the sit-in to ask to get their money back. Many placards against Palazzo Koch, accused of not having monitored.
There are many people back to protest to get back that money disappeared in overnight from current accounts at Etruria, Marche, CariFerrara and CariChieti. With them, representatives of consumer associations Adusbef and Federconsumatori, led by Elio Lannutti Trefiletti and Rosario, and politicians of some opposition parties: a squad of deputies M5s, including Daniel Pesco and Alessio Villarosa, Senator Forza Italy Maurizio Gasparri, and the Mayor of Arezzo, Alessandro Ghinelli, the center-right.
“Against bloodletting better mattress” slogan summed up by one of the signs. Obvious concern among investors, looking for people who can protect them. “I have the registration of my bank manager who claims to have performed what they said above – said one bondholder who is from Ferrara -. I recorded it with their cell phone, how can I use it to give me the money?”.
This article was published on 30 January 2016 at 15:42. The last change is the January 30, 2016 at 17:53.
“A capital increase? The item can be, but better to see first accounts of 2015, then we’ll talk. ” So Federico Ghizzoni, CEO of Unicredit, said on the sidelines of a Thomson Financial Assiom Forex rumors circulated recently on the Stock Exchange on the need for recapitalization by the institute, which will approve the 2015 budget on February 9.
“I am very satisfied, accounts are good – added in this regard – the business grew, liquidity and capital formation are positive.”
Ghizzoni also stated that the bank is ahead of schedule in the business plan approved two months ago: “I respect the commitments we have already made the deal in Austria, the bank sold in Ukraine and we are doing the passage of the banks in Central Europe under the Italian holding company; also we assess options for leasing. ”
This article was published on 30 January 2016 at 11:46. The last change is the January 30, 2016 at 20:06.
Italian banks are well capitalized and no further capital increases, but something in the mechanism crisis prevention of the financial system did not work properly and need to review some of the new rules on “bail in” adopted at European level has two main themes to heart the governor of the Bank of Italy, Ignazio Visco: the soundness of the credit system Italian and possible correction mechanisms that are penalizing over the demerits. And he stressed very clearly in the customary address to Congress Assiom Forex.
Look ahead and reduce the structural costs of banks “Italian banks are well capitalized,” Visco said this morning in Turin, stressing the merits of ” prudent action and pressing the Supervisory Italian and, for more than a year, to the European one. ” Impaired loans are in fact “widely covered by write-downs and guarantees,” says the governor, suggesting that no additional capital increases to the Italian institutions and should therefore look ahead, not least because “the economy favors the resumption of profitability.” “It’s time to face and forcefully reduce structural costs, to lay the foundation for robust growth, which will benefit the banks themselves and the economic system as a whole.”
Start the review clause of Brrd But is directed mainly in Brussels, and to the Italian representatives who sit in the institutions of the European Union’s appeal perhaps more important launched by Visco. The new rules on restructuring and resolution of banks (Bank recovery and resolution directive, Brrd) contain ‘clause, to be launched before June 2018, “which according to Visco” it is hoped that this opportunity is now exploited, building on experience to better align European rules, “adds Visco. The reference is clearly to the rules known as “bail in”, but only came into force, which also partly contributed to the market turmoil in January.
Visco remembers it as not been taken into account, unlike than repeatedly emphasized by Bank of Italy and the MEF, the fact that immediate and retroactive application of the rescue mechanisms “could result, as well as an increase in cost and a scarcity of credit to the economy, also risks to financial stability ‘, in relation with the “treatment of creditors in possession of bank liabilities signed years ago.”
“It would have been preferable for gradual, less traumatic, to allow savers to acquire full knowledge of the new regime and to gear their investment decisions based on the changed scenario, “admitted Visco, noting that” a targeted approach, with the application of the bail-in only to instruments incorporating an express contractual term and an appropriate transition period would have allowed banks to issue new liabilities specifically amenable to such conditions. “
On 4 banks” have acted promptly “ There is, in his speech to Forex, an all-out defense of the work of the Bank of Italy in the story of troubled banks recently saved: in the case of Banca Etruria, Carichieti, Banca Marche and Cariferrara, as in all other cases of banking crisis faced by the Supervision (about 100 over the last 15 years), has acted “carefully and promptly in compliance with the existing rules.” There were no alternatives then, according to Visco, “given the irreversible nature of the collapse and the emergence of unsustainable liquidity strains.” The evaluation of suffering particularly conservative banks in question corresponds instead ‘to the approximation of the theoretical value that would take, on average, assuming their immediate sale on the market. ”
The institutes were not saved with “public resources” The cost of the rescue “were born not only by shareholders and subordinated bonds, for Most of the banking system through the newly formed fund resolution, “added the Governor, taking to emphasize in particular that” there were no transfers of public resources. ” In this regard, Visco added that “one of the initiatives that the Italian banking system has to consider to keep the costs of a crisis for savers including the provision of voluntary mechanisms of action, additional to the mandatory deposit guarantee systems.” Ilcosto latter mechanism, which was not referred to state aid, would be charged then the banking system, and “it would be offset by the benefits which would derive all intermediaries, thanks to enhanced confidence and increased system stability.”
Italy should ask for the “revision, to be launched before June 2018,” the EU directive that provides the Bail in, or losses borne by the investors in the case of the banking crisis. He asks the governor of the Bank of Italy, Ignazio Visco, that the same rule “contains a clause providing for the review,” “opportunity that should be exploited, building on experience”. Via Nazionale and the Treasury, reminds Visco, had asked in vain when defining the standard and does not retroactively apply a “smooth transition and less traumatic.”
“The Italian banks – said the governor – are well capitalized, also thanks to prudent and compelling watch. ” “Impaired loans – he added – are widely covered by write-downs and guarantees.” Visco recalls well the words of ECB President Draghi that “there will be new demands for higher provisions and capital strengthening.” The Bank of Italy – he continued – asks the Italian banks to create, according to the possibilities offered by European standards a voluntary fund for crisis management “than the systems required additional deposit insurance”. According Visco “cost” on banks “would be offset by the benefits which would derive all banks through enhanced customer confidence.”
The Italian GDP “could grow around 1.5% both in 2016 and in 2017 “. It reiterates the governor of the Bank of Italy, Ignazio Visco at Forex reiterating that estimated by the institute in the economic bulletin. Visco for the scenario “assumes that it further strengthening of domestic demand, especially investment.” “The uncertainty in the international environment and its influence sometimes messy and violent are obvious risk factors,” he added.
The crisis of the four institutions – the supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of operations” on Cariferrara, Carichieti, Banca Marche and Banca Etruria was performed “as in all other cases.” the Bank of Italy Launches ‘Operation Truth’ on the supervisory actions carried out in these years on 4 banks (and the banking system as a whole) and to reiterate and clarify procedures and timetables established by the rules.
Bank of Italy: in 2012 via dg Banca Marche and increasing pressure – The first problems had already emerged between late 2010 and early 2011, but from 2012 “the interlocutors with the directors and the management of Banca Marche increased progressively and was asked, in particular, to bring the ratio between loans and deposits of more conservative values and to evaluate a capital increase, which was implemented for 180 million in the first months 2012 “. And ‘what writes the Bank of Italy in the documents placed on the website to summarize and clarify the role that eventually led in October 2013 to the commissioner of the institute. “Consob, which was to allow the publication of its prospectus – explains – was informed at the end of December 2011, the outcome of the three inspections. On the basis of, the inspection findings were obtained from the bank, in early January 2012, corrective actions . The emergence, in the context of an inspection of a different broker, of anomalous transactions charged to the Director General, brought to apply to the bank, in June 2012, to accelerate the process of identifying his replacement. In September year he was appointed a new general manager. ” In November 2012 it was sent to a re-inspection to detect the adequacy of provisions for credit risk; judged largely insufficient corrective effort of the bank, the inspection was extended in March 2013 to the other risk profiles, ending in September 2013, with an overall unfavorable (6 on a scale from 1 to 6). Consob received information on the results of inspection. “” In the light of an interim report of the inspectors August 27, 2013 the Bank of Italy, using reasons of extreme urgency in order to ensure continuity of business management, ordered the temporary management of the bank; the commissioner was ordered Oct. 15, 2013, due to serious financial losses and serious irregularities “
The Bank of Italy has sponsored a merger between Vicenza and Banca Popolare Etruria You law in the ‘question and answer’ published on the website of the central bank. “The hypothesis was independently made by the bank in Vicenza. Watch, as is normal, listened to the reasons of both parties to quickly form an opinion prior to their authorization. “” But the negotiations did not continue because the parties eventually agreed and no request for authorization was never formally advanced “
” The Bank of Italy has initiated sanction procedures against all those responsible for business against whom emerged hypothesis of administrative irregularities. “This was written by the central institution in the series of ‘questions and answers’ on the action of supervisory activities on the four banks. Via Nazionale “has also communicated to the Judicial Authority without delay, to the moment they were recorded, all the facts of possible interest emerged in the course of ‘surveillance activities “
” The on-site inspections that have revealed episodes of maladministration at Italian banks were carried out by inspection groups composed entirely or mostly by staff the Bank of Italy. ” And ‘claims as the central institution in the series of’ questions and answers’ published on the website to clarify and reaffirm the powers and limits of supervision. The Bank of Italy rejects cos’ the argument that the cases have emerged only after the transition to the European single supervisor. “Not so,” says the document. “It ‘good to remember that the national supervision is part of the European Surveillance: the single European supervisory mechanism is in fact based on close cooperation between the European Central Bank and the national supervisory authorities. Together, during this first period of operation, They discussed the issues related to individual banks in different countries and the banking system as a whole. They have been made significant efforts to create a single supervisory system able to provide equal treatment to intermediaries “
Save-banks, new sit-in in Rome Visco: “Start review of the bail-in”
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But the European Commission has announced that “there are no plans” to change the directive on bank bailouts
– The Committee of the victims Save-banks back to demonstrate in Rome to reinforce the invitation launched by savers expropriated “close current accounts still open at the New Bank, both in active and those in deficit.” The Bank of Italy governor Ignazio Visco , meanwhile, calls for a review of the technical rescue on bail, but the European Commission has announced that “there are no plans” to change the directive.
” The Directive – said an official of the European Commission – was adopted in 2014 with the consent of a vast majority to the European Parliament and with the unanimous agreement of the member states. For a year and a half know that the bail-in of creditors would protect taxpayers. “
In addition to invoking a revision of the bain-in, the Forex Visco said:” The agreement reached by Treasury with the EU on the state guarantee for the transfer of claims “does not require banks to further provisions and puts an end to the uncertainty of the past months.”
Markets, he said, “reacted fluctuating announcement of the agreement, a thorough analysis of its contents and its effects will contribute to a positive assessment “. Visco has also asked banks to allocate resources to the management of impaired loans, otherwise “we need to take steps to entrust the management to specialized operators.”
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Report 2016 Italian Eurispes is an illustration in chiaroscuro of Italy in recent years. Many of the ideas published in the paper, published by Minerva Editions and submitted to the institutions and to the press at the Conference Room of the National Library in Rome .
Let’s start with what we believe most paroxysmal. According to research our country is a country with Three GDP . The phenomenon of undeclared is extremely widespread as to be often called “ bulk “, confirming an estimate that the same Research Institute produced in recent years, according to which ‘ Italian GDP has three: one officer about 1.500 billion euro; one submerged equivalent to about one third of the official one, ie at least € 540 billion of criminal and one of well over 200 billion. To about 540 billion submerged indicated correspond, considering a tax of about 50%, the sum of 270 billion evasion. On the other hand, a good portion is considered “underwater life support systems” in which important parts of society have tended to take refuge due to the economic crisis.
The use of “black” and the double work
In the survey Eurispes this year were asked to indicate, according to his own personal experience, what are the groups most often they work without a contract or without billing issue. The three categories most mentioned were: 80% of cases the baby sitter, in 78.7% teachers of repetitions, in 72.5% of the domestic workers. Following caregivers (67.3%), gardeners (62.7%), construction workers (60.2%), hydraulic (59.8%), electricians (57%), carpenters (56.4%) and medical specialists (50%).
In the last year however it happened to 28.1% of the sample to work without a contract (against 18.6% in 2015). A condition met by more than 50% of those seeking their first job and new jobs, 29.6% of students, from 22.4% from 13.8% of housewives and pensioners, but also from 83 , 3% of cassintegrati. The share of those who have done double duty, in the last year, is 21% (19.3% in early 2015). In this case you can not always talk about work in black, but more often “double-lavoristi”.
The use of moonlighting produces inevitably result in lack of work continuity and rights which increasingly often result in use of family of wear or contact the Caritas . Increasing the percentage of those who state that they have experience of friends or relatives who happened to borrow money to a loan shark (16.9%, +6); resort to Caritas and other associations to have help (22.9%, +2.7); lose significant sums of money to the game (28.7%, +13.4).
Further, proposals are interesting reflections about the factors that inhibit or block the worst socio-economic development of Italian society . To explain is the Eurispes president Gian Maria Fara , who said that Italy is suffering from a kind of syndrome Palio di Siena, that “The country is in fact slowed by a widespread and deeply rooted syndrome Palio of Siena whose main rule is to prevent the opponent to win, even before committing themselves to win in the first person. “she still continues Fara:” Envy and jealousy, if sometimes positively, become the propellant essential to growth and development. Enhance competition in the private market; push to changes in behavior, valuable and expendable in terms of the role and image in public. In fact, in our country it does not. Envy and jealousy result in resentment and disparagement. We hate and denigrate our neighbor more clever and instead to commit to achieve better results and overcome it in creativity, efficiency and capacity, we spend our best efforts to fight it, for killing their successes, to hinder or even block their path. In short, a real “waste of power”, a philosophy against instead of for. “
Other factors obstacle to growth are the bulky presence of the Bureaucracy, the overproduction of rules, laws and regulations. A brake that restrains growth and often stifles the will and ingenuity of the best spirits. A dynamic defined in no uncertain terms “regulatory paranoia”. This is evident for example in the tax burden and the difficulty of doing business. And the inability of the company to a “system”. No more fluid society described by Bauman, but a company “evanescent” in which everyone thinks of himself, and that can not process a total plan. It seems that our country does everything to deny their value, in short, the lack of merit and innovative capabilities that constrain or compel increasingly the best minds and feelings to leave the country. No secondary braking effect brought by a political system and a ruling class self.
Obviously the report is no shortage of positive notes and report the first signs of a turnaround compared to a decade of free fall. The interviews for example shows the positive trend in the number of stable believes the economic situation in the year just past (from 14.6% in early 2015 to 30.3% in 2016) and the increase of the optimists indicating a slight (1.5% to 16.2%) or a marked improvement (dall’0,0% to 1.1%).
In summary, some data reported in which there was a recovery in overall confidence and the slow abandonment of the climate of pessimism that has characterized recent years.
Outlook for the future of the economy: less pessimistic (-28.4%), the most trusted (+10.1%)
47 , 3% of Italians (+ 13.4% compared to 2015) for 2016 indicates a substantial economic stability of the country. 14.7% (+ 10.1% compared to 2015) is convinced that the situation will improve this year. Parallel halved the share of those expecting a worsening future (from 55.7% to 27.3% -28.4%).
The economic situation of families: you start breathe
In contrast to the survey of 2015 indicates a strong or slight deterioration in their economic situation is 40.7% (-36%); 12.3% (+ 9.4%) showed an increase of its resources, while rising from 18.5% in 2015 to 43.8% in 2016 the number of those indicating a stable situation.
The recovery in purchasing power
With a decrease of 18.4 points compared to (71.5%) detected at the beginning of 2015, the loss of its power ‘purchase remains a reality at the beginning of 2016 more than half of citizens, 53.1% (a sharp drop indicated in 13.4% of cases, rather less marked in 39.7%). In 2015 indicates “little” or “not” diminished capacity to cope with expenses and purchases through its own revenues were only 28.5%, while in 2016 the figure turns positive (46.8%).
Sharing consumption, even the ones not
The resources devoted to gifts are cut in 75.3% of cases (-6.8% compared to 2015 ). It reduces the number of those who: save on meals outside the home (66.2% -14.6%); It is aimed at the most economic as department stores, markets, outlets (76%; -8.5%) and discount stores (63.2%; 7.7%); changing the brand of a food product if more convenient (68%; – 13.7%); save on travel and holidays (67%; -7.7%), beautician / hairdresser (65.9% -14.8%) or technological items (69.4%; 10.7%); using more public transportation to save on gasoline (39.4%; 2.2%) or turns to the market (29.3% -14.9%). It also decreased the percentage of those having pets has saved on costs is dedicated to them (25.9% -23.6%); cuts down on costs for the baby sitter (48.2% – 5.3%), those for help in cleaning / household (37.2% -23.6%); while 37.8% it reduced expenses related to the caregiver. Increase instead is cutting medical expenses that in 2016 reaches 34.2%, against 32.3% in 2015.
Finally a specific invitation Eurispes to give you all the energy of the institutions to question of Southern whose situation after the recent years of crisis has undoubtedly worsened. The South can not grow.
Not We did not wait for the EU Commission to the words of the governor of the Bank of Italy, Ignazio Visco that the Forex Turin has proposed a revision of the directive on bank resolution (Brrd) which introduced the rule of the bail-in. Brussels has not directly commented on the intervention of the banker but entrusted to an official statement very precise: “There are no plans to change the Brrd ‘, is representative of the Commission recalling how” the Directive was adopted in 2014 c “on the consent of a majority in the European Parliament and with the unanimous agreement of the member states. ” “For a year and a half know that the bail-in of creditors would protect taxpayers,” he added.
Banks, with the new rescue mechanism, to free up budgets from the sufferings, and the new rules of the European bail-in, were the focus of the governor’s speech ( read the full text the report ). Visco can be corrected for the directive on banking resolution, as already includes a clause.
Correct the Directive on the bail-in
In introducing the new rules of the European bailout, the so-called bail-in, in force since January 1, we have tried to achieve two objectives, says the governor: maintaining financial stability, but at the same time avoid the moral hazard of who could take advantage of it, betting on public intervention, as happened in the past. After the experience of the great global crisis prevailed as the second priority. But as is the bail-in should not be, because you have not paid enough attention to the risks to financial stability in the transitional phase. That’s why the governor asked to revise Directive BRRD (Bank Recovery and Resolution Directive). The review, to be launched by June 2018, is expected to be a clause in the directive itself, reminds Visco. But that invites to move more quickly.
Warranty positive public
Governor Bank of Italy holds a good step forward in the understanding with the European Commission on the scheme of a public guarantee for senior debt to be securitized, facilitating the easing of the suffering in the balance sheets of Italian banks. “The markets have reacted fluctuating announcement of the agreement: a thorough analysis of its contents and its effects will contribute to a positive assessment says.” But also it invites banks to devote sufficient resources, commensurate with the volumes, to address the problem of impaired loans.
Banks well capitalized
L ‘ Italy is emerging from the worst crisis since the 30s, but “Italian banks are well capitalized,” says Visco. “Impaired loans are widely covered by write-downs and guarantees,” he adds staving off the specter of new capital increases. Not a word from the governor instead on new combinations to strengthen cooperative banks, of which there has been talk in recent days, beginning with .bmp and Banco Popular.
The four banks in crisis
On the crisis of the four banks rescued by the government by decree, the Bank of Italy has acted “carefully and promptly in compliance with the existing rules.” The supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of actions” taken against 4 of the resolution (CariFerrara, CariChieti, Banca Marche and Banca Etruria) was put in place “as in all other cases. ” The substantial cut in the value of loans (17%) of 4 banks was determined “not in a discretionary manner but according to specific European standards,” says the governor of the Bank of Italy. “There were no real alternatives” to the resolution except that “far more traumatic the liquidation.”
Moderate growth
” The recovery in Italy proceeds at a pace in line with the euro area, where growth is moderate, but inflation is struggling to recover ” He supports the governor. There are positive signs: in recent months, bank loans to the private sector returned to growth, household loans have accelerated since the summer and are distributed loans for the purchase of housing and rose. Exports slow down, but strengthened the contribution of domestic demand. And for 2016 and 2017 Visco estimates an increase in GDP of 1.5% per annum.
30 January 2016 (modified January 30, 2016 | 19:44)
Italy should ask for the “revision, to be launched before June 2018,” the EU directive provides that the Bail in, or losses borne by investors in case of banking crisis. He asks the governor of the Bank of Italy, Ignazio Visco, that the same rule “contains a clause that provides for the revision,” “opportunity that should be exploited, building on experience.” Via Nazionale and the Treasury, reminds Visco, had asked in vain when defining the standard and does not retroactively apply a “smooth transition and less traumatic.”
The governor explains that to determine this change
“ traumatic ” have “definitely contest the public sector intervention to bank bailouts in various countries weighed on the finances of the state, in some cases threatening its equilibrium.” Clear allusion to what happened in Germany, Britain and France, where the bailouts of state (only Berlin has paid 250 billion) took place between 2011 and 2013 were ridden by speculation bolder increasing the cost of operations . In other words Italy today paying a high price because of the mistakes made by others. The Bank of Italy asked the Italian banks to create, according to the possibilities offered by European standards a voluntary fund for crisis management “than the systems required additional deposit insurance.” Visco asks a voluntary fund as an alternative to the resolution fund and to avoid the stop of the EU Commission. According to the governor, “the cost” on banks “would be offset by the benefits which would derive all institutions and through strengthened customer confidence.”
The substantial cut in the value of pain (17%) of 4 banks sent in resolution was determined “not in a discretionary manner but according to specific European standards,” said the then governor of the Bank of Italy regarding the crash of Cariferrara, Carichieti, Banca Marche and Banca Etruria. According Visco “there were no practical alternatives” to the resolution except that “far more traumatic the liquidation.” The governor then states that the opposition of the EU Commission to the intervention fund Interbank deposits “in contrast to what happened in the past” because assimilated to state aid, could not have been brought before the Court of Justice as required by some EU .
There would be “even more serious consequences for banks and depositors,” requiring “a provision of the disbursement future” if they lose the Court. The ECB also had to authorize the intervention of the Fund, reminds Visco, and Frankfurt ‘would in turn could regardless of the opinion of the EU Commission. ” The supervision of the Bank of Italy has faced over the last 15 years about 100 banking crises and the “sequence of measures” taken against the 4 resolution was put in place, “as in all other cases,” he adds.
“Italian banks are well capitalized, also thanks to prudent and urgent watch,” Visco continues to Forex that “impaired loans are widely covered by write-downs and guarantees. ” Visco recalls well the words of ECB President Draghi that “there will be no new demands for higher provisions and capital strengthening.”
The Italian GDP “could grow around 1.5% in 2016 is that in 2017,” also stressed the governor of the Bank of Italy reiterated that estimated by the Institute in economic bulletin. Visco for the scenario “assumes that it further strengthening of domestic demand, especially investment.” “The uncertainty in the international environment and its repercussions are evident sometimes messy and violent elements of risk.”
This article was published on 30 January 2016 at 08:16.
MILAN
New reorganization surprise at the top of Luxottica: Adil Khan, arrived a year ago, leaves his position as CEO of the group eyewear, with the chairman Leonardo Del Vecchio, founder of the group, who assumes all the powers in the markets and become executive chairman. The other to Massimo Vian remains in place and continues in the role of CEO and Product Operations.
The note, issued in the late evening after a board of directors river, crowds out the market. He explains the release of Khan, who will receive a severance payment of 7 million, with a theme of simplification. “My decision to assume operational authority and make a more active contribution to management comes from knowing that in this new market environment and to accelerate the evolution underway in the markets we want a renewed entrepreneurial spirit,” said Del Vecchio, explaining his move to assume executive powers and confirming that the new structure at the top, you will see the founding hero, “is also a guarantee that the growth, efficiency and investment remain priorities and will continue to have a long-term horizon.”
MILAN
The same Khan stressed that “there was no conflict with the rider Del Vecchio is an issue of simplification of the management, in three we were not efficient enough.”
Speaking with Reuters, Del Vecchio said the role he wanted, and the dream he had for this company, “is the founder, controlling shareholder, has every right and ability to make it happen,” He continued the outgoing manager. “Leonardo Del Vecchio – he added – is certainly realistic about the fact that one does not imagine a decade of its presence in Luxottica, but certainly wants to return to lead the company in the next two or three years.”
The ad Massimo Vian finally pointed out that it was “a year of great collaboration and results” and confirmed the new business plan.
A theme of simplification, then, but above all a new return to the forefront of Del Vecchio revolutionizes the third time the summit of the giant glasses. Unconfirmed report of a vision of sync between the outgoing and to the owner of the group.
But certainly at this point they will open a series of questions. First is whether the new vertex and ‘final, or exit the ad Adil Khan will be replaced in a short period of time. Second, it is keenly awaiting the response of the market to the new relay.
While waiting for answers, you look at the numbers with Luxottica, which continues to grow at double digits. Luxottica has closed 2015 with a turnover adjusted up 17% over the record level of 9 billion (+ 5.5% at constant exchange rates). Both wholesale and retail divisions have contributed to the results with an increase of respectively 12.5% and 20.3%. To highlight the exceptional performance of e-commerce with a revenue increase of 50%.
Europe and emerging markets have driven growth with sales increases of 7.8% and 14.5% (+ 6.8% and + 13.3% at constant exchange rates). Also excellent results in North America that continue to benefit from the strength of domestic demand.
In the fourth quarter of 2015. Adjusted revenue improved by 8.9% (+ 2.7% at constant exchange rates) exceeding 2 billion, with wholesale and retail divisions up respectively 7.7% and 9.6% (+ 7.1% and + 0.1% at constant exchange rates).
” We now expect that the economic recovery gains momentum in 2016 in Italy. ” Writes Standard & amp; Poor’s in a report on the Italian banking system. According to news agency ragitn are three “weaknesses” that arise for Italian banks: 1. “They have accumulated a large stock of non-performing loans” 2. They suffer from structural rigidities and poor efficiency 3. They are very fragmented and therefore difficult to achieve economies of scale.
“Consolidation”
With the reform of the popular, is coming by S & amp; P’s a phase of “consolidation among regional and local banks,” and in 2016 the authorities should be able to sell the four “good bank”. The strengthening economic recovery “will do well” to the banking sector – writes the rating agency – especially in terms of asset quality and ability to generate profits, even if only gradually. And insurance (Gacs) launched by the government to facilitate the disposal of bad debts, “even if positive, will hardly clean up quickly budgets.” For this reason, most “of our outlook ( on the ratings of banks, ed ) remains stable,” concluded S & amp; P.
Padoan: 2016, pivotal year
The prospects of Italy and the banking system has also spoken Economy Minister, Pier Carlo Padoan, speaking at Monza during a conference on taxes Assolombarda: “Now we are in 2016 or in a breakthrough year – he said – because this year we expect, not only the government but also other institutions such as the OECD, which drops the debt. ” Speaking about the banking system, for Padoan is “The” solid “but” is having problems “and despite everything” has gone through a deep crisis and in spite of this strain is still standing. ” On the subject of suffering the minister he recalled that “in Italy amounted to 200 billion and passes but this number indicates the gross. Given this huge number, there are shells and ours are above the European average. ” Finally, he recalled that “the self-reform of the BCC will go to the cabinet next week rather than this because there was a technical problem and so I want to reassure everyone.”
29 January 2016 (modified January 29, 2016 | 19:36)
Basically Khan, born in 1964 in London by Pakistani father and mother Italian-Hungarian, in only one year at the helm of Luxottica has brought home 20 millions of euros. The ANSA says the CEO of outgoing Luxottica Adil Mehboob-Khan, specifying that for now no new shores Professional defined.
The founder and president Leonardo Del Vecchio (80) takes on the executive powers to the Markets area, while Vian Massimo continues in the role of AD Product and Operations.
It is what was decided in Board of Luxottica , with the same Del Vecchio, in thanking “Adil for the great passion and professionalism with which they supported us in this period of profound transformation”, spoke of “simplification of the organizational model” before remembering “yet another year closed with record results and will begin a new one with great enthusiasm and the will to better manage global agenda Piau always complex and full of opportunities.”
Adil Mehboob- Khan will leave ‘office on 29 February and will receive’ a golden handshake of 7,000,000 of euro to little more ‘than a year of work in society’.
“My decision to assume operational authority and make a more active contribution to management comes from knowing that in this new market environment and to accelerate the evolution underway in the markets we want a renewed entrepreneurial spirit, “said Leonardo Del Vecchio after taking powers, confirming that this step “is also a guarantee that the growth, efficiency and investment remain priorities.” This was announced by the company ‘. In the fourth quarter sales rose 2 percent to 2.015 million.
The AD Vian stressed the continuity of strategic vision with the President and assured that in 2016 the Group will achieve the goals it comes after “a 2015 record.”
Leonardo Del Vecchio back to take the reins of Luxottica. In the year in which the group of glasses reaches the record of 9 billion euro, the entrepreneur has once again hand the governance deciding to take operational powers firsthand. The board of directors yesterday approved the turnover of 2015, it has launched a new structure. Slimmer: Del Vecchio, 80, former president, becomes executive chairman, while Massimo Vian remains single CEO. Comes out, therefore, Adil Khan, the CEO called a year ago to follow the markets. A separation agreement, said the group. “It was a privilege to work alongside Massimo and the Cavalier Del Vecchio in a strong, beautiful and a great example,” said Khan, who has participated in any meeting of the board. A tip when we talked at length about the new structure. Del Vecchio is the entrepreneur that most of all he is identified with the separation of ownership and management.
Why this choice of operating return? “Why the company needs to be quicker and easier to make decisions. The summit with the two co-CEOs did not allow this speed. But I want to emphasize that I have against Adil Khan a deep appreciation and respect. ” He had a change of management to managers? “It was not my intention to change my mind. I chose a young manager, Dr. Guerra, thinking be occupied directly by Luxottica. As long as the managing director, who was the manager, he has begun to look to another. I asked a question about what his intentions were, as is normal, and how did the council today also with me. I replied that I wanted to take his place, putting their backs to the wall. They came back to Luxottica to support the new management thinking to come out in December last year. ”
And instead? “Going back to talk to people, visiting branches, going in different markets I realized that the company was back. Let me give an example: the integration with Oakley, which after eight years has not yet been completed. Now we have a plan because it will end in 2017, ten years after its acquisition. But these are not times nor markets that allow such slowness. Another example: the internet. There are much smaller groups of us who make substantially larger numbers with e-commerce. From the last year and a half we are recovering, we grow by 50%. Luxottica is a great company, but if a company does not follow the time in which he lives gets old. I do not want that to happen. We have before us a beautiful future. ”
The market will appreciate? “Luxottica could not get the results that if he had a solid management structure. And the market knows it. In the last year and a half the stock rose from 40 to a maximum of 66 Euros. ” How long will his commitment? “Time to make the company leaner and faster, we have a plan for reorganizing and simplifying by 2017 all the commercial, marketing and markets. He will remain at least until that date. But it is my duty to think about the succession and I have already started to look into the company. We have some excellent second lines, my successor is among them. ”
He is not thinking of a family member, then. “I would never leave a child in such a big company, I would not give this sentence. It takes a team of young managers: the best among them will give continuity. As for the family, we have a holding, Delfin, in which each child has the same height and when the time comes where I will go “on vacation” add dividends according to the rules of the Statute that we have approved. ”
No more external managers, but internal promotions. Even General expressed his hope that it does. “Now you have created a super market manager to which the market gave a magnitude that it is right that they ask certain figures. What I regret is that when they go out to seek excuses. But if you were number two and you have to take the number one it is normal to leave. No need to make excuses. “
Confirmation doubling of revenues Luxottica in 10 years? “Certainly. It is a result that we will achieve even without acquisitions. ”
Why do not we do more? “Because we have a chance to double only developing what we have, our programs are very accurate. If acquisitions will grow more. “
The United States is your main market . They are good, but some say that will not last long. “Although Europe and the United States are considered mature markets continue to give us great satisfaction. It is why we have been slow in entering Asia. Today this favors us because it gave us time to understand the market. We tested and understood that we must enter China with our own sales network. We’re creating, I will be in Beijing in late February. “
January 29, 2016 (modified January 29, 2016 | 22 44)
(AGI) – The concerns of the financial markets on the Italian banking system are unjustified. This was stated by the chairman of Intesa Sanpaolo, Giovanni Bazoli, at the presentation of the report sent to the Company Sanpaolo, specifying that “the sufferings of lenders are sustainable.” Regarding the crash yesterday banks Bazoli stated: “I think it’s the tail of the storm of the past few days and no agreement on the bad bank. Before you can judge the measure on the bad bank must also see the applications, but I do not think which can lead to further losses for the Italian banking system. It can not be due to further declines in the valuations of banks, “he added. Bazoli He then focused to speak of Intesa SanPaolo. “I do not consider that there may be a justified concern on the premises of our banking system. There are several situations but Intesa Sanpaolo could say happy island, because from the point of view of the strong balance sheet is certified as one of the best European banks. Island happy but to a certain point, because if there are problems in the system we will resend “.
Milan – The European markets dealing in net recovery, after the slip Eve and following the unexpected move by the Japanese governor Haruhiko Kuroda . The Bank of Japan (BoJ), the Japanese Central Bank has decided to bring in negative interest rates applied to the cash held by banks at the central bank, in excess of that regulation: the rate drops so -0, 1% to + 0.1%. The great part of the deposits, in any event, will remain remunerated or at least to zero rate. To respond to the economic weakness of Japan and the absence of inflation, then, he assured that it will cut the cost of money further, if necessary. The move – which follows what was done by Mario Draghi in Europe and gives new substance to the possibility that the ECB will put in place further stimulus measures in the coming weeks – did fly the Tokyo Stock Exchange.
‘s Nikkei was the star of a roller-coaster day, as the chart shows. Eventually it closed up 2.8%, dragging the other Asian Squares: Shanghai and Shenzhen , in China, have gained more than 3% and Hong Kong was up 2.54%. The move has sharply devalued the yen, which was carried into in 121 against the dollar. The European markets exploit towing Asia and the repositioning of investors, who can buy at prices of balance: Milan salt 2%, Frankfurt and London added 1.15%, Paris 1.3%. The banking sector is the best of the Milan Stock Exchange, with MPS that does not start when price enters bargaining is rising markedly. To push the titles of credit there are plans to merge the institutions: BPM and Banco Popular are getting closer and closer to the wedding. Change euro-dollar down slightly, with the currency of the Old Continent that drops to 1.0896 greenbacks.
The trend from the roller coaster in the last three days of the Tokyo Stock Exchange. We note especially the volatility of the last session, the announcement by the BoJ’s decision to bring in negative interest rates on excess reserves of financial institutions. Eventually the Nikkei gained 2.8%
As mentioned, the decision of the BoJ has come together to macroeconomic: the Japanese GDP of grow ‘ 1.5% in fiscal 2015, with inflation at 0.1%. Growth will remain at 1.5% in 2016, to slow in 2017 to 0.3%. “The risks are to the downside and include those of economies overseas.” Meanwhile, in December, the unemployment rate remained stable at 3.3% in 2015 and amounted on average to 3.1%, two points less than in 2014. Inflation, however, has stagnated at 0, 1% in the last month of the year and industrial production marked a fragile -1.4%. Europe stands out GDP of France , which marks a 0.3% economic in the fourth quarter of 2015 and a 1.3% annual: throughout 2015, the average growth was 1 , 1%, the strongest in four years. Dive, however, inflation Alps in January: the preliminary estimate is for a 1% monthly. Unexpected, however, the contraction of the Retail sales in Germany : -0.2% monthly in December against estimates for a 0.4%. Still, in Spain is the estimate of a GDP growth of 3.2% in 2015. In the USA are expecting the most important data: the GDP for the fourth quarter (see up 0.8%), the Chicago PMI, consumer confidence of the University of Michigan and the continuation of the season of quarterly.
oil more its recovery trend Brent at $ 35.56 per barrel, WTI at $ 33.86 a barrel. Yesterday, crude ended coaster for the rumors and denials of a possible agreement between Russia and Saudi Arabia to assess the production cut. The surprise decision by the BoJ caused a crush of the price of ‘ Gold on the Asian markets and then restabilize. The metal for immediate delivery fee now $ 1,115 an ounce after selling nearly 1%. Little blur the spread between BTPs and German Bunds: amounted to 108 basis points from 109 yesterday’s closing. The yield on Italian ten-year bonds down to 1.46% from 1.50% the reference Eve.
Last night the session Wall Street has finished rising, far from the lows seen in the morning when the indexes had veered into negative. The stroke of the rally of crude oil and Facebook (+ 15.52% to $ 109.11, a record) have offset a decline in biotech stocks and concerns over the global economy. In the end, the Dow gained 0.79%, the S & amp; P 500 added 0.55% and the Nasdaq 0.86%.
This entry was posted on January 29, 2016 at 07:00 am. The last change is the January 29, 2016 at 08:26.
The Tokyo Stock Exchange and is ‘addressed today in sharp rise and the yen and’ lot weakened after the decision of the Bank of Japan to loosen monetary policy further to support the economy by introducing surprise of negative interest rates after strong fluctuations, the Nikkei index closed up 2.8% despite the ‘arrival of some disappointing economic data.
The real surprise – a new “bazooka” the governor Haruhiko Kuroda – and’ the entry of the BoJ on a trail on which he had made from tread the European Central Bank, with the introduction of negative interest rates (-0.1%, from the previous + 0.1%)) for excess deposits of financial institutions at the central bank. A move accompanied by the statement that, if necessary, the rates become even more ‘negative. The initiative belies and contradicts previous directions and ‘was taken with a narrow majority of 5 to 4 among the board members. Sara ‘launched a subsystem in three bands (positive rates, zero rates and negative rates) for the assets of financial institutions parked. It not ‘was actually increased the purchase of bonds and other assets (as some investors would have preferred). Reduced inflation estimates for the fiscal year beginning in April in a; 0.8% from the previous 1.4%, reaching the increasingly ‘elusive target of 2% inflation and’ was postponed – with the subject of the continuing decline in oil prices – up to six months around the first half ‘of fiscal 2017 (March to October).
A number of investors actually were expecting expansive moves by the BoJ is related to a deterioration in the inflation expectations and because ‘the European Central Bank has signaled a can-orientation towards a further easing of its monetary policy (in contrast to the Federal Reserve, which does not exclude a future continuation of the operation of a rise in US interest rates). But until this morning most analysts assumed a referral to the spring of concrete initiatives in Tokyo. Meanwhile, the latest figures show that inflation in Japan is close to zero: in December consumer prices “core (including as energy but excluding fresh food) rose only 0.1% from a year earlier, in line with the previous month. Household spending in December and ‘down to the rhythm most’ fast almost a year, with a decline of 4.4%. Industrial output and ‘also fell in December by 1.4% from the previous month, the most’ expectations. And now ‘it was reported a contrazioen exports in December. By contrast, the signals continue stiffening of the labor market. The unemployment rate in December and ‘remained at 3.3%, having improved by 0.2 percentage points in November.
The availability ‘job is square at the highest for 24 years, with 1.27 positions available per request. After the resignation announced yesterday the minister of economic and fiscal policies Akira Amari (slipped on a scandal involving alleged bribes), the government has lost one of the main architects dell’Abenomics, the effectiveness of which are being strengthened doubts in light of erratic performance economy (which has avoided a breath a new recession in the fall). Amari, among other things, was considered an advocate of “growth”, in counterpoint with Taro Aso, who as finance minister must “curb” stressing the need for fiscal consolidation.
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