Dragons to the Germans: “Raising rates now would be bad for the economy ‘- Il Sole 24 Ore

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This article was published April 27, 2016 at 18:04 hours.
the last change is the April 27, 2016 at 19:18.

FRANKFURT – the president of the European central Bank, Mario Draghi, has chosen the popular newspaper “Bild “to go to the counter-offensive against the harsh criticisms that have been leveled in Germany to monetary policy and the personal attacks against him in recent weeks. The harsh words had come from the Finance Minister, Wolfgang Schaeuble, who had even accused Draghi of having favored the electoral success of anti-immigrant and anti-euro AfD party at the last regional elections. Draghi has stated inter alia “very concerned” the increase in Europe of nationalism and isolationism, which “is important to resist.

<'p> In support Draghi has sided yesterday Chancellor Angela Merkel, who recalled the importance of independence of the central bank. The same was done Tuesday, in a speech in Rome, the president of the Bundesbank, Jens Weidmann, who also disagreed with many of the measures taken by the board, noting, for the third time in two weeks that the monetary stimulus adopted by the ECB is appropriate.

In the interview to the “Bild”, a newspaper that reflects the belly of Germany and very popular among the conservative public opinion, the most recent criticism of him, Draghi defends the low interest rates, considered a penalty or even a “seizure” of the German savings, and explains which are due to the low growth and low inflation. “If we increase the rates now – he said – it would be bad for the economy and trigger deflation, unemployment and recession. Interest on savings are by growth, so it’s good for investors that inflation will stabilize and growth returns to be more robust. ”

As one of his closest associates, Benoit Coeuré, in an interview published yesterday in the Sole 24 Ore, ECB President recalls that savers are taking advantage of the lower rates in their capacity to homebuyers, taxpayers, employers and workers.

the Italian central banker ( “my nationality – he joked – only interested in the German media. An Italian would not do the same. All the major world central banks are pursuing similar policies ») recalled that for savers that counts is the real return, after inflation, and this is higher today than in the 90′s, when he still did not exist and the ECB monetary policy in Germany was conducted by the Bundesbank. Draghi also reminds Germans savers who must not only keep their money in bank deposits, but there are other ways of investing and which are still a recent Bundesbank study showed that the real return on assets of German households is around 2 percent .

in the words of Schaeuble, who then had partially reprocessed and had had with Dragons a clarifying dinner meetings of the IMF in Washington, the head of the ECB has preferred to skirt the issue, saying that “a debate polite and constructive is welcome, “and he still insisted, as the press conference last week, the ECB obeys the law and not to politicians. And that the perception that the independence of the central bank is under attack may also encourage businesses and households to delay their decisions of investment and spending.

On this front, it intervened in support of the Dragons position after Weidmann, even Chancellor Angela Merkel, who had so far remained outside the diatribe. “We are Germans – said Ms Merkel – that we have always defended the independence of the central bank.” The chancellor has also argued that “we must create an environment for growth with changes to economic policy.” The growth will climb inflation (now at zero, far away from the objective of the ECB to get close to 2%) to a level that will make it possible for the central bank to adopt a different policy, said the head of the Government. A concept also repeated by Draghi: when the economy will grow more and ascend inflation, will rise even rates. Ms. Merkel, ECB President said: “I hope to continue to fight for Europe”, and confirmed that it will respond positively to the invitation of the German Parliament for a meeting, which will probably take place in September.

If the choice of the “Bild” (on which he released his first interview after taking office four and a half ago) by Dragons was not random, but the context of the intervention of Mrs Merkel has been significant. The Chancellor has in fact responded to a caller, the president of the German savings banks, which is the most fiercely opposing category to the ECB policy and that has the power to affect many votes in the electorate conservative. Georg Fahrenschon had spoken of “social problems” that might result from low interest rates.

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Pensions, Nannicini: “Three solutions for the early exit” – The Messenger

YTD Matteo Renzi him officially entrusted the keys of economic control room of Palazzo Chigi. And Thomas Nannicini (42 years) from that moment follows several dossiers, in touch with the ministers Padoan, Poletti and Giannini. To work alongside Nannicini premier, professor of political economy at Bocconi, has frozen for two years the massive funding European research council (1.5 million euro) dedicated to research about “political mentality.” Perhaps because at Palazzo Chigi, on the subject, there is much to learn.

Secretary Nannicini with Renzi you are given the mission of growth. But the figures and estimates are still not satisfactory. Why?
 “I would start from the news, from the paradigm shift with respect to the Second Republic: first the goal was the consolidation of the public accounts and the bond was growth, ie it was the fiscal adjustment without affecting too negatively on growth. With the Renzi government instead the goal is growth and the constraint is the consolidation of public accounts, it is clear that with the public debt we have is a bond of fiscal adjustment to keep in mind: no one wants to return all’Italietta which creates, or is under the illusion of creating, growth with deficit spending. The adjustment, however, is slower. And it is slower because, finally, there is a government that is making the reforms postponed for two decades serving the country to return to growth. In any case, because of the crisis and the delay, these structural reforms can not create growth out of nowhere and suddenly. We apply a mix: to associate actions and economic reforms instruments that damage oxygen citizens, workers and businesses.

For example extending the minimum pensions from 80 euro bonus already this year ?
 “From now until the end of the term, by 2018, the government will intervene to support the lowest pensions. It ‘s still early though to indicate the technical formulation. “

E’ confirmed the IRES cutting the income tax of businesses, in 2017? Or it will snipping been shifted to a year before the income tax?
 “The IRES cut is already written in the law of stability, therefore, it will drop from 27.5% to 24 as of January 1 of next year. In the time schedule of the President Renzi Irpef reduction it is planned in 2018. Then, of course, if there will be scope to anticipate the intervention we will be the first ones to be happy. “

Is there then the chapter of flexibility in output for pensions. What assumptions are you working on?
 “It is not easy to balance the public accounts with interventions that increase the flexibility in output. We are thinking about how to do it. The problem is that an intervention of this type has the cash costs of about 5-7 billion; in fact the State must anticipate retirement to who goes first, then recover a portion of this money with a penalty, but for the public finances c ‘ is a cash cost for the first 10-15 years, very high. “

But you are exploring roads less” expensive. ” Or not?
 “The only way to fall below these figures is to find a technical solution that does not change anything for the retiree asking for advance INPS. But by virtue of which a part of the advance is intermediated by the financial system.

‘

can go into detail?
 “Let me give an example: there are three categories. The first is that people who have a preference to retire earlier, for example grandmother public employee who wants to look after their grandchildren. The second is to those who need to retire early, because he lost his job and has not the output requirements. The third category are the workers that the company wants to retire earlier to restructure the company’s staff. Well, you could try to create a market of pension advances, that today there is, involving government, INPS, banks, insurance. In this scheme, the first category can retire but with a slightly stronger penalty. The second category him pay the penalty for the most part the State. For the third are the companies to cover the costs of the advance. In summary it would not be the state to pay the deposit, but merely to cover part of the costs with insurance to guarantee risk death. At the moment it is only a hypothesis in the study, but it could be the one that makes square the circle between the strong demand for flexibility and sustainability of public finances “.

E ‘agree with the President of INPS Boeri who claims that without flexibility in output freezes youth employment, creating a lost generation?
 “The two issues, frankly, are not fully connected. The problem of youth is coming too late in the world of work and have segmented and occasional experiences, so as to prevent an adequate retirement savings. But do not think that the answer to youth unemployment are early retirement, but in what we have begun to do with the Jobs Act changing the labor market and by focusing on the permanent contract. “

But the Jobs Act, without the strong decontribution of 2015, is losing shots. In February, the balance of permanent contracts showed a -33%.
 “This was expected and physiological. The targets were two of the Jobs Act. The first: make the creation of jobs in the economic recovery, making sure that as soon as the economy ripartisse the undertakings had not afraid to take on. The second objective was to create quality jobs, stable. Both of the objectives have already been achieved. “

Staying on the pension front is entirely excluded an intervention and survivors’ pensions?
 “Yes, it is excluded. There is an enabling law on the fight against poverty in which the government has invested 1 billion of additional resources. No one has ever thought of giving less, we aim to give more. “
 
 

Pensions, here is the government’s proposal – The Republic

Rome – A plan to ensure that those who are close to retirement to get out first. The government faces his cards after taking a long time despite the pressures (and proposals) parliamentarians, the INPS President Tito Boeri and trade unions. A plan that looks at three specific situations and for each imagines a multiple intervention of State, INPS, banking and insurance. More details will come in the position paper on pensions that the government is writing and ready for May. A focus on pensions and flexibility, in fact the basis for the regulatory action on the security to be included in the next Law of Stability, in the fall. By now you know that the plan would cost very little to the Treasury, “less than a billion,” say sources at Palazzo Chigi. Well away from the burden of other proposals, including that of Boeri, all burdened with an initial outlay of at least 5-7 billion.

But what is this plan? He tells Thomas Nannicini, Secretary of Palazzo Chigi, in an interview with Messenger . “There are three categories. The first is those people who have a preference to retire earlier, for example grandmother public employee who wants to look after their grandchildren. The second is to those who need to go into early retirement, as lost his job and has not the output requirements. the third category are the workers that the company wants to retire earlier to restructure the company’s staff. Well, you could try to create a pension advances market, today there is, involving government, INPS, banks, insurance companies. “

a” market “of pension loans, then. In the first case, the grandmother would come out before (we think at most three years ahead of requirements) with a “slightly stronger penalty.” His advance would most probably financed by the banks, then reimbursed by INPS to moment tripping retirement. In the second case, the penalty for the unemployed “pays him largely the state.” In the third case, that of early retirement, “are the companies to cover part of the cost of the advance, with insurance to guarantee the death risk paid by the state,” explains Nannicini. A plan “not easy to implement,” admits the same entourage of Nannicini. And that could include a gradual approach in criminalization, to take account of low incomes, strenuous work, unemployed. “At the moment it is only a hypothesis in the study, but it could be the one that makes square the circle between the strong demand for flexibility and sustainability of public finances,” said Nannicini yet.

“A proposal that I share , the only viable if we want to give dutiful responses to the country, then, without prejudice to the reduction of taxes on work and business plan to consolidate growth, “said Enrico Zanetti, Deputy Minister of Economy and leader of Civic Choice. “The pension loan is a way to keep everyone together: those close to retirement who want to anticipate the exit and young people who have no need of terremotare the system. On the other hand, if at the first sign of recovery of the country do not consolidate, on the contrary we dissipate the savings of the reforms made, we create the conditions for an unsustainable pension system. the proposals on flexibility in output since advanced here have an initial annual cost of at least 5-7 billion. But it would be wrong load on the state budget, not because they preach a saving end in itself, but because we can not jeopardize the plan of lowering the IRES government in 2017, the personal income tax in 2018 and avoid the VAT increase, up to reabsorb forever clausle of safeguarding “.

Also satisfied Cesare Damiano, president of the pd Labour Commission of the Chamber and former minister, with some distinction: “For people like me, along with other parliamentarians, has been fighting since 2013 to have the flexibility of pensions, the very fact that there is a government proposal is a victory for common sense. Finally, the topic is the focus of discussion. a big step forward, if we consider that until recently was not a priority for the government. Then of course, in about I am not favorable to the idea of ​​a loan advanced by banks and insurance companies, because the service provider has to remain INPS. If pension Fund can do or not agreements with the world of credit, this is a theme to face all together, government and Parliament. I do not close my other hypothesis, indeed revival proposing a package on pensions which also addresses the issue of onerous ricongiunzioni, the eighth safeguard the esodati, strenuous work, the option monitoring woman. And the question in life that must be corrected, in the calculation of pensions, if there is interruption in the age growth of people’s lives. “

Jens Weidmann warns Renzi: “It may come back in the storm on the debt” – BBC

Matteo Renzi can not want something and its opposite. It can not ask for Europe to share (at least) certain debts – with the proposal of a eurobond – and claim that Italy’s budget will be decided by Italians and not the “Brussels bureaucrats”. In fiscal union, warned Jens Weidmann, “just that change.” The implication for the president of the Bundesbank is that if Italy wants to retain full control of its public finances, let up the national debt and not reduce the deficit, must also accept the counterpart: the idea that one day the state can make default, and a country can also leave the euro when it continues to violate the rules.

The meeting in Rome

Yesterday in Rome , Weidmann has offered an Italian establishment audience exactly what is missing so much to national elites across Europe: direct access to an outside perspective on their country. And not to lose anyone the opportunity, the German central banker did not discount. He never tried to soften the angles did not refer to the way of a compromise, he never took into consideration that every coin always has two sides. In the residence of the German ambassador in Rome, Weidmann has preferred to read a speech of almost thirty pages dedicated solely to the Risks of Public Debt of the other, to the possible consequences for the banks, and especially the increasingly ingrained desire in Germany to isolate themselves from one ‘ other financial explosion as possible on the South side of the euro.

the question of the euro

“Matteo Renzi last year, presenting the budget, said that the Italian public finance policy is made Italy and that Italy does not allow it to be dictated by Brussels bureaucrats, “he noted Weidmann. He immediately reminded: “In fiscal union, each Member State will have to fulfill the requirements of the European tax authority.” Same contradiction, in his view, the Italian proposal for a European unemployment insurance: “At that point must be a European institution to control labor market rules.”
The defense of the euro project by the president of the Bundesbank was indeed the weakest he could offer. Asked about his future, he merely said: “I believe that the single currency is a political decision, not central bankers have to intervene. Certainly not imagine how it can work when a country continues not to respect its rules. It is at that point that the policy may eventually decide whether the country should exit the monetary union. ”

The German distrust

But to Weidmann the main purpose of the meeting, in Rome yesterday, it was to figure out how much worry and mistrust is widespread in Germany for Italy’s status. “In Europe, major reforms such as the Jobs Act Italian, but structural reforms are needed both at the level of individual states and in Europe – said -. Some countries have yet to be created basic facilities, such as a ‘functioning and reliable administration, some justice and faster and more efficient state apparatus as a whole. ” Hence the indictment of the German central banker on the way in which, in his opinion, real governments are abusing the opportunity provided by the European Central Bank with its purchases of government bonds.
For him there was no need to mention any country, because the message yesterday was clear enough. Even more so if launched from a capital city that spends much of its energy in Europe to win the right not to consolidate the accounts of recovery time and rest on the debt markets. “The ability to quickly reduce the structural deficit created by the very accommodating monetary policy of the ECB was not exploited,” he said. However, without specifying when, Weidmann recalled that Italy has violated European rules on the accounts. He then added: “This could become a problem for the sustainability of the debt when the board of the central bank were to pursue a more restrictive monetary policy.”

vulnerability

Weidmann has admitted that today an “expansionary” euro area “is more than appropriate ‘, although he immediately distanced himself from the choices of the President of the ECB Mario Draghi: “You can have different opinions about the tools.” But the German central banker has nevertheless made it clear, deliberate, that Italy is vulnerable to a new storm on its debt as soon as the interest rates will go up. And this time the markets can return to put radically questioning the euro’s future. “I think there is a danger that can emerge a new problem for the monetary union linked to confidence,” said Weidmann. For that day Germany will want to be separated from the crisis. Bundesbank president has returned to repeat her recipes, already rejected by the majority of euro area governments: limits to be introduced as soon as possible the exposure of banks in government bonds, so that the latter are not directly involved in a default of the public debt; and suspension for three years of repayment of government bonds the same, so in fact insolvency, as soon as a country in difficulty should seek help at the bottom of European bailouts.
The other recipe is not convincing Weidmann: a sharing of fiscal risks in Europe can not function if it is not linked to a narrow European control of the decisions of each individual country. Hence the distancing of the German banker, “Pier Carlo Padoan said that the sharing of risks and responsibilities are strong incentives to comply with the rules. But on this point I would not be so optimistic, “Goodman said Weidmann. For him, the opposite would happen: some countries would profit to download the risk of their debts on the other, taking advantage of the weakness of the EU Commission in monitoring.
From the pulpit of Weidmann in Rome yesterday, it seemed like she was already happening.

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April 27, 2016 (modified April 27, 2016 | 09:26)

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That’s why the Bundesbank attacks the Commission – The Press

that’s why the Bundesbank attacks the Commission

“I do not supervise enough.” The “Buba” spalleggia the rigor of Merkel. It ends up in the crosshairs of the Union states from easy deficit

German Chancellor Angela Merkel

27/04/2016

correspondent from Brussels

>

Let’s call it the “Parable of the fisherman with pockets full of holes.” To explain the effects that a European state with too much debt can generate on other eurozone members, Jens Weidmann pulls a fish metaphor, and speaks of the “over-exploitation by an individual that reduces the availability of fish for others and threatens in the long the period of the community resources. ” It’s pretty common language, and decided, which allows the President of the Bundesbank to stick with a stroke alone who does not take the public finances in order and who does not comply with the required energy rules intended be harnessed. They are the ones that generate the ‘tragedy of the commons. ” Or the ‘problem dell’almenda “which, in the Germanic Middle Ages, were the shared pastures and farmlands, set just off from farming villages.

The German central banker feels the ancient “tragedy” re-materialize in the Eurozone: someone exploits the fields of others, not to mention the fisheries. It brings into question the capital which appear to him to read in managing their coffers – Italy in the lead, with debt over 130% of GDP, the third of the planet – and then the EU Commission that “tends constantly to compromise to the detriment respect of the budget, for example by extending each time the expiration of adjustment periods for States in deficit situation “(referring to France and Spain). In doing so, he reveals a thought which states the ambition to curb those who, like Renzi, calls for more flexibility. The treaties become untouchable dogmas. Because solidarity is, for Weidmann, “not to make the other responsible for the consequences of their choices.”

It is the classic position of the Bundesbank which, expressed in Rome and in these times of Euroscepticism and populism galloping, becomes a “classic line again.” The denial of the excessive debt in the German DNA. It goes to a wedding with the Protestant opposition logical moral hazard, the rejection of the possibility that someone profits for the common good. It’s a thought spread to the upper floors of what once was the only central bank in Frankfurt like the common spirit of the Germanic people. So one suspects that Weidmann also reinvigorate the message reinforced the enactment of which is political. That of Chancellor Merkel, certainly the only true continental leader, certainly in trouble, some German.

Even when he went against traffic compared to the monetary policy of the ECB Mario Draghi, Weidmann has expressed a “national” assessment of zero rates. Now extends his hand to Italian Eurotower, at least in words, and defines “appropriate monetary policy of the Eurozone.” The also used to say that the chances it created “to reduce the structural deficit” has not been exploited. Instrumental, it can seem so much “Germanic”, the offensive against the debt and its derivatives. The central banker then repeats it when he speaks of the deposit-guarantee scheme that Berlin rejects as too many are the links between public affairs and banks. No one has the moral, he must pay for the sins of others. Especially Germany.

For Angela Merkel it is a bank. It allows you to say that the ‘Buba’ – as she and her government – fighting for the German morale, and will not allow taxpayers to Monaco or Hannover to pay a single cent to save a Spanish bank or the Italian Treasury. Matteo Renzi is a dangerous shot. Weidmann’s words on the Commission too generous, spoken to three weeks from Brussels decisions on public accounts, are likely to stiffen the front of the hawks (and popular), and make it harder the positive judgment on Italy and beyond. Nell’almenda of “Buba”, evidently, who had finished the seeds – for negligence, incompetence, bad luck or other – had to make do. Or die of hunger.

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Mark Zatterin

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Weidmann (Bundesbank): “From Italy to the Stability Pact violations.” And tow Padoan on risk sharing – Il Sole 24 Ore

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This article was published April 26, 2016 at 18:58 hours.
the last change is the April 26, 2016 at 19:51.

a tribute to Italy, the speech of the president of the Bundesbank Jens Weidmann German Embassy in Rome , opens with a quotation from a joke by Tommaso Padoa Schioppa, one of the founding fathers of the single currency, which was “extremely appropriate” the denoniminazione English European Monetary Union, abbreviated as “EMU”, because “as its Australian namesake – the emu – also the monetary union can not run backwards. ” So this is going, and the way Weidmann would be to proceed with closer integration, or ‘Member States is transferring decision-making power and the responsibility for budgetary issues at the European level, for example in the form of a fiscal union European. ” A European Treasury in practice, “a true fiscal union (which) could actually restore the right balance between action and responsibility.”

Tax Union “would be the biggest step in the integration process”
But this would require, he says the president of the Bundesbank in his speech dedicated to “solidity and solidarity in ‘ monetary union “, extensive changes to European treaties and subsequent confirmatory referendums in different countries. “Enormous obstacles”, according to the head of the Bundesbank: “At the moment I do not see the will to overcome these limitations, neither in Italy nor in Germany nor in other countries.” The central banker then quotes the president of the Council Matteo Renzi: “Last year, at the presentation of the Italian budget said that the Italian tax policy is made in Italy and that Italy does not allow it to be dictated by Brussels bureaucrats . This would change in a fiscal union. ” A Member State should fulfill the demands of a European tax authorities. A fiscal union “would be the biggest step in the integration process since the euro to date.”

Without quantum leap necessary to strengthen ties of Maastricht
but if states do not transfer these powers, if “continue to have sovereignty on the budget ‘, then it must also” bear the responsibility for the consequences. ” According therefore Weidmann “Now we have to decide if the final step will be to dare a leap towards greater integration or whether it should be strengthened the principle of the responsibility enshrined in the Maastricht framework ‘. And “if you are afraid of the renunciation of national sovereignty, the strengthening of the existing framework remains the only alternative to make the most stable monetary union.” A perspective still an uphill struggle, given that “since there is monetary union the rules of the Stability and Growth Pact were violated by some states, including even Italy, more often than they have been ‘observed. Among the countries from the wrong Weidmann also he brings his own, remembering that “even Germany, in the years 2003/2004, has helped weaken the binding force of the rules.”

© ALL rIGHTS RESERVED

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The debt brakes Fca stock market (-2.8%) – Milano Finanza

All right, nay. The first quarter 2016 Fca closed with results substantially increased (” records “according to the official note of the Lingotto) but the corresponding increase in debt has worried the stock market far more than the performance of revenues and profits with the result that the title (which in the morning had opened in positive territory) started to lose after the publication of accounts to close down 2.6% at 7.03 euro. The worst title among those at high capitalizazzione in Piazza Affari list.

In detail, in the first quarter Fca reported a comparable consolidation basis (ie adjusted for the contribution of Ferrari in 2015, given that the Red was scoporata to date) revenues 26.5 billion. A given in cerscita of 3% compared to the first quarter last year primarily because of the thrust of the North American market (revenues up 6% to over 17 billion) and the European one whose contribution in terms of sales rose from 4.6 to more than 5 billion. Fca also has also improved the EBIT rose by 88% from 696 million to over 1.3 billion. And when you consider the reclassified EBIT (adjusted), or the modified aggregated to account for unusual items such as the realignment of manufacturing capacity in North America or the currency devaluation in Venezuela, the Lingotto has recorded a record result in nearly 1.4 billion. The Italian-American home has finally registered an excellent performance also with regard to both the net profit that was hoisted to 478 million (451 million in more than 27 of the corresponding period in 2015) and adjusted net profit (grew up in 451 million from the 31 of 2015).

On the stock exchange, however, all this was not enough. Net industrial debt, which at December 31, 2015 was just over $ 5 billion in three months rose to almost 6.6 billion in an amount exceeding the broker estimates (which attendvano 6.4 billion) and this has undermined the title on the list. The note explained that the worsening of the Lingotto is related to seasonal EFFETI and also to currency translation. Additionally CEO Sergio Marchionne in the conference call that followed the publication of accounts, has reassured the commitment of the management on the debt. “We remain committed to debt reduction,” said the number one of the Lingotto. But this was not enough to stock traders who in recent days had already set its sights on the amount of debt which the discriminant proprioe investment choices.

The confidence of society in the reduction debt, however, is confirmed by the fact that the automaker has also confirmed the target for the whole year which target sales more than 110 billion, adjusted EBIT to over 5 billion and a profit of more than 1.9 billion. And above net industrial debt under 5 billion.

Istat: in March, exports to countries outside Europe falls by 0.3% on the month, import -2% – TGCOM

The export trend concerns all the major groupings and is more marked for energy (-42.6%). Even the decline in imports is “due to the energy component (-30.8%) and, to a less intense, to intermediate products (-8.3%).” Only capital goods recorded 2.3%. Even throughout the first quarter of the year the economic momentum of the trade with non-EU markets was negative, with a reduction of 2.9% for exports and 6.3% for imports.

data on import and export – According to Istat, in March “you resize the drop in sales of goods to Russia (-0.9%), started in May 2014″. The United States recorded an increase in exports (+ 11.3%), “due to the sale of a shipping means.” Also increase the sales of goods to Japan (+ 9.5%), while exports marked a sharp decrease in the Mercosur (-28.2%), OPEC (-21.6%), Turkey (-11%) and Asean (-8%). Imports from Russia (-18.1%) and China (-15.1%) were down sharply, in contrast to purchases from Turkey (+ 6.5%), Asean countries (+ 3.5%) and the United US (+2.9%).

decline in sales outside the EU – Looking at the economic data, the decline in sales to non-EU countries in March is determined from the goods of consumption (-6.1%) and intermediate goods (-2.7%) and energy (+ 17.6%) and capital goods (+ 4.9%) showed “sustained growth.” On the side of imports, the economic downturn has spread to all the main groups of goods, excluding energy (+ 6.7%). Purchases of consumer goods are down sharply (-4.8%). The trade surplus (+4,036 million) and ‘higher than the same month of 2015 (+3,422 million).

Growing trade surplus: down import and export – The Messenger

 (AGI) – Positive for the month of March for the Italian trade balance, which marks a surplus of 4.036 billion euro, higher than the same month of 2015 (+3,422 million). Down compared to the previous month both the trade flows, with a more marked drop in imports (-2.0%) and exports (-0.3%), the latter especially burdened by the slowdown in China and the main emerging economies. The cyclical decline in sales to non-EU countries is determined by consumer goods (-6.1%) and intermediate goods (-2.7%), while the energy (+ 17.6%) and capital goods ( + 4.9%) recorded sustained growth. On the side of imports, the economic downturn has spread to all the main groups of goods, excluding energy (+ 6.7%). Purchases of consumer goods are down sharply (-4.8%). In the last quarter, economic momentum in exports to non-EU countries remains negative (-2.9%); However, excluding the energy component (-37.5%), the decrease was less pronounced (-1.3%). The large monthly contraction in exports year on year (-5.2%) covers all the main groups of assets and is particularly marked for energy (-42.6%). imports are also down sharply (-11.0%), due to the energy component (-30.8%) and, to a less intense, to intermediate products (-8.3%). Only capital goods recorded an expansion of purchases (+ 2.3%). In March 2016 the surplus in the exchange of non-energy products (+6.0 billion) is slightly lower than in March 2015 (+6.2 billion). Geographically it resize the drop in sales of goods to Russia (-0.9%), which began in May 2014. The United States recorded an increase in exports (+ 11.3%) attributable to the sale of maritime navigation means . Also increase the sales of goods to Japan (+ 9.5%). MERCOSUR countries (-28.2%), OPEC countries (-21.6%), Turkey (-11.0%) and ASEAN countries (-8.0%) marked a sharp decrease in exports. Imports from Russia (-18.1%) and China (-15.1%) were down sharply, while purchases from Turkey (+ 6.5%), ASEAN countries (+ 3.5%) and the US (+ 2.9%) increased.
 

 26/04/2016 11:00:02

 © ALL RIGHTS RESERVED
 

 
 

BECOME A FAN OF THE MESSENGER

Banks, double track for redemptions – Il Sole 24 Ore

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This article was published April 26, 2016 06:23 hours.
the last change is the April 26, 2016 at 9:22.

It is given on arrival at the CDM tomorrow the new decree law on banks (the third in six months). A decree particularly expected, except for second thoughts now, not only from the banking world for the measures in bankruptcy and in particular those on insolvency proceedings, but mostly by the four banks asked by the government in the dispute resolution process subordinated bondholders 10,559 22 last November. The latter, in fact, expect to know how exactly will the procedure for access to compensation. The only thing certain is that the watershed between automatic repayment options and decided by an arbitrator is the date of August 1, 2013. People who bought subordinated bonds before that date, that is when the European Commission introduced the principle of burden sharing , followed in early 2016 by the bail in , will automatically get his compensation, which will still be benchmarked to income and the size of the investment made. For customers of the four failed banks that instead signed bonds after August 1 will follow the arbitration procedure. Whose management will be entrusted anti-corruption authority headed by Raffaele Cantone.

The double track for compensation allow Italy to not cross the border post from Brussels of the State and at the same time to enlarge the audience of subordinated bondholders eligible for automatic refund. According to the latest figures, this would have to at least two-thirds of subscribers. Between 2005 and 2012 the four failed banks (Banca Marche, Carichieti, Carife and Banca Etruria) have put subordinated bonds for 228 million against 329 million cleared by the resolution process.

On the sums due, however, you will have to wait until the new decree by which criteria related to both the investor’s income will be fixed to both the value of the investment, subject to greater attention to the weakest investors, which bought subordinated bonds in substantial percentages than their capital.

the interim measure is intended, therefore, to expand the number of persons admitted to options and consequently to increase the dowry of 100 million provided for by law stability. The more resources that will cover all or most of the 329 million “burned” will be guaranteed by the possible gains on sales of four good bank that will strengthen their consistency thanks to tax credits generated from deferred tax liabilities (Dta) of the four institutions failed and that with a standard ad hoc may be transferred organ bridge and not be lost with the 22 November resolution procedure.

in the decree could be embodied also have two other areas: one dedicated to measures to promote the recovery of the exhibits especially by the major creditors, with innovative institutions such as non-possessory pledge, and another intended to accommodate the deletion of some provisions of the enabling law on civil procedure in a run times cutting perspective civil disputes. In this last part should meet, for example, the provision of an accelerated rite for all disputes, and they are the vast majority, of the Single Judge jurisdiction, and the increase of the matters assigned to the business court.

these are in any case the elements still more uncertain given that the same content rules, in some passages then completely identical, supporting the creditors were also included in the February decree, to be then separated out during the Council of Ministers itself .

of course, the point most at risk is that of measures on civil procedure, heterogeneous than the rest of the measure all centered on the credit system. A common thread, however, may be identified in the will to put in place measures that are not concerned only to buffer the emergency payouts, but also to add some element of competitiveness to our civil trial. Following up this way to the statements of a Renzi, more interested in addressing some of the nodes of civil justice, rather than get bogged down in conflict with the judiciary on issues such interceptions.

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Gannett flagship Los Angeles Times and Chicago Tribune: presented an offer from 815 million dollars – BBC

Do not stop the expansionist ambitions of Gannett in American local media market: the publisher USA Today (and other 107 local media in all the Member States, including the Des Moines Register , the Detroit Free Press and Cincinnati Enquirer ) submitted an offer from 815 million dollars (just over 720 million Euros) to buy Tribune Publishing, the owner group of eleven newspapers including decayed historical publications such as Los Angeles Times and Chicago Tribune . Gannett has offered $ 12.25 per share, a premium of 63% over the previous Friday’s in the bag: a price that would be equivalent to 5.6 times the EBITDA of Tribune Publishing planned for 2016, ie the income before taxes , interest, depreciation and amortization of assets. Initially presented on the phone and rejected by Tribune Group, the offer was made public to force his hand by the CEO of Gannett Robert Dickey, whose company also would place an outstanding debt of $ 390 million from last year. After the spin off company last June – by which he maintained the editorial operations but not those of broadcast – for the group based in McLean, Virginia, it would be the second acquisition: less than a month ago, the publisher bought for 280 million to the Journal Media Group, which prints the Milwaukee Journal Sentinel and the Commercial Appeal of Memphis .

the network of local titles Gannett

Al time of corporate demerger of last year, the CEO Dickey had exposed the strategy with which the group was planning to fight the collapse of advertising revenue: the goal of Gannett, confirmed the acquisition of the last and the present attempt month, it is to consolidate its position in the local media market. For this he has created USA Today Network, a network of widespread tested throughout the United States with a workforce of 3,800 journalists. “Tribune Publishing would help us to bridge different geographical gap,” Goodman said Dickey. “Their publications we would serve to strengthen the entire network ‘, which already can count on major metropolitan areas of the United States. According to Dickey, the acquisition would allow the two groups to save about $ 50 million a year thanks to synergies. “We believe that Tribune shares resolute commitment by Gannett for journalistic excellence and to achieve excellent content on every platform,” said Dickey. “Therefore, the union of Gannett and Tribune would bring together two largely complementary organizations with the shared goal of providing valuable content to readers and the communities we serve.”

the reorganization of Tribune Publishing

the same Tribune Publishing – which in 2015 reported a net loss of $ 2.8 million but he had concluded 2014 with profits of $ 42.3 million – had been subjected to a spin-off company in August 2014, with the company mother who had decided not to take more risks in the publishing market and to move on the broadcast. “Since the beginning of 2016, Tribune Publishing has undertaken significant organizational changes,” he stated in a statement the group, which has so far not wanted to open negotiations with Gannett. “With the right strategy and the right team, Tribune Publishing is well placed to create value for its shareholders,” he added.

The reaction of

“We are convinced that Gannett has the possibility of supporting Tribune Publishing and helping its historic titles aa survive and thrive in this difficult market,” Goodman said Dickey to his counterpart Justin Dearborn, CEO Tribune Publishing. “We are confident that the short-term and important liquidity premium convince the Tribune Publishing shareholders to accept our offer.” The letter, made public in the morning, he immediately warmed the markets that have reacted with enthusiasm. At mid-session, Tribune Publishing earns 52.66% to $ 11.48 per share, after increasing by 2.6% Friday and closing at $ 7.52 per share. Gannett also is growing on Wall Street of 5.99%, at $ 16.71 per share.

Pensions INPS orange envelopes: from 150 thousand Italians tomorrow will discover when they will retire and the amount – The Messenger

They will start arriving on April 26 the first of 150,000 orange envelopes sent by INPS to inform Italians about the time they retire, and especially with what. The debate on the social security system in the meantime continues to be central and Matteo Renzi, urged by a small town during the celebrations of April 25, explains that at the moment does not take commitments on increasing minimum. This although the premier had anticipated the intention to earmark EUR 80 bonus just for retirees.

A lady Pisa, before the ceremony at the Altar of the Fatherland stopped the Prime Minister (who has remembered He has seen it even last year on the same occasion) and told him that his son after a few years of insecurity was finally hired in Volterra “as she put it.” “So it ended well,” said the premier. And the lady: “Yes, but now I recommend with the lowest pensions.” Renzi replied with a smile: “Oh, you saw the lady, because it went well the other year … All right, but still I do not take on this commitment.” Despite the playful tone the issue is still on the table with the government seeking resources to cover the necessary measures. All with the unions who are pressing at this time to also find solutions to allow the pension system more flexibility in output.

Today in particular Annamaria Furlan says that we must intervene, beyond the ads, “because we have a pension law that takes unfair nailed to jobs their fathers and grandfathers, when families are unemployed youth. “

Meanwhile INPS does the calculations: 150 thousand Italians begin to find in the mailbox the now famous orange envelope and then discovered between how old can leave work and especially on what can count as a monthly allowance. Maybe not everyone will be happy to discover that, for example, their seniority will not be pink and flowers. But INPS aims precisely to make everyone aware of their future financial situation. So maybe someone could decide to ‘integrate with a private pension.

The announcement of the first shipment has been confirmed in recent days their institute led by Tito Boeri in a tweet in which he announced the fact’ startup of the first 150 thousand letters with the standard delivery of the check future simulation and the release date. Envelopes, explained the Institute, they will be sent throughout the national territory, without pilot regions or municipalities, to make it as widely as possible its dissemination. Always INPS explained that for the delivery of much of this first ‘package must just wait for the days after the April 25 weekend. The sending of envelopes will be random with respect to age and profession of the recipients. Obviously, the shipments are directed only to those who are not ‘digitized, that is, bearing the pin INPS or the Spid, unique password that allows online access to various government services. Inside, who will receive the envelope, find a three-page letter, with contribution history (and the board to monitor your statement), the prediction of the release date, the amount and the relationship between the envelope You pay and how much you once at rest will have in your pocket. The stated aim is to create awareness and therefore vigilant citizens.